02/22/1999 03:16 PM House L&C

                                                                                                                                
HB 83 - ALASKA SECURITIES ACT                                                                                                   
                                                                                                                                
CHAIRMAN ROKEBERG announced the committee would hear HB 83 [full                                                                
title not provided here due to length].  He advised members that                                                                
there was a proposed committee substitute [version 1-LS0253\G,                                                                  
Bannister, 2/20/99], created to address problems brought up at the                                                              
last meeting.                                                                                                                   
                                                                                                                                
Number 0259                                                                                                                     
                                                                                                                                
JANET SEITZ, Legislative Assistant to Representative Norman                                                                     
Rokeberg, Alaska State Legislature, serving as committee aide,                                                                  
explained that the two changes in the proposed committee substitute                                                             
were in accordance with the two amendments adopted the previous                                                                 
Friday [February 19, 1999].  First, all references to "viatical                                                                 
settlements" have been removed.  And second, on page 21, lines 2                                                                
and 3, reference to "dual agency capacity" has been deleted; the                                                                
new language is, "disclose to a customer that the broker-dealer or                                                              
agent is acting as an agent for both the customer and another                                                                   
person".                                                                                                                        
                                                                                                                                
CHAIRMAN ROKEBERG asked whether the drafter had decided to delete                                                               
the dual agency language to avoid confusion.                                                                                    
                                                                                                                                
MS. SEITZ affirmed that.                                                                                                        
                                                                                                                                
Number 0330                                                                                                                     
                                                                                                                                
REPRESENTATIVE HALCRO made a motion to move CSHB 83, version                                                                    
1-LS0253\G, Bannister, 2/20/99, out of committee with the attached                                                              
zero fiscal note.  There being no objection, CSHB 83(L&C) moved out                                                             
of the House Labor and Commerce Standing Committee.