Legislature(2009 - 2010)CAPITOL 120
03/19/2009 01:00 PM House JUDICIARY
| Audio | Topic |
|---|---|
| Start | |
| HB15 | |
| HB101 | |
| HB15 | |
| HB152 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| + | TELECONFERENCED | ||
| += | HB 152 | TELECONFERENCED | |
| += | HB 101 | TELECONFERENCED | |
| += | HB 15 | TELECONFERENCED | |
HB 101 - EXEMPTIONS: LIFE INSURANCE; ANNUITIES 1:13:51 PM CHAIR RAMRAS announced that the next order of business would be HOUSE BILL NO. 101, "An Act exempting the full value of life insurance and annuity contracts from levy to satisfy unsecured debt, and amending the description of earnings, income, cash, and other assets relating to garnishment of life insurance proceeds payable upon the death of an insured." [Before the committee was the proposed committee substitute (CS) for HB 101, Version 26-LS0176\E, Bailey, 2/19/09, which had been adopted as the work draft on 3/2/09; also in members' packets was a new proposed CS for HB 101, Version 26-LS0176\P, Bailey, 3/18/09.] 1:14:01 PM REPRESENTATIVE DAHLSTROM moved to adopt the proposed CS for HB 101, Version 26-LS0176\P, Bailey, 3/18/09, as the work draft. There being no objection, Version P was before the committee. 1:14:53 PM AMANDA MORTENSEN, Intern, Representative John Coghill, Alaska State Legislature, explained on behalf of the sponsor, Representative Coghill, that Section 1 of Version P proposes to add the exemption for unmatured life insurance and annuity contracts to AS 09.38.015(a) - a change suggested by Legislative Legal and Research Services; that Section 3 of Version P proposes to repeal AS 09.38.025(a) - thus repealing the current $10,000 exemption cap on life insurance and annuity contracts; and that Version P now contains an applicability section - Section 4 - that states [Sections 1 and 3] would only apply to a debt that is created on or after the effective date of this Act. This means that loans granted before the enactment of the bill would be subject to garnishment of any amount above $10,000 on unmatured life insurance and annuity contracts. 1:16:46 PM LINDA HULBERT, Agent, New York Life Insurance Company, relayed that she supports Version P. CHAIR RAMRAS closed public testimony on HB 101. 1:17:11 PM REPRESENTATIVE DAHLSTROM moved to report the proposed CS for HB 101, [Version 26-LS0176\P, Bailey, 3/18/09,] out of committee with individual recommendations and the accompanying zero fiscal note. There being no objection, CSHB 101(JUD) was reported from the House Judiciary Standing Committee.
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