ERWIN-WOOD AND LINDNER. (CARROLL-BUTLER-SEVERNS) New Act Creates the Euro Conversion Act. Defines the euro as the single currency of the European Union. Provides that the euro shall be a commercially reasonable substitute for any currency for which it becomes a substitute, the interest rate established for the euro shall be a commercially reasonable substitute for the interest rate of any currency for which it becomes a substitute, and that the introduction of the euro and the changes made as a result does not discharge or excuse performance under a contract, security, or instrument. Provides that the parties may agree to alter the requirements of this Act by contract, and that any reference to the ECU in a contract will be rebuttably presumed to be a reference to the currency basket that is from time to time used as the unit of account of the European Union. Effective immediately. FISCAL NOTE (Dpt. Financial Institutions) There would be no fiscal impact on the Department. STATE MANDATES FISCAL NOTE In the opinion of DCCA, HB1418 fails to create a State mandate under the State Mandates Act. HOUSE AMENDMENT NO. 1. Deletes everything. Reinserts language similar to the bill as introduced but removes references to the continuity of the interest rate after conversion, and provides that a reference to the ECU as used in this Act will be a reference to the euro after it is introduced and that the euro will replace the ECU on a one to one ratio. Provides that this Act shall apply to all contracts, including commercial contracts governed by any other law of this State. Makes other changes. Effective immediately. 97-03-05 H FIRST READING 97-03-05 H ADDED AS A JOINT SPONSOR LINDNER 97-03-05 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-06 H ASSIGNED TO COMMITTEE FIN INSTIT 97-03-19 H DO PASS/SHORT DEBATE 027-000-000 HFIN 97-03-19 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-03-20 H FISCAL NOTE REQUESTED BLACK 97-03-20 H FISCAL NOTE FILED 97-03-20 H STATE MANDATES FISCAL NOTE REQUESTED BLACK 97-03-20 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-04-07 H STATE MANDATES FISCAL NOTE FILED 97-04-07 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-04-09 H SECOND READING-SHORT DEBATE 97-04-09 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-04-09 H ADDED AS A JOINT SPONSOR WOOD 97-04-11 H RECALLED TO SECOND READING-SHORT DEBATE 97-04-11 H AMENDMENT NO. 01-ERWIN 97-04-11 H AMENDMENT REFERRED TO HRUL 97-04-11 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 97-04-12 H AMENDMENT NO. 01-ERWIN 97-04-12 H BE ADOPTED HRUL 97-04-12 H AMENDMENT NO. 01-ERWIN 97-04-12 H ADOPTED 97-04-12 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-04-14 H THIRD READING/SHORT DEBATE/PASSED 117-000-000 97-04-15 S ARRIVE IN SENATE 97-04-15 S PLACED CALENDAR ORDER OF FIRST READING 97-04-17 S CHIEF SPONSOR BUTLER 97-04-17 S FIRST READING 97-04-17 S REFERRED TO SENATE RULES COMMITTEE RULES 97-04-18 S SPONSOR REMOVED BUTLER 97-04-18 S ALTERNATE CHIEF SPONSOR CHANGED TO CARROLL 97-04-18 S ADDED AS A CHIEF CO-SPONSOR BUTLER 97-04-30 S ASSIGNED TO COMMITTEE FIN INST 97-05-08 S DO PASS 009-000-000 SFIC 97-05-08 S PLACED ON CALENDAR ORDER OF 2ND READING 97-05-09 97-05-09 S SECOND READING 97-05-09 S PLACED ON CALENDAR ORDER OF 3RD READING 97-05-12 97-05-13 S ADDED AS A CHIEF CO-SPONSOR SEVERNS 97-05-13 S THIRD READING - PASSED 056-000-000 97-05-13 H PASSED BOTH HOUSES 97-06-11 H SENT TO THE GOVERNOR 97-07-30 H GOVERNOR APPROVED 97-07-30 H EFFECTIVE DATE 97-07-30 97-07-30 H PUBLIC ACT.............................. 90-0268 END OF INQUIRY Full Text Bill Summary