AB-771
Budget & Economy

Financing statements: mortgages.

Engrossed
CA
2025-2026 Regular Session
0
0
Track

Key Takeaways

  • Simplifies mortgage filing requirements by allowing more flexible naming options for individual debtors.
  • Permits use of either full legal name or surname with first name on financing statements.
  • Eliminates the requirement to exactly match DMV license names on mortgage documents.

Summary

Assembly Member Macedo's proposal to modify California's Commercial Code introduces new flexibility in how secured transaction documents identify individual debtors. The legislation amends existing requirements for mortgage records serving as financing statements, allowing them to list either a debtor's full individual name or their surname and first personal name - even when the debtor holds an unexpired driver's license or identification card from the Department of Motor Vehicles.

The measure maintains current standards requiring financing statements to include the debtor's name, secured party information, and collateral description. For mortgage records to function as financing statements, they must still indicate covered goods or accounts, describe related real property, and undergo proper recording. The amendment focuses solely on expanding acceptable name formats rather than altering other elements of the filing process.

This change would create an alternative to the existing requirement that financing statements exactly match names as they appear on state-issued identification when recording mortgages as fixture filings or for as-extracted collateral and timber to be cut. The modification applies specifically to how mortgage records identify individual debtors while preserving all other criteria for these documents to serve as valid financing statements under the Uniform Commercial Code.

Key Dates

Next Step
Referred to the Senate Standing Committee on Judiciary
Next Step
Senate Committee
Referred to the Senate Standing Committee on Judiciary
Hearing has not been scheduled yet
Vote on Assembly Floor
Assembly Floor
Vote on Assembly Floor
Vote on Assembly Floor
Assembly Banking And Finance Hearing
Assembly Committee
Assembly Banking And Finance Hearing
Assembly Banking And Finance Hearing
Read first time. To print.
Assembly Floor
Read first time. To print.
Read first time. To print.

Contacts

Profile
Anna CaballeroD
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Roger NielloR
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Benjamin AllenD
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Eloise ReyesD
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Scott WienerD
Senator
Committee Member
Not Contacted
Not Contacted
0 of 14 row(s) selected.
Page 1 of 3
Select All Legislators
Profile
Anna CaballeroD
Senator
Committee Member
Profile
Roger NielloR
Senator
Committee Member
Profile
Benjamin AllenD
Senator
Committee Member
Profile
Eloise ReyesD
Senator
Committee Member
Profile
Scott WienerD
Senator
Committee Member
Profile
Henry SternD
Senator
Committee Member
Profile
Maria DurazoD
Senator
Committee Member
Profile
Tom UmbergD
Senator
Committee Member
Profile
John LairdD
Senator
Committee Member
Profile
Akilah Weber PiersonD
Senator
Committee Member
Profile
Angelique AshbyD
Senator
Committee Member
Profile
Aisha WahabD
Senator
Committee Member
Profile
Alexandra MacedoR
Assemblymember
Bill Author
Profile
Suzette ValladaresR
Senator
Committee Member

Get Involved

Act Now!

Email the authors or create an email template to send to all relevant legislators.

Introduced By

Alexandra Macedo
Alexandra MacedoR
California State Assembly Member
40% progression
Bill has passed all readings in its first house and is ready to move to the other house (5/12/2025)

Latest Voting History

May 12, 2025
PASS
Assembly Floor
Vote on Assembly Floor
AyesNoesNVRTotalResult
750479PASS

Key Takeaways

  • Simplifies mortgage filing requirements by allowing more flexible naming options for individual debtors.
  • Permits use of either full legal name or surname with first name on financing statements.
  • Eliminates the requirement to exactly match DMV license names on mortgage documents.

Get Involved

Act Now!

Email the authors or create an email template to send to all relevant legislators.

Introduced By

Alexandra Macedo
Alexandra MacedoR
California State Assembly Member

Summary

Assembly Member Macedo's proposal to modify California's Commercial Code introduces new flexibility in how secured transaction documents identify individual debtors. The legislation amends existing requirements for mortgage records serving as financing statements, allowing them to list either a debtor's full individual name or their surname and first personal name - even when the debtor holds an unexpired driver's license or identification card from the Department of Motor Vehicles.

The measure maintains current standards requiring financing statements to include the debtor's name, secured party information, and collateral description. For mortgage records to function as financing statements, they must still indicate covered goods or accounts, describe related real property, and undergo proper recording. The amendment focuses solely on expanding acceptable name formats rather than altering other elements of the filing process.

This change would create an alternative to the existing requirement that financing statements exactly match names as they appear on state-issued identification when recording mortgages as fixture filings or for as-extracted collateral and timber to be cut. The modification applies specifically to how mortgage records identify individual debtors while preserving all other criteria for these documents to serve as valid financing statements under the Uniform Commercial Code.

40% progression
Bill has passed all readings in its first house and is ready to move to the other house (5/12/2025)

Key Dates

Next Step
Referred to the Senate Standing Committee on Judiciary
Next Step
Senate Committee
Referred to the Senate Standing Committee on Judiciary
Hearing has not been scheduled yet
Vote on Assembly Floor
Assembly Floor
Vote on Assembly Floor
Vote on Assembly Floor
Assembly Banking And Finance Hearing
Assembly Committee
Assembly Banking And Finance Hearing
Assembly Banking And Finance Hearing
Read first time. To print.
Assembly Floor
Read first time. To print.
Read first time. To print.

Latest Voting History

May 12, 2025
PASS
Assembly Floor
Vote on Assembly Floor
AyesNoesNVRTotalResult
750479PASS

Contacts

Profile
Anna CaballeroD
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Roger NielloR
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Benjamin AllenD
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Eloise ReyesD
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Scott WienerD
Senator
Committee Member
Not Contacted
Not Contacted
0 of 14 row(s) selected.
Page 1 of 3
Select All Legislators
Profile
Anna CaballeroD
Senator
Committee Member
Profile
Roger NielloR
Senator
Committee Member
Profile
Benjamin AllenD
Senator
Committee Member
Profile
Eloise ReyesD
Senator
Committee Member
Profile
Scott WienerD
Senator
Committee Member
Profile
Henry SternD
Senator
Committee Member
Profile
Maria DurazoD
Senator
Committee Member
Profile
Tom UmbergD
Senator
Committee Member
Profile
John LairdD
Senator
Committee Member
Profile
Akilah Weber PiersonD
Senator
Committee Member
Profile
Angelique AshbyD
Senator
Committee Member
Profile
Aisha WahabD
Senator
Committee Member
Profile
Alexandra MacedoR
Assemblymember
Bill Author
Profile
Suzette ValladaresR
Senator
Committee Member