Bill Text: NC S351 | 2011-2012 | Regular Session | Amended

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Bill Title: Annual Transaction Reports Requirement

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-03-16 - Ref To Com On Finance [S351 Detail]

Download: North_Carolina-2011-S351-Amended.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2011

S                                                                                                                                                     1

SENATE BILL 351

 

 

Short Title:        Annual Transaction Reports Requirement.		(Public)
Sponsors:	Senator Hartsell.
Referred to:	Finance.

March 16, 2011

A BILL TO BE ENTITLED

AN ACT to require annual transaction reports.

The General Assembly of North Carolina enacts:

SECTION 1.  Part 4 of Article 5 of Chapter 105 of the General Statutes is amended by adding a new section to read:

"§ 105‑164.16A.  Annual transaction reports.

(a)        Definitions. –

(1)        Reserved.

(2)        Reserved.

(3)        Franchise. – An agreement or license from an owner of a trademark or trade name permitting another to sell a product or service under that name or mark.

(4)        Franchisee. – A person granted a franchise by a franchisor.

(5)        Franchisor. – A person that grants a franchise to a franchisee.

(6)        Reserved.

(7)        Reserved.

(8)        Liability policy. – Defined in G.S. 20‑279.21.

(b)        Annual Transaction Report. – A taxpayer listed in subsection (c) of this section must submit an annual report by May 1 of each year to the Secretary. The report must include the following information:

(1)        The name and address of a recipient of consideration paid by an insurer or of a franchisee.

(2)        The date of each transaction.

(3)        If the report is by an insurer, the amount of consideration paid, itemized by recipient, and the total consideration paid during the period covered by the report.

(4)        If the report is by a franchisor, the gross sales of each franchise located in this State, as reported by the franchisee to the franchisor; the total amount of sales by the franchisor to the franchisee, itemized by franchisee; and the income of each franchise located in this State, as reported by the franchisee to the franchisor.

(c)        Taxpayers Covered. – The following persons must file an annual transaction report required by subsection (b) of this section:

(1)        An insurer that is licensed to issue a motor vehicle liability policy and that paid, during the period covered by the annual transaction report, consideration under a liability policy for servicing or repair in this State on behalf of an insured.

(2)        A franchisor making a wholesale or retail sale to a franchisee during the period covered by the annual transaction report."

SECTION 2.  This act becomes effective January 1, 2011.