HB 108-PROPERTY FORECLOSURES AND EXECUTIONS 3:20:01 PM CHAIR OLSON announced that the first order of business would be HOUSE BILL NO. 108, "An Act relating to real property foreclosures, to the sale of property on execution, and to deeds of trust." JANE PIERSON, Staff, Representative Jay Ramras, Alaska State Legislature, stated she is staff to Representative Jay Ramras and is available for questions. 3:21:13 PM The committee took an at-ease from 3:21 p.m. to 3:22 p.m. 3:22:35 PM ROBERT SCHMIDT, Attorney, Groh Eggers LLC, stated that he previously testified on HB 108. He related his understanding that two proposed amendments will be introduced, one that would eliminate bonding requirements and the other to address Internet websites. He offered that the proposed amendments completely address his earlier concerns and he now has only minor concerns with HB 108. CHAIR OLSON agreed that two proposed amendments were received by the committee. STEPHEN ROUTH, Attorney, Routh & Crabtree, APC, stated that he is also fine with the proposed amendments and is available to answer questions. 3:24:01 PM CHAIR OLSON, after first determining no one else wished to testify, closed public testimony on HB 108. In response to Representative Chenault, Chair Olson stated that the proposed amendments to HB 108 are being submitted by the prime sponsor of the bill. 3:24:33 PM REPRESENTATIVE NEUMAN made a motion to adopt Amendment 1, labeled 26-LS0318\A.1, Bannister, 2/26/09, which read: Page 10, line 13: Delete "or" Page 10, line 15, following "AS 21.66.270": Insert "; or (3) a state agency, including the Alaska Housing Finance Corporation and the Alaska Industrial Development and Export Authority" CHAIR OLSON objected for purpose of discussion. 3:24:55 PM MS. PIERSON explained that Amendment 1 states that a state agency, including the Alaska Housing Finance Corporation (AHFC) and Alaska Industrial Development Export Authority (AIDEA), does not have to post bond. Thus, state agencies would not need to post a bond. In response to Representative Neuman, Ms. Pierson explained that a bonding requirement exists for trustees. However, it was determined that state agencies have enough assets that they do not need to bond. She offered that it would be similar to how a title insurance company is given an exclusion. CHAIR OLSON removed his objection. There being no further objection, Amendment 1 was adopted. 3:26:10 PM REPRESENTATIVE NEUMAN made a motion to adopt Amendment 2, labeled, 26-LS0318\A.2, Bannister, 3/12/09, which read: Page 2, line 19, through page 3, line 13: Delete all material. Renumber the following bill sections accordingly. CHAIR OLSON objected for purpose of discussion. 3:26:46 PM MS. PIERSON explained that Amendment 2 deletes all the Internet publication requirements. She related her understanding that possibly only one website would qualify. She offered that she held discussions with realtors and mortgage companies who are willing to work on the issue to allow others to qualify such as newspapers, to address cost such as providing free access, and other options. She opined that the Internet provision will be reintroduced, but it will represent consensus. CHAIR OLSON removed his objection. There being no further objection, Amendment 2 was adopted. REPRESENTATIVE HOLMES expressed her concern that an owner in foreclosure must appear two days prior to the sale and could not appear on the day of the sale to remit funds and stop the foreclosure. 3:28:21 PM REPRESENTATIVE NEUMAN moved to report the HB 108, as amended, out of committee with individual recommendations and the accompanying fiscal note. There being no objection, CSHB 108(L&C) was reported from the House Labor and Commerce Standing Committee. 3:29:01 PM The committee took an at-ease from 3:29 p.m. to 3:31 p.m.