Senate approves bill on assignment of assets for benefit of creditors, 45-0

Senator Bussello called up Senate File 24 97, describing the bill as legislation returned from the House regarding the assignment of assets for the benefit of creditors as an alternative to bankruptcy and noting a House amendment clarified creditor reporting to credit agencies.

"This is a bill that bounces back to us from the house that regards the assignment of assets for the benefit of creditors," Bussello said. He described the amendment as adding clarifications on reporting for creditors to credit agencies and recommended adoption.

With no further discussion, Bussello moved concurrence in House amendment 5257 and then moved final passage of the bill as amended. The amendment was adopted by voice vote and the Senate then took final passage; the secretary recorded 45 ayes and 0 nays. The chair declared the bill passed the Senate. Senator Klemish asked unanimous consent to immediately message the bill to the House; no objections were raised and the request was granted.

What happens next: The bill was messaged to the House for receipt; for specific implementation parameters and any administrative reporting requirements, consult the enrolled bill text and agency guidance.