This bill creates a new rule allowing owners of jointly owned businesses to sign agreements preventing them from competing with the business for up to three years after they sell their ownership stake. The non-compete agreement can restrict the former owner from starting or working for a competing business in the same geographic area where the original business operates.
AI-generated summary
Commerce and Energy Scheduled for hearing
First read in Senate and referred to Senate Commerce and Energy S.J. 234
House of Representatives Do Pass Passed, YEAS 63, NAYS 2. H.J. 266
Judiciary Do Pass Passed, YEAS 10, NAYS 1. H.J. 14
Judiciary Scheduled for hearing
First read in House and referred to House Judiciary H.J. 164
Prime sponsor · Sen
R
Dist. SD-002
Prime sponsor · Rep
R
Dist. HD-024
Do Pass
Do Pass
Do Pass