Financing statements: residential real property.

The Uniform Commercial Code-Secured Transactions (UCC) generally regulates the perfection of certain security interests, including a financing statement filed as a fixture filing. This bill would prohibit the filing of a financing statement against owner-occupied residential real property in a manner that purports to create or otherwise perfect a security interest in, or otherwise encumber, title to that owner-occupied residential real property and would make a person who knowingly files, or causes to be filed, a financing statement in violation of the bill liable to the owner of the owner-occupied residential real property identified in the financing statement, as specified.