Jurisdictional Updates

Rhode Island – Legislation Amends Business Corporation Act and Nonprofit Corporation Law House Bill 5051 (Public Law 2021-386) and Senate Bill 24 (Public Law 2021-385) signed by the governor and effective July 13 amend the Business Corporation Act to increase

Delaware – Legislation Effective August 1, 2021 Senate Bill 113 (Chapter 60) signed by the governor June 30 and effective August 1 amends the General Corporation Law to clarify that shares of a corporation’s capital stock held by any other

California and Texas – Important Franchise Tax Updates The Franchise Tax Board posted a notice that electronic signatures will be accepted until December 31, 2021 for all documents except Power of Attorney forms which require an original signature.  More information

Puerto Rico – Processing Delays for UCC Filings Full-service orders for UCC filings at the Register of Commercial Transactions are currently delayed due to recent shifts in government employees at offices in the Department of State. Orders for filings at

Maine – Law Brings Gender Equity to Corporate Boards House Bill 878 (Public Law 385) became law June 30 without the governor’s signature and is intended to bring gender parity to corporate boards.  Corporation annual reports shall include indications whether

Illinois – Legislation Creates Uniform Electronic Transactions Act Senate Bill 2176 (Public Act 38) signed by the governor and effective June 25 creates the Uniform Electronic Transactions Act, repeals the Electronic Commerce Security Act and provides that a contract, record,

Article 9 and Lien-Related Legislation Ohio: The Senate concurred in House Amendments to SB 49 on 6/23/2021 and the governor signed the bill on 7/1/2021. This new law creates a statutory lien against commercial real estate in favor of a

DELAWARE Senate Bill 113 (Chapter 60) signed by the governor June 30 and effective August 1 amends the General Corporation Law to clarify that shares of a corporation’s capital stock held by any other entity are not entitled to be

Louisiana – Exemption from Corporate Franchise Taxes Extended Senate Bill 161 (Act 389) signed by the governor and effective June 16 extends the exemption from corporate franchise tax for small business corporations. 

Article 9 and Lien-Related Legislation Iowa: The governor signed SF 342 on 6/17/2021, which had been previously amended to include fraudulent UCC filing provisions from the hip-pocket amendments to Article 9.  The fraudulent filing provisions take effect on 7/1/2021. Michigan: