House Sponsors: CAPPARELLI-DEUCHLER-BUGIELSKI. Senate Sponsors: O'MALLEY Short description: UCC-SECURED CREDITOR LIABILTY Synopsis of Bill as introduced: Amends the Secured Transactions Article of the Uniform Commercial Code. In provisions giving the debtor a right to recover an amount not less than the credit service charge plus 10% of the principal amount of the debt or the time price differential plus 10% of the cash price if the collateral is consumer goods and the secured party is not proceeding in accordance with this Article regarding secured transactions, provides that the debtor can recover in an individual action. Effective immediately. FISCAL NOTE (DCCA) HB 1412 does not impose any requirements on and does not have a fiscal impact on units of local government. STATE MANDATES FISCAL NOTE HB 1412 fails to create a State mandate. FISCAL NOTE (Dpt. Financial Institutions) HB1412 would have no fiscal impact on the Department. JUDICIAL NOTE The bill would not either decrease or increase the need for the number of judges in the state. Last action on Bill: PUBLIC ACT.............................. 90-0214 Last action date: 97-07-25 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status