Industry News

Review the latest Corporate state legislative updates

Submitted by UCS on April 20, 2021

Alabama: SB 96, which would clarify when provisions of the Alabama Business and Nonprofit Code supersede the general provisions of Chapter 1 of the code, passed the House as amended on 4/15/2021 and was returned to the Senate for concurrence.

Connecticut: House Bill 6605 was introduced on 3/5/2021 to make numerous changes to the business organization, notary and real estate recording laws. If enacted, this bill would (i) require business entities to provide an email address and NAICS Code for the entity at the time of formation or qualification; (ii) prohibit any business from operating under a name other than the real name of the entity or person unless a trade name certificate has been issued as provided in the act; (iii) authorize the filing of a commercial registered agent listing and central changes to registered agent information; (iv) authorizes notaries to perform remote notarial acts; and (v) require town clerks to accept for recording remotely notarized real estate documents. The bill was assigned to the Joint Judiciary Committee.

Iowa: HB 844, which would amend the Iowa Business Corporations Act, passed the House on 4/13/2021. The many amendment provisions include (i) revision of forms and filing fees; (ii) when resignation of a registered agent takes effect; (iii) provisions for domestication and conversion; and (iv) the establishment of benefit corporations. The bill is now pending in the Senate.

Maryland: The governor signed SB 320 on 4/13/2021 to amend resident agent requirements for foreign corporations. This bill authorizes a foreign corporation to certify that the State Department of Assessments and Taxation (SDAT) is the corporation’s resident agent when registering or qualifying with SDAT; and authorizes SDAT to act as a resident agent for a foreign corporation that does business in MD without a resident agent or with a resident agent who cannot be found or served with the exercise of reasonable diligence. The new law takes effect 10/1/2021.

Oklahoma: SB 228, which would amend the state General Corporation Act to permit electronic transmission of consents and several other changes, passed the House on 4/12/2021 and is pending consideration by the governor.

Texas: SB 1523, which would amend limited liability company law to provide for protected series and registered series, passed the Senate on 4/9/2021 and is now in the House Business and Industry Committee.

Wyoming: SB 36, which would authorize for-profit public benefit corporations, passed the Senate on 3/11/2021 and is pending committee assignment in the House.