HCS SS SCS SB 931 -- REGULATION OF BUSINESS PROCEDURES

SPONSOR:  Klarich (Monaco)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Judiciary
by a vote of 15 to 2.

This substitute revises various laws relating to persons and
entities required to be registered with the Secretary of State's
Office and business procedures regulated by the Secretary of
State.  In its main provisions, the substitute:

(1)  Makes technical changes to Article 9 (secured transactions)
of the Uniform Commercial Code.  The substitute corrects some
intersectional references, changes some language to correspond to
the current version of the revised Article 9 model act, clarifies
that certain collected fees are nonstate funds, and remedially
removes the perfection method for liens on manufactured homes
from the governance of Article 9;

(2)  Revises Chapter 486, RSMo, regarding notaries public,
including clarifying language in existing sections and
strengthening notice, registration, renewal, and documentation
requirements; and

(3)  Revises the process for corporations, not-for-profit
corporations, and professional corporations to file annual
reports with the Secretary of State.

FISCAL NOTE:  Cost to General Revenue Fund of $101,912 in FY
2003, $107,282 in FY 2004, and $109,969 in FY 2005.  Income to
Basic Civil Legal Services Fund of $3,700,000 in FY 2003, FY
2004, and FY 2005.

PROPONENTS:  Supporters say that the substitute is necessary to
clean up and fine tune the secured transactions bill from last
year and to update various procedures in the Secretary of State's
Office.

Testifying for the bill were Representative Monaco; and Secretary
of State's Office.

OPPONENTS:  There was no opposition voiced to the committee.

Julie Jinkens McNitt, Legislative Analyst

Missouri House of Representatives
Last Updated October 11, 2002 at 9:04 am