AB 771: Financing statements: mortgages.

This bill amends the Uniform Commercial Code to modify the requirements for a financing statement to be considered sufficient. A record of a mortgage will be considered sufficient to name the debtor as an individual if it provides either the individual's full name or their surname and first personal name. This change applies to financing statements filed for mortgages, regardless of whether the debtor is an individual with an unexpired driver's license or identification card. The bill simplifies the process for mortgage financing statements, making it easier to establish the identity of the debtor.