72nd Legislative Session -- 1997
Committee: House Commerce
Tuesday, February 25, 1997
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 Feb 20
Moved by:
Representative Pederson (Gordon)
Second by:
Representative Schaunaman
Action:
Prevailed by voice vote.
SB 158:
to allow the Cosmetology Commission to license nail technicians
separately from other cosmetologists, to provide for a nail shop license, and to
revise certain provisions concerning the Cosmetology Commission.
Proponents:
Senator Thompson, Prime Sponsor
Jackie Dahlquist, Cosmotology Commission
Lois Wisker, Cosmotologist, Pierre, SD
Christine Geelhoed, Self, Lead, SD
Valerie Meiners, Written Testimony
Representative Jorgensen, Sponsor
Opponents:
Tina Ficek, Student, Bl Hills Beauty School
Helen Van Cleave, Student, Bl Hills Beauty School
Shelly Sprague, Student, Bl Hills Beauty School
Tom Poconcic, Owner of Bl Hills Beauty School
Tina Denowh, Written Testimony
Michelle Lindquist, Written Testimony
MOTION:
DO PASS SB 158
Moved by:
Representative Rost
Second by:
Representative Smidt
Action:
Prevailed by roll call vote.
(7-5-1-0)
Voting yes:
Fischer-Clemens, Sperry, Konold, Rost, Smidt, Windhorst, Roe
Voting no:
Gleason, Schaunaman, Broderick, Brown (Jarvis), Pederson (Gordon)
Excused:
DeMersseman
SB 236:
to require the provision of certain closed captioning and interpretive
television services.
Proponents:
Senator Daugaard, Prime Sponsor
Ben Soukup, Communication Service for Deaf
Phil Bravin, CSD
Larry Puthoff, CSD (handout)
Thomas Kober, Written testimony
Shelly Pfaff, SD Coalition of Citizens With Disabilities
Opponents:
Steve Willard, SD Broadcasters
MOTION:
DO PASS SB 236
Moved by:
Representative Pederson (Gordon)
Second by:
Representative Fischer-Clemens
Action:
Was not acted on.
MOTION:
SUBSTITUTE MOTION DEFER SB 236 UNTIL THE 41ST LEGISLATIVE
DAY
Moved by:
Representative DeMersseman
Second by:
Representative Broderick
Action:
Prevailed by roll call vote.
(7-6-0-0)
Voting yes:
Schaunaman, Sperry, Broderick, Konold, Rost, Windhorst, DeMersseman
Voting no:
Fischer-Clemens, Gleason, Brown (Jarvis), Pederson (Gordon), Smidt, Roe
Gavel was passed to Vice Chair DeMersseman
SB 208:
to revise the requirements for individual and group health insurance
availability, portability, and renewability.
Proponents:
Representative Roe, Prime Sponsor
Darla Lyon, Div of Insurance
Randy Moses, Div of Insurance
Darla Pollmam Rogers, Health Insurance of America
Dick Tieszen, State Farm Insurance
Bob O'Connell, BCBS Insurance
Mike Shaw, American Family Insurance
Neal Chaplin, SD Insurance Company
Opponents:
None
MOTION:
AMEND SB 208
q-208a
On page
4 of the Senate Commerce committee engrossed bill
,
remove the overstrikes from line
3
.
On page
4
,
line
3
,
overstrike "
XVII
"
and insert "
XVIII
"
.
On page
4
,
delete line
4
,
and insert "
the Social Security Act
, unless federal law requires that
medicare coverage under Title XVIII be excluded as a reason for renewability of coverage;
(7) If the issuer decides to discontinue offering a particular type
"
.
On page
5
,
remove the overstrikes from lines
4
to
7
, inclusive
.
On page
5
,
line
7
,
delete "
a
"
.
On page
5
,
line
8
,
remove the overstrikes from "
twelve
"
.
On page
5
,
line
8
,
delete "
six
"
.
On page
5
,
line
9
,
remove the overstrikes from "
or
"
.
On page
5
,
line
10
,
remove the overstrikes from everything before "
and
"
.
On page
7
,
line
12
,
overstrike everything after "
section
"
.
On page
7
,
line
13
,
overstrike everything before "
if
"
.
On page
8
,
line
19
,
after "
underwriting
"
insert "
and coverage
"
.
On page
8
,
line
20
,
after "
the
"
insert "
coverage criteria and
"
.
Moved by:
Representative Pederson (Gordon)
Second by:
Representative Schaunaman
Action:
Prevailed by voice vote.
MOTION:
DO PASS SB 208 AS AMENDED
Moved by:
Representative Broderick
Second by:
Representative Brown
Action:
Prevailed by roll call vote.
(12-0-1-0)
Voting yes:
Fischer-Clemens, Gleason, Schaunaman, Sperry, Broderick, Brown (Jarvis),
Konold, Pederson (Gordon), Rost, Smidt, DeMersseman, Roe
Excused:
Windhorst
SB 216:
to revise certain insurance investment provisions.
Proponents:
Representative Roe, Sponsor
Dick Gregerson, American Council of Life Insurance
Darla Lyon, Div of Insurance
Wendell Malsam, Examiner of Insurance
MOTION:
DO PASS SB 216
Moved by:
Representative Roe
Second by:
Representative Schaunaman
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
MOTION:
PLACE SB 216 ON CONSENT
Moved by:
Representative Roe
Second by:
Representative Brown (Jarvis)
Action:
Prevailed by voice vote.
Gavel was returned to Chair Roe
SB 82:
to revise the South Dakota Uniform Securities Act to conform with the
provisions of the National Securities Markets Improvement Act of 1996.
Proponents:
Deb Bollinger, Division of Securities
Dick Gregerson, American Council of Life Insurance
Opponents:
None
MOTION:
AMEND SB 82
j-82
On page
4
,
line
17 of the printed bill
,
after "
require.
"
insert "
Until October 10, 1999, the director
may require the registration of a federal covered adviser if the filer fails to pay the fees required by
this chapter. For the purpose of this subsection, a delay in payment or an underpayment of a fee that
is remedied within fifteen days after receipt of notice from the director does not constitute a failure
or refusal to pay the fee.
"
On page
8
,
line
6
,
after "
trusts.
"
insert "
A renewal filing is required annually, including those
documents that the director by rule or order may require and a fee as provided in this subparagraph
(a)(1).
"
On page
8
,
line
16
,
delete "
A
"
and insert "
An annual
"
.
On page
8
,
line
16
,
delete "
value of such federal covered securities offered or sold in this state
"
and insert "
net assets of the fund
"
.
On page
8
,
line
17
,
delete "
The annual report is due one year
"
.
On page
8
,
delete line
18
.
On page
9
,
between lines 8 and 9, insert:
" (f) Until October 10, 1999, the director may require the registration of a federal covered security
if the issuer fails to pay the fee required by this chapter. For the purpose of this subsection, a delay
in payment or an underpayment of a fee that is remedied within fifteen days after receipt of notice
from the director does not constitute a failure to pay the fee."
On page
11
,
line
2
,
delete "
Until October 10, 1999, the exclusions provided in
§
47-31A-
"
.
On page
11
,
delete line
3 and 4
.
On page
11
,
line
9
,
delete "
, except that,
"
and insert "
.
"
.
On page
11
,
delete line
10 to 12, inclusive
.
On page
12
,
line
17
,
delete "
, except up
"
and insert "
.
"
.
On page
12
,
delete line
18 to 21, inclusive
.
On page
16
,
line
2
,
delete "
is a federal covered security
"
and insert "
the security is a federal
covered security or the transaction is with respect to a federal covered security
"
.
On page
16
,
delete lines
3
to
8
, inclusive
.
On page
17
,
after line
8
,
insert:
"
Section 17. That the introductory clause to subsection (a) of
§
47-31A-402
be amended to read
as follows:
(a) The following securities are exempted from
§
§
47-31A-301
, section 5 of this Act,
and
47-31A-403:
Section 18. That the introductory clause to subsection (b) of
§
47-31A-402
be amended to read
as follows:
(b) The following transactions are exempted from
§
§
47-31A-301
, section 5 of this Act,
and
47-31A-403:
Section 19. That subsection (h) of
§
47-31A-407
be amended to read as follows:
(h) The director may prepare and issue any certificate to the effect that the records of the
director show that a specified security was or was not registered
or
, that a specified person was or
was not
licensed
registered
, or that a filing under section 5 of this Act was or was not made,
on a
specified date or between specified dates. The director may prepare and issue certified copies of any
order of registration,
of any filing under section 5 of this Act,
or of any license or of any lawful order
of the director. Any such certificate may recite that such registration,
filing,
license
,
or lawful order
has not been suspended, revoked, cancelled
,
or amended except as therein stated. The director may
prepare and issue certified copies of any application,
filing,
document, exhibit, report
,
or other paper
on file with the director. All certificates issued pursuant to this subsection shall be signed by the
director and identified by an impression of the seal of the director. The director shall charge one
dollar for each such certificate and fifty cents per folio for all copies so certified. All such certificates
shall be prima facie evidence of the facts therein stated; and all copies so certified shall be receipted
evidence in all courts with the same force and effect as the originals thereof.
Section 20. That subsection (a) of
§
47-31A-409
be amended to read as follows:
(a) It is a violation of this chapter and a Class 4 felony for any person to violate any provision
of this chapter except
§
47-31A-404,
who fails to file and pay the requisite fees under section 5 of
this Act,
or who violates any rule or order under this chapter, or who willfully violates
§
47-31A-404
knowing the statement made to be false or misleading in any material respect
, or who willfully fails
to comply with section 5 of this Act
; but no person may be imprisoned for violation of any rule or
order
or failure to comply with section 5 of this Act,
if
he
the person
proves that he
or she
had no
knowledge of the rule or order. A subsequent violation is a Class 3 felony.
Section 21. That subsection (a) of
§
47-31A-412
be amended to read as follows:
(a) The director may from time to time make, amend
,
and rescind such rules, forms
,
and
orders as are necessary to carry out the provisions of this chapter, including rules and forms
governing registration statements,
filings under section 5 of this Act,
applications
,
and reports, and
defining any terms whether or not used in this chapter, insofar as the definitions are not inconsistent
with the provisions of this chapter and pursuant to the provisions of chapter 1-26. For the purpose
of the rules and forms, the director may classify securities, persons
,
and matters within
his
the
director's
jurisdiction, and prescribe different requirements for different classes. The director may,
by rule, adopt exemptions from the registration requirements of
§
§
47-31A-201 and 47-31A-301
where such exemptions are consistent with the public interest and with the purposes fairly intended
by the policy and provisions of this chapter.
Section 22. That subsection (b) of
§
47-31A-413
be amended to read as follows:
(b) The director shall keep a register of all applications for registration of securities and
registration statements
, all filings made for federal covered securities,
and all applications for
broker-dealer, agent, investment adviser
,
or investment adviser representative which are or have ever
been effective under this chapter; all written notices of claim of exemption from registration
requirements; all orders entered under this chapter; and all interpretative opinions or no-action
determinations issued pursuant to subsection (e). All records may be maintained in computer or
microfilm format or any other form of data storage. No original records will be maintained any
longer than ten years. The register shall be available for public inspection.
Section 23. That subsection (c) of
§
47-31A-413
be amended to read as follows:
(c) The information contained in or filed with any registration statement,
federal covered
security filing,
application
,
or report may be made available to the public under such rules as the
director prescribes.
"
Moved by:
Representative Pederson (Gordon)
Second by:
Representative Fischer-Clemens
Action:
Prevailed by voice vote.
MOTION:
DO PASS SB 82 AS AMENDED
Moved by:
Representative Gleason
Second by:
Representative Rost
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 SB 82 ON CONSENT
Moved by:
Representative Pederson (Gordon)
Second by:
Representative DeMersseman
Action:
Prevailed by voice vote.
MOTION:
ADJOURN
Moved by:
Representative DeMersseman
Second by:
Representative Brown (Jarvis)
Action:
Prevailed by voice vote.
Margaret Nickels
_________________________________
Committee Secretary