By Jon Newton 6/5/03
Senator Kevin Murray's bill which will force the record labels to accurately account for royalties earned under a recording contract as a 'fiduciary duty' has passed the California Senate and now goes to Assembly by a vote of 22-15.
"This bill addresses the core issue that has allowed record companies to under-report royalty earnings without any penalty. Under the current structure, there is no disincentive for record companies to provide their artists with an accurate accounting of their royalties," says Murray ((D-Los Angeles).
"Therefore, companies are rewarded for their bad behavior.
"This bill will give artists the assurance they deserve - that record companies must accurately report royalties to them or face penalties."
SB 1034 supported by the American Federation of Television and Radio Artists,
AFL-CIO; American Federation of Musicians, AFL-CIO; California Labor Federation,
AFL-CIO; Department of Professional Employees, AFL-CIO; Music Managers Forum;
Recording Artists' Coalition; Screen Actors Guild; and, Artist Empowerment Coalition.
Jon Newton is the editor of p2pnet.net and is a regular contributer to MP3 Newswire. Jon's site is devoted to the politics of digital music and his insights as well as those of his co-writers can be read there. We urge you to explore it.
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