COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 2005-01
Bill No.: SB 516
Subject: Civil Procedure; Liability; Courts; Bonds - Surety; Business and Commerce
Type: Original
Date: March 16, 2001
FISCAL SUMMARY
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the Office of State Courts Administrator and the Department of Economic Development assume no fiscal impact to their agencies.
| FISCAL IMPACT - State Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This proposal would allow a waiver of a portion of appeal bonds for certain defendants.
1. If a plaintiff in a civil action obtains a judgment for punitive or exemplary damages, any state supersedeas bond requirements shall be waived as that portion of the punitive or exemplary damages that exceeds one million dollars.
2. If the party seeking the appeal is a small business organized and doing business under the laws of this state, any state supersedeas bond requirements shall be waived as to that portion of the punitive or exemplary damages that exceeds one hundred thousand dollars.
3. If the plaintiff proves by a preponderance of the evidence that any appellant for whom the bond requirement has been waived is purposefully dissipating or diverting assets outside the jurisdiction of the United States courts, the waiver shall be rescinded and the bond requirement shall be reinstated for the full amount of the judgment.
4. A court may otherwise waive the filing of a supersedeas bond as to punitive or exemplary damages in a civil action for good cause shown.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Office of State Courts Administrator
Department of Economic Development
NOT RESPONDING
Office of the Attorney General
Jeanne Jarrett, CPA
Director
March 16, 2001