HB 1409 Summary

• Requires sustainable business corporations to file annual benefit reports with the Department of Commerce and Consumer Affairs (DCCA), along with certification that the report is posted on their website or a statement that they lack a public website.

• Authorizes DCCA to terminate a sustainable business corporation's status for noncompliance with Chapter 420D, with a 60-day cure period after notice of intent to terminate.

• Requires DCCA's Business Registration Division to make sustainable business corporation status searchable in the online business registration platform and maintain a publicly accessible list identifying those corporations and their B Corp Certification status.

• Directs DCCA to post information explaining the governance structure of sustainable business corporations and the requirements for registration and compliance maintenance on a dedicated webpage.

• Effective date of April 25, 2112.