HB16-1270

HB16-1270 - Security Interest Owner's Interest In Bus Entity

Passed/Signed into Law
Concerning The Limitation Of Laws Governing Security Interests To An Owner's Interest In A Business Entity.

Under current law, the "Uniform Commercial Code" (Code) invalidates contractual limits on the transferability of some assets that can be subject to a security interest. In 2006, the "Colorado Corporations and Associations Act" (Act) was amended to clearly and broadly exempt an owner's interest in a business entity from these Code provisions to effectuate the "pick your partner" principle that allows small businesses to control their ownership. Section 3 of the bill narrows the exemption in the Act to that necessary for "pick your partner", and sections 1 and 2 codify this narrowed exemption in the Code.

Latest update: April 21, 2016
04/21/2016 Governor Signed
04/11/2016 Sent to the Governor
04/11/2016 Signed by the President of the Senate
04/07/2016 Signed by the Speaker of the House
03/28/2016 Senate Third Reading Passed - No Amendments
03/24/2016 Senate Second Reading Passed - No Amendments
03/21/2016 Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole
03/09/2016 Introduced In Senate - Assigned to Business, Labor, & Technology
03/08/2016 House Third Reading Passed - No Amendments
03/07/2016 House Second Reading Passed with Amendments - Committee
03/03/2016 House Committee on Business Affairs and Labor Refer Amended to House Committee of the Whole
02/17/2016 Introduced In House - Assigned to Business Affairs and Labor