Connecticut House Bill HB05373

Connecticut 2017 Regular Session

• Introduced: 1/10/17
• Refer: 1/10/17

Caption

An Act Allowing Small Businesses Three Attempts To Comply With Financial Regulations.

Impact

If enacted, HB 5373 would directly influence how financial compliance is enforced among small businesses in the state. It could lead to a significant shift in the approach to regulation, focusing more on assistance and support rather than immediate punitive measures. This could potentially reduce the risks for small business owners, encouraging more individuals to engage in business ventures without the looming fear of financial regulation failures resulting in severe repercussions.

Summary

House Bill 5373, introduced by Representative Srinivasan, proposes an amendment to the general statutes that would allow small businesses three attempts to comply with state financial regulations. The intention behind this legislation is to ease the regulatory burden on small businesses, providing them with the opportunity to make corrections without facing immediate penalties. By allowing businesses multiple chances to adhere to financial statutes, it aims to foster a supportive environment for entrepreneurship and economic growth.

Contention

There may be points of contention surrounding HB 5373 regarding its implications for financial accountability. Critics could argue that allowing multiple attempts at compliance might undermine the seriousness of adhering to financial regulations, possibly leading to laxity in compliance standards among small businesses. Supporters, however, would likely advocate that the bill provides a necessary safety net that acknowledges the challenges small enterprises face in navigating complex financial requirements. The discussions around the bill may evoke debate on the balance between regulatory enforcement and supportive measures for small businesses.