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February 1, 1999
The Business, Labor, and Economic Development Committee reports a favorable recommendation on S.B. 113, FINANCIAL SERVICES AMENDMENTS, by Senator P. Knudson, with the following amendments:
1. Page 1, Line 9: Delete "AND" and after "CORRECTIONS" insert "; AND PROVIDING A COORDINATION CLAUSE"
2. Page 9, Line 262: "Section. 6. Coordination Clause.
If this bill and H.B. 86, Check Abuse Amendments, both pass, it is the intent of the Legislature that:
(1) the amendments to Subsections 7-15-1(2) and (3) in H.B. 86 supersede the amendments to Subsection 7-15-1(2) in this bill;
(2) a new Subsection (9) be added to Section 7-15-1 that reads:
"(9)(a) Notwithstanding the other provisions of this section, a holder of a check is exempt from this section if:
(i) the holder:
(A) is a depository institution; or
(B) a person that receives a payment on behalf of a depository institution;
(ii) the check is a payment on a loan that originated at the depository institution that:
(A) is the holder; or
(B) on behalf of which the holder received the payment; and
(ii) the loan contract states a specific service charge for dishonor.
(b) A holder exempt under Subsection (9)(a) may contract with an issuer for the collection of fees or charges for the dishonor of a check."; and
(3) Subsection 7-15-2(3) in this bill shall be amended to read:
"(3) Notwithstanding the other provisions of this section, a holder exempt under Subsection 7-15-1(9) is exempt from this section.""
Parley G. Hellewell
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