California Bill Signed Considering Digital Signatures

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Effective January 1, 2017.
California Assembly Bill 2296 was signed by California Governor Jerry Brown on August 19, 2016. CA AB2296 enacted clarifies that a digital signature may be used to satisfy the requirements of an electronic signature under the Uniform Electronic Transactions Act.

Please reference the below link to view the entire bill:

http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201520160AB2296

Sign up for BillTrack50 to track industry related legislation like this. BillTrack50 is free with your NPRRA membership. Contact info@nprra.org to sign up and take advantage of this valuable tool.

Florida Bill Signed Concerning Financial Institutions

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The bill became effective January 1, 2017.

Florida Senate Bill 1104 was signed into law by Florida Governor Rick Scott on April 1, 2016. The bill allows a financial institution authorized by state or federal law to designate with the Department of State a place or registered agent as the sole location to receive service of process. Service of Process may be made on any officer, director or business agent of the financial institution at its principal place of business, or at any other branch, office or place of business in the state, if a financial institution has no registered agent.
Please reference the attached to view the entire bill.

Sign up for BillTrack50 to track industry related legislation like this. BillTrack50 is free with your NPRRA membership. Contact info@nprra.org to sign up and take advantage of this valuable tool.

SOURCE: http://laws.flrules.org/2016/180

NC Bill Signed Concerning Conversion of a Charitable or Religious Corporation to a LLC

NC SENATE BILL 1

Effective October 1, 2016.

North Carolina SB 482 (Session Law 2016-114) was signed into law by North Carolina Governor Pat McCrory on July 28, 2016. Amongst other things, the law is amended allow the conversion of a charitable or religious corporation to a LLC, if the sole member of the surviving entity immediately after the conversion is a charitable or religious corporation.

Please reference the attached to view the entire bill.

Sign up for BillTrack50 to track industry related legislation like this. BillTrack50 is free with your NPRRA membership. Contact info@nprra.org to sign up and take advantage of this valuable tool.

SOURCE: http://www.ncleg.net/Sessions/2015/Bills/Senate/PDF/S482v5.pdf

Newly Introduced Bipartisan Bill S 3268 Aims to Close Anti-Money Laundering Loopholes

Introduced on July 14, U.S. Senate Bill 3268 requires all business entities to obtain an employer identification number (EIN) from the Secretary of the Treasury.  Most entities are already required to obtain an EIN by completing IRS Form SS-4. S 3268 expands this requirement to include previously disregarded entities, such as single-member LLCs. Further, the legislation authorizes the IRS to share information gathered, including the name and any available contact information of the responsible party and any third-party designee reflected on the EIN application, with law enforcement under certain conditions. In this election year, the legislation is unlikely to pass.

Notably, S 3268 contains no provisions requiring registered agents and/or secretaries of states and equivalent agencies to collect and maintain beneficial ownership information, despite legislation in prior sessions and pending bills S 2489 and HB 4450 that contained such requirements. The process contemplated by S 3268 would bypass registered agents and state agencies.  Entities would simply be required to obtain an EIN directly from Treasury.

This bill can be found on Billtrack50 (www.billtrack50.com) on the NPRRA bill sheet entitled ‘Suggested by NPRRA Members’.  Contact NPRRA  (info@nprra.org) for more information on how to access BillTrack50 legislative monitoring queries.

-Credit to Steve Elias, Capitol Services, Inc., NPRRA Government Affairs Committee Co-Chair

AZ Bill to Amend Corporation Changes

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Effective date: August 6, 2016

Arizona Senate Bill 1356 was signed into law on May 19, 2016. The bill requires both certified copies from the foreign jurisdiction and articles of amendment will be required if the corporation changes its name, duration, or domicile, or if anything on the original Application was inaccurate when filed. The bill also eliminates the application for new authority, and replaces it with Articles of Amendment to Application for Authority (https://www.azcc.gov/Divisions/Corporations/Legislative-changes-update-May-2016.pdf). The bill became effective August 6, 2016.

Please reference the attached to view the entire bill.

Sign up for BillTrack50 to track industry related legislation like this. BillTrack50 is free with your NPRRA membership. Contact info@nprra.org to sign up and take advantage of this valuable tool.

SOURCE: https://www.azcc.gov/Divisions/Corporations/Legislative-changes-update-May-2016.pdf

MS Changes to Process of Appealing Penalties

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Effective date: July 1, 2016

Mississippi Senate Bill 2649 was signed into law by Mississippi Governor Phil Bryant on April 20, 2016. The bill amends current law to provide a process for the appeal of penalties imposed by the MS Secretary of State for violation of provisions regulating charitable corporations and certain other statues. The bill became effective July 1, 2016.

Sign up for BillTrack50 to track industry related legislation like this. BillTrack50 is free with your NPRRA membership. Contact info@nprra.org to sign up and take advantage of this valuable tool.

Please reference the attached link to view the entire bill. http://billstatus.ls.state.ms.us/documents/2016/html/SB/2600-2699/SB2649SG.htm

New Legislation Passed & Signed Into Law in Nebraska

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Effective date: July 21, 2016

NE LB 1050 was passed by the Nebraska Legislature on April 1, 2016, and was signed into law by Nebraska Governor Pete Ricketts on April 7, 2016. The bill authorizes the conversion of domestic partnerships and domestic limited liability partnerships into domestic limited liability companies or foreign limited liability companies.

SOURCE: http://nebraskalegislature.gov/FloorDocs/Current/PDF/Intro/LB1050.pdf

Delaware Legislation Regarding LLCs and Registered Agents Fails to Gain Traction

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DE HB 442 related to LLCs and registered agents was introduced on June 23 by Rep. John Kalawko Jr. (D) et al.  The bill was introduced too late in the legislative session to have any realistic chance of passing.  Consequently, no action was taken on the bill before the legislative session ended on June 30.  This bill was flagged by NPRRA’s standing legislative query in Billtrack50 (www.billtrack50.com) on the search term ‘Limited Liability Company’.  Contact NPRRA  (info@nprra.org) for more information on how to access BillTrack50 legislative monitoring queries.

 

Louisiana Amends Business Corporations Act

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 House Bill 284 (Act. No. 107) signed by the governor May 19, and effective August 1 amends the Business Corporations Act to (i) require restated articles to contain original articles and amendments and (ii) delete the 30 day grace period to file correction of annual reports.

-Eric Geringswald, Deputy Compliance Officer, Government Relations Manager, Corporation Service Company

To read the full bill text, please reference the below link:

http://www.legis.la.gov/legis/ViewDocument.aspx?d=1005193

LA legislation to close a projected 2016 budget deficit of nearly $1.2 billion.

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During the 2016 First Extraordinary Session, the Louisiana House of Representatives passed House Bill 19. The Bill was passed and became effective on 3/10/2016. The Bill states limited liability companies are subject to franchise tax, and are treated as corporations for state income and franchise tax purposes. The Bill is one measure being used by Louisiana lawmakers to close a projected 2016 budget deficit of nearly $1.2 billion.

To read the full bill text, please reference the below link:

https://legiscan.com/LA/text/HB19/id/1367432