Connecticut Senate Bill SB01083

Connecticut 2019 Regular Session

• Introduced: 3/15/19
• Refer: 3/15/19
• Report Pass: 4/8/19
• Refer: 4/18/19
• Report Pass: 4/25/19
• Refer: 5/14/19
• Report Pass: 5/17/19
• Report Pass: 5/20/19
• Engrossed: 5/23/19
• Report Pass: 5/24/19
• Chaptered: 6/12/19
• Enrolled: 6/17/19
• Passed: 6/21/19

Caption

An Act Improving The Integrity Of The Connecticut Business Registry.

Impact

The passage of SB01083 is expected to significantly affect how corporations operate in Connecticut. The requirement for electronic filing of annual reports is intended to reduce administrative burdens and enhance the efficiency of record keeping. By specifying that annual reports must include detailed information such as the names and addresses of directors and other critical corporate data, the bill aims to bolster compliance and ensure transparency. This initiative aligns with efforts to modernize government processes and leverage technology to serve both the public and private sectors better.

Summary

Senate Bill 01083, known as an Act Improving the Integrity of the Connecticut Business Registry, focuses on updating and enhancing the requirements related to the filing of annual reports for both domestic and foreign corporations in Connecticut. Specifically, it mandates that these entities file their annual reports electronically with the Secretary of State, streamlining the process and ensuring that the state maintains accurate and timely records of corporations operating within its jurisdiction. The bill aims to improve the integrity and accountability of the state’s business registry by requiring regular updates to corporate information.

Sentiment

Overall, the sentiment surrounding SB01083 appears to be positive, especially among proponents who view the changes as necessary for contemporary business practices. The requirement for electronic filings is likely embraced by many businesses, particularly those familiar with digital environments. However, some concerns may arise regarding the implications for small businesses that may lack the resources or technology to comply with these new requirements. The debate showcases a typical tension between modernization and the need to ensure all types of businesses can adapt to regulatory changes.

Contention

While there appears to be general support for SB01083, discussions may highlight points of contention regarding the accessibility of the new electronic requirements. Some lawmakers and stakeholders might express trepidation about the pressure this could place on small businesses or less tech-savvy organizations. Additionally, the bill's successful implementation will rely on adequate resources and support systems being in place to facilitate a smooth transition to the new reporting framework, particularly regarding educational outreach and assistance for businesses unfamiliar with electronic filing processes.