Legislature(2001 - 2002)

05/02/2001 05:17 PM JUD

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
                   HB 106-FINANCIAL INSTITUTIONS                                                                            
                                                                                                                                
CHAIRMAN  TAYLOR announced  that  HB 106 is  a companion  to SB  66,                                                            
which  was  amended  to  include  credit  cards  and  to  reflect  a                                                            
compromise between  banking institutions and the state  examiner. HB                                                            
106 is now blended  into SB 66. He called for a motion  to adopt the                                                            
committee substitute.                                                                                                           
                                                                                                                                
SENATOR   COWDERY  moved   to  adopt  Bannister   5/2/01   committee                                                            
substitute as the working document. There was no objection.                                                                     
                                                                                                                                
MR.  TERRY  ELDER,  Director,  Division  of  Banking,  Securities  &                                                            
Corporations   testified  that   he  had   reviewed  the   committee                                                            
substitute  and it appeared  to include all  the changes made  in SB                                                            
66.                                                                                                                             
                                                                                                                                
SENATOR  COWDERY   moved  SCS  HB   106(JUD)  from  committee   with                                                            
individual recommendations.                                                                                                     
                                                                                                                                
SENATOR THERRIAULT  objected for the  purpose of asking a  question.                                                            
He  asked  whether  or  not  an  amendment  in  his  file  had  been                                                            
incorporated in the committee substitute.                                                                                       
                                                                                                                                
SENATOR COWDERY withdrew his motion.                                                                                            
                                                                                                                                
MS.  MARGIE VANDOR,  Assistant  Attorney  General,  Civil  Division,                                                            
Department  of Law, testified that  the reason for the amendment  is                                                            
that the  bill changes status  quo of current  law regarding  when a                                                            
bank is reimbursed  for costs to comply  to an order. The  amendment                                                            
makes it clear  that unless it is  an administrative order  separate                                                            
from another requirement,  the bank will not be reimbursed for those                                                            
costs.                                                                                                                          
                                                                                                                                
SENATOR THERRIAULT questioned  the clarity of the wording on page 3,                                                            
line  10  and  further  whether  Banking  and  Securities  had  been                                                            
involved in the changes.                                                                                                        
                                                                                                                                
MR. ELDER  repeated that  his department  had reviewed the  document                                                            
and had no objections.                                                                                                          
                                                                                                                                
SENATOR THERRIAULT  moved conceptual  amendment one for the  purpose                                                            
of allowing  the drafter  to reexamine the  wording on page  3, line                                                            
10. There being no objection, the motion passed.                                                                                
                                                                                                                                
CHAIRMAN  TAYLOR called  for additional  testimony  and received  no                                                            
response. He asked for a motion.                                                                                                
                                                                                                                                
SENATOR COWDERY  moved SCS CSHB 106(JUD)  with conceptual  amendment                                                            
and fiscal notes from committee with individual recommendations.                                                                
                                                                                                                                
There being no objection, the bill moved from committee.                                                                        
                                                                                                                                

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