Legislature(2003 - 2004)

2003-03-06 Senate Journal

Full Journal pdf

2003-03-06                     Senate Journal                      Page 0400
SB 113                                                                                            
SENATE BILL NO. 113 BY THE SENATE 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 and Commerce and                                  
Finance Committees.                                                                                 
The following fiscal information was published today:                                               
 Fiscal Note No. 1, Department of Community and Economic                                            
Governor's transmittal letter dated March 5:                                                        
Dear President Therriault:                                                                          
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.                                             

2003-03-06                     Senate Journal                      Page 0401
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