Legislature(2009 - 2010)SENATE FINANCE 532

03/29/2010 09:00 AM FINANCE


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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+= SB 217 GUARANTEED REVENUE BONDS FOR VETERANS TELECONFERENCED
Moved CSSB 217(FIN) Out of Committee
+= SB 219 TRAUMATIC BRAIN INJURY:PROGRAM/MEDICAID TELECONFERENCED
Moved CSSB 219(FIN) Out of Committee
+= SB 279 MORTGAGE LENDING TELECONFERENCED
Moved CSSB 279(FIN) Out of Committee
+= SB 284 CAMPAIGN EXPENDITURES TELECONFERENCED
Moved CSSB 284(FIN) Out of Committee
+ SB 117 PRICE OF CIGARETTES TELECONFERENCED
Heard & Held
+ SB 239 IGNITION INTERLOCK DEVICES/DUI/CHEM. TEST TELECONFERENCED
Heard & Held
+ SB 243 NO ROYALTY ON GEOTHERMAL RESOURCE TELECONFERENCED
Heard & Held
+ Bills Previously Heard/Scheduled TELECONFERENCED
= SB 305 SEPARATE OIL & GAS PRODUCTION TAX
<Bill Hearing Postponed>
SENATE BILL NO. 279                                                                                                           
                                                                                                                                
     "An Act relating to regulation of residential mortgage                                                                     
     lending, including the licensing of mortgage lenders,                                                                      
     mortgage brokers, and mortgage loan originators, and                                                                       
     compliance with certain federal laws relating to                                                                           
     residential mortgage lending; and providing for an                                                                         
     effective date."                                                                                                           
                                                                                                                                
9:54:26 AM                                                                                                                    
                                                                                                                                
Co-Chair  Hoffman  MOVED  to ADOPT  CSSB  279,  labeled  26-                                                                    
LS1295\S, Bannister, 3/19/10.                                                                                                   
                                                                                                                                
Co-Chair Stedman OBJECTED.                                                                                                      
                                                                                                                                
DARWIN  PETERSON, STAFF,  CO-CHAIR STEDMAN,  SPONSOR, listed                                                                    
the four changes  in Version S, which were  suggested by the                                                                    
Conference of  State Bank Supervisors  and were  shared with                                                                    
the Department of  Law and with the  bill's sponsor, Senator                                                                    
Paskvan.  The  first change  has  to  do with  the  approval                                                                    
authority for  education courses. Under the  Secure and Fair                                                                    
Enforcement  for  Mortgage  Licensing (SAFE)  Act  of  2008,                                                                    
courses required for  pre-licensing and continuing education                                                                    
courses have  to be approved  by the registry.  The previous                                                                    
version  of  the bill  had  the  Department  of Law  as  the                                                                    
authority  that approved  those  courses. The  change is  on                                                                    
page  7, lines  10  and 11,  and  lines 18  and  19. In  the                                                                    
previous  version of  the bill  there was  a subsection  (e)                                                                    
that would have followed line 19, but now has been deleted.                                                                     
                                                                                                                                
Mr. Peterson  turned to the  second change which  deals with                                                                    
approval authority for licensing tests.  It is found on page                                                                    
7, lines 23  - 25. The SAFE Act provides  that the licensing                                                                    
test will be developed by SAFE  and that the test will cover                                                                    
both  federal  and  state  law.  The  previous  version  had                                                                    
references to two different tests.                                                                                              
                                                                                                                                
Mr. Peterson  related that the  third change has to  do with                                                                    
disqualifying  felony convictions  and is  found on  page 9,                                                                    
line 20.  The previous version  of the  bill said that  if a                                                                    
person was  convicted of  a felony that  involved an  act of                                                                    
fraud, dishonesty,  a breach of trust,  or money laundering,                                                                    
within  seven  years,  the   person  was  disqualified  from                                                                    
licensing for  life. Now, a  person convicted of  any felony                                                                    
within  seven years  cannot  qualify for  a  license, and  a                                                                    
person  convicted of  any  felony that  involves  an act  of                                                                    
fraud, dishonesty,  a breach of  trust, or  money laundering                                                                    
is disqualified from obtaining a license for life.                                                                              
                                                                                                                                
Mr. Peterson  reported that  the fourth  change is  found in                                                                    
the definition section  of the bill on page 37  and page 40.                                                                    
The  previous   version  of  the  bill   had  two  different                                                                    
definitions  for  mortgage  loan  and  residential  mortgage                                                                    
loan, which was inconsistent with the SAFE Act.                                                                                 
                                                                                                                                
9:59:21 AM                                                                                                                    
                                                                                                                                
Senator Thomas  asked how the department  would establish by                                                                    
regulation the amount of the  required bond as referenced in                                                                    
Section 14, page 8.                                                                                                             
                                                                                                                                
SENATOR JOE PASKVAN, SPONSOR, deferred to his staff.                                                                            
                                                                                                                                
PATRICE   WALSH,  DIVISION   OF   BANKING  AND   SECURITIES,                                                                    
DEPARTMENT  OF COMMERCE,  COMMUNITY &  ECONOMIC DEVELOPMENT,                                                                    
(DCCED), spoke of  a planned increase in the  bond amount to                                                                    
about $75,000.                                                                                                                  
                                                                                                                                
Co-Chair Stedman WITHDREW his  OBJECTION to adopting the new                                                                    
CS. There being NO OBJECTION, it was so ordered.                                                                                
                                                                                                                                
10:01:46 AM                                                                                                                   
                                                                                                                                
Senator Egan moved to adopt Amendment 1:                                                                                        
                                                                                                                                
     Page 3, line 15, following "of":                                                                                           
     Insert "the Internet,"                                                                                                     
                                                                                                                                
     Page 4, line 3, following "individual":                                                                                    
     Insert "seller"                                                                                                            
                                                                                                                                
     Page 11, line 6:                                                                                                           
     Delete "suspended, or"                                                                                                   
     Insert "is suspended, is"                                                                                              
                                                                                                                                
     Page 12, following line 1:                                                                                                 
     Insert a new subsection to read:                                                                                           
     "(c) The department shall approve or deny the                                                                              
     application for renewal of a license not later than 60                                                                     
     days after the renewal application is filed."                                                                              
                                                                                                                                
     Page 12, line 22:                                                                                                          
     Delete "and [,]address[,]"                                                                                               
     Insert ",the licensee's address,"                                                                                        
                                                                                                                                
     Page 14, line 14, following "department":                                                                                  
     Insert "that is made in a record"                                                                                        
                                                                                                                                
     Page 20, line 6:                                                                                                           
     Delete "section"                                                                                                           
     Insert "chapter"                                                                                                           
                                                                                                                                
     Page 30, line 19:                                                                                                          
     Delete "a"                                                                                                               
                                                                                                                                
Co-Chair Stedman OBJECTED.                                                                                                      
                                                                                                                                
JESSE  KIEHL,  STAFF,  SENATOR   EGAN,  explained  that  the                                                                    
amendment  cleans  up  a  few  errors  and  minor  technical                                                                    
issues,   clarifies  some   language,   and  makes   several                                                                    
substantive changes to the bill.  The first change begins on                                                                    
page 3, line 15, where internet  sites are added to the list                                                                    
of communications  that would count as  advertising mortgage                                                                    
loan services.  The second  change is  in Section  20, which                                                                    
begins on  page 11. This  change gives the department  a 60-                                                                    
day deadline to act  on a renewal application, significantly                                                                    
longer  than the  current 30-day  deadline. The  longer time                                                                    
frame is  appropriate because the  new federal  law shortens                                                                    
licenses  to one  year,  instead of  two.  The third  change                                                                    
appears in Section 30, which is  on page 14 of Version S. It                                                                    
requires the  department's approval  of a change  in control                                                                    
be provided in a record.  That avoids a potential unintended                                                                    
consequence of  verbal approvals being acceptable.  The bill                                                                    
defines "record" very broadly, but it has to be traceable.                                                                      
                                                                                                                                
Co-Chair  Stedman WITHDREW  his  OBJECTION  to Amendment  1.                                                                    
There being NO OBJECTION, it was so ordered.                                                                                    
                                                                                                                                
10:04:07 AM                                                                                                                   
                                                                                                                                
Co-Chair Stedman  noted one fiscal note  from the Department                                                                    
of  Commerce,   Community,  and  Economic   Development  for                                                                    
$131,000 to  cover the cost  of one  additional occupational                                                                    
licensing position.                                                                                                             
                                                                                                                                
10:04:33 AM                                                                                                                   
                                                                                                                                
Co-Chair  Hoffman MOVED  to  report CSSB  279  (FIN) out  of                                                                    
Committee, as  amended, with individual  recommendations and                                                                    
the accompanying fiscal note. There being NO OBJECTION, it                                                                      
was so ordered.                                                                                                                 
                                                                                                                                
CSSB 279 (FIN) was REPORTED out of Committee with a "do                                                                         
pass" recommendation and with FN 1 (CED).                                                                                       
                                                                                                                                
SB 305 was SCHEDULED but not HEARD.                                                                                             
                                                                                                                                

Document Name Date/Time Subjects
AHFC Vets Loan Activity.pdf SFIN 3/29/2010 9:00:00 AM
SB 217
SB217 AHFC Vets Sec Analysis.pdf SFIN 3/29/2010 9:00:00 AM
SB 217
SB 217 Vets Bonds Sponsor Statement.pdf SFIN 3/29/2010 9:00:00 AM
SB 217
00 Sponsor Statement CSSB219.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
04 Summary of Changes_E.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
05 Sectional Analysis.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
06 Alaska Data Graphs.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
07 TBI Scorecard and Dashboard 032009.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
08 Medicaid BrainInjury Program Costs.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
09 StateofAlaska_Services_Congenital_Degenerative_BrainInjury.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
10 Acquired Brain Injury Definition.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
11 Letters of Support.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
13 Summary of Changes_S.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
SB 219 Amendment 1.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
Explanation of CS SB 279 (S FIN).doc SFIN 3/29/2010 9:00:00 AM
SB 279
SB 279 About the SAFE Act by HUD.pdf SFIN 3/29/2010 9:00:00 AM
SB 279
SB 279 Back-Up.pdf SFIN 3/29/2010 9:00:00 AM
SB 279
SB 279 Letters of Support.pdf SFIN 3/29/2010 9:00:00 AM
SB 279
SB 279 SAFE Mortgage Licensing Act.pdf SFIN 3/29/2010 9:00:00 AM
SB 279
SB 279 Sectional Analysis.pdf SFIN 3/29/2010 9:00:00 AM
SB 279
SB 279 Sponsor Statement.pdf SFIN 3/29/2010 9:00:00 AM
SB 279
SB 279 Talking Points by Lorie Hovanec.pdf SFIN 3/29/2010 9:00:00 AM
SB 279
AG Opinion 02.19.10.PDF SFIN 3/29/2010 9:00:00 AM
SB 284
CSSB284(JUD) Sectional Analysis.pdf SFIN 3/29/2010 9:00:00 AM
SB 284
Explanation of Changes CSSB284 JUD.doc SFIN 3/29/2010 9:00:00 AM
SB 284
Leg. Legal Opinion 01.25.10.PDF SFIN 3/29/2010 9:00:00 AM
SB 284
Leg. Legal Opinion 03.17.10.PDF SFIN 3/29/2010 9:00:00 AM
SB 284
00 Sponsor Statement SB 117.pdf SFIN 3/29/2010 9:00:00 AM
SFIN 4/2/2010 9:00:00 AM
SB 117
03 SB 117 Summary of Changes.pdf SFIN 3/29/2010 9:00:00 AM
SFIN 4/2/2010 9:00:00 AM
SB 117
04 SB 117 Sectional Analysis.pdf SFIN 3/29/2010 9:00:00 AM
SFIN 4/2/2010 9:00:00 AM
SB 117
05 Costco Letter SB 117.pdf SFIN 3/29/2010 9:00:00 AM
SFIN 4/2/2010 9:00:00 AM
SB 117
07 Elerding Attachment.pdf SFIN 3/29/2010 9:00:00 AM
SFIN 4/2/2010 9:00:00 AM
SB 117
NCSL Ignition Interlock Device.pdf SFIN 3/29/2010 9:00:00 AM
SFIN 4/2/2010 9:00:00 AM
SB 239
SB 239 Sponsor Statement.pdf SFIN 3/29/2010 9:00:00 AM
SFIN 4/2/2010 9:00:00 AM
SB 239
SB 239 Support Letter APOA.pdf SFIN 3/29/2010 9:00:00 AM
SFIN 4/2/2010 9:00:00 AM
SB 239
Akutan Support Letter.pdf SFIN 3/29/2010 9:00:00 AM
SB 243
Changes to SB 243 in Version E.docx SFIN 3/29/2010 9:00:00 AM
SB 243
Geothermal Royalty Rates.docx SFIN 3/29/2010 9:00:00 AM
SB 243
Ormat SB242 and SB243 for Senate Resouce Hearing 11-Mar-10 ver0 (2).pptx SFIN 3/29/2010 9:00:00 AM
SB 242
SB 243
SB 243 Sectional.pdf SFIN 3/29/2010 9:00:00 AM
SB 243
USGS Geothermal Packet.pdf SFIN 3/29/2010 9:00:00 AM
SB 243
HB 300 Budget Amendments 0326Pkt#1.pdf SFIN 3/29/2010 9:00:00 AM
HB 300
HB 300 Buget Amendment Pkt #2 0326.pdf SFIN 3/29/2010 9:00:00 AM
HB 300
SB117-Stedman.pdf SFIN 3/29/2010 9:00:00 AM
SFIN 4/2/2010 9:00:00 AM
SB 117
CS Senate Bill 279--Talking Points (S FIN).pdf SFIN 3/29/2010 9:00:00 AM
SB 279
CS for SB 279 (S FIN).pdf SFIN 3/29/2010 9:00:00 AM
SB 279
CSSB217(FIN)-New DOR-AHFC-3-28-10.pdf SFIN 3/29/2010 9:00:00 AM
SB 217
SB 217 Proposed CS Version R SFIN 032910.pdf SFIN 3/29/2010 9:00:00 AM
SB 217
SB 219 Proposed CS Version P SFIN 032910.pdf SFIN 3/29/2010 9:00:00 AM
SB 219
SB 284 amendment 1 032910.pdf SFIN 3/29/2010 9:00:00 AM
SB 284
SB 279 Amendment 1 032910 .pdf SFIN 3/29/2010 9:00:00 AM
SB 279