State’s new service aims at fake filings
COLUMBUS — The Ohio secretary of state’s office has launched the Uniform Commercial Code watchlist, which is meant to protect Ohioans from potentially fraudulent filings.
The service is expected to curb instances in which fraudulent filings are submitted by disgruntled customers or others.
UCC statements are notices filed by creditors to declare an interest in the personal property of debtors. In Ohio, such notices are filed on the secretary of state’s website and may be active for five years or longer.
In general, UCC laws are established to regulate sales of personal property and other secured transactions, including borrowing money, leasing equipment, setting up contracts and selling goods.
The secretary of state’s office
maintains a record of these filings. That’s important because when a person or entity tries to secure a loan using some type of collateral, such as a tractor for a farmer, the creditor can search the secretary of state’s database to see if that debtor is using the collateral to secure any other loans.
The watchlist allows individuals and businesses to track debtor names on approved UCC financing statements maintained by the office and to receive email notification whenever a new statement containing a debtor’s name has been filed.
Fraudulent filings can hurt a person’s finances and credit history, and they often require a substantial amount of time and resources to resolve in court. Fraudulent filings also can mischaracterize companies that are in good standing, putting their assets at risk and taking away focus on the business.
“We have worked very hard in recent years to bring more accountability and efficiency to the services we provide for Ohio’s businesses,” Secretary of State Jon Husted said in a statement. “The watchlist has the potential to put Ohio a step ahead in serving its businesses and curbing fraudulent activity.”
The new service allows users to customize search queries to monitor individual and organization debtor names.
The watchlist is a feature of the new UCC filing systems released in July. All UCC statements can be filed online, and certified search results are available for immediate download. investment-related advice, advice on spending and budgeting, and guidance on how to save for a large purchase, the report found.
Advance registration is required by calling 614-8490028, Ext. 100, or emailing ndcc@newdirectionscc.org.