Date: 03/11/2009

Final
BILL SUMMARY for HB09-1053

SENATE COMMITTEE ON BUSINESS, LABOR AND TECHNOLOGY

Votes: View--> Action Taken:
Moved to refer House Bill 09-1053 to the CommitteePASS



01:35 PM -- House Bill 09-1053

Senator Romer presented House Bill 09-1053. The bill repeals the "Colorado Foreign Capital Depository Act," which regulates how a financial institution can conduct business in Colorado as a foreign capital depository (FCD). In addition, the bill replaces the executive officer of an industrial bank on the banking board with the executive officer of a licensed money transmitter. Senator Romer stated that a witness from the Division of Banking would explain the bill.

The following individual testified regarding the bill:

01:36 PM -- Fred Joseph, the Acting State Bank Commissioner and the current State Securities Commissioner at the Colorado Division of Banking within the Department of Regulatory Agencies (DORA), testified in favor of the bill. Mr. Joseph explained the bill.


01:44 PM

Mr. Joseph and Senator Romer responded to Senator Harvey's request for information about FCDs in Colorado.
BILL:HB09-1053
TIME: 01:47:03 PM
MOVED:Harvey
MOTION:Moved to refer House Bill 09-1053 to the Committee of the Whole. The motion passed on a 6-0 roll call vote, with one member excused.
SECONDED:
VOTE
Foster
Yes
Harvey
Yes
Mitchell
Excused
Scheffel
Yes
Tochtrop
Yes
Heath
Yes
Veiga
Yes
Final YES: 6 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS