National Registered Agents, Inc.
NRAI Compliance Updates
 
November 2009
Greetings,

Most of the activity of note this month has been at the Federal level, with bills being filed in response to current events. The states are relatively quiet, although I expect an increase in activity in the six weeks before the end of the calendar year.
 
Enjoy the Thanksgiving Holiday.
 
Robert K. Rowell
General Counsel

Federal Legislation
HB 3922
 To ensure that companies operating in the United States that receive United States Government funds are not conducting business in Iran, and for other purposes.
 
Full Text available at: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h3922ih.txt.pdf
 
Current Bill Status: October 23, 2009, referred to the Committee on Oversight and Government Reform, and in addition to the Committees on Financial Services, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
 

HB 3933/SB 1934
To amend the Internal Revenue Code of 1986 to prevent the avoidance of tax on income from assets held abroad, and for other purposes.
 
Full Text available here.
 
Current Bill Status: October 27, 2009, referred to the House Committee on Ways and Means.
 

HB 3968
To amend the Bank Holding Company Act of 1956 to require the Board of Governors of the Federal Reserve System to take prompt corrective action to resolve problems of bank holding companies.
 
Full Text available at: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h3968ih.txt.pdf

 
Current Bill Status: October 29, 2009, referred to the House Committee on Financial Services.
 

HB 4013/SB 1937
A bill to amend the Internal Revenue Code of 1986 to allow a 5-year carryback of operating losses, and for other purposes.
 
Full Text available at:http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:s1937is.txt.pdf 

Current Bill Status: October 27, 2009, read twice and referred to the Committee on Finance.
 

District of Columbia
B18-0500
To enact Title 29, "Business Organizations", of the District of Columbia Official Code into law, to update, streamline, and harmonize the law relating to business corporations, nonprofit corporations, professional corporations, general partnerships, limited partnerships, limited liability companies, general cooperative associations, limited cooperative associations, unincorporated nonprofit associations, and statutory trusts, to provide for mergers, interest exchanges, conversions, and domestications involving these entities, and for other purposes.
 
Full Text available at: http://www.dccouncil.washington.dc.us/images/00001/20091021171343.pdf 

Current Bill Status: October 20, 2009, introduced.
 

B18-0440
To amend, on a temporary basis, the District of Columbia Nonprofit Corporation Act to provide that if a nonprofit corporation whose articles of incorporation have been revoked has been reinstated, contracts or leases entered into by the nonprofit corporation and the District government during the period of revocation shall be ratified.
 
Full Text available at: http://www.dccouncil.washington.dc.us/images/00001/20091016132945.pdf

Current Bill Status: October 29, 2009, transmitted to Congress for review.
 

Florida
HB 279/SB 586 (similar)
Data Destruction; Requires all public agencies & private entities that collect personal information to adhere to specified procedures when destroying such information; requires such agencies & entities to maintain copy of such procedures; requires all state agencies to submit sampling of sanitized media to third-party vendor for verification of data destruction; requires DMS to adopt rules.
 
Full Text available here. 

Current Bill Status: November 13, 2009, referred to Governmental Affairs Policy Committee.
 

HB 311/SB 706 (similar)
Creates "Debt Settlement Services Act"; requires person be licensed if he or she provides or offers to provide debt settlement services to client who resides in state; provides exemptions; specifies application procedures & authorizes fees; requires proof of insurance policy or surety bond; requires fingerprinting & background screening of licensees; provides procedures for approval or denial of debt settlement advisor licenses; requires annual license period; provides for expiration of licenses; specifies procedures for license renewal; authorizes administrative proceedings; authorizes certain licensed activity pending outcome of certain administrative proceedings; specifies requirements for format & contents of debt settlement services agreements; authorizes clients to cancel such agreements within specified period; limits fees that debt settlement advisors may charge; authorizes clients to void agreements & recover fees; prohibits certain acts & practices; specifies powers of OFR; authorizes OFR to issue subpoenas; requires licensees to keep certain records for specified period; authorizes OFR to impose certain fees & charges; provides administrative remedies; authorizes OFR to impose fines & civil penalties; authorizes suspension, revocation, or nonrenewal of licenses; authorizes civil actions; provides for attorney's fees; declares that violations are deceptive & unfair trade practices; provides time limitations for civil actions.
 
Full Text available here.
Current Bill Status: Filed on Thursday, November 5, 2009.

 
Illinois
SB 2463
Amends the Illinois Income Tax Act. Restores a deduction allowed for personal services income of a partnership and certain compensation paid to partners (now, the deduction is available only for taxable years ending before December 31, 2009). Makes changes to a corresponding addition modification. Effective immediately.
 
Full Text available at:http://www.ilga.gov/legislation/96/SB/PDF/09600SB2463lv.pdf 

Current Bill Status: October 14, 2009, referred to Assignments Committee
 

New York
A 1005\SB 3635
Relates to the incorporation of stock or mutual insurance companies.
 
Full Text available at:http://assembly.state.ny.us/leg/?bn=A01005&sh=t 

Current Bill Status: August 11, 2009, signed by Governor as Chapter 293.

 
Wisconsin
HB 564
An Act to amend 183.0104 (2) and 183.0104 (4); and to create 183.0104 (1m) of the statutes; relating to: long-term name reservation by a limited liability company (suggested as remedial legislation by the Department of Financial Institutions).
 
Full Text available at:http://www.legis.state.wi.us/2009/data/AB-564.pdf
 
Current Bill Status: November 10, 2009, read first time and referred to Committee on Financial Institutions.
 

HB 565
An Act to create 178.43 (4), 178.43 (5), 178.43 (6), 178.48 (1) (e) and 179.046 of the statutes; relating to: changing the registered office or registered agent of a limited partnership or registered limited liability partnership (suggested as remedial legislation by the Department of Financial Institutions).  
 
Full Text available at:http://www.legis.state.wi.us/2009/data/AB-565.pdf 

Current Bill Status: November 10, 2009, read first time and referred to Committee on Financial Institutions.
 
 
SB 280
An Act to renumber 49.155 (7m); and to create 49.155 (7m) (b) of the statutes; relating to: personal liability of officers, directors, and employees of child care providers.
 
Full Text available at:http://www.legis.state.wi.us/2009/data/SB-280.pdf
 
Current Bill Status: November 13, 2009, approved by Governor as 2009 Wisconsin Act 77.
 
 


 
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