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2009 SESSION

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Senate Committee on Commerce and Labor

Chairman: Richard L. Saslaw

Clerk: Cheryl Law
Staff: Frank Munyan
Date of Meeting: January 19, 2009
Time and Place: Monday, January 19,2009;1/2 hr.after adj./SR-B, GAB

S.B. 884 Banking institutions; reclassification or conversion of shares of stock.

Patron: McEachin

Banking institutions; reclassification or conversion of shares.  Authorizes a bank, savings institution, bank holding company, savings and loan holding company, or multiple or diversified savings and loan holding company organized as a stock corporation to reclassify or convert a portion of the shares of its stock from one class or series into another class or series for the purpose of ceasing to be, or avoiding the status of, an institution that is required to file periodic reports under provisions of the Securities Exchange Act of 1934, if authorized by its articles of incorporation.  Such a reclassification or conversion is exempt from appraisal rights provisions of the Stock Corporation Act if the institution's directors recommend the approval and all shares are reclassified or converted on the same terms.

A BILL to amend the Code of Virginia by adding a section numbered 6.1-2.7:1, relating to the reclassification or conversion of shares of stock of banking institutions.

090051273

S.B. 903 Corporate directors and officers; indemnification thereof.

Patron: Stosch

Indemnification of corporate directors and officers.  Affirms that a director or officer of a stock or nonstock corporation, for purposes of prescribing the corporation's authority to indemnify an individual made a party to a proceeding, includes an individual who is or was a director or officer of a corporation or who, while a director or officer of the corporation, is or was serving at the corporation's request as a director, officer, manager, partner, trustee, employee, or agent of another foreign or domestic entity. The provision is made effective retroactive to the effective date of amendments that implied that indemnification was available only for directors or officers who were serving at the corporation's request as a director, officer, manager, partner, trustee, employee, or agent of another entity.

A BILL to amend and reenact §§ 13.1-696 and 13.1-875 of the Code of Virginia, relating to indemnification of corporate directors and officers.

090028332

S.B. 917 Unemployment compensation; wage offset for concurrent job. 

Patron: Reynolds

Unemployment compensation; wage offset for concurrent job.  Provides that the weekly unemployment benefit to which an eligible individual is otherwise entitled as a result of his separation from a position of employment shall not be reduced by wages payable to the individual from another position that the individual has held continuously at least since the week preceding the job separation.  Currently, such an individual's weekly benefit amount is reduced on a dollar-for-dollar basis by any wages that he earns in that week in excess of $50.

A BILL to amend and reenact § 60.2-603 of the Code of Virginia, relating to unemployment benefits; when amount not affected by concurrent employment.

097601316

S.B. 1013 Crash prevention courses; to be delivered via Internet or other electronic means if approved by DMV.

Patron: Edwards

Motor vehicle insurance rate reductions; crash prevention courses. Provides that certain motor vehicle crash prevention courses may be delivered via the Internet or other electronic means so long as they have been approved by the Department of Motor Vehicles.

A BILL to amend and reenact § 38.2-2217 of the Code of Virginia, relating to reduction in rates for certain persons attending motor vehicle crash prevention courses.

093836228

S.B. 1100 Uniform Commercial Code; financing statements.

Patron: Herring

Uniform Commercial Code; financing statements.  Provides that a financing statement in connection with a secured transaction sufficiently provides the name of the individual debtor if it provides the individual's name shown on the individual's driver's license or identification card issued by the individual's state of residence.

A BILL to amend and reenact § 8.9A-503 of the Code of Virginia, relating to Uniform Commercial Code; secured transactions; financing statements.

090125240

S.B. 1119 Economic development; incentive financing for major employment  and investment projects.

Patron: Colgan

Economic development; incentive financing for major employment and investment projects. Authorizes the Virginia Public Building Authority and the Virginia Resources Authority to finance economic development initiatives for major employment and investment projects (MEI projects) performed by state and local government entities. An MEI project is defined as a high impact regional economic development project in which a private entity is expected to make a capital investment in real and tangible personal property exceeding $250 million and create more than 400 new full-time jobs, and is expected to have a substantial direct economic impact on surrounding communities. The bill also establishes the MEI Project Approval Commission to review financing for individual incentive packages for MEI projects to be financed by the Virginia Public Building Authority.

A BILL to amend and reenact §§ 2.2-2260, 2.2-2261, 2.2-2263, 2.2-3705.6, 62.1-198, and 62.1-199 of the Code of Virginia and to amend the Code of Virginia by adding in Title 30 a chapter numbered 47 consisting of sections numbered 30-309 through 30-312, relating to economic development; incentive and site development for major employment and investment projects.

092359812

S.B. 1165 Enterprise zone economic incentive grants.

Patron: Watkins

Enterprise zone economic incentive grants.  Increases from $50,000 to $100,000 the minimum amount of investment required to be made in the rehabilitation or expansion of a building in order to be eligible for an enterprise zone incentive grant, and increases from $250,000 to $500,000 the minimum amount of investment required to be made for new construction in order to be eligible for an enterprise zone incentive grant. The bill would provide that any investor making $5 million or less in qualified real property investment in a building would be allowed a maximum of $100,000 in enterprise zone incentive grants within any five-year period for such building (the current maximum is $125,000). The bill would provide that any investor making more than $5 million in qualified real property investment in a building would be allowed a maximum of $200,000 in enterprise zone incentive grants within any five-year period for such building (the current maximum is $250,000). The bill also makes technical changes.

A BILL to amend and reenact §§ 59.1-280, 59.1-548, and 59.1-549 of the Code of Virginia, and to repeal §§ 59.1-282.1 and 59.1-282.2 of the Code of Virginia, relating to enterprise zone economic incentives.

094460812

S.B. 1241 Limited liability companies. 

Patron: Stosch

Limited liability companies.  Provides that a limited liability company is bound by its operating agreement whether or not the limited liability company executes the operating agreement. The measure clarifies that the existing restrictions on distributions by a limited liability company do not apply to distributions of assets upon the company's dissolution. The period during which a member of a limited liability company is liable for a wrongful distribution made by the company is shortened from six to two years. The grounds for dissociating a member from a limited liability company are revised to remove the existing provision that states that a transfer of the member's interest for security purposes or by a court order charging the interest does not provide grounds for the member's expulsion if such a transfer or charging has not been foreclosed. The provision that a claim against a dissolved limited liability company is barred in certain circumstances if the claimant does not commence enforcement proceedings within 90 days from delivery of written confirmation of the claim to the dissolved company is revised to require that the claimant's proceeding be commenced within 90 days from the effective date of the notice from the company. The measure also provides that a dissolved limited liability company may apply for a court determination of the security to be provided for payment of claims that are based on a liability that will mature more than 60 days after the delivery of notice to the claimant. The Professional Limited Liability Company Act is amended to provide that the obligation of such a company to pay a former member the value of his interest when his membership is terminated is not contingent upon the company's continuation. The measure also makes several technical revisions to the Limited Liability Company Act.

A BILL to amend and reenact §§ 13.1-1002, 13.1-1011, 13.1-1023, 13.1-1035, 13.1-1036, 13.1-1040.1, 13.1-1049.1, 13.1-1049.3, and 13.1-1117 of the Code of Virginia, relating to limited liability companies and professional limited liability companies.

090027332

S.B. 1243 Virginia Securities Act; penalties.

Patron: Stosch

Virginia Securities Act; penalties.  Increases the maximum civil penalty that the State Corporation Commission may impose for a violation of the Virginia Securities Act, any order, rule, or regulation issued under the Act, or any knowing material misrepresentation, from $5,000 to $10,000. The measure also authorizes the Commission to order sellers to rescind unlawful sales and other activities and to make restitution. Currently, the Commission is authorized only to request rescission and restitution.

A BILL to amend and reenact § 13.1-521 of the Code of Virginia, relating to penalties for violations of the Virginia Securities Act.

090040864

S.B. 1321 Advanced shipbuilding training grant program.

Patron: Locke

Advanced shipbuilding training grant program.  Establishes a grant program relating to advanced shipbuilding activities involving nuclear warships for the U.S. Navy. Grants would be paid to an eligible shipbuilder based in Newport News that (i) makes a capital investment of at least $300 million; (ii) creates at least 1,000 new full-time jobs; and (iii) maintains an accredited apprenticeship program. A maximum of $50 million in grants would be paid beginning in the 2012-2013 fiscal year and ending in the 2021-2022 fiscal year.

A BILL to amend the Code of Virginia by adding in Title 59.1 a chapter numbered 22.6, consisting of a section numbered 59.1-284.23, relating to an advanced shipbuilding training grant program.

091274256

S.B. 1328 Limited liability partnerships; cancellation of status.

Patron: McEachin

Limited liability partnerships; cancellation of status.  Provides for the cancellation, rather than the revocation, of registered limited liability partnership status. The revision conforms these provisions to those applicable to other business entities. The measure also (i) provides for the automatic cancellation of status of a domestic or foreign partnership if its registered agent resigns and a replacement is not timely appointed; (ii) requires a written application for restoration of status as a registered limited liability partnership; and (iii) makes technical changes.

A BILL to amend and reenact §§ 50-73.83, 50-73.132, 50-73.134, 50-73.135, 50-73.136, 50-73.137:1, and 50-73.138 of the Code of Virginia, relating to limited liability partnerships; cancellation and restoration of status.

090078864

S.B. 1347 Wind energy development. 

Patron: Wagner

Wind energy development.  Exempts wind energy projects with a rated capacity of less than 100 megawatts that will be operated or constructed by a nonutility generator from provisions that require State Corporation Commission (SCC) approval. The Department of Environmental Quality (DEQ) is designated as the lead agency for issuing permits for such projects. Limits are imposed on the duration and financial obligations of the developer with respect to monitoring the effect of the project on birds and other wildlife. Any SCC proceeding involving an application for a certificate, permit, or approval required for the construction or operation by a public utility of a wind power facility is required to be completed within nine months following the utility's submission of a complete application. The measure establishes an investment tax credit whereby a taxpayer is allowed a credit against income taxes equal to 35 percent of the cost of constructing, purchasing, or leasing wind turbines and towers. The credit may be claimed over a five-year period. The amount of income tax credits in any taxable year shall not exceed 50 percent of the tax liability otherwise due, and a taxpayer is ineligible to claim a credit of more than $500,000 in any year. Finally the measure declares that wind turbines and towers are tangible personal property used primarily for the purpose of abating or preventing pollution of the atmosphere and waters of the Commonwealth and exempts 80 percent of their value from state and local taxation.

A BILL to amend and reenact §§ 56-46.1 and 56-580 of the Code of Virginia and to amend the Code of Virginia by adding in Chapter 11.1 of Title 10.1 an article numbered 5, consisting of sections numbered 10.1-1197.5 through 10.1-1197.7, by adding in Article 13 of Chapter 3 of Title 58.1 a section numbered 58.1-439.12:03, and by adding a section numbered 58.1-3661, relating to wind energy development; permitting processes, income tax credit, and property taxation of wind turbines and towers.

090115804

S.B. 1352 Insurance holding companies.

Patron: Wagner

Insurance holding companies.  Authorizes the State Corporation Commission to approve any ordinary dividend or other distribution by a registered insurer that is a member of an insurance holding company system to its shareholders within 30 days of receiving written notice of the declaration. Currently, the insurer is required to provide written notice as to all dividends and other distributions at least 30 days prior to payment. The measure also clarifies the Commission’s authority to request additional information in making determinations regarding filings of disclaimers of affiliation.

A BILL to amend and reenact § 38.2-1329 of the Code of Virginia, relating to the regulation of insurance holding companies.

090043864

S.B. 1376 Unemployment compensation; waiting week.

Patron: Ruff

Unemployment compensation; waiting week.  Eliminates the requirement that applicants for unemployment benefits wait one week prior to receiving benefits. The measure becomes effective on July 5, 2009.

A BILL to amend and reenact § 60.2-612 of the Code of Virginia, relating to eligibility for unemployment compensation; waiting week.

090085320