Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
N Dakota Governor Signs Electronic Lien Into Law
BISMARCK, N.D.  (5/3/13)--It's now official. North Dakota Gov. Jack Dalrymple has signed into state law a measure requiring lenders, including credit unions, to file liens and security interests electronically.

He signed House Bill 1136 Tuesday, as expected, said the Credit Union Association of the Dakotas (The Memo May 1). North Dakota is the second state to mandate electronic lien filing, after Colorado.

CUAD supported the bill, which will make three changes:

  • Mandates the electronic filing of all lien documents into a Central Indexing System (CIS), which would allow for unlimited listing of collateral;
  • Reinstates SSN/FIN as a unique identifier used to search for debtor information, which were not accepted under national paper forms; and
  • Creates an upfront filing fee for the initial lien document and eliminates more than 35 fees and subscription charges, including a fee for searching and retrieving the document.
CUAD noted that the state hopes to have the CIS in operation by July 2014. Credit unions will be instrumental in developing it, said CUAD.


RSS print
News Now LiveWire
#100MM growth? Look at millennials, philosophies that align w/ #creditunions @MyFoxTampaBay See #NewsNow http://t.co/Fsjay52a5m
1 minutes ago
96 #creditunions across Britain have applied for funding from Lloyds Banking Group #CreditUnion Development Fund http://t.co/quq3OEE0Qq
15 hours ago
Eight new ideas hatched from @fileneresearch innovation incubator #NewsNow http://t.co/h6Ev6q3HnQ
16 hours ago
Homebuilder confidence continues to climb #NewsNow #Market http://t.co/UTBSpmoeZD
17 hours ago
Mich. league issues 4th consecutive dues rebate #NewsNow http://t.co/MGxMRRLrkb
18 hours ago