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Minutes for SB30 - Committee on Insurance
Short Title
Establishing the securities act victim restitution program.
Minutes Content for Tue, Jan 26, 2021
Chairman Longbine opened the hearing on SB30. Eileen Ma, Assistant Revisor, ROS, presented an overview of the bill, (Attachment 3) which establishes the securities act victim restitution program and the securities act victim restitution fund. She then answered questions from Senators Hilderbrand, Fagg, and Pittman.
Lee Modesitt, KID, appeared as the sole conferee and proponent for the bill on behalf of KID. (Attachment 4) He answered questions from Senators Hilderbrand, Holscher, Pittman, and Fagg pertaining to rules, regulations and administration of the restitution fund; the sustainability of the program, and an estimate of how many cases per year this act might cover. Mr. Modesitt stated that it would apply in all cases that the Court orders restitution, in which case KID and the Attorney General's office must track the case.
There being no other questions or comments, and no additional proponent, opponent or neutral conferees, Chairman Longbine closed the hearing on SB30.
The Chair reminded that tomorrow the committee will hear SB28, and Thursday, the committee will be working SB15, and possibly the three bills heard this week.
The meeting adjourned at 10:07 am. The next scheduled meeting is Wednesday, January 27, 2021 at 9:30 am in room 546-South of the Capitol.
