Bill Summary for Bill Number SB06-188

Date: 02/16/2006

Final
BILL SUMMARY for SB06-188

SENATE COMMITTEE ON FINANCE

Votes: View-->	Action Taken:
Motion to adopt L.003 (Attachment E). The motion Motion to refer SB 06-188, as amended, to the Comm	Pass Without Objection PASS

10:36 AM -- Senate Bill 06-188

Senator Evans, prime sponsor, explained the provisions of SB 06-188 which clarifies the information that must be included in an effective financing statement (EFS) as it relates to the implementation of the federal Food Security Act of 1985. The bill allows the Secretary of State, as the central filing officer for secured EFS transactions, to determine EFS filing requirements and requires the Secretary of State to distribute the master list containing active EFS filings electronically. He stated that the bill would make it easier for farmers and ranchers to sell their products and would update and make the EFS filing system more secure. A summary of the bill was distributed to the committee (Attachment D).

The following people testified on the bill:

10:38 AM -- Ms. Barbara Walker, Independent Bankers of Colorado, spoke in favor of the bill.

10:39 AM -- Mr. Charles Calvin, Colorado Bar Association, spoke in favor of the bill. He explained the purpose of the bill and indicated that it would increase financial protections and reduce the difficulties of transactions involving produce in the state. In response to Senator Brophy, he indicated that sensitive financial and personal information will not be made public under the bill.

10:46 AM -- Mr. Keith Whitelaw, Secretary of State's Office, spoke in favor of the bill and explained how a task force had developed the bill over about a year. He indicated that the bill was intended to make secured transactions relating to the federal Food Security Act of 1985 easier.

Senator Evans explained the need for Amendment L.003 (Attachment E).


BILL:	SB06-188
TIME:	10:50:40 AM
MOVED:	Teck
MOTION:	Motion to adopt L.003 (Attachment E). The motion passed without objection.
SECONDED:
		VOTE
	Brophy
	Shaffer
	Taylor
	Teck
	Tupa
	Veiga
	Sandoval
Not Final YES: 0 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	SB06-188
TIME:	10:51:46 AM
MOVED:	Teck
MOTION:	Motion to refer SB 06-188, as amended, to the Committee on Appropriations. The motion passed on a 7 - 0 vote.
SECONDED:
		VOTE
	Brophy	Yes
	Shaffer	Yes
	Taylor	Yes
	Teck	Yes
	Tupa	Yes
	Veiga	Yes
	Sandoval	Yes
Final YES: 7 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS

10:52 AM

The committee recessed.