Corporation Service Company
Home Statutory Updates State Holidays Seminars Product Training
www.cscglobal.com   |   Contact Us   |   Newsletter Archive
 
Statutory Updates & Filing Office News

California
Assembly Bill 22 (Chapter 70) signed by governor August 5 and effective January 1, 2010 amends Section 502 of Penal Code to increase penalties for computer hacking and for using the Internet domain name of another individual, corporation, or entity in connection with sending electronic mail that causes damage to a computer, system, or network. Full bill text can be accessed at
http://www.leginfo.ca.gov/pub/09-10/bill/asm/ab_0001-0050/ab_22_bill_20090806_chaptered.html

AB 285 (Chapter 96) signed by governor August 5 and effective January 1, 2010 amends Section 20 of the Corporations Code to eliminate an existing requirement to satisfy the federal Electronic Signatures in Global and National Commerce Act and requires that the consent to electronic transmissions to an individual shareholder or member of the corporation who is a natural person be preceded by or include a written statement to the recipient containing specified information.
http://www.leginfo.ca.gov/pub/09-10/bill/asm/ab_0251-0300/ab_285_bill_20090806_chaptered.html

AB 991 (Chapter 131) signed by governor August 5 and effective January 1, 2010 amends the Corporations Code to clarify references to corporations listed on a national securities exchange.
http://www.leginfo.ca.gov/pub/09-10/bill/asm/ab_0951-1000/ab_991_bill_20090806_chaptered.html

AB 1549 (Chapter 153) signed by governor August 5 and effective January 1, 2010 amends the Code of Civil Procedure relating to judgment liens. Eliminated was a condition that a judgment lien on personal property can only be created if a security interest in the property could be perfected by filing a financing statement with the Secretary of State at the time when the lien was created. The new requirements permit creation of a judgment lien against certain tangible personal property that is located within California, including equipment, farm products, inventory and negotiable documents of title. If the personal property consists of accounts receivable or tangible chattel paper, the judgment debtor must be located in California. Whether the debtor is located in California is determined by Section 9307 of the Commercial Code, except that a registered business organization organized under a law of another state is located in California if it has a place of business or its chief executive office in California.
http://www.leginfo.ca.gov/pub/09-10/bill/asm/ab_1501-1550/ab_1549_bill_20090806_chaptered.html

Illinois
Senate Bill 239 (Public Act 126) signed by governor August 4 and effective January 1, 2010 amends the Limited Liability Company Act to permit organization and qualification of a “low profit LLC” containing “L3C” in its name and which does not have as a significant purpose the production of income or the appreciation of property.
http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=096-0126&GA=096

House Bill 153 (Public Act 110) signed by governor July 31 and effective immediately amends the Code of Civil Procedure to provide that any deed executed pursuant to the Mortgage Foreclosure Article or judgment vesting title by a consent foreclosure shall state the grantee's or mortgagee's name (and the name of a contact person), street and mailing addresses, and telephone number, and upon the receipt of a judgment vesting title by a consent foreclosure or deed executed pursuant to the Mortgage Foreclosure Article, the grantee or mortgagee shall post on the property, while the property is vacant, a notice that states the name (and the name of a contact person), street and mailing addresses, and telephone number of the grantee or mortgagee.
http://www.ilga.gov/legislation/fulltext.asp?DocName=&SessionId=76&GA=96&DocTypeId=
HB&DocNum=153&GAID=10&LegID=40157&SpecSess=&Session

Senate Bill 1970 (Public Act 488) signed by governor August 14 and effective January 1, 2010 amended the Solicitation for Charity Act to require charitable organizations with calendar year or fiscal year contributions in excess of $300,000 to file a financial statement with its annual report to the Office of the Attorney General.
http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=096-0488

Michigan
Senate Bill 462 (Public Act 75) signed by governor July 28 enacted the Mortgage Loan Originator Licensing Act to comply with July 31, 2009 deadline in Title V (Secure and Fair Enforcement) of the Housing and Economic Recovery Act of 2008 (HR 3221)
http://www.legislature.mi.gov/documents/2009-2010/billenrolled/Senate/htm/2009-SNB-0462.htm

New York
Assembly Bill 4904 (Chapter 226) signed by governor July 16 and effective immediately amends the Public Service Law to expand the types of business entities that must obtain Public Service Commission (PSC) approval for the transfer of franchises or stocks of electric, gas, water, steam and telephone corporations.
http://assembly.state.ny.us/leg/?bn=A04904&sh=t

Assembly Bill 8867 (Chapter 201) signed by governor July 11 and effective October 1, among provisions intended to conform New York City tax laws to certain state tax laws, in Sections 73 and 75 amended the Business Corporation Law and Not-for-Profit Corporation Law to require that any corporation that has done business in the City of New York and incurred liability for any tax under certain chapters of the Administrative Code of the City of New York must obtain and attach the consent of the Commissioner of Finance of the City of New York to the certificate of dissolution. NY Department of State Corporations Division will modify dissolution forms to add a check the box statement whether or not consent is required and attached. Full bill text can be accessed at
http://assembly.state.ny.us/leg/?bn=A08867&sh=t

North Carolina
House Bill 1523 (Session Law No. 374) signed by governor July 31 rewrote the state mortgage lending act to comply with federal law.
http://www.ncleg.net/EnactedLegislation/SessionLaws/HTML/2009-2010/SL2009-374.html

Oregon
House Bill 2189 signed by governor July 30 and effective immediately enacts mortgage licensing requirements to comply with federal law
http://www.leg.state.or.us/09reg/measures/hb2100.dir/hb2189.a.html

House Bill 3484 signed by governor July 28 licenses exchange facilitators.
http://www.leg.state.or.us/09reg/measures/hb2100.dir/hb2189.a.html

Pennsylvania
House Bill 1654 (Act No. 2009-31) signed by governor August 5 and effective immediately, known as the Mortgage Licensing Act, amends mortgage loan industry licensing and consumer protection law to conform to federal requirements (S.A.F.E. Mortgage Licensing Act of 2008).
http://www.legis.state.pa.us/CFDOCS/Legis/PN/Public/btCheck.cfm?txt
Type=HTM&sessYr=2009&sessInd=0&billBody=H&billTyp=B&billNbr=1654&pn=2448

International

Quebec

The Registrar of Enterprises (REQ) ended its period of leniency to accept Annual Declarations on the old form and will reject filings that are not on the current form which is available at http://www.registreentreprises.gouv.qc.ca/en/actualites/2009-04-27.aspx In February, the government said it would accept the old forms through May and later extended the period of lenience to July 1.

separator

Motor Vehicle Updates

Connecticut
Effective immediately, all vehicles being titled/registered in a business name will no longer be allowed to obtain passenger plates.  They will now be  required to obtain combination plates.  The only exception will be when a letter is provided by the business stating the driver received the vehicle as a company “perk” and it will only be used for private use.

Florida
All Florida licensing fees will be increased effective September 1, 2009

Massachusetts
The sales tax rate on purchased vehicles has increased from 5.0% to 6.25%.

Corporate Identity Protection  |  Matter & Deal Management  |  Compliance & Governance
Transactional Services  |  Trust, Escrow & SPE

Corporation Service Company · 2711 Centerville Road · Wilmington, DE 19808
www.cscglobal.com · 800.927.9800 · 302.636.5400

CSC is a service company and does not offer legal or financial advice.