H_BUS_2016A 02/23/2016 01:34:28 PM Committee Summary
Final
STAFF SUMMARY OF MEETING
HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR
| Date: | 02/23/2016 |
ATTENDANCE
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| Time: | 01:34 PM to 04:03 PM |
Arndt
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X
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Garnett
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X
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| Place: | LSB A |
Navarro
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X
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|
Nordberg
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X
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||
| This Meeting was called to order by |
Pabon
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*
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| Representative Williams |
Rosenthal
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X
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Roupe
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X
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| This Report was prepared by |
Sias
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X
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| Luisa Altmann |
Thurlow
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X
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Winter
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X
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Wist
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X
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Kraft-Tharp
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X
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Williams
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X
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X = Present, E = Excused, A = Absent, * = Present after roll call
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| Bills Addressed: | Action Taken: | ||
| SB16-029 HB16-1182 SB16-014 HB16-1284 |
Amended, Referred to the Committee of the Whole Amended, Referred to the Committee of the Whole Amended, Referred to the Committee of the Whole Amended, Referred to the Committee of the Whole |
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01:34 PM -- SB 16-029
Representative Lawrence and Representative Duran, co-sponsors, introduced Senate Bill 16-029. Senate Bill 14-152 enacted model legislation adopted by the National Association of Insurance Commissioners (NAIC) that increased the authority of the Commissioner of Insurance over derivative transactions and holding company systems. Senate Bill 16-029 adds authority for the commissioner to compel the production of information in a financial examination of an insurer. This bill also adds requirements for certain Colorado-domiciled insurers to assess the adequacy of their risk management by conducting NAIC's "Own Risk and Solvency Assessments" (ORSA) and to file ORSA summary reports with the commissioner. Beginning in 2017, ORSAs must be conducted no less than annually or when there are significant changes to the risk profile of an insurer or insurer group. ORSA reports are not subject to the Colorado Open Records Act and must be kept confidential. An insurer that fails to timely file its ORSA summary report is subject to a penalty of $200 for each day's delay, up to a maximum penalty of $25,000. The commissioner can reduce a penalty if the insurer demonstrates that the penalty would constitute a financial hardship. The commissioner may promulgate rules and orders in order to implement the bill.
Representative Duran discussed amendment L.003 (Attachment A).
160223 AttachA.pdf
01:37 PM -- Jim Hall, American Council of Life Insurers (ACLI), testified in support of the bill. Mr. Hall provided the committee with a handout (Attachment B).
160223 AttachB.pdf
01:38 PM -- Virginia Morrison Love, Pinnacol Assurance, testified in support of the bill and the proposed amendment.
01:39 PM -- David Aspinwall, Great West Financial, testified in support of the bill. Mr. Aspinwall responded to questions from the committee.
01:43 PM -- Scott Lloyd and Peg Brown, Colorado Division of Insurance, responded to questions from the committee.
01:47 PM
The bill sponsors discussed amendment L.003.
| BILL: | SB16-029 | |
| TIME: | 01:47:57 PM | |
| MOVED: | Kraft-Tharp | |
| MOTION: | Adopt amendment L.003. The motion passed without objection. | |
| SECONDED: | Roupe | |
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VOTE
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Arndt
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Garnett
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Navarro
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Nordberg
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Pabon
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Rosenthal
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Roupe
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Sias
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Thurlow
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Winter
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Wist
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Kraft-Tharp
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Williams
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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01:48 PM
Representative Duran and Representative Lawrence made closing remarks on the bill.
| BILL: | SB16-029 | |
| TIME: | 01:48:40 PM | |
| MOVED: | Kraft-Tharp | |
| MOTION: | Refer Senate Bill 16-029, as amended, to the Committee of the Whole. The motion passed on a vote of 13-0. | |
| SECONDED: | Nordberg | |
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VOTE
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Arndt
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Yes
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Garnett
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Yes
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Navarro
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Yes
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Nordberg
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Yes
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Pabon
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Yes
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|
Rosenthal
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Yes
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|
Roupe
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Yes
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|
Sias
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Yes
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|
Thurlow
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Yes
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|
|
Winter
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Yes
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|
Wist
|
Yes
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|
|
Kraft-Tharp
|
Yes
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|
|
Williams
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Yes
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Final YES: 13 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS
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01:50 PM -- HB 16-1182
Representative Duran and Representative Court, co-sponsors, introduced House Bill 16-1182. The bill extends the repeal of the Commodity Metals Theft Task Force to September 1, 2025.
The sponsors discussed amendment L.001 (Attachment C) and amendment L.002 (Attachment D).
160223 AttachC.pdf160223 AttachD.pdf
01:55 PM -- RJ Hicks, Commodity Metals Theft Task Force and the Institute of Scrap Recycling Industries (ISRI), testified in support of the bill. Mr. Hicks also discussed the proposed amendments.
02:01 PM -- Barry Springer, Colorado Rural Electric Association, testified in support of the bill. Mr. Springer also discussed the proposed amendments. Mr. Springer responded to questions from the committee.
02:04 PM -- Allan Brown, Union Pacific Railroad, testified in support of the bill.
02:06 PM -- David Youngburg, Western Metals Recycling and ISRI, testified in support of the bill.
02:09 PM -- Peg Ackerman, County Sheriffs of Colorado, testified in support of the bill. Ms. Ackerman responded to questions from the committee.
| BILL: | HB16-1182 | |
| TIME: | 02:12:46 PM | |
| MOVED: | Kraft-Tharp | |
| MOTION: | Adopt amendment L.001. The motion passed without objection. | |
| SECONDED: | Garnett | |
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VOTE
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Arndt
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Garnett
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Navarro
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Nordberg
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Pabon
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Rosenthal
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Roupe
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Sias
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Thurlow
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Winter
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Wist
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Kraft-Tharp
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Williams
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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| BILL: | HB16-1182 | |
| TIME: | 02:13:29 PM | |
| MOVED: | Kraft-Tharp | |
| MOTION: | Adopt amendment L.002. The motion passed without objection. | |
| SECONDED: | Garnett | |
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VOTE
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Arndt
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Garnett
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Navarro
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Nordberg
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Pabon
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Rosenthal
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Roupe
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Sias
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Thurlow
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Winter
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Wist
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Kraft-Tharp
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Williams
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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02:14 PM
Representative Duran and Representative Court made closing remarks on the bill.
| BILL: | HB16-1182 | |
| TIME: | 02:14:14 PM | |
| MOVED: | Kraft-Tharp | |
| MOTION: | Refer House Bill 16-1182, as amended, to the Committee of the Whole. The motion passed on a vote of 12-0. | |
| SECONDED: | Roupe | |
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VOTE
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Arndt
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Yes
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Garnett
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Yes
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Navarro
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Yes
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Nordberg
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Yes
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|
|
Pabon
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Yes
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|
Rosenthal
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Yes
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|
|
Roupe
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Yes
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Sias
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Yes
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Thurlow
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Yes
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Winter
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Excused
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Wist
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Yes
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Kraft-Tharp
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Yes
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Williams
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Yes
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Final YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS
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02:15 PM -- SB 16-014
Representative Williams, sponsor, introduced Senate Bill 16-014. The bill aligns state mortgage originator disclosure requirements with federal requirements by repealing select provisions of statute and replacing those with cross references to applicable federal statutes and rules, such as the federal Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974. The bill also permits future rulemaking by the state Board of Mortgage Loan Originators related to compliance with other applicable statutes and regulations.
02:18 PM -- Cary Whitaker, Colorado Mortgage Lenders Association, testified in support of the bill. Mr. Whitaker discussed the proposed amendment L.002 (Attachment E).
160223 AttachE.pdf
02:22 PM -- Marcia Waters, Department of Regulatory Agencies Division of Real Estate, testified in support of the bill.
02:23 PM -- Jennifer Waller, Carbon Acres Association, testified in support of the bill.
02:24 PM
Representative Williams discussed amendment L.002.
| BILL: | SB16-014 | |
| TIME: | 02:25:04 PM | |
| MOVED: | Williams | |
| MOTION: | Adopt amendment L.002. The motion passed without objection. | |
| SECONDED: | Garnett | |
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VOTE
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Arndt
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Garnett
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Navarro
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Nordberg
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Pabon
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Rosenthal
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Roupe
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Sias
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Thurlow
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Winter
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Wist
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Kraft-Tharp
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Williams
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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02:25 PM
Representative Williams made closing remarks.
| BILL: | SB16-014 | |
| TIME: | 02:25:46 PM | |
| MOVED: | Williams | |
| MOTION: | Refer Senate Bill 16-014, as amended, to the Committee of the Whole. The motion passed on a vote of 12-0. | |
| SECONDED: | Nordberg | |
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VOTE
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|
Arndt
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Yes
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Garnett
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Yes
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Navarro
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Yes
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Nordberg
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Yes
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Pabon
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Yes
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Rosenthal
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Yes
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Roupe
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Yes
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Sias
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Yes
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Thurlow
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Yes
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Winter
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Excused
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Wist
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Yes
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Kraft-Tharp
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Yes
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Williams
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Yes
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Final YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS
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02:27 PM
The committee took a brief recess.
02:36 PM
The committee reconvened.
02:36 PM -- HB 16-1284
Representative Nordberg and Representative Moreno, co-sponsors, introduced House Bill 16-1284. The bill requires that the Public Employees' Retirement Association (PERA) take steps to identify all companies that have economic prohibitions against Israel. A list of these companies, referred to as restricted companies, is to be compiled by January 1, 2017, and updated biannually thereafter. PERA is required to notify each restricted company of its status in writing and to remove companies that cease to have prohibitions. If a company does not cease its prohibitions within 180 days of being contacted by PERA, PERA is required to sell, redeem, divest, or withdraw (divest) its assets of all publically traded securities (direct holdings) in the restricted company within 12 months. An exemption is created if divestments result in the value of all assets falling below 99.5 percent or 50 basis points of the assumed value of the portfolio with the inclusion of restricted companies. While a company is listed as restricted, PERA is prohibited from acquiring direct holdings in it. Upon request, and at least annually, PERA is required to post information about divestments of restricted companies on its website.
The sponsors responded to questions from the committee.
02:48 PM -- Tom Hall, Colorado Green Party, testified in opposition to the bill. Mr. Hall responded to questions from the committee.
02:51 PM -- Dr. Eric Anderson, representing himself, testified in opposition to the bill.
02:54 PM -- Neal Feldman, Jewish Voice for Peace, testified in opposition to the bill.
02:57 PM -- Sophia SanMiguel, representing herself, spoke about the bill.
02:59 PM -- Jan Miller, Friends of Sabeel, testified in opposition to the bill. Ms. Miller responded to questions from the committee. Ms. Miller provided a handout to the committee (Attachment F).
160223 AttachF.pdf
03:09 PM -- JoAnn Wacker-Farrand, representing herself, testified in opposition to the bill. Ms. Wacker-Farrand responded to questions from the committee.
03:13 PM -- Carla Henebry, Coloradans for Justice in Palestine, testified in opposition to the bill.
03:17 PM -- Pat Hewett, Friends of Sabeel, testified in opposition to the bill. Ms. Hewett responded to questions from the committee.
03:22 PM -- Gary Anderson, Friends of Sabeel, testified in opposition to the bill.
03:26 PM -- Richard Forer, Friends of Sabeel, testified in opposition to the bill. Mr. Forer responded to questions from the committee.
03:31 PM -- Doug Seserman, Jewish Colorado, testified in support of the bill. Mr. Seserman responded to questions from the committee.
03:37 PM -- Professor Jonathan Adelman, representing himself, testified in support of the bill. Professor Adelman responded to questions from the committee.
03:43 PM -- Rob Kaufman, Jewish Community Relations Council (JCRC), testified in support of the bill.
03:46 PM -- Ben Lusher, JCRC, testified in support of the bill.
03:49 PM -- Greg Smith, PERA, spoke to the committee about the bill. Mr. Smith responded to questions from the committee.
03:56 PM -- Eric Bar, representing himself, testified in opposition to the bill.
03:58 PM
Representative Nordberg and Representative Moreno discussed amendment L.001 (Attachment G).
160223 AttachG.pdf
| BILL: | HB16-1284 | |
| TIME: | 03:58:37 PM | |
| MOVED: | Nordberg | |
| MOTION: | Adopt amendment L.001. The motion passed without objection. | |
| SECONDED: | Roupe | |
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VOTE
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|
Arndt
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Garnett
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Navarro
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|
Nordberg
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Pabon
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|
Rosenthal
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|
Roupe
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Sias
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Thurlow
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Winter
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Wist
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Kraft-Tharp
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Williams
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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04:00 PM
Representative Nordberg and Representative Moreno made closing remarks.
| BILL: | HB16-1284 | |
| TIME: | 04:03:22 PM | |
| MOVED: | Kraft-Tharp | |
| MOTION: | Refer House Bill 16-1284, as amended, to the Committee of the Whole. The motion passed on a vote of 13-0. | |
| SECONDED: | Williams | |
|
VOTE
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|
Arndt
|
Yes
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|
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Garnett
|
Yes
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|
Navarro
|
Yes
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|
Nordberg
|
Yes
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|
|
Pabon
|
Yes
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|
|
Rosenthal
|
Yes
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|
|
Roupe
|
Yes
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|
|
Sias
|
Yes
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|
Thurlow
|
Yes
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|
|
Winter
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Yes
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Wist
|
Yes
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Kraft-Tharp
|
Yes
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|
Williams
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Yes
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Final YES: 13 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS
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04:03 PM
The committee adjourned.