S 345 - Alarm Systems Licensing/Machinery Act Changes

• Modernizes the Alarm Systems Licensing Act by renaming "Alarm Security Systems" throughout and updating definitions to include cameras, analytic devices, and imaging systems used for security purposes.

• Increases minimum liability insurance requirements for alarm systems businesses from $50,000/$100,000/$20,000 to $250,000/$500,000/$100,000 for bodily injury and property damage coverage.

• Raises licensing and registration fees including initial license application fees (up to $500), renewal license fees (up to $1,000), and registration fees (up to $100), with late fees also increased.

• Modifies the machinery tax act to extend the property listing period from January 31 to April 15 annually and creates a new "qualified business property" classification for malfunctioning personal property with scrap value.

• Effective dates: alarm systems licensing changes October 1, 2023; machinery act changes effective for tax years beginning July 1, 2024.