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House | July 24, 2014 | Chamber | Finance

Full MP3 Audio File

Good morning if our members can find their seats please our purpose gets started. The purpose of meeting this morning we have two bill two passed bills have been the ?? and the title and the contacts and everything has been changed in part of this bills and they are coming back to us from the senate so i fairness to our finance committee and I felt that it was important that this committee has the opportunity to learn what would be in the bills and hopefully with all objections from anyone on the behalf we might help these bills on the floors the day it clears so that we can get them done. I am going to ask to our staff to go over each of the bill with explanation and further ask any questions senate?? could u take house bill 27 please name [Speaker Changes]yes mam our senate has prepared a committee substitute for house bill 27 were completely replaced with the contents of the bill with what u see before u now and this has to do and this has to do with the state of US savings bond and this is something that the treasures offices?? has to consider right now the treasurers office hols in his possession apparently 450 dollars worth of unclaimed and ?? of US bonds typically when the treasurer has items that are exterior to this stake and they are not cash after sufficient amount of time and efforts to locate the owners the treasurer liquidates that the assets and puts the money into the ?? fund and the money is provided to investment earnings and that is use to provide loans, scholarships etc for students and the higher education institutions of the state. However under US treasury regulations the custody of those bonds is not sufficient to unable the treasurer to redeem them.and further the US treasury requires that the state hold the title and ownership of those bonds and what this bill does is to create a process for the treasurer to go to court and for the court to find that those bonds are unclaimed and abandoned and the state holds full title and ownerships of that bonds that is whats that will enable the treasure to redeem them for the cash and just a sort of asset which is probably more interest. The federal the US treasury holds something about 16 billions dollars worth of US savings bond total that have not been claimed, that are abandoned. The treasury department has not have any effort to try to find those owners so this will enable put the state in more aggressive position what we able to do is to try to work with treasury and to get them to allow them to try to find the bonds with ?? address with the person in the state if that happens the treasury could try to be more aggressively find the owners of those bonds. [Speaker Changes]The members of the committee have their questions regarding this issue. I would remind the committee that we will have one vote in that would mention whether taking care or not taking care ??[Speaker Changes]Thanku mam there is athe questions for staff just taking up the situations if this has occur and the state redeems the bonds then as soon that gives them the opportunity to put the money into vehicle which could be then allowed to earn some interest while retained savings bonds no longer earns any interest and the money would be there so the person that they come forward to claim the bond at some point they could get their money out of it but the state wold get to retain whatever additional interest was made after the bond has retained with that of the accurate. [Speaker Changes]??[Speaker Changes] yes sir, that is accurate and the one thing i did forget to say that this bill actually create a separate account within the ?? to hold the savings bond money were u absolutely correct[Speaker Changes]??[Speaker Changes]sir[Speaker Changes]with that it seems like a good idea to me that i would be pleased to mention whatever u like to take it[Speaker Changes]just hold it for a few minutes our representative??[Speaker Changes]Thanku Mam sure.

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motion will be to concur with the Senate committee substitute on the floor of the House. All in favor of that motion will say aye. All opposed no. I think that's favorable. Thank you. Representative Brawley, you're recognized for approval of the minutes from the July 2 meeting, sir. [SPEAKER CHANGES] Madam Chair, I move the minutes be adopted as presented. [SPEAKER CHANGES] Thank you. We have the motion. All in- Are there other questions or comments? All in favor will say aye. I believe that's unanimous. Our second bill is House Bill 101, "Special License Plate Development Process," and Trina Griffin was going to explain this. [SPEAKER CHANGES] This bill creates a standard process, as well as codifies a process, for special license plates. Under the current law, there really is no process available to the public if someone is interested in a special license plate. They either need to contact a legislator or contact DMV to find out exactly what they need to do. The first thing that this bill tries to do is put a process in place. It also tries to- It is very similar to the current process, except it moves what currently happens on the back-end to the front-end of the process, in that, rather than the legislature approving a license plate and the organization going out and seeing if it can get 300 or 500 paid applications, it requires that those paid applications be obtained up front before the legislature approves of the plate. The process was designed to be as similar as possible to what happens now, so that there were not any additional burdens on DMV, and there are also no new fees associated with this. It would be the same fees that are required now, in that, in order for an organization to have a plate developed, they have to get 300 paid application and submit that payment to DMV. Under this bill, the organization would have to get those paid applications up front and collect payment from the potential purchasers, and then go to DMV and fill out an application and let DMV know that it has obtained the required number of applications. Then DMV will notify the General Assembly of the organizations that have filled out an application and obtained the minimum number of paid applications, and then the General Assembly may consider a bill to authorize the plate. It also, the General Assembly would have the same discretion that it has now, in other words, it can approve the plate, disapprove the plate, or not take action on a particular bill. But the idea behind the bill was, again, creating a process and a structure when none is really, at least publicly known at this point, and also allow the General Assembly to focus its time on plates that will actually be issued, rather than authorizing plates that never enter production. As you know, a couple years ago, the General Assembly put a mechanism in place that, if a plate wasn't authorized within 2 years, their authorization would expire. Last year 116 plates expired because those organizations had not obtained the 300 applications. So, that was sort of the intent behind the bill, and I'd be happy to answer any questions or go through the process in more detail. [SPEAKER CHANGES] Members of the committee, are there questions or concerns with this PCS? Representative Luebke. [SPEAKER CHANGES] Thank you, Madam Chair. I wonder, Miss Griffin, if you could talk about the full color background aspect of the bill. [SPEAKER CHANGES] Sure. Last year the General Assembly decided that in order for an organization to have a full-color plate, they would need to have an additional 200 paid applications. Again, that was put in place last year. A couple of other things that this bill does, that are on the first page of the bill, as I mentioned, we had 116 plates expire last year. We know of at least one of them that did actually get their 300 applications after their authorization expired, and so to allow them to move forward, this bill would re-enact all those authorizations for a couple more months to allow the couple of organizations that actually do have their 300 to proceed under the current process. The second thing that this bill does, which appears in Section 2 of the bill, is it adds four plates to the list of plates th--

are content at fuller, and he's anything from the street and are even authorized and that they are not in production and sell them for trains would fail at that time, he sounds, he applications and content for intravenous-fares are concentrating this year, meaning of the founding of the things that was not identified and applications ?? abuse and many other places around us so we can help ensure from somehow have a 42 (SPEAKER CHANGES ) I'm given losses for a signal like this in flight between 43 authorizing 43 employees had enough time for some clientele some influence , as it happens when the wind and fire on national television production there on the one I have not been authorized there is actually answer his company had left olive trees and fired last year's signs, but not surprising that the sole content, yes, and this is time-shares of common agenda directors with the Islam is 147, with 43 am assuming 47 different backgrounds, on Friday -Sunday Times, (SPEAKER CHANGES)license plate this summer from 147, don't even have time to me that seems to have an expiration condition is that we have a member of the transformations that are terminating time, actions are taken home, authorities said Wayne, time, the events provisions that you are featured, and when he had a number of a necessary applications with handy, and 1/2-decent man did before legislative or would file for a white-collar into the times when she hears sir, U.S.-led air from unfortunate that the money that is mentioned messaging and CNN, time later, the coming days as seems to offer , please, do not have the force of flight, AL manager since you have in your time forever for authenticity for the insert I don't believe that ECU should own time you end up in the mid-seventies when it comes when it's not time frame -up, has been timed out last year the calling at the U.S. and Syria has online discussion about these are firing a mountain of debt-speech last year and there's enough range and ones that have been found on the other things, the senior housing on his name of a man's think of some of the other is the finest you think of reasons, C and C, C5 the timing might not see another is the scenario is that C,(SPEAKER CHANGES) that role was involved in coming up with is down C hammer out the cheers of the following things and it's UN-for-winning homer off all my things that might happen if he chooses the nations of the job for me to find last year's winter travel times you any smart things are not internationally mounds of you at the five times are the plane, is co-pays on him know how long the specialists windows tinted around the time Stanley and competitions for fax machine for mayor of thing is certain-ago, financial losses year string-mission and vision, and readiness formation serve as chairman that we're at the time of the house to determine how still no one said the substitute frozen environment, said rivals say I have this man ministry of finance and this is providing only the nineties than a million and that's a lot better ?? ??.............

Wednesday morning.