WORK SESSION: HB 3656 A

 

TAPES 175, A

 

SENATE REVENUE COMMITTEE

August 22, 2003   6:30 PM   STATE CAPITOL BUILDING

 

Members Present:                        Senator Ryan Deckert, Chair

                                                Senator Peter Courtney

                                                Senator Lenn Hannon

                                                Senator Rick Metsger

                                                Senator David Nelson

 

Members Excused:                      Senator Ted Ferrioli, Vice Chair

                                                Senator Tony Corcoran

                                                Senator Charlie Ringo

                                                Senator Bruce Starr

 

Witnesses Present:                        Tom Mattis, Division of Finance and Corporate Securites         

 

Staff Present:                            Paul Warner, Legislative Revenue Office

                                                Mazen Malik, Legislative Revenue Office

                                                Tara Lantz, Committee Assistant

 

TAPE 175, SIDE A

 

003

Chair Deckert

Calls meeting to order at 6:42 pm.

 

OPENS PUBLIC HEARING ON HB 3656 A

 

008

Mazen Malik

Explains HB 3656 A which requires the Director of the Department of Consumer and Business Services to adopt rules setting fees for registration of securities and licensing of broker-dealers. States that the fees will be set at the national mid-point of all states. Refer to staff measure summary (Exhibit 1). Discusses revenue impact (Exhibit 2).

 

 

 

073

Sen. Nelson

Asks how many dealers this will effect.

 

 

 

077

Malik

Responds that there is a forecasted number of applications on page 2 of the revenue impact statement (Exhibit 2).

 

 

 

088

Sen. Nelson

Asks how many securities dealers there are in Oregon.

 

 

 

092

Tom Mattis

Responds that there are about 3,000 securities dealers in Oregon.

 

 

 

096

Sen. Deckert

Asks if

 

 

 

098

Sen. Hannon

Asks if the securities dealers were consulted on the fee increase.

 

 

 

100

Mattis

Responds that the dealers were informed and testified on the original version in the House.

 

 

 

105

Sen. Hannon

Asks if they supported the bill.

 

 

 

108

Mattis

Responds that it was mixed.

 

 

 

115

Sen. Deckert

Stands at ease while waiting for a quorum.

 

 

 

140

Mattis

States that there are 3,368 dealers in Oregon and that there will be 168,000

 

OPENS WORK SESSION ON HB 3656 A

 

162

Sen. Hannon

MOTION: MOVES HB 3656 A TO THE SENATE FLOOR WITH A DO PASS RECOMMENDATION.

 

 

 

164

Sen. Deckert

ORDER: HEARING NO OBJECTION, MOTION PASSES: 5-0-4.

SENATORS ANSWERING AYE: COURTNEY, HANNON, METSGER, NELSON, DECKERT.

SENATORS EXCUSED: CORCORAN, RINGO, STARR, FERRIOLI.

Sen. Hannon will carry the bill on the Senate Floor.

 

166

Sen. Deckert

Adjourns meeting at 6:53 pm.

 

 

 

 

 

 

 

Tape Log Submitted by,

 

 

 

Tara Lantz, Committee Assistant

 

Exhibit Summary:

  1. HB 3656, Mazen Malik, Staff Measure Summary, 1p.
  2. HB 3656, Mazen Malik, Revenue Impact Statement, 4pp.
  3. HB 3656, Mazen Malik, Staff Measure Summary from House Revenue, 4pp.