8 Colo. Code Regs. § 1505-7-1

Current through Register Vol. 47, No. 22, November 25, 2024

Rule 8 CCR 1505-7-1 - General Provisions

1.1 Definitions. The following terms are used as defined in this rule. Terms not defined in this rule, which are defined in the UCC, the Central Filing of Effective Financing Statement Act, the Colorado Statutory Lien Registration Act, or section 24-21-301, C.R.S., are used as defined in the applicable Act or section.

1.1.1 "Address" means either:

(a) A street address, route number (may include box), or post office box number plus the city, state, and zip code; or

(b) An address that purports to be a mailing address outside the United States of America.

1.1.2 "Assignment" means an amendment that purports to reflect a transfer of all or a part of a secured party's or claimant's power to authorize an amendment of a secured transaction record.

1.1.3 "Direct computer access" means access by computer to information or data available on the series of interrelated Internet pages on the Secretary of State's website, and by other means of data transfer.

1.1.4 "EFS" means effective financing statement as that term is used in the EFS Act.

1.1.5 The "EFS Act" means the Central Filing of Effective Financing Statement Act, Article 9.5 of Title 4, C.R.S.

1.1.6 "Electronic filing" means a filing method that utilizes the Secretary of State's electronic filing application available through the Secretary of State's website or the system-to-system transfer method.

1.1.7 "Electronic filing application" means the web-based computer application that is used to file a secured transaction record with the Secretary of State.

1.1.8 "Electronic searching application" means the web-based computer application that is used to search the secured transaction records maintained by the Secretary of State.

1.1.9 "File number" means the unique identifying number the Secretary of State assigns to a secured transaction record.

1.1.10 "Filer" means a person who completes and submits a secured transaction record to the Secretary of State for filing, whether or not the person is an agent of a person authorized to submit the record for filing.

1.1.11 "Information statement" means a UCC record claiming that a financing statement or record comprising part of a financing statement is inaccurate or wrongfully filed.

1.1.12 "Initial financing statement" means a UCC record that does not identify itself as an amendment or information statement, or does not identify an initial financing statement to which it relates.

1.1.13 "Lapsed" or "Lapsed record" means a master record whose period of effectiveness has expired.

1.1.14 "Lien Registration Act" means the Colorado Statutory Lien Registration Act, Article 9.7 of Title 4, C.R.S.

1.1.15 "Master record" means a record opening document and any amendment or correction related to the record opening document.

1.1.16 "Online services" means the electronic filing application, the electronic searching application, the secured transactions information management system, and any other direct computer access that is available on or accessed through the Secretary of State's website.

1.1.17 "Record opening document" means an initial financing statement, an EFS, a notice of lien, or other record that creates a new master record. The use of the term "record opening document" in these rules has no relation to the definition of the term "document" in section 4-9-102(a)(30), C.R.S.

1.1.18 "Secured transactions information management system" means the computer system used by the Secretary of State to record, index, provide public access to, and otherwise manage secured transaction records.

1.1.19 "Secured transaction record" means any record that is required or permitted to be filed with the Secretary of State under the UCC, the EFS Act, or the Lien Registration Act, except any lien filed under federal law.

1.1.20 "System-to-system transfer method" means the electronic communication standard authorized by the Secretary of State for the transfer of secured transaction records from a filer to the Secretary of State. This type of transfer is often referred to as XML filing.

1.1.21 "Taxpayer identification number" means a social security number, an employer identification number, or an individual taxpayer identification number.

1.1.22 "UCC" means the Uniform Commercial Code- Secured Transactions, codified at Article 9 of Title 4, C.R.S., as adopted in this state.

1.1.23 "UCC record" means an initial financing statement, an amendment, an assignment, a continuation, a termination, or an information statement filed under the UCC. The use of the term "UCC record" in these rules has no relation to the definition of the term "record" in section 4-9-102(a)(72), C.R.S.

1.1.24 "Unique identifier" means the ten-digit number used to identify a debtor named in an EFS or an EFS amendment.

1.1.25 "Unlapsed" or "Unlapsed record" means a master record on file with the Secretary of State whose period of effectiveness has not expired.

1.2 Delivery of secured transaction records. Filers must deliver secured transaction records to the Secretary of State through the electronic filing application or by transmission using the system-to-system transfer method. The Secretary of State will refuse to accept any secured transaction records delivered by other unauthorized methods of communication, including but not limited to personal delivery, express mail delivery, postal delivery, and telefacsimile.

1.2.1 Filing time. The filing time for a secured transaction record is the time that the Secretary of State's system analyzes the relevant transmission and determines that it received all the required elements of the transmission in the required format.

1.2.2 Hardship delivery. In the case of hardship or other good cause, the Secretary of State may, at its discretion, allow for the communication of a secured transaction record by a method of communication other than electronic filing. Hardship delivery may only occur after the filer has received prior approval from the Secretary of State. Requirements concerning the filing and data entry of a hardship delivery are set forth in Rule 4.15.

1.2.3 Delivery of federal liens and records. Any lien or record created in accordance with federal law may be delivered to the Secretary of State by any method of communication authorized by federal law or by arrangement between the Secretary of State and the United States Government. The recorded filing time is the earliest time at which the Secretary has received both the fee payment and the paper record.

1.3 Search request delivery. The electronic searching application is the sole method of conducting a search request and obtaining search request results. An individual conducting a search or requesting certified search results will only be able to do so through the electronic searching application of the Secretary of State's website. Requirements concerning search requests are set forth in Rule 5.2.

1.3.1 Hardship search requests. In the case of hardship, the Secretary of State may allow for the communication of a secured transaction search request by a method other than the electronic searching application. Hardship search requests may only occur after the searcher has received prior approval from the Secretary of State. Requirements concerning processing of a hardship search request are set forth in Rule 5.8.

1.4 Approved forms. The Secretary of State approves the use of the following forms to file a written financing statement with a filing office that accepts written records in accordance with the UCC:

1.4.1 UCC forms promulgated by the International Association of Commercial Administrators (IACA), or a substantial equivalent.

1.4.2 Printed copies of record images that are generated by the electronic filing application.

1.5 Secured transactions search application. Searches of the secured transactions information management system are performed by utilizing the electronic searching application. Electronic searching is the sole method used to search the secured transactions information management system and the Secretary of State does not accept written search requests.

1.6 Fees. The Secretary of State will post fees and fee schedule information on the Secretary of State's website. Fees are subject to change.

1.7 Expedited services. Expedited processing of UCC records and searches is not available.

1.8 Methods of payment. Filing fees and fees for public records services may be paid in accordance with the following rules:

1.8.1 The Secretary of State will only accept credit, debit, or prepaid account payments for secured transaction services. Information regarding usage is available upon request and on the Secretary of State's website.

1.8.2 The Secretary of State will accept cash, check, or electronic transfer payments from the IRS.

1.8.3 In the case of hardship, the Secretary of State may allow for the payment of fees by an alternative method of payment authorized by the Secretary of State. Hardship payment may only occur after the filer has received prior approval from the Secretary of State.

1.9 Overpayment and underpayment policies.

1.9.1 Overpayment. Information regarding the refund of an overpayment is available upon request and on the Secretary of State's website.

1.9.2 Underpayment. The electronic filing application and the system-to-system transfer method will not allow a filer to submit a record with insufficient fee payment.

1.10 Public records services are provided on a nondiscriminatory basis to any member of the public on the terms described in these rules. The following methods are available for obtaining copies of secured transaction records and copies of data from the secured transactions information management system:

1.10.1 Individually identified records. Images of individually identified secured transaction records are available, when possible, via the electronic searching application.

1.10.2 Bulk images of secured transaction records. The Secretary of State will provide a bulk image subscription service.

1.10.3 Data from the information management system. The Secretary of State will provide a bulk data subscription service. A list of available data elements from the secured transactions information management system, with the file layout, is available from the Secretary of State upon request.

1.10.4 Online services. Secured transactions data and images are available online from the Secretary of State's website. The Secretary of State may limit the size and number of data or images in order to address any technical limitation or to maintain continuity of service.

1.11 Except as provided in Rules 1.2.3, 1.8.3, and 6.2, liens created under federal law are recorded, indexed, and managed in the same manner as secured transaction records.

8 CCR 1505-7-1