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Secretary's office reports $9 million in legacy credits and backlog in foreign business registrations
Summary
At a Feb. 14 hearing, Chris Drake, director of Business Services, told the General Government A Subcommittee the office has accumulated over $9 million in "money on account" from an old filing system and carries nearly 1,000 foreign-entity enforcement cases, a backlog the office says could yield $700,000900,000 if cleared.
Chris Drake, director of the Business Services Division at the Secretary of the State's office, told the General Government A Subcommittee on Feb. 14 that the agency has accumulated more than $9 million in legacy credits from an older filing system known as Concord and carries a backlog of enforcement matters for foreign businesses.
Drake said, "over time during Concord and a lot of this happened while I wasn't director, we accumulated over $9,000,000 in those monies on account." He explained that the credits arose when filers paid fees for submissions that were later rejected; the payment was retained as a credit on the account and many filers never resubmitted.
Why it matters: the backlog and…
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