Bill Summary for H 462 (2011-2012)

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Bill: CONTINGENCY CONTRACTS FOR AUDITS/ASSESSMENTS (NEW).

Summary date: 

Jun 7 2012
S.L. 2012-152

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 462 (Public) Filed Thursday, March 24, 2011
TO STUDY THE ADEQUACY OF CURRENT CONSUMER PROTECTIONS FOR BUSINESS OPPORTUNITY AND FRANCHISE SALES.
Intro. by McCormick.

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Bill 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.