This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0796 - Allows reinstatement of the registration of certain corporations
SB 796 - Fiscal Note

COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. NO. 3165-01

BILL NO. SB 796

SUBJECT: Corporate Registrations

TYPE: Original

DATE: January 30, 1998

FISCAL SUMMARY

ESTIMATED NET EFFECT ON STATE FUNDS

FUND AFFECTED FY 1999 FY 2000 FY 2001
None $0 $0 $0
Total Estimated

Net Effect on All

State Funds

 $0 $0 $0



ESTIMATED NET EFFECT ON FEDERAL FUNDS

FUND AFFECTED FY 1999 FY 2000 FY 2001
None $0 $0 $0
Total Estimated

Net Effect on All

Federal Funds

 $0 $0 $0



ESTIMATED NET EFFECT ON LOCAL FUNDS

FUND AFFECTED FY 1999 FY 2000 FY 2001
Local Government $0 $0 $0

Numbers within parentheses: ( ) indicate costs or losses

This fiscal note contains 2 pages.



FISCAL ANALYSIS

ASSUMPTION

Officials from the Office of the Secretary of State (SOS) assume the proposed legislation would have no fiscal impact on their agency.

FISCAL IMPACT - State Government FY 1999 FY 2000 FY 2001
$0 $0 $0
FISCAL IMPACT - Local Government FY 1999 FY 2000 FY 2001
$0 $0 $0

FISCAL IMPACT - Small Business

No direct fiscal impact to small businesses would be expected as a result of this proposal.

DESCRIPTION

Under current law, a non-profit or domestic corporation's registration with the Secretary of State cannot be renewed if a corporation's registration has been revoked or the corporation has administratively dissolved unless the corporation re-applies within two years of such action. Consequently, a corporation that subsequently seeks reinstatement must do so through the courts.

This act simply removes the two year time limit, allowing applications for reinstatement at any time. The Secretary of State is not required to reinstate the corporation. This act has an emergency clause.

This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.

SOURCES OF INFORMATION

Office of the Secretary of State



Jeanne Jarrett, CPA

Director

January 30, 1998