SPECIAL TOOLS LIEN - H.B. 5991: FLOOR ANALYSIS
House Bill 5991 (as reported without amendment)
Sponsor: Representative Charles LaSata
House Committee: Commerce
Senate Committee: Financial Services
CONTENT
The bill would amend Article 9 of the Uniform Commercial Code (UCC) to provide that transactions subject to the article would be subject to the Special Tools Lien Act (proposed by House Bill 5993).
Article 9 of the UCC governs secured transactions (which involve the granting of credit coupled with the creditor's interest in the debtor's personal property). Part 2 specifies that a transaction under the article is subject to any applicable rule of law that establishes a different rule for consumers, as well as specified State laws. The bill would amend Part 2 to add the Special Tools Lien Act to the list of laws to which secured transactions are subject.
The bill is tie-barred to House Bill 5993. (The proposed Special Tools Lien Act would establish a lien on a special tool if an end user or a special tool builder did not receive amounts owed for work involving the special tool.)
MCL 440.9201 - Legislative Analyst: Suzanne Lowe
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 5-23-02 - Fiscal Analyst: Jessica RunnelsFloor\hb5991 - Bill Analysis @ http://www.senate.state.mi.us/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.