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On May 11, 2001, Indiana Senate Bill 489 was enacted and becomes effective July 1, 2001. There are multiple, sweeping changes in this new law:
Uniform Commercial Code
- Allows for fax filing of financing statements
- Eliminates filing fee if financing statement filed electronically
- Fee for requests for information about a financing statement (including a request for a certificate showing whether there is a financing statement on file) increased to $5 if made in writing; free if made electronically
*** Senate Bill 357, recently enacted and effective July 1, 2001, removes requirement for debtor authentication of UCC-1 or UCC-3. This will bring Indiana into compliance with the balance of the states adopting Revised Article 9.
Electronic Signatures - allows for electronic signatures on all documents filed with the Secretary of State
Renewal of Name Reservations - clarifies that fee to file renewal of a name reservation for any entity type is $20
Name Registrations
- Extends the ability to register a name to all Foreign entity types and the fee is $30. Fee to renew registration is $30
- No longer need to provide brief purpose statement or Certificate of Existence with application for name registration
Annual/Biennial Reports - reduces filing fee if filed electronically as follows:
- For Profit Biennial Report (filed in writing) - $30; (filed electronically) - $20
- Not For Profit Annual Report (filed in writing) - $10; (filed electronically) - $5
- LLC Biennial Report (filed in writing) - $30; (filed electronically) - $20
Bank On It - restricts use of the term "bank" in an entity's name
LLC Mergers - establishes $90 filing fee for mergers involving a domestic LLC