House Sponsors: ERWIN-WOOD AND LINDNER. Senate Sponsors: CARROLL-BUTLER-SEVERNS Short description: EURO CONVERSION ACT Synopsis of Bill as introduced: Creates the Euro Conversion Act. Defines the euro as the single currency of the European Union. Provides that the euro shall be a commercially reasonable substitute for any currency for which it becomes a substitute, the interest rate established for the euro shall be a commercially reasonable substitute for the interest rate of any currency for which it becomes a substitute, and that the introduction of the euro and the changes made as a result does not discharge or excuse performance under a contract, security, or instrument. Provides that the parties may agree to alter the requirements of this Act by contract, and that any reference to the ECU in a contract will be rebuttably presumed to be a reference to the currency basket that is from time to time used as the unit of account of the European Union. Effective immediately. FISCAL NOTE (Dpt. Financial Institutions) There would be no fiscal impact on the Department. STATE MANDATES FISCAL NOTE In the opinion of DCCA, HB1418 fails to create a State mandate under the State Mandates Act. HOUSE AMENDMENT NO. 1. Deletes everything. Reinserts language similar to the bill as introduced but removes references to the continuity of the interest rate after conversion, and provides that a reference to the ECU as used in this Act will be a reference to the euro after it is introduced and that the euro will replace the ECU on a one to one ratio. Provides that this Act shall apply to all contracts, including commercial contracts governed by any other law of this State. Makes other changes. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 90-0268 Last action date: 97-07-30 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status