California Bulk Sales Legislation, Senate Bill 12, Seeks to Repeal the California Bulk Sales Law
February 10, 2012
[Updated: 2/10/2012]
The California State Senate is debating a piece of legislation that could dramatically affect your business. Labeled SB 12, this legislation seeks to amend significant sections of the state Business and Professions Code, the Civil Procedure Code, the Revenue and Taxation Code and Article 6 of the Uniform Commercial Code.
If passed, SB 12 will repeal the California Bulk Sales Law in its entirety.
First Corporate Solutions is tracking SB 12′s progress and will provide updates here as more information becomes available.
For more information, read the senate floor analysis of the bill here: http://www.leginfo.ca.gov/pub/11-12/bill/sen/sb_0001-0050/sb_12_cfa_20120109_112752_sen_comm.html
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California Escrow Association is actively working on this. I will update as we progress.
Debbi – Thank you! We look forward to your updates! FCS – Samuel
The California Bill states 47 states have repealed Article 6. Does someone have a list of the remaining states?
[Updated 2/17/2012] According to our research findings, the remaining states are: Arizona, California, Indiana, Virgina and District of Columbia. Please correct us if the above information is not accurate. FCS – Samuel
Please let us know the best plan of action, many of my business broker clients are concerned about the repeal and would like to know what they should do to fight the change.
Lisa – We will notify you once we have a plan of action. Please feel free to update us if you hear any updates regarding this bill. FCS – Samuel
Nancy B. Silberberg- Altus Escrow, Inc., The Escrow Institute of California (EIC) is also tracking this bill and is in the process of making a formal objection. We welcome anyone that would like to join our committe and/or we would like to receive input from all whom feel effected by this proposed bill. You can email me nsilberberg@altusescrow.com, and/or Tim Egan, admin@escrowinstitute.org.
Nancy – Thank you for the great info! One of our staff members will contact you regarding this. FCS – Samuel
Patsy Mercado – Bay Area Escrow Services – Thank you First Corporate Solutions, for always providing up to date information on changes in our industry. Do you know when the legislators plan to make the next announcement on the progress of SB12?
Hi Patsy – Thanks! You can keep track of the bill here: http://leginfo.legislature.ca.gov/faces/billVotesClient.xhtml. FCS – Samuel