Legislation Effective January 1, 2017
House Bill 202 signed by the governor May 12 and effective January 1, 2017 amends the Limited Partnership Law to harmonize with the Limited Liability Company Law, set default provisions for limited partnership agreements and specify information required for various filings.
House Bill 2447 signed by the governor May 17 and effective January 1 requires the Arizona Corporation Commission (ACC) to create and maintain a database for documents filed in the previous 90 days to be available online and business entities located in counties with more than 800,000 population (Maricopa and Pima) may submit the online information in lieu of publication.
Assembly Bill 1722 (Chapter 66) signed by the governor July 22 and effective January 1 amends the LLC act to substitute a “50 percent or more” standard in place of a “majority” of an LLC’s voting power to vote to dissolve or to cancel its articles of organization.
Assembly Bill 2143 (Chapter 380) signed by the governor September 16 and effective January 1 expands electronic recording to any person or entity that provides a certificate of insurance evidencing a minimum amount of liability insurance to be set by the Attorney General and allows for e-recording of digital records containing information that is created, generated, sent, communicated, received, or stored by purely electronic means.
Assembly Bill 2296 (Chapter No. 144) signed by the governor August 18 and effective January 1, 2017 clarifies that a digital signature may be used to satisfy the requirements of an electronic signature under the Uniform Electronic Transactions Act.
Senate Bill 1104 (Chapter 2016-180) signed by the governor April 11 and effective January 1, 2017 permits a financial institution authorized by state or federal law to designate with the Department of State a place or registered agent as the sole location to receive service of process. If a financial institution has no registered agent, service may be made to any officer, director or business agent at its principal place of business or any other branch, office or place of business in Florida.
Legislative Bill 157 signed by the governor February 26 delays until January 1, 2017 the operative date for the Model Business Corporation Act.
House Bill 1175 (Chapter 2016-80) signed by the governor May 19 and effective January 1 provides that a judgment may be secured against real estate by recording a certified copy of the judgment with the registry of deeds of the county in which the real estate is located.