SENATE Floor Leader Vinnie F. Sablan on Wednesday prefiled Senate Bill 22-57 to remove from Public Law 21-3, the provisions that impose daily penalty fees on businesses and non-profit organizations for the late filing of annual reports.
Signed by Gov. Ralph DLG Torres in January, P.L. 21-37 imposes higher fees on businesses including $10 per day for annual reports received after March 2, in addition to $150 penalty for late filing, and $5 per day for non-profit annual reports received after March 2 in addition to $25 penalty for late filing.
Sablan’s S.B. 22-57 proposes to remove these provisions, but increases to $75 from $25 the penalty for the late filing of a non-profit corporation’s annual report and minutes.
S.B. 22-57 states that since the inception of the Office of the Registrar of Corporations, “there has been an increase in business operations and non-profit corporations with an interest to invest and enhance the livelihood of the commonwealth.”
With the onset of the Covid-19 pandemic, the bill also states, “businesses that are committed to serve our community have remained in operation despite the loss of revenue. It was not the intent to cause undue burden of charging daily late fees in addition to a late filing fee of reports.”
Vinnie Sablan
