Oregon – House Bill 2090 authorizes the Secretary State to refuse to file documents containing a Social Security number, a state identification number, a driver license number, a credit or debit card number or an account number that is not redacted to no more than the last four digits of a number. Although the bill was effective upon passage, the Corporations Division has noted on its web site that it will not enforce the provision until July 15, 2007. The Division however, is strongly recommending service companies to comply immediately.
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Texas – Senate Bill 1540, effective June 16, 2007, amends the Texas version of Sec. 9-503(a)(1) (Sufficiency of Debtor's Name), to stipulate that an organization name is sufficient only if it provides the name found on the debtor's formation documents, such as the articles of incorporation, including amendments. The bill also creates a safe harbor regarding the sufficiency of individual debtor names. A financing statement that provides the individual name as it appears on a driver's license or identification certificate issued by the debtor's State of residence is deemed sufficient. The bill further clarifies that both the debtor and secured party may file a correction statement and that a correction statement does not have the effect of an amendment.
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