ERWIN-WOOD AND LINDNER.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status