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[SOS] Secretary of State Connie Lawson implements changes to business and securities laws effective July 1
Start Date: 6/27/2013 All Day
End Date: 6/27/2013
Entry Description

New legislation promotes transparency for investors, standardizes Uniform Commercial Code filings


INDIANAPOLIS (June 27, 2013) – Indiana Secretary of State Connie Lawson announced today that her office is prepared to implement stronger safeguards for Hoosier investors and new requirements for uniform commercial code (UCC) filings that go into effect on July 1. The new laws protect Hoosiers from Durham-like fraud through greater audit transparency and bring UCC filings in Indiana in line with national standards.  

 Hoosier investors will now receive additional protections from future schemes similar to those convicted felon Tim Durham used to swindle Ohio investors. The securities offered and sold by Tim Durham and Fair Finance were securities that could be offered with no requirement that Durham submit independently audited financial statements.  This loophole helped facilitate Durham’s multi-year scheme.

 To enhance the office’s ongoing effort to protect Hoosier investors, intrastate offerings to be registered by qualification will now require audited financials performed by an independent CPA at the time of registration. This will provide investors with a more complete picture of the offerings so they can make better informed investment decisions.

 “Over the past two years, Hoosiers have watched the Tim Durham case unfold involving over 4,000 Ohio investors and wondered if it could happen here,” said Secretary Lawson. “Now, this new law creates an added safeguard to protect Hoosiers from thieves like Durham.” 

“I want to thank author Representative Bob Heaton, co-authors Representatives Christina Hale, Dale Devon and Justin Moed, sponsor Senator Jim Smith, and cosponsors Senators Mark Stoops and Doug Eckarty,” said Secretary Lawson.

 Another change for financial professionals will be new UCC filing forms. The new UCC filing forms follow international naming conventions and will go into effect on July 1. Changes to the form are minimal. Previously, the form asked for last name and first name. Last name is now listed as surname and first name is now listed as first personal name.

 The eFiling system has been updated to reflect the amendments, and online service will not be interrupted.  The office will begin accepting the new forms on July 1, 2013 and will allow for a transition period until July 31, 2013.  The old UCC form will be rejected starting August 1, 2013.

Contact Information:
Name: Valerie Kroeger
Phone: 317-233-8655
Entry Type:
Press Release
Entry Category:
  • Alerts and Notification
  • Announcements
  • Category:
  • Government
  • Agency Name
    Secretary of State

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