Lindsey Daugherty
- Democratic
- Representative
- District 24
Primary
The act modifies requirements for an existing loan program (program) created to assist transitions of businesses to employee-owned businesses. The act repeals statutory eligibility requirements and requires the office of economic development (office) to establish eligibility criteria for the program. The criteria must include an annual gross revenues limitation for participation in the program for businesses, which amount may be set at up to or less than $50 million. The criteria must also establish requirements for the number of employees who will be offered the option to participate in the employee-ownership opportunity.A loan under the program may be used toward the purchase of the business by the employees. The act repeals requirements related to the size of the loans and how the loans must be held and requires the office to establish requirements for the terms of the loans pursuant to existing statutory requirements.Under the current statute, the program is repealed effective July 1, 2022. The act extends the program through July 1, 2025.(Note: This summary applies to this bill as enacted.)
Governor Signed
Sent to the Governor
Signed by the Speaker of the House
Signed by the President of the Senate
Senate Third Reading Passed - No Amendments
Senate Second Reading Passed - No Amendments
Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole
Introduced In Senate - Assigned to Business, Labor, & Technology
House Third Reading Passed - No Amendments
House Third Reading Laid Over Daily - No Amendments
House Second Reading Passed - No Amendments
House Second Reading Laid Over Daily - No Amendments
House Committee on Business Affairs & Labor Refer Unamended to House Committee of the Whole
Introduced In House - Assigned to Business Affairs & Labor
| Bill Text Versions | Format |
|---|---|
| Signed Act (05/21/2021) | |
| Final Act (05/11/2021) | |
| Rerevised (04/30/2021) | |
| Revised (04/29/2021) | |
| Reengrossed (04/19/2021) | |
| Engrossed (04/15/2021) | |
| Introduced (03/24/2021) | |
| Committee Amendment |
| Document | Format |
|---|---|
| Fiscal Note FN1 (03/30/2021) | |
| Fiscal Note FN2 (06/16/2021) |
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