House of Representatives

SB 1135

corporations; annual report; penalties

Sponsors: Senator Bundgard

DP	Committee on Commerce and Economic Development Committee
X	Committee on Energy, Utilities and Technology Committee
	Caucus and COW
	As Passed the House

* * * REVISED * * *

SB 1135 allows the Arizona Corporation Commission to waive late filing penalties assessed against corporations provided there is a reasonable cause.

History

Currently, the Commission is required to collect annual reports from corporations doing business in Arizona. Pursuant to ARS § 10-1622, the Commission is required to assess penalties against corporations that file their report late. This penalty is 20 percent of the report filing fee of $45 for each month the report is late ($9 per month). Late penalties stemming from Corporation Division staff errors such as data entry errors, deadline ambiguity due to changing corporate documents and change of address issues are usually waived.

Provisions

· Allows the Commission, upon written application by the corporation penalized, to abate late penalties that are due to reasonable cause, as determined by the Commission.

SB 1135 passed the Commerce and Economic Development Committee unamended.

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45th Legislature

First Regular Session 2 March 27, 2001

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