SB501 Summary

• Expands the definition of "person" for forming commercial development authorities to include limited liability companies and partnerships, not just natural persons

• Removes the requirement that commercial development authorities be formed by at least three natural persons

• Eliminates the requirement that incorporators be qualified electors of the municipality where the authority is being formed

• Allows authorities whose membership consists solely of county or municipal governments and their boards, agencies, or instrumentalities to be incorporated even if another authority already exists in that jurisdiction

• Becomes effective on the first day of the third month following passage and approval by the Governor