Legislature(2015 - 2016)BELTZ 105 (TSBldg)
03/03/2015 01:30 PM Senate LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Start | |
| SB39 | |
| SB15 | |
| SB47 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 39 | TELECONFERENCED | |
| += | SB 15 | TELECONFERENCED | |
| += | SB 47 | TELECONFERENCED | |
| + | TELECONFERENCED |
SB 47-LIFE INSURANCE/ANNUITY EXEMPTIONS
1:56:00 PM
VICE CHAIR GIESSEL reconvened the meeting and announced the
consideration of SB 47. "An Act relating to exemptions for cash
surrender values, accrued dividends, and loan values of life
insurance and annuity contracts."
1:56:25 PM
GERMAN BAQUERO, Intern, Senator John Coghill, sponsor of SB 47,
reminded the committee that this legislation removes the
$500,000 limit on the exemption from attachment or garnishment
for life insurance and annuity contracts under AS 09.38.025(a).
SENATOR MEYER asked what implication this has for someone trying
to avoid repaying their debt.
MR. BAQUERO replied this legislation does nothing to prevent
creditors from obtaining restitution. It simply removes life
insurance from the list of things that are can be garnished. He
noted that AS 09.30.065 lists property that can be garnished by
a creditor.
1:59:23 PM
VICE CHAIR GIESSEL found no public testimony and closed it.
1:59:45 PM
SENATOR MEYER motioned to report SB 47 from committee with
individual recommendations and attached zero fiscal note.
VICE CHAIR GIESSEL announced that without objection SB 47,
labeled LS-290336\A, is reported from the Senate Labor and
Commerce Standing Committee.
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