Honorable John Carona, Chair, Senate Committee On Business & Commerce
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB699 by Carona (Relating to the contents of an assumed name certificate filed by certain businesses or professionals.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Business and Commerce Code relating to requirements for certificates of a person who regularly conducts business or renders a professional service under an assumed name other than as a certain corporation, partnership, company, or foreign filing entity as defined by the provisions.
According to the analysis by the Secretary of State (SOS), simplifying the content of the assumed name certificate form will facilitate the SOS's review and processing of assumed name certificates and will likely reduce the number of assumed name documents that are rejected. Implementation will require revisions to assumed name certificate forms; and will also require changes to the SOS's online filing system (SOSDirect); namely, modifications will need to be made to certain data entry screens and to the electronically generated form. Implementation would not require any modifications to the internal filing system (BEST). SOS indicated the provisions of the bill would not have a significant fiscal impact on the agency and any additional workload can be handled with existing resources.
Local Government Impact
There may be some costs to counties related to the assumed name certificate form; however, the amounts would vary depending on the number of filings; costs associated with form changes; and current procedures. In addition, there may be fewer assumed name certificates that are rejected resulting in some savings related to processing. No significant fiscal implication to units of local government is anticipated.