The bill amends Chapter 6-1 of the General Laws, changing the title from "Filing of Assumed Name" to "FILING OF TRADE NAME," and introduces new requirements for businesses to file a trade name certificate with the secretary of state. The application must include the business name, the true or real full names of the individuals conducting the business, their contact information, the location of the business, and the relevant NAICS code. The trade name must be unique in the registry, and the application signature is considered an affirmation under penalties of perjury. The bill sets a $20.00 fee for filing and indexing certificates and exempts certain entities from these provisions. It also adds definitions for various terms to clarify the filing process.

Furthermore, the bill requires updates to be filed with the secretary of state for any changes in personal or business information and mandates the filing of a notice of cancellation when a trade name is no longer in use. It establishes an annual renewal process for trade names, outlines the secretary of state's authority to cancel trade names for non-compliance, and details the restoration process for canceled trade names. The bill also calls for the creation of a trade name database and the transfer of existing records into this system. The act will become effective on January 1, 2025.