72nd Legislative Session -- 1997

Committee: House Commerce

                                            P - Present
                                            E - Excused
                                            A - Absent

Roll Call
P      Fischer-Clemens
P      Gleason
P      Schaunaman
P      Sperry
P      Broderick
P      Brown (Jarvis)
P      Konold
P      Pederson (Gordon)
P      Rost
P      Smidt
P      Windhorst
P      DeMersseman, Vice-Chair
P      Roe, Chair


OTHERS PRESENT: See Original Minutes

The meeting was called to order by Representative Roe

MOTION:      TO APPROVE THE MINUTES OF January 23

Moved by:      Representative Pederson (Gordon)
Second by:      Representative Broderick
Action:      Prevailed by voice vote.

          HB 1047:   to require property and casualty and health insurers to file actuarial opinions in accordance with the National Association of Insurance Commissioners Annual Statement Instructions.

Proponents:      Darla Lyons, Division of Insurance
Opponents:      None

MOTION:      DO PASS HB 1047

Moved by:      Representative Broderick

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Second by:      Representative DeMersseman
Action:      Prevailed by roll call vote.   (11-0-2-0)

Voting yes:      Fischer-Clemens, Sperry, Broderick, Brown (Jarvis), Konold, Pederson (Gordon), Rost, Smidt, Windhorst, DeMersseman, Roe

Excused:      Gleason, Schaunaman

MOTION:      PLACE HB 1047 ON CONSENT

Moved by:      Representative Fischer-Clemens
Second by:      Representative DeMersseman
Action:      Prevailed by voice vote.

          HB 1038:   to repeal certain reporting requirements of workers' compensation insurance carriers.

Proponents:      James Marsh, Labor and Management
Opponents:      None

MOTION:      DO PASS HB 1038

Moved by:      Representative Fischer-Clemens
Second by:      Representative Gleason
Action:      Prevailed by roll call vote.   (12-0-1-0)

Voting yes:      Fischer-Clemens, Gleason, Sperry, Broderick, Brown (Jarvis), Konold, Pederson (Gordon), Rost, Smidt, Windhorst, DeMersseman, Roe

Excused:      Schaunaman

MOTION:      PLACE HB 1038 ON CONSENT

Moved by:      Representative Pederson (Gordon)
Second by:      Representative Brown (Jarvis)
Action:      Prevailed by voice vote.

          HB 1067:   to revise the period of time a bank is allowed to hold overdrafts as an asset.

Proponents:      Representative Broderick, Sponsor
          Richard Duncan, Dept of Banking
Opponents:      None

MOTION:      DO PASS HB 1067

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Moved by:      Representative Broderick
Second by:      Representative Brown (Jarvis)
Action:      Prevailed by roll call vote.   (12-0-1-0)

Voting yes:      Fischer-Clemens, Gleason, Sperry, Broderick, Brown (Jarvis), Konold, Pederson (Gordon), Rost, Smidt, Windhorst, DeMersseman, Roe

Excused:      Schaunaman

MOTION:      PLACE HB 1067 ON CONSENT

Moved by:      Representative Broderick
Second by:      Representative Brown (Jarvis)
Action:      Prevailed by voice vote.

          HB 1058:   to authorize certain production of malt beverage and wine for personal or family use.

Proponents:      Representative Napoli, Prime Sponsor
Opponents:      Bob Riter, SD Beer Wholesalers

MOTION:      DO PASS HB 1058

Moved by:      Representative Pederson (Gordon)
Second by:      Representative DeMersseman
Action:      Prevailed by roll call vote.   (13-0-0-0)

Voting yes:      Fischer-Clemens, Gleason, Schaunaman, Sperry, Broderick, Brown (Jarvis), Konold, Pederson (Gordon), Rost, Smidt, Windhorst, DeMersseman, Roe

          SB 80:   to update and revise the Uniform Securities Act.

Proponents:      Deb Bollinger. Director of Securities
Opponents:      None

MOTION:      AMEND SB 80

j-80

     On page 1 , line 7 , after " outstanding " insert " in " .

     On page 1 , line 8 , delete " including any security senior in rank to its common stock, " .

     On page 6 , after line 14 , insert:

"     Section 5. That § 47-31A-402(b) be amended by adding thereto a NEW SUBSECTION to read as follows:

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    Any nonissuer transaction in a security by a registered agent of a registered broker-dealer if:

             (A)    The issuer of the security is actually engaged in business and not in the organization stage or in bankruptcy or receivership and is not a blank check, blind pool, or shell company whose primary plan of business is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person or persons; and

             (B)    The security is senior in rank to the common stock of the issuer both as to payment of dividends or interest upon dissolution or liquidation of the issuer and the security has been outstanding at least three years and the issuer or any predecessors have not defaulted within the current fiscal year or the three immediately preceding fiscal years in the payment of any dividend, interest, principal, or sinking fund installment on the security when due and payable. "


Moved by:      Representative Broderick
Second by:      Representative DeMersseman
Action:      Prevailed by voice vote.

MOTION:      DEFER SB 80 UNTIL January 30


MOTION:      ADJOURN

Moved by:      Representative Pederson (Gordon)
Second by:      Representative Rost
Action:      Prevailed by voice vote.

Margaret Nickels

Committee Secretary

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