90th General Assembly
Summary of HB1418
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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


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