AN ACT TO LIMIT USE OF CONTINGENT-BASED CONTRACTS FOR AUDIT OR ASSESSMENT PURPOSES. Summarized in Daily Bulletin 6/7/12, 6/12/12, and 6/18/12. Enacted July 12, 2012. Effective July 1, 2012.
Bill Summaries: H462 CONTINGENCY CONTRACTS FOR AUDITS/ASSESSMENTS (NEW).
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Summary date: Jul 17 2012 - View Summary
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Bill H 462 (2011-2012)Summary date: Jun 18 2012 - View Summary
Senate amendments make the following changes to 2nd edition, as amended.
Amendment #2 makes a clarifying change to GS 116B-8.
Amendment #3 makes a conforming change to GS 116B-6(h) (concerning Treasurer’s expenditures).
Amendment #4 changes the act’s effective date as follows: (1) applies to audits, determinations of liability, and assessments contracted for on or after July 1, 2013 (was, 2012) and (2) prohibits local governments and the State Treasurer from renewing such contracts after July 1, 2013 (was, 2012).
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Bill H 462 (2011-2012)Summary date: Jun 12 2012 - View Summary
Senate amendment makes the following changes to 2nd edition. Amends proposed language in GS 116B-8 to allow the Treasurer to contract with a person on a contingent fee basis to perform audits of life insurance companies if the audit is being conducted to identify unclaimed death benefits or unredeemed bond funds.
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Bill H 462 (2011-2012)Summary date: Jun 7 2012 - View Summary
Senate committee substitute makes the following changes to 1st edition.
Deletes all provisions in the previous edition and replaces them with AN ACT TO LIMIT USE OF CONTINGENT-BASED CONTRACTS FOR AUDIT OR ASSESSMENT PURPOSES.
Enacts new subsection (a1) to GS 105-243.1 to prohibit the Secretary of Revenue from employing an agent who is paid on a contingent basis. Adds a similar provision to GS 105-299 (experts employed to assist county assessors), GS 153A-146 (experts employed by counties), and GS 160A-206 (experts employed by cities). Also adds a similar provision to GS 116B-8 (auditor contracts with State Treasurer), and makes a conforming change to remove language allowing contingent compensation. Applies to audits, determinations of liability, and assessments contracted for on or after July 1, 2012. Prohibits local governments and the State Treasurer from renewing such contracts after July 1, 2012.
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Bill H 462 (2011-2012)Summary date: Mar 24 2011 - View Summary
Authorizes the Legislative Research Commission (Commission) to conduct a study as title indicates. Permits the Commission to consider proposed reforms in House Bill 2036 of the 2010 Session of the General Assembly, titled the NC Franchisee Protection Act.