Synopsis As Introduced Amends the Professional Service Corporation Act. Provides that the certificate of registration shall expire on January 1, 2019, and on January 1 of every third year thereafter, for any professional service corporation that renders services that are regulated by the Department of Financial and Professional Regulation. Establishes a renewal fee of $40 for a certificate of registration issued by the Department. Makes similar changes to the Medical Corporation Act. Amends the Limited Liability Company Act. Defines "professional limited liability company". Removes provisions prohibiting a limited liability company from rendering certain professional services, and instead provides that a limited liability company that intends to provide a professional service licensed by the Department of Financial and Professional Regulation must be formed in compliance with the Professional Limited Liability Company Act. Amends the Professional Limited Liability Company Act. Defines "license". Provides that one or more individuals may organize a professional limited liability company by filing articles of organization with the Secretary of State on forms furnished by the Secretary. Sets forth certain requirements the articles of organization must satisfy. Provides that the company name of a professional limited liability company must contain the terms "professional limited liability company", "P.L.L.C.", or "PLLC". Lists the professional services a professional limited liability company may render, with certain exceptions. Provides that a professional limited liability company's certificate of registration shall expire on January 1, 2019 and on January 1 of every third year thereafter; and that the renewal fee for a certificate of registration shall be $40 (rather than calculated at the rate of $40 per year). Effective immediately.
Fiscal Note (Financial & Professional Regulation)
The Department of Financial and Professional Regulation anticipates HB 5211 will have minimal impact on operations. Although HB 5211 will result in a decline of approximately $136,000 per annum in revenue for the second and third years of the 3-year license term, the reduction in revenue will be offset by reductions in costs associated with annual license renewals. HB 5211 will have limited fiscal implications which can absorbed through existing operations.
State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)