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Secretary of State Robin Carnahan’s Red Tape Reduction Act and Senior Investor Protection Act took effect Friday, Aug. 28.

Carnahan worked with legislators from across the state to pass these changes, which received broad bipartisan support in the General Assembly.

Carnahan said the legislation provided stronger protections for seniors and cut bureaucratic red tape for small businesses.

The Senior Investor Protection Act imposes increased penalties against those who take advantage of senior or disabled investors by establishing a minimum penalty of $50,000 for fraudulent acts and an additional civil penalty of up to $5,000. The law allows for mandatory restitution payments, which significantly improve each investor’s ability to recover their savings.

The Red Tape Reduction Act, developed with input from small businesses across the state, reduces the filing fee for limited liability companies by more than 50 percent and creates efficiency through online filings. It also allows businesses to change the month of their filing date to match convenient dates such as their fiscal year end or tax deadlines. An additional provision, which takes effect in January 2010, will cut government paperwork in half for Missouri businesses by providing the option of filing reports every two years rather than annually.

For more information, visit www.MissouriSafeSavings.com or call the toll-free Investor Protection Hotline at 800-721-7996.

For more information regarding business filings, visit www.sos.mo.gov/business or call the Corporations Division at 866-223-6535.

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