Legislation Affecting Business Law Practice

As the legislative session progresses, many bills of interest to business law practitioners are on the move. Here is a list of notable legislation that has the potential to affect your practice area:

Prohibits state and local governmental entities from taking discriminatory action against a business based on that business's internal policies, regarding health insurance policies, family leave policies, minimum wage policies, or anti-discrimination policies. 

Enacts the "Uniform Power of Attorney Act." Specifies that a power of attorney created under this chapter is durable unless it expressly provides that it is terminated by the incapacity of the principal. Requires a power of attorney to be signed by the principal or in the principal's conscious presence by another individual directed by the principal to sign the principal's name on the power of attorney. Specifies that a signature on a power of attorney is presumed to be genuine if the principal acknowledges the signature before a notary public or other individual authorized by law to take acknowledgments. Specifies requirements for validity of power of attorney. Permits a principal, in a power of attorney, to nominate a conservator or guardian of the principal's estate or guardian of the principal's person for consideration by the court if protective proceedings for the principal's estate or person are begun after the principal executes the power of attorney. Specifies when power of attorney is effective and establishes other requirements for power of attorney. (50 pp)

Authorizes the transmission and filing of nonprofit corporations’ annual reports to the Secretary of State in an electronic format. Authorizes the transmission of the Secretary of State’s list of new nonprofit corporations that were licensed or authorized to operate in the state during the preceding month and the Secretary of State’s list of nonprofit corporations that surrendered their charters, had charters revoke, or ceased to do business in this state, during the preceding month, to the Commissioner of Revenue in an electronic format.  

Reduces the amount in fees charged to a foreign LLC transacting business in the state without a certificate of authority. Exempts from the application of such fees certain foreign LLCs that the state has already granted a certificate of sales and use tax exemption or certificate of registration, or otherwise has formally and in writing acknowledged the company’s authority to conduct business in this state.  

Makes various changes to the “Revised Tennessee Captive Insurance Act,” including allowing captives to get one change of business plan for free each year, allowing captives to hold their capital and surplus in currencies other than U.S. dollars such as cryptocurrency, with the approval of the commissioner, and other changes. 



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