RICHMOND — The State Corporation Commission (SCC) has added another feature to its SCC eFile website. Now, customers can electronically file certain Uniform Commercial Code (UCC) forms and pay fees associated with these filings. This is the third addition to the SCC eFile website, which launched in December 2009.

The Secured Transactions part of the Uniform Commercial Code is a comprehensive set of laws governing security interests in personal property. These interests can arise in transactions that involve borrowing money, leases, contracts, and the sale of goods. The SCC’s Clerk’s Office is the central filing office in Virginia for financing statements, which are filed to provide public notice of such security interests.

SCC eFile allows the electronic submission of UCC-1 and UCC-3 documents. The UCC-1 form is a financing statement and serves as notice to the public of a lender’s security interest in the borrower’s assets identified in the statement. UCC-3 is a financing statement amendment. SCC eFile will also accept electronic payment of fees for filing these UCC documents.

“Paper UCC filings are time consuming and costly for our customers to prepare and submit,” says Joel H. Peck, the Clerk of the Commission. “Electronic filing of UCC documents provide our customers with real time completion and receipt of UCC documents, thus saving time and reducing costs.”

Electronic acceptance of UCC forms has the potential of reducing over 66,000 paper UCC filings, which is the amount processed by the Clerk’s Office in 2010.

Future SCC eFile releases include electronic acceptance of limited liability company (LLC) annual registration fee payments and formation documents for the creation of new Virginia corporations and LLCs. Previous releases included the ability to file registered agent changes and resignations, and the acceptance of corporate annual report filings and corporate annual registration fee payments.

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