California has amended UCC Article 9 to adopt individual debtor name Alternative A. The previous UCC Article 9 law omitted any reference to an individual’s driver’s license as the source of a debtor name. California is now adopting the uniform version of legislative Alternative A with Assembly Bill 1858 (AB 1858), taking effect on January 1, 2015. AB 1858 attempts to clear up any confusion about what constitutes a sufficient debtor name, ensuring that the name on the financing statement reads as it appears on the individual’s California driver’s license or state identification card.
Please be aware that in the coming months a number of state government offices will be closed for various holidays and state-related reasons. Parasec’s offices will be closed on Thursday, November 27; Friday, November 28; Thursday, December 25; and Thursday, January 1. Please note that this information is subject to change without our knowledge, so be sure to check with your state office for updates and additional closures that may not be listed below. If you have any questions, don’t hesitate to call 800.533.7272.
October 13: Columbus Day – AL, AZ, CO, CT, GA, ID, IL, IN, ME, MD, MA, MO, MT, NE, NJ, NM, NY, OH, PA, RI, SD, UT, VA, DC, WV
October 17: Alaska Day – AK
October 31: Nevada Day – NV
November 4: General Election Day – DE, HI, IL, IN, MD, MI, MT, NJ, RI
November 11: Veterans Day – All states except WI
November 26: Thanksgiving holiday – MD, VA (VA will close at Noon EST)
November 27: Thanksgiving Day – All states
November 28: Day After Thanksgiving – CA, DE, FL, IL, IA, IN, KS, KY, ME, MI, MN, MD, NE, NH, NC, NM, NV, OK, PA, SC, TN, TX, VA, VT, WA, WV
December 24: Christmas Eve – AR, KS (KS will close at Noon CST), MD, MI, NC, ND (ND will close at Noon CST), OK, SC, TN, TX, VA, WI, WV (WV will close at Noon EST)
December 25: Christmas Day – All states
December 26: Day After Christmas – IN, KS, KY, NC, SC, TX, VA
December 31: New Year’s Eve – MD, MI, TN, WI, WV (WV will close at Noon EST)
January 1: New Year’s Day – All states
The latest issue of our newsletter, the Alert, is now available online and in print. Chock-full of important developments in the legal arena as well as interviews with experienced professionals from Nikkael Capital Corporation and The Shidler Group. Check it out online here.
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Though the California Automatic Renewal Law went into effect in December 2010, recent litigation has prompted us to reinform readers about what is at stake. The law applies to individual consumer contracts where the consumer authorizes an automatic recurring charge. The Automatic Renewal Law calls for enhanced disclosure requirements in contracts entered into by any consumer in California, regardless of the location of the company. All contracts must contain an honest and clear disclosure, avoiding deceptive “fine print.” Merchants offering automatic renewal subscription services that are found non-compliant with the law are subject to restitution of all the renewal revenues. In other words, if you are found non-compliant, you may have to return all of the revenue you received from every California customer who has authorized a recurring automatic charge! To read more, go here.