BILL ANALYSIS Senate Research Center S.B. 1077 By: Eltife Business & Commerce 6/3/2015 Enrolled
BILL ANALYSIS
Senate Research Center S.B. 1077
By: Eltife
Business & Commerce
6/3/2015
Enrolled
Senate Research Center
S.B. 1077
By: Eltife
Business & Commerce
6/3/2015
Enrolled
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT S.B. 1077 changes the Uniform Construction Code 1 (UCC1) to ensure that the definition of "person" within the Business Organization Code (TBOC) captures Series LLCs. Current law does not reflect model language for the definition of "person." S.B. 1077 amends Section 1.201 (b)(27), Business and Commerce Code, to clarify the definition of "person. S.B. 1077 amends current law relating to the definition of "person" under the Uniform Commercial Code. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 1.201(b)(27), Business and Commerce Code, to redefine "person" to include a particular series of a for-profit entity. SECTION 2. Effective date: upon passage or September 1, 2015.
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
S.B. 1077 changes the Uniform Construction Code 1 (UCC1) to ensure that the definition of "person" within the Business Organization Code (TBOC) captures Series LLCs.
Current law does not reflect model language for the definition of "person." S.B. 1077 amends Section 1.201 (b)(27), Business and Commerce Code, to clarify the definition of "person.
S.B. 1077 amends current law relating to the definition of "person" under the Uniform Commercial Code.
RULEMAKING AUTHORITY
This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Section 1.201(b)(27), Business and Commerce Code, to redefine "person" to include a particular series of a for-profit entity.
SECTION 2. Effective date: upon passage or September 1, 2015.