HB2157 Summary

• Requires courts to order forfeiture of corporate charters and revocation of foreign corporation certificates when a corporation or its high managerial agent is convicted of any felony or misdemeanor related to business affairs, eliminating previous requirements for specific judicial findings.

• Extends similar mandatory dissolution and authorization cancellation penalties to general partnerships, limited liability partnerships, limited partnerships, and limited liability companies convicted of felonies or misdemeanors.

• Permits courts to enter dissolution decrees and direct the winding up and liquidation of convicted business entities' affairs, with certified copies filed by the court clerk to the director of commerce and consumer affairs.

• Applies mandatory penalties regardless of whether the crime represents a persistent pattern of criminal conduct, shifting from discretionary ("may") to mandatory ("shall") penalties for business entity convictions.

• Takes effect upon approval and does not affect rights, duties, or proceedings that began before the bill's effective date.