Legislature(2005 - 2006)BUTROVICH 205
03/09/2006 01:30 PM Senate TRANSPORTATION
Audio | Topic |
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Start | |
SB271 | |
SB304 | |
SB300 | |
SB261 | |
Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
+ | TELECONFERENCED | ||
= | SB 261 | ||
= | SB 271 | ||
= | SB 300 | ||
= | SB 304 | ||
SB 300-MOTOR VEHICLE NEGATIVE EQUITY CHAIR HUGGINS announced SB 300 to be up for discussion. SENATOR RALPH SEEKINS, sponsor of SB 300, explained that the intent was to put Alaskan-based in-house financing on an "upside down position" for vehicles on equal footing with banks. Banks are primarily regulated by federal law and the non-regulated institutions have to comply with state law. This bill would eliminate any question about whether practices of these financial institutions would comply with state law and put them on an equal footing with federal law. He clarified his comments with illustrations. SENATOR FRENCH asked what the outstanding prior balance referred to. SENATOR SEEKINS replied that it referred to a car that was not worth as much as the outstanding loan amount on it. He said it is critical to disclose these amounts on a lease because those are regulated differently and it could be considered a personal loan if it's not disclosed properly. It is called "negative equity" in the auto business. 2:00:10 PM CHAIR HUGGINS reiterated that SB 300 removes the question that this kind of transaction complies with state law. He asked if he heard of any opposition. SENATOR SEEKINS said he hadn't heard of any objections. He even asked Ed Sniffen, Assistant Attorney General, who said he thought it was good legislation. CHAIR HUGGINS noted that he had an E-mail from the Alaska Bankers Association stating it had no objection to it. 2:01:04 PM SENATOR KOOKESH moved to report SB 300 from committee with individual recommendations and attached zero fiscal note. Without objection, SB 300 was reported from the Senate Transportation Standing Committee.
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