Revision: May 23, 2024, 3:46 p.m.
Sen. Rosenwald, Dist 13
May 23, 2024
2024-2165s
06/08
Floor Amendment to HB 1241
Amend the title of the bill by replacing it with the following:
AN ACT relative to the regulation of money transmitters, license applications and renewals for certain consumer credit entities; deceptive ticket sale practices; and, requiring the investment advisor for the public deposit investment pool to maintain funds in a particular manner.
Amend the bill by replacing all after section 6 with the following:
7 Public Deposit Investment Pool. Amend RSA 6:45, II to read as follows:
II. The public deposit investment pool shall be operated under contract with a private investment advisor, approved by the state treasurer and advisory committee. The state treasurer and advisory committee shall choose an investment advisor by requesting proposals from advisors and reviewing such proposals based on criteria [adopted by rule under RSA 6:46] established by the state treasurer.
8 New Paragraphs; Investment Advisor Obligations. Amend RSA 6:45 by inserting after paragraph II the following new paragraphs:
II-a. The investment advisor selected by the state treasurer and advisory committee shall strive to maintain no less than 30 percent of the funds held by the public deposit investment pool in insured or collateralized deposits that meet the requirements of RSA 6:8,I and 6:8,I-a.
II-b. The investment advisor selected by the state treasurer and advisory committee shall achieve and maintain the highest attainable rating for stable value local government investment pools. The credit rating is an indication of the ability to preserve principal as determined by a nationally recognized statistical ratings organization.
9 Rulemaking; State Treasurer. Amend RSA 6:46 to read as follows:
6:46 Rulemaking.
The state treasurer [shall] may, with the approval of the advisory committee, adopt rules, pursuant to RSA 541-A, relative to:
I. Formulation of a disclosure policy and materials to be included in a prospectus and in periodic reports to participants, including:
(a) A written statement of policy and pool objectives;
(b) Investment objectives designed to meet the pool objectives;
(c) A description of eligible investment instruments;
(d) The credit standard of investment;
(e) Allowable maturity range of investments;
(f) The limits of portfolio concentration permitted for each type of security;
(g) Safekeeping practices and disclosure of percentage of funds that are collateralized;
(h) Definition of pool participant eligibility;
(i) Disclosure of size of accounts, size of transactions and administrative costs;
(j) Disclosure of the amount of funds invested or deposited within the state of New Hampshire; and
(k) Instructions for establishing and utilizing accounts.
II. Investment and administrative policies, practices, and restrictions, including the frequency and method used for calculating valuation, yields, and earnings.
III. Requests for proposals from investment managers and criteria for reviewing such proposals.
10 Repeal. RSA 6:45, II-a and II-b, relative to investment advisor obligations, is repealed.
I. Sections 1 through 5 of this act shall take effect 60 days after its passage.
II. Section 6 of this act shall take effect January 1, 2025.
III. Section 10 of this act shall take effect December 30, 2030.
IV. The remainder of this act shall take effect upon its passage.
2024-2165s
AMENDED ANALYSIS
This bill:
I. Adopts the model money transmission modernization act.
II. Adjusts renewal procedures for certain consumer credit entities to align with those in the model money transmission.
III. Regulates secondary ticket exchanges, ticket issuers, and resellers.
IV. Encourages the investment advisor for the public deposit investment pool maintain no less than 30 percent of the funds held by the public deposit investment pool in insured or collateralized deposits and requires them to achieve and maintain the highest attainable rating for stable value local government investment pools.