Legislature(2003 - 2004)

05/05/2004 03:23 PM L&C

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
SB 272-DEFERRED DEPOSIT ADVANCES (PAYDAY LOAN)                                                                              
CHAIR ANDERSON announced  that the final order  of business would                                                               
be CS FOR  SENATE BILL NO. 272(FIN), "An Act  relating to certain                                                               
monetary advances  in which the  deposit or other  negotiation of                                                               
checks to  pay the advances  is delayed  until a later  date; and                                                               
providing for an effective date."                                                                                               
Number 0069                                                                                                                     
RICHARD  SCHMITZ, Staff  to Senator  John  Cowdery, Alaska  State                                                               
Legislature,  explained  the  changes  to SB  272  on  behalf  of                                                               
Senator Cowdery  who chairs the  Senate Rules  Committee, sponsor                                                               
of the bill.  He noted that the  only change to the bill was that                                                               
in the  House Finance Committee  the licensing fee  was increased                                                               
to [$3,000],  which the industry agreed  with.  He said  this was                                                               
done to try to bring it more in  line with the actual cost to the                                                               
REPRESENTATIVE  ROKEBERG  asked  Mr.  Sniffen to  point  out  any                                                               
differences in  this version  of the bill  compared to  the House                                                               
Number 0149                                                                                                                     
CLYDE   (ED)   SNIFFEN,   J.R.,   Assistant   Attorney   General,                                                               
Commercial/Fair  Business  Section, Civil  Division  (Anchorage),                                                               
Department of Law, replied that  the version before the committee                                                               
is  identical  to the  House  version  except for  the  financial                                                               
changes reported by Mr. Schmitz.   There are still two rollovers,                                                               
a cap of $500, and a repayment plan is required, he said.                                                                       
CHAIR ANDERSON closed public testimony.                                                                                         
Number 0212                                                                                                                     
REPRESENTATIVE  ROKEBERG moved  to  report CSSB  272(FIN) out  of                                                               
committee  with individual  recommendations and  the accompanying                                                               
fiscal  notes.   There being  no  objection, CSSB  272 (FIN)  was                                                               
reported from the House Labor and Commerce Standing Committee.                                                                  

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