Under existing law, a person commits the crime of negotiating a worthless negotiable instrument if he or she negotiates or delivers the instrument for a thing of value and with the intent, knowledge, or expectation that it will not be honored by the drawee.
This bill would specify that the term "negotiable instrument" includes electronic drafts.
Amendment 621 of the Constitution of Alabama of 1901, now appearing as Section 111.05 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, prohibits a general law whose purpose or effect would be to require a new or increased expenditure of local funds from becoming effective with regard to a local governmental entity without enactment by a 2/3 vote unless: it comes within one of a number of specified exceptions; it is approved by the affected entity; or the Legislature appropriates funds, or provides a local source of revenue, to the entity for the purpose.
The purpose or effect of this bill would be to require a new or increased expenditure of local funds within the meaning of the amendment. However, the bill does not require approval of a local governmental entity or enactment by a 2/3 vote to become effective because it comes within one of the specified exceptions contained in the amendment.
Pending third reading on day 25 Favorable from Financial Services
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Financial Services
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 734
Beason motion to Adopt adopted Roll Call 733
Judiciary Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the Senate committee on Judiciary
Source: Alabama Legislature