2018 Regular Session
|At the request of:|
|Chief Sponsors:||Senator Boquist|
|Regular Sponsors:||(Presession filed.)|
|Bill Title:||Relating to regulation of certain business entities; prescribing an effective date; providing for revenue raising that requires approval by a three-fifths majority.|
Requires insurers, fraternal benefit societies and certain nonprofit corporations to apply to and obtain from Secretary of State authorization to transact business in this state.
Specifies effect of failing to obtain authorization. Requires insurer, fraternal benefit society or nonprofit corporation to maintain registered agent and registered office in this state. Permits plaintiff to recover greater of $5,000 or actual damages in cause of action that arises out of business or transaction with insurer, fraternal benefit society or nonprofit corporation that has not obtained authorization to transact business in state. Permits Secretary of State to impose civil penalty of not more than $1,000 for failure to obtain authorization to transact business in this state. Imposes public safety assessment on covered entities. Establishes Public Safety Assessment Fund. Transfers revenues to fund. Applies to calendar years beginning on or after January 1, 2019. Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||May Have Fiscal Impact, But No Statement Yet Issued|
|Revenue Impact:||May Have Revenue Impact, But No Statement Yet Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In Senate Committee|
|Current Committee:||Senate Committee On Finance and Revenue|