Thursday, May 14, 2015
Contact: Kristen Schulze Muszynski
W: 626-8404/ C: 441-7638

Secretary of State Matthew Dunlap hosts international banking delegation

World Bank Group photo

AUGUSTA ? Secretary of State Matthew Dunlap is welcoming a delegation from the Central Bank of Liberia and the World Bank Group today. 

The delegation will meet with department officials to discuss the secured transactions registry, which is similar to the Uniform Commercial Code (UCC) filing system under the responsibility of the Secretary of State. UCC liens cover personal property used as collateral by a ?debtor? to secure a loan, in the same way that a mortgage secures the loan on real property. The UCC lien filed with the Secretary of State acts as a public notice by the ?creditor? of the creditor?s interest in the property. Establishment of this registry can allow the banks to lend money, which promotes economic development.

The Secretary of State?s Bureau of Corporations, Elections and Commissions staff, along with representatives from InforME, the State of Maine?s partner for online services, will be sharing experiences relating to the development and management of a UCC system.    

?We are honored to welcome representatives from the Central Bank of Liberia to Augusta,? said Dunlap, ?and eager to share the lessons we?ve learned in overseeing the UCC system for the State of Maine, as well as to have the opportunity to learn more about the international efforts to expand this type of service.?

The World Bank Group, headquartered in Washington, D.C., provides financial and technical assistance to developing countries around the world. The World Bank Group is the leading multilateral organization in providing technical assistance on the implementation of secured transactions reforms around the world. With an active portfolio of 35 countries, it has successfully supported and guided the establishment of modern electronic movable collateral registries in several countries such as China, Ghana, Liberia, Colombia, Vietnam, Afghanistan, among others.