Bill Summary for S 477 (2023-2024)
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| View NCGA Bill Details | 2023-2024 Session |
AN ACT TO MAKE VARIOUS CHANGES TO THE NORTH CAROLINA BUSINESS CORPORATION ACT AND TO ELIMINATE DUPLICATIVE STATE DISCLOSURE REQUIREMENTS FOR BUSINESS OPPORTUNITY SELLERS THAT FILE COMPARABLE DISCLOSURES WITH THE FEDERAL TRADE COMMISSION, AS RECOMMENDED BY THE NORTH CAROLINA BAR ASSOCIATION, TO MODIFY THE RIGHT OF A SHAREHOLDER OF A CORPORATION TO INSPECT THE RECORDS OF A SUBSIDIARY ENTITY OF THAT CORPORATION, AND TO STANDARDIZE THE EVIDENCE REQUIRED TO PROVE A DEBT.Intro. by Galey, Overcash.
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Bill summary
House committee substitute to the 3rd edition makes the following changes.
Adds a new Part VII with the following content.
Amends GS 58-70-90 (Definitions) to include a definition of “Itemized accounting,” which includes accountings for debt that has and has not been charged off. Standardizes the format of the definitions throughout the section.
Amends GS 58-70-115 (Unfair practices) to insert clarifying language that a collection agency unfair practice includes when the collection agency is a debt buyer on acting on behalf of one, bringing suit or initiating an arbitration proceeding against the debtor, or otherwise attempting to collect on the debt without “access to” (i) valid documentation of the debt buyer’s ownership of the debt instrument and (ii) reasonable verification of the amount of debt owed by the debtor.
Amends GS 58-70-155(b) to remove existing subsubsections (3)-(8), and replace them with new language requiring that an authenticated business record establishing the amount and nature of a debt to include an itemized accounting as defined by the act in GS 58-70-90.
Renumbers the previous Part VII as Part VIII.
Makes changes to the act's long title.