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Commerce and Regulatory Reform

THIRTIETH MEETING

2011-2012 Regular Session - February 15, 2012

STATE OF MINNESOTA THIRTIETH MEETING
HOUSE OF REPRESENTATIVES EIGHTY-SEVENTH SESSION

COMMERCE & REGULATORY REFORM

MINUTES

Representative Sanders, Vice-Chair of the Commerce and Regulatory Reform Committee, called the meeting to order at 2:35 p.m. on February 15, 2012, in the Basement hearing room of the State Office Building.

The Committee Legislative Assistant noted the roll.

Members present:

HOPPE, Joe, Chair
SANDERS, Tim, Vice Chair
ANDERSON, Diane
ANDERSON, Sarah
ANZELC, Tom
ATKINS, Joe
CRAWFORD, Roger
DAUDT, Kurt
DAVIDS, Greg
DITTRICH, Denise
JOHNSON, Sheldon
KIEFFER, Andrea
LILLIE, Leon
LOON, Jenifer
MAZOROL, Pat
MULLERY, Joe
MURDOCK, Mark
NELSON, Michael
O'DRISCOLL, Tim
SLOCUM, Linda
STENSRUD, Kirk
TILLBERRY, Tom

The committee legislative assistant noted the roll.

A quorum was present.

Terry Headley, former President of the National Association of Insurance and Financial Advisors testified.

Representative Anderson moved the minutes from February 14, 2012. The motion prevailed.

Representative Hoppe moved HF1134 and recommended that it be passed and re-referred to the General Register. The motion prevailed.

Representative Diane Anderson moved HF2227 and recommended that it be passed and re-referred to the General Register.

Representative Diane Anderson moved amendment H2227A2. The motion prevailed. The amendment was adopted.

Tess Rice from MN Bankers testified.

Representative Diane Anderson renewed her motion that HF2227 be passed as amended and re-referred to the General Register. The motion prevailed.

Representative O’Driscoll moved and introduced HF2174.

Steve Davis, Regional Director of Promontory Inter-Financial Network testified.

Representative O’Driscoll moved amendment H2174DE1. The motion prevailed. The amendment was adopted.

Representative O’Driscoll renewed his motion that HF2174 be recommended to pass as amended and re-referred to the Government Operations Committee. The motion prevailed.

The Vice-Chair adjourned the meeting at 3:15 pm.






____________________________________
REP. JOE HOPPE, CHAIR



____________________________________
Bethany Aronhalt
Committee Legislative Assistant
More Info On This Meeting..
Bills Added:
  • HF1134 (Hoppe) - Annuity products regulated, and National Association of Insurance Commissioners model regulation enacted and modified relating to suitability in annuity transactions.
  • HF2174 (O'Driscoll) - District money deposit investments authorized, and designated depositories provided.
  • HF2227 (Anderson) - State bank closures for holidays clarified, state bank lending limits changed to comply with federal law, and obsolete language repealed relating to deposits payable on demand.
Documents:

Presentation on the Dodd-Frank Act from Terry Headley - President of National Association of Insurance and Financial Advisors.