HB1139 (2016) Detail

Establishing a committee to examine state protections from financial fraud.


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HB 1139 - AS INTRODUCED

 

2016 SESSION

\t16-2238

\t05/10

 

HOUSE BILL\t1139

 

AN ACT\testablishing a committee to examine state protections from financial fraud.

 

SPONSORS:\tRep. Williams, Hills. 4; Rep. Butler, Carr. 7

 

COMMITTEE:\tCommerce and Consumer Affairs

 

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ANALYSIS

 

\tThis bill establishes a committee to study state protections from financial fraud, including the feasibility of establishing an office of state receiver or a financial services unit in the department of justice.

 

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Explanation:\tMatter added to current law appears in bold italics.

\t\tMatter removed from current law appears [in brackets and struckthrough.]

\t\tMatter which is either (a) all new or (b) repealed and reenacted appears in regular type.

\t16-2238

\t05/10

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Sixteen

 

AN ACT\testablishing a committee to examine state protections from financial fraud.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

\t1  Committee Established.  There is established a committee to study state protections from financial fraud.

\t2  Membership and Compensation.

\t\tI.  The members of the committee shall be as follows:

\t\t\t(a)  Three members of the house of representatives, appointed by the speaker of the house of representatives.

\t\t\t(b)  Two members of the senate, appointed by the president of the senate.

\t\tII.  Members of the committee shall receive mileage at the legislative rate when attending to the duties of the committee.

\t3  Duties.  The committee shall:

\t\tI.  Study the adequacy and effectiveness of existing laws to protect consumers from financial fraud.

\t\tII.  Study the feasibility of creating an office of the state receiver, which would be responsible, when necessary, for the liquidation of New Hampshire financial entities where fraud has occurred.

\t\tIII.  Determine whether a financial services unit should be established in the department of justice with the dedicated staff, resources, and expertise necessary to investigate and prosecute financial crimes.

\t\tIV.  Solicit information and testimony from individuals and entities with experience and expertise relevant to the study, including the department of justice, the banking department, the bureau of securities regulation, the insurance department, and members of the New Hampshire Bar Association with expertise in financial fraud cases.

\t4  Chairperson; Quorum.  The members of the study committee shall elect a chairperson from among the members.  The first meeting of the committee shall be called by the first-named house member.  The first meeting of the committee shall be held within 45 days of the effective date of this section.  Three members of the committee shall constitute a quorum.

\t5  Report.  The committee shall report its findings and any recommendations for proposed legislation to the speaker of the house of representatives, the president of the senate, the house clerk, the senate clerk, the governor, and the state library on or before November 1, 2016.

\t6  Effective Date.  This act shall take effect upon its passage.