Financing statements: mortgages.

Assembly Member Macedo's mortgage financing legislation modifies California's requirements for debtor names on mortgage-related financing statements. The measure alters Section 9502 of the Commercial Code to permit either an individual's full name or their surname and first personal name on financing statements, even when the debtor holds a current Department of Motor Vehicles (DMV) identification.

Under existing law, financing statements for mortgages must use the exact name shown on a debtor's unexpired DMV-issued driver's license or identification card. The new provisions maintain core financing statement requirements - including secured party identification and collateral description - while providing alternative options for recording debtor names. For mortgage records to serve as financing statements, they must still indicate covered goods or accounts, describe related real property, and undergo proper recording.

The measure retains unchanged the existing framework for financing statements covering fixtures, timber to be cut, and as-extracted collateral. These specialized filings continue to require specific collateral identification, real property record designation, property descriptions sufficient for mortgage notice, and record owner names when debtors lack recorded interest.