This bill establishes a new requirement for certain corporations regarding the payment terms for goods and services. Specifically, it mandates that if a corporation's stock qualifies as a federal covered security, as defined in the United States Code, it must remit payment within 45 days of receiving the goods or services. This provision aims to ensure timely payments and improve cash flow for suppliers.

Additionally, the bill clarifies that the term "corporation" includes any subsidiary that is wholly owned by a corporation subject to the 45-day payment requirement. This inclusion ensures that the payment terms apply not only to the parent corporation but also to its wholly owned subsidiaries, thereby extending the benefits of the legislation to a broader range of entities within the corporate structure.