House Committee on Finance (04/11/2013)

Final
STAFF SUMMARY OF MEETING

HOUSE COMMITTEE ON FINANCE

Date:	04/11/2013	ATTENDANCE

Time:	11:27 AM to 11:41 AM	DelGrosso	X
		Foote	X
Place:	LSB A	Joshi	E
		Kagan	X
This Meeting was called to order by		May	X
	Representative Court	Melton	X
		Pabon	E
This Report was prepared by		Priola	X
	Ron Kirk	Saine	X
		Swalm	E
		Wilson	X
		Labuda	E
		Court	X
		X = Present, E = Excused, A = Absent, * = Present after roll call

Bills Addressed:		Action Taken:
HB13-1284 HB13-1286		Referred to the Committee of the Whole Referred to Appropriations

11:27 AM -- House Bill 13-1284 - Concerning the Uniform Commercial Code

Representative Gardner, prime sponsor, discussed the background issues that led to the changes in House Bill 13-1284. He began by noting that in 2012, the Colorado Commission on Uniform Laws recommended changes to Article 9 of the UCC, concerning secured transactions. The bill adopted at that time, House Bill 12-1262, required that financing statements identify a debtor using the name appearing on that individual's driver's license. Representative Gardner closed by saying that the bill requires the debtor party in a secured transaction governed by the Uniform Commercial Code (UCC) to be identified by the name on a Colorado state-issued identification card if the debtor does not possess a valid Colorado driver's license.

The following persons testified:

11:30 AM -- Mr. Arthur Travers, representing the Colorado Bar Association, testified in support of the bill and responded to committee questions.

11:30 AM -- Mr. John McCabe, representing the Colorado Bar Association, testified in support of the bill.

The committee discussed the definition of a "secured transaction" under the UCC and took the following action.


BILL:	HB13-1284
TIME:	11:33:58 AM
MOVED:	Court
MOTION:	Refer House Bill 13-1284 to the Committee of the Whole. The motion passed on a vote of 9-0.
SECONDED:	May
		VOTE
	DelGrosso	Yes
	Foote	Yes
	Joshi	Excused
	Kagan	Yes
	May	Yes
	Melton	Yes
	Pabon	Excused
	Priola	Yes
	Saine	Yes
	Swalm	Excused
	Wilson	Yes
	Labuda	Excused
	Court	Yes

Final YES: 9 NO: 0 EXC: 4 ABS: 0 FINAL ACTION: PASS

11:36 AM -- House Bill 13-1286 - Concerning Recovery Audits

Representative Williams, prime sponsor, explained that House Bill 13-1286 extends the deadline for the State Controller to contract with one or more experienced consultants to conduct recovery audits while the Colorado Financial Reporting System (COFRS) modernization project is being completed. She continued by explaining that a recovery audit is a financial management tool used to identify improper payments made by a state agency to vendors and other entities in connection with payment activities of a state agency.


BILL:	HB13-1286
TIME:	11:39:51 AM
MOVED:	Court
MOTION:	Refer House Bill 13-1286 to the Committee on Appropriations. The motion passed on a vote of 9-0.
SECONDED:	Kagan
		VOTE
	DelGrosso	Yes
	Foote	Yes
	Joshi	Excused
	Kagan	Yes
	May	Yes
	Melton	Yes
	Pabon	Excused
	Priola	Yes
	Saine	Yes
	Swalm	Excused
	Wilson	Yes
	Labuda	Excused
	Court	Yes

Final YES: 9 NO: 0 EXC: 4 ABS: 0 FINAL ACTION: PASS

11:41 AM

The committee adjourned.