04/30/2002 10:36 AM Senate RLS

CHAIRMAN   PHILLIPS   announced   that  HB   470-COMMON   INTEREST                                                          
OWNERSHIP:OFFERING STMTS  was before the committee.   He asked for                                                          
an explanation  of the changes made  in the proposed  Senate Rules                                                              
Committee substitute.                                                                                                           
                                                                                                                                
MS. JANET SEITZ, staff to Representative  Rokeberg, explained that                                                              
the words  "subsequently  recorded" were  replaced with the  words                                                              
"delivered to a  purchaser" on pages 1, 3, 4, 5,  and 21. A public                                                              
offering statement is  not recorded; it is a 6 to  8 inch document                                                              
of which  part is  recorded. The  language change more  accurately                                                              
reflects what actually takes place.                                                                                             
                                                                                                                                
SENATOR HALFORD asked if any other changes were made.                                                                           
                                                                                                                                
MS. SEITZ replied, "With the exception  of the language on page 3,                                                              
line  31, it's  just  to conform  to  the new  preliminary  public                                                              
offering statement."  She added  that this was  at the  request of                                                              
John Faulkner and the Alaska Homebuilders' Association.                                                                         
                                                                                                                                
SENATOR  HALFORD  moved  to  adopt   the  Senate  Rules  Committee                                                              
substitute (LS 1522\L).                                                                                                         
                                                                                                                                
CHAIRMAN  PHILLIPS announced  that with  no objection, the  motion                                                              
carried.                                                                                                                        
                                                                                                                                
SENATOR  HALFORD  moved to  calendar  SCS  CSHB 470(RLS)  and  its                                                              
accompanying  fiscal  notes  at  the  Chairman's  discretion  with                                                              
individual recommendations.                                                                                                     
                                                                                                                                
CHAIRMAN  PHILLIPS announced  that with  no objection, the  motion                                                              
carried.