Senate committee substitute to the 1st edition makes the following changes. Divides the act into two parts, with previous content placed into Part I.

Part I.

Amends definition of legal claim under new Article 94 to GS Chapter 58, the Consumers in Crisis Act so that it now means a civil claim or cause of action, including any claim that triggers obligations under GS 58-63-15(11) (unfair methods of competition and unfair or deceptive trade practices) or related regulations (was, a civil claim or cause of action). 

Adds the following new content.

Part II.

Expands the definition of minority business under GS 143-128.2(g)(1) (definition of minority business as it pertains to minority business participation goals) so that it includes an employee stock ownership plan company in which at least 51% of the stock is owned by one or more minority persons or socially and economically disadvantaged individuals. Expands the definition in GS 143-128.4 of historically underutilized businesses so that it includes an employee stock ownership plan company in which at least 51% of the stock is owned by persons who are Black, Hispanic, Asian American, female, disabled, or who are socially and economically disadvantaged.

Part III.

Sets general effective date of when the act becomes law, unless otherwise specified.

Makes organizational and conforming changes. Makes conforming changes to the act’s titles.