Legislative briefs for Feb. 20, 2003

Thursday, Feb. 20, 2003 | 8:48 a.m.

Enron scandal prompts new bill

Assemblyman David Goldwater, D-Las Vegas, has sponsored a corporate accountability measure providing penalties or increasing penalties for certain violations.

Assembly Bill 163 would make it a felony to forge, alter or destroy financial documents or to protect or conceal the identity of anyone who violates any provisions of the law, as well as hindering an investigation.

Each count of violation would be subject to a prison term of one to 20 years and a fine up to $100,000. The bill also extends the statute of limitations for civil suits arising from violations of the statute.

"In the wake of Enron and the WorldCom scandals, corporate governing has become a major issue," Goldwater said. "In Nevada we want to be sure we are leaders."

AB163 also prohibits a company from hiring the same auditor to conduct internal and external audits of the company. That section would apply to casino companies as well.

The bill was forwarded to the Assembly Judiciary Committee for a hearing. If it passes, the measure would take effect Oct. 1.

Secretary of State Dean Heller said the bill "broadens our authority in our investigations."

Seat belt laws would be stiffened

The Assembly Transportation Committee introduced a seat belt bill Wednesday permitting law enforcement to stop a motorist for failing to wear a seat belt without any other violation.

Assembly Bill 161 also requires seat belt use by any adult passenger or child passenger who is over 40 pounds.

A bill increasing the homestead exemption

from $125,000 to $200,000 was approved Wednesday by the Senate 20-0 and it goes to the Assembly. Senate Bill 70 would protect a home up to $200,000 from a forced sale under certain conditions.