For More Information Contact:
Rep. Sue Jeskewitz (608) 266-3796
(Madison)… Yesterday, the Assembly passed legislation authored by Representative Sue Jeskewitz (R-Menomonee Falls) that will give special tool builders the ability to protect their assets. Assembly Bill 746 received unanimous approval.
“Last year, several small business owners approached me to change the law to help small manufacturers protect their assets when a customer of theirs files under Chapter 11 bankruptcy proceedings,” stated Jeskewitz. “This bill will allow special tool builders the ability to place a lien on their tools.” AB746 was modeled after Michigan legislation, and 10 other states have similar legislation.
“We need to do all that we can to support our small businesses in this state,” emphasized Jeskewitz. The average special tool builder, many of which are family businesses, employs an average of 20 workers and are family-sustaining jobs. Wisconsin already extends this protection to other Wisconsin fabricators.
This bill now moves to the Senate for approval. “The Senate Companion bill, SB 375 already passed out of the Senate Committee on Judiciary, Corrections, and Privacy last week so I would expect it will be scheduled for Senate Floor action soon,” concluded Jeskewitz.
