04/14/2016 01:30 PM House FINANCE

HOUSE BILL NO. 194                                                                                                            
                                                                                                                                
     "An Act repealing and  reenacting the Alaska Securities                                                                    
     Act,   including   provisions    relating   to   exempt                                                                    
     securities and  transactions; relating  to registration                                                                    
     of  securities, firms,  and agents  that offer  or sell                                                                    
     securities   and   investment   advice;   relating   to                                                                    
     administrative,   civil,   and   criminal   enforcement                                                                    
     provisions, including  restitution and  civil penalties                                                                    
     for violations; allowing certain  civil penalties to be                                                                    
     used  for  an   investor  training  fund;  establishing                                                                    
     increased civil  penalties for harming  older Alaskans;                                                                    
     retaining provisions  concerning corporations organized                                                                    
     under   the  Alaska   Native  Claims   Settlement  Act;                                                                    
     amending Rules  4, 5, 54,  65, and 90, Alaska  Rules of                                                                    
     Civil Procedure; and providing for an effective date."                                                                     
                                                                                                                                
2:55:46 PM                                                                                                                    
                                                                                                                                
Co-Chair Thompson  announced his intention to  move the bill                                                                    
out of committee.                                                                                                               
                                                                                                                                
Vice-Chair  Saddler MOVED  to ADOPT  the proposed  committee                                                                    
substitute  for  HB  194, Work  Draft  (29-GH1060\S).  There                                                                    
being NO OBJECTION, it was so ordered.                                                                                          
                                                                                                                                
2:56:23 PM                                                                                                                    
                                                                                                                                
JANE   PIERSON,   STAFF,  REPRESENTATIVE   STEVE   THOMPSON,                                                                    
testified that the change from version  I to version S was a                                                                    
higher standard for  violations of the chapter;  it has been                                                                    
moved from  "knowingly" to  "intentionally". She  noted that                                                                    
the  changes were  reflected on  Page 13,  line 2;  Page 88,                                                                    
line 26; Page 89, line 2; Page 89, line 12.                                                                                     
                                                                                                                                
Co-Chair Thompson solicited questions from the committee.                                                                       
                                                                                                                                
2:57:11 PM                                                                                                                    
                                                                                                                                
Representative  Wilson appreciated  all of  the work  on the                                                                    
current draft of the legislation.                                                                                               
                                                                                                                                
2:57:37 PM                                                                                                                    
                                                                                                                                
Vice-Chair  Saddler reviewed  the  fiscal  notes, both  were                                                                    
zero, with no additional positions.                                                                                             
                                                                                                                                
2:58:20 PM                                                                                                                    
                                                                                                                                
Vice-Chair Saddler  MOVED to  REPORT CSHB  194 (FIN)  out of                                                                    
committee   with   individual    recommendations   and   the                                                                    
accompanying fiscal notes. There  being NO OBJECTION, it was                                                                    
so ordered.                                                                                                                     
                                                                                                                                
CSHB  194(FIN) was  REPORTED  out of  committee  with a  "no                                                                    
recommendation"  recommendation  and   with  two  previously                                                                    
published zero fiscal notes: FN2 (ADM), FN3 (CED).                                                                              
                                                                                                                                
2:58:46 PM                                                                                                                    
AT EASE                                                                                                                         
                                                                                                                                
3:04:22 PM                                                                                                                    
RECONVENED                                                                                                                      
                                                                                                                                
3:04:27 PM