LEG00262

• Bill Number: SB95-091
• Year: 1995
• Title: Concerning Filings to Perfect Security Interests and in Connection Therewith Creating a Central Indexing System and Making Appropriations
• Legislation - Doc Type: Other CWCB Related Bills - Passed

(A) TWO MEMBERS WHO REPRESENT LENDERS;

) (B) TWO MEMBERS WHO ARE AGRICULTURAL PRODUCERS;.

(C) ONE MEMBER WHO IS A BUYER OF AGRICULTURAL PRODUCTS;

(D) ONE MEMBER WHO IS AN AUTOMOBILE REPRESENTATIVE;

(E) ONE MEMBER WHO IS A TITLE INSURANCE INDUSTRY
REPRESENTATIVE; AND

(F) . ONE MEMBER WHO IS A REPRESENTATIVE OF THE MOTOR VEHICLE
DIVISION IN THE DEPARTMENT OF REVENUE. .

(b) ALL MEMBERS SHALL BE APPOINTED NO LATER THAN DECEMBER
31, 1996. THE MEMBERS OF THE COMMITTEE APPOINTED PURSUANT TO
SECTION 4-9-411 SHALL SERVE AS THE CENTRAL INDEXING SYSTEM BOARD
AND SHALL HAVE ALL POWERS AND DUTIES OF SUCH BOARD UNTIL ALL
MEMBERS HAVE BEEN APPOINTED PURSUANT TO THIS SECTION. .

(2) (al INITIAL MEMBERS SHALL BE APPOINTED TO THE BOARD AS
FOLLOWS:. THREE MEMBERS SHALL SERVE UNTIL JULY I, 1997, THREE
MEMBERS SHA~L SERVE UNTIL JULY 1, 1998, THREE MEMBERS SHALL SERVE
UNTIL JULY 1,1999, AND TWO MEMBERS SHALL SERVE UNTIL JULY 1,
2000. ALL SUBSEQUENT APPOINTMENTS SHALL BE FOR TERMS OF FOUR
YEARS. NO MEMBER OF THE BOARD SHALL BE ELIGIBLE TO SERVF MORE
THAN TWO CONSECUTIVE TERMS.

)

(b). ANY VACANCY ON THE BOARD SHALL BE FILLED FOR THE
. .UNEX!>.I.REJLIERtLllLIHE SAMF MANHER-11.5-THLDRlGHlALAf'.I'.OINTMFNLJI:fL .
MEMBER APPOINTED TO FILL SUCH VACANCY SHALL. BE FROM THE SAME
CATEGORY DESCRIBED IN SUBSECTION (1) OF THIS. SECTION AS THE MEMBER
VACATING THE POSITION.

(3) THE DUTIES OF THE BOARD ARE TO:

(a) CREATE AND IMPLEMENT THE CENTRAL INDEXING SYSTEM;.

(b) ESTABLISH POLICIES AND A BUDGET FOR THE CENTRAL
. IN[)t;X-ING~l>'?STEI4i- -- -:--- ---- -~- ~- -- --- - -------. - - -..

(e) DISBURSE FUNDS IN THE CENTRAL INDEXIN.G SYSTEM CASH
FUND, CREATED IN SECTION 4-9.3-105;. .

(d) OVERSEE THE DESIGN,. OPERATION, AND IMPLEMENTATION OF THE
CENTRAL. INDEXING SYSTEM; .

(e) MONITOR PROGRAM PERFORMANCE AND ACCOUNTABILITY;

(f) DETERMINE WHICH FILINGS TO PERFECT SECURITY INTERESTS
AND NOTICES OF OTHER AGRICULTURAL LIENS CREATED .BY LAW SHALL BE
INDEXED IN THE CENTRAL INDEXING SYSTEM;

PAGE 9-SENATE BILL 95-91