Legislature(2003 - 2004)

2003-03-05 House Journal

Full Journal pdf

2003-03-05                     House Journal                      Page 0429
HB 159                                                                                            
HOUSE BILL NO. 159 by the House Rules Committee by request of                                       
the Governor, entitled:                                                                             
     "An Act relating to the frequency of examinations of certain                                   
     persons licensed to engage in the business of making loans of                                  
     money, credit, goods, or things in action; repealing the                                       
     requirement for a state examination and evaluation of the Alaska                               
     Commercial Fishing and Agriculture Bank; and providing for an                                  
     effective date."                                                                               
was read the first time and referred to the Labor & Commerce and                                    
Finance Committees.                                                                                 
The following fiscal note(s) apply:                                                                 
1.  Fiscal, Dept. of Community & Economic Development                                               
The Governor's transmittal letter dated March 5, 2003, follows:                                     
"Dear Speaker Kott:                                                                                 
Under the authority of art. III, sec. 18, of the Alaska Constitution, I am                          
transmitting a bill that would give the Department more flexibility                                 
with regard to the frequency of examinations of financial institutions                              
and the Alaska Commercial Fishing and Agriculture Bank.                                             

2003-03-05                     House Journal                      Page 0430
Changing the date of frequency of examinations of Small Loan                                        
Companies from 12 months to 18 months will bring the schedule for                                   
the examinations in line with the rest of the banking code and                                      
eliminate the need for additional bank examiners.  The bill also                                    
eliminates the Division of Banking, Securities, and Corporations'                                   
examination of the Commercial Fishing and Agriculture Bank                                          
(CFAB).  This examination is unnecessary, because CFAB is required                                  
by statute to be audited annually by independent auditors and is                                    
subject to legislative audit.                                                                       
I urge your prompt and favorable action on this measure.                                            
                                 Frank H. Murkowski