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Minutes for HB2489 - Committee on Financial Institutions and Rural Development
Short Title
Amending provisions of the technology-enabled fiduciary financial institutions act relating to procedures when undercapitalized or insolvent, fees and assessments, applications, examinations, insurance and capital requirements and disclosures to consumers and requiring such institutions to be mandatory reporters for purposes of elder abuse.
Minutes Content for Wed, Jan 26, 2022
Chair Kelly opened the Hearing on HB 2489, recognized David Wiese, Assistant Revisor, Office of Revisor of Statutes, who briefed the committee on HB 2489. (Attachment1) A question and answer period followed.
Proponent - Chair Kelly recognized Matt Shoger, Staff Attorney, Office of the State Bank Commissioner, who provided information in support of HB 2489. (Attachment2) Mr. Shoger advised that OSBC and The Beneficient Company Group have reached agreement on a number of provisions in the bill and will continue to work through any issues. A question and answer period followed.
Neutral - None
Opponent - Chair Kelly recognized Derek Fletcher, President and Chief Fiduciary Officer, The Beneficient Company, (Attachment3) followed by K. Alan Deines, Managing Director, Co-Head of Fiduciary Financial Institutions, The Beneficient Company, (Attachment4) who provided information in opposition to HB 2489., Although, both Mr. Fletcher and Mr. Deines testimony was written in opposition, advised that a collaboration is ongoing with OSBC regarding HB 2489. A question and answer period followed.
Chair Kelly closed the Hearing on HB 2489.
The next House Financial Institutions and Rural Development Committee meeting is scheduled for Monday, January 31, 2022.
Chair Kelly adjourned the meeting at 9:31 am.
