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Thu February 28, 2008
Committee Approves Corporate Regulation Bill
By Bob Beck
Cheyenne, WY – Wyoming representatives will have a chance to strengthen laws that deal with out-of-state businesses that operate in Wyoming.
The bill attempts to crack down on fraud and gives more responsibilities to company representatives in the state, known as registered agents.
But several registered agents oppose the bill, because they say the reporting requirements are burdensome and that the potential liability is too great. The Secretary of State's office says an amendment added on in the Senate has significantly weakens the bill by removing some responsibility from registered agents.
Attempts by the committee to craft a compromise failed. But instead of killing the bill, the committee approved it at the urging of Chairman Pete Illoway.
He says although the bill may be flawed, it allows all businesses to be regulated, rather than just large corporations. And he says that would be a step forward.
Illoway says he would be disappointed if the bill fails. The bill now goes to the house floor.