04/28/2025 01:30 PM Senate LABOR & COMMERCE

         SB 156-AK COMMERCIAL FISHING & AG BANK; LOANS                                                                      
                                                                                                                                
1:37:32 PM                                                                                                                    
CHAIR  BJORKMAN announced  the consideration  of SENATE  BILL NO.                                                               
156 "An  Act relating to  the Department of  Commerce, Community,                                                               
and  Economic  Development;  relating to  the  Alaska  Commercial                                                               
Fishing and Agriculture  Bank; relating to certain  loans made by                                                               
the  Alaska   Commercial  Fishing   and  Agriculture   Bank;  and                                                               
providing for an effective date."                                                                                               
                                                                                                                                
1:38:05 PM                                                                                                                    
SENATOR  JESSE  KIEHL,  District  B,  Alaska  State  Legislature,                                                               
Juneau,  Alaska, presented  SB  156 on  behalf  of Senate  Rules,                                                               
Senator Wielechowski, Chair. He  stated that the legislation will                                                               
help  the  Commercial  Fishing  Agriculture  Bank  (CFAB)  remain                                                               
operational  during  a  temporary   period  when  the  Commercial                                                               
Fisheries  Revolving  Loan  Fund  is  directly  supporting  small                                                               
family fishing  businesses. Under  SB 156,  CFAB can  match those                                                               
loan  rates, ensuring  it stays  viable  and continues  providing                                                               
financing for  fishing families as  they navigate  unusual market                                                               
conditions and fish runs.                                                                                                       
                                                                                                                                
1:39:40 PM                                                                                                                    
CHAIR BJORKMAN opened  public testimony on SB  156; finding none,                                                               
he closed public testimony.                                                                                                     
                                                                                                                                
1:40:06 PM                                                                                                                    
CHAIR BJORKMAN solicited a motion.                                                                                              
                                                                                                                                
1:40:09 PM                                                                                                                    
SENATOR  GRAY-JACKSON moved  to  adopt  the committee  substitute                                                               
(CS) for SB 156 work order 34-LS0857\N, as the working document.                                                                
                                                                                                                                
1:40:22 PM                                                                                                                    
CHAIR BJORKMAN objected for purposes of discussion.                                                                             
                                                                                                                                
1:40:28 PM                                                                                                                    
ELLA   ADKISON,  Staff,   Senator  Jesse   Kiehl,  Alaska   State                                                               
Legislature,  Juneau, Alaska,  presented the  summary of  changes                                                               
from version  A to  N for  SB 156. She  paraphrased and  read the                                                               
following:                                                                                                                      
                                                                                                                                
[Original punctuation provided.]                                                                                                
                                                                                                                                
        • States explicitly that loans will have a fixed                                                                        
          interest rate.                                                                                                        
        • Makes changes agreed upon between CFAB and the                                                                        
          Division of Banking and Securities to what                                                                            
          information is needed to determine the amount of                                                                      
          unused state funds.                                                                                                   
                                                                                                                                
        • Clarifies that the Division of Banking and                                                                            
          Securities is conducting a one-time review, not                                                                       
          an audit.                                                                                                             
                                                                                                                                
        • States clearly that CFAB will repay the state                                                                         
          through a buyback of CFAB shares.                                                                                     
                                                                                                                                
1:41:18 PM                                                                                                                    
CHAIR BJORKMAN removed his objection                                                                                            
                                                                                                                                
1:41:22 PM                                                                                                                    
CHAIR  BJORKMAN  found no  further  objection  and CSSB  156  was                                                               
adopted as the working document.                                                                                                
                                                                                                                                
1:41:38 PM                                                                                                                    
CHAIR BJORKMAN solicited the will of the committee.                                                                             
                                                                                                                                
1:41:40 PM                                                                                                                    
SENATOR GRAY-JACKSON  moved to  report CSSB  156, work  order 34-                                                               
LS0857\N,  from  committee  with individual  recommendations  and                                                               
attached fiscal note(s).                                                                                                        
                                                                                                                                
1:42:00 PM                                                                                                                    
CHAIR BJORKMAN found  no further objection and  CSSB 156(L&C) was                                                               
reported from the Senate Labor and Commerce Standing Committee.