Date: 04/03/2006

Final
BILL SUMMARY for SB06-188

HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR

Votes: View--> Action Taken:
Moved to refer Senate Bill 06-188 to the CommitteePASS



01:35 PM -- Senate Bill 06-188

Representative Hodge, prime sponsor, presented Senate Bill 06-188. The bill would clarify 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.

01:37 PM -- Charles Calvin, representing the Colorado Bar Association, testified in support of the bill. Mr. Calvin explained that he was on the task force assembled by the Secretary of State to look at problems with article 9.5. He spoke about the Federal Security Act and 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.

01:45 PM

There was discussion about what would be included on the financial statements and whether it would include personal information. Mr. Calvin stated that the bill would mandate that the Secretary of State create a replacement identification number in lieu of a taxpayer identification number and social security numbers.

01:48 PM

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

BILL:SB06-188
TIME: 01:50:20 PM
MOVED:Balmer
MOTION:Moved to refer Senate Bill 06-188 to the Committee on Appropriations. The motion passed 13-0.
SECONDED:Penry
VOTE
Balmer
Yes
Borodkin
Yes
Butcher
Yes
Carroll M.
Yes
Coleman
Yes
Knoedler
Yes
Liston
Yes
McCluskey
Yes
Paccione
Yes
Penry
Yes
Welker
Yes
Cerbo
Yes
Marshall
Yes
Final YES: 13 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS