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MINUTES OF THE SENATE BUSINESS & LABOR STANDING COMMITTEE

         WEDNESDAY, FEBRUARY 2, 2011
ROOM 215, SENATE BUILDING



Members Present:    Sen. John Valentine, Chair
        Sen. Curt Bramble
        Sen. David Hinkins
        Sen. Dan Liljenquist
        Sen. Steve Urquhart
        Sen. Kevin VanTassell
        Sen. Gene Davis
        Sen. Karen Mayne
    
Staff Present:    Bryant R. Howe, Policy Analystl
        Karen Allred, Committee Secretary
        
Public Speakers Present: Lynn Pace, Deputy City Attorney, Salt Lake City
        Mark Johnson, Commissioner, State Tax Commission
        Mark Stratford, Attorney, Ogden City
        Keith Woodwell, Director, Division of Securities         Kaylene Casper, Private Citizen and Affinity Fraud Victim
        LuElla Day, Private Citizen and Affinity Fraud Victim
        Paul Rogers, Fidelity Investments

A list of visitors and a copy of handouts are filed with the committee minutes.

Chair Valentine called the meeting to order at 8:39 a.m.

Approval of Minutes

    MOTION:
Sen. Van Tassell moved to approve minutes of the February 2, 2011, meeting.

    The motion passed unanimously with Sens. Bramble, Hinkins, Urquhart and Mayne absent     for the vote.    

1.     S.B. 139 Revocation of Motor Vehicle Registration (S. Reid)

    
Sen. Reid explained the bill assisted by Lynn Pace, Deputy City Attorney, Salt Lake City who
    further explained the bill and answered questions from the committee.

     Mark Johnson, Commissioner, State Tax Commission further clarified the bill.

    Mark Stratford, Attorney, Ogden City spoke to the bill.


     MOTION: Sen. Davis moved to proceed to the next item on the agenda.
    
     SUBSTITUTE MOTION: Sen. Bramble moved to transmit S.B. 139 with a favorable     recommendation.

    Sen. Bramble said that his substitute motion is based on the assumption that amendments to     address the various questions raised by the committee will be presented on the     Senate floor.

    The substitute motion passed unanimously.

2.     S.B. 117 Community Association Act Amendments (S. Urquhart)

     MOTION: Sen. Urquhart moved to delete in body and title S.B. 117 and replace it with
    1st Sub. S.B. 117.

    The motion passed unanimously.

    Sen. Urquhart explained the bill and answered questions from the committee.

     MOTION: Sen. Davis moved to transmit 1st Sub. S.B. 117 with a favorable     recommendation.

    The motion passed unanimously.

3.     S.B. 101 Utah Uniform Securities Act Enforcement (B. McAdams)

    
MOTION: Sen. Davis moved to delete in body and title S.B. 101 and replace it with
    1st Sub. S.B. 101.

    The motion passed unanimously.

    Sen. McAdams explained the bill.

    Keith Woodwell, Director, Division of Securities further explained the bill and answered     questions from the committee.

    
Kaylene Casper and LuElla Day , Affinity Fraud victims, spoke in support of the bill.

     MOTION: Sen. Davis moved to transmit 1st Sub. S.B. 101 with a favorable     recommendation.



    
The motion passed unanimously with Sen. Van Tassell absent for the vote.


4.     S.B. 100 Securities Whistleblower Program Act (B. McAdams)

     MOTION: Sen. Davis moved to delete in body and title S.B. 100 and replace it with
    1st Sub. S.B. 100.

    The motion passed unanimously with Sen. Van Tassell absent for the vote.

    Sen. McAdams explained the bill.

    Keith Woodwell, Director, Division of Securities, spoke to the bill.

    Paul Rogers, Fidelity Investments, spoke to the bill.

     MOTION: Sen. Bramble moved to adjourn.

    The motion passed unanimously.

    Sen. Valentine adjourned the meeting at 10:00 a.m.

    


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Sen. John Valentine, Committee Chair