0001| HOUSE BILL 174
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| TED HOBBS
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0007|
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0008|
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0009|
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0010|
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0011| AN ACT
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0012| RELATING TO FINANCIAL TRANSACTIONS; PROVIDING FOR THE USE OF
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0013| REPRODUCED DOCUMENTS IN CERTAIN TRANSACTIONS; AMENDING A SECTION
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0014| OF THE NEW MEXICO SMALL LOAN ACT OF 1955.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. Section 58-15-17 NMSA 1978 (being Laws 1955,
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0018| Chapter 128, Section 15) is amended to read:
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0019| "58-15-17. REQUIREMENTS FOR MAKING AND PAYING OF LOANS--INCOMPLETE INSTRUMENTS--LIMITATIONS ON CHARGES AFTER JUDGMENT
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0020| AND INTEREST.--
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0021| A. [(a) REQUIREMENTS FOR MAKING AND PAYMENT OF
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LOANS] Every licensee shall:
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0023| (1) at the time any loan is made within the
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0024| provisions of [this Act] the New Mexico Small Loan Act of
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0025| 1955, deliver to the borrower or, if there are two or more
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0001| borrowers on the same obligation, to one of them, a statement in
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0002| [the] English [language] on which shall be printed a copy of
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0003| Section [14 of this Act] 58-15-14.1 NMSA 1978, disclosing in
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0004| clear and distinct terms the amount of the loan, the date the
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0005| loan was made, a schedule or a description of the payments, the
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0006| type of the security, if any, for the loan, the name and address
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0007| of the licensed office, the name of the person primarily
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0008| obligated for the loan, the amount of principal, the agreed rate
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0009| of charge stated on a percent per month and a percent per
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0010| [annum] year basis and the amount in dollars and cents and
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0011| other items allowable [hereunder] pursuant to that act, so
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0012| stated as to clearly show the allocation of each item included;
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0013| (2) for each payment made on account of any
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0014| such loan, give to the person making it a plain and complete
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0015| receipt specifying the date and amount of the payment, the
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0016| amount applied to interest and principal and the balance unpaid.
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0017| When payment is made in any other manner than by the borrower in
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0018| person, [or] by an agent of the borrower or by check or money
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0019| order, the licensee shall mail [such] the receipt to the
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0020| borrower's last known address or hold [same] the receipt for
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0021| delivery upon request of the borrower. A copy of all [such]
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0022| receipts shall be kept on file in the office of the licensee as
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0023| a part of his records; and
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0024| (3) upon payment of the loan in full, mark
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0025| plainly every note and promise to pay signed by any obligor with
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0001| the word "paid" or [cancelled] "canceled" and promptly file
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0002| or record a release of any mortgage if the [same] mortgage
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0003| has been filed or recorded, restore any pledge and cancel and
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0004| return any note and any assignment given to the licensee. A
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0005| licensee may comply with the provisions of this paragraph by
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0006| marking and returning a copy of the note or promise to pay if
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0007| the copy accurately reproduces the complete original.
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0008| B. [(b) INCOMPLETE INSTRUMENTS] No licensee shall
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0009| take any note or promise to pay [which] that does not
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0010| disclose the amount of the loan, a schedule of payments, or a
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0011| description thereof, and the agreed charge or rate of charge
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0012| [nor] or any instrument in which blanks are left to be
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0013| filled in after execution.
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0014| C. [(c) LIMITATION OF CHARGES AFTER JUDGMENT.]
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0015| If judgment [be] is obtained against any party or any loan
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0016| made under the provisions of [this law] the New Mexico Small
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0017| Loan Act of 1955, neither the judgment nor the loan shall
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0018| carry, from the date of the judgment, any charges against any
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0019| party to the loan other than court costs, [attorney's]
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0020| attorneys' fees and interest on the amount of the judgment at
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0021| ten [(10%)] percent [per annum] a year.
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0022| D. [(d) LIMITATION OF INTEREST IN BANKRUPTCY]
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0023| Any loan made under the provisions of [this law] the New
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0024| Mexico Small Loan Act of 1955 [which] that is filed and
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0025| approved as a claim in any bankruptcy proceeding shall, from a
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0001| date ninety [(90)] days subsequent to the date of
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0002| adjudication, bear interest at the rate of ten [(10%)] percent
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0003| [per annum] a year only. This limitation shall not apply
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0004| when the bankrupt is not discharged in bankruptcy or to any
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0005| obligation not dischargeable under the provisions of the
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0006| Bankruptcy Act presently in force or as [the same may]
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0007| hereafter [be] amended.
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0008| E. [(e) LIMITATION OF INTEREST UPON DEATH OF
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BORROWER] No loan made under the provisions of [this Act]
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0010| the New Mexico Small Loan Act of 1955 shall bear interest
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0011| after ninety [(90)] days from the date of the death of the
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0012| borrower in excess of a rate of ten [(10%)] percent [per
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annum] a year on the unpaid principal balance of the loan.
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0014| F. [(f) LIMITATION OF INTEREST AFTER MATURITY OF
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LOAN] No loan made under the provisions of [this Act] the
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0016| New Mexico Small Loan Act of 1955 shall bear interest after
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0017| twelve [(12)] months from the date of maturity of [any said]
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0018| the loan in excess of ten [(10%)] percent [per annum] a
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0019| year upon the unpaid principal balance of [said] the loan."
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0020|
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0021| State of New Mexico
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0022| House of Representatives
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0023|
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0024| FORTY-SECOND LEGISLATURE
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0025| SECOND SESSION, 1996
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0001|
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0002|
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0003| January 30, 1996
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0004|
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0005|
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0006| Mr. Speaker:
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0007|
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0008| Your BUSINESS AND INDUSTRY COMMITTEE, to whom has
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0009| been referred
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0010|
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0011| HOUSE BILL 174
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0012|
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0013| has had it under consideration and reports same with
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0014| recommendation that it DO PASS, amended as follows:
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0015|
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0016| 1. On page 3, line 6, strike the underscored "or" and insert
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0017| in lieu thereof a comma and after "pay" insert "or any
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0018| assignment".,
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0019|
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0020| and thence referred to the APPROPRIATIONS AND FINANCE
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0021| COMMITTEE.
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0022|
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0023| Respectfully submitted,
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0024|
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0025|
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0001|
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0002|
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0003| Fred Luna, Chairman
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0004|
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0005|
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0006| Adopted Not Adopted
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0007| (Chief Clerk) (Chief Clerk)
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0008|
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0009| Date
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0010|
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0011| The roll call vote was 7 For 0 Against
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0012| Yes: 7
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0013| Excused: Varela
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0014| Absent: Corley, Macko, Olguin, Rodella
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0015|
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0016|
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0017| .11158.1
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0018| H0174BI1
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0019|
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0020| FORTY-SECOND LEGISLATURE
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0021| SECOND SESSION, 1996
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0022|
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0023|
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0024| February 9, 1996
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0025|
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0001| Mr. President:
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0002|
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0003| Your CORPORATIONS & TRANSPORTATION COMMITTEE, to
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0004| whom has been referred
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0005|
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0006| HOUSE BILL 174, as amended
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0007|
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0008| has had it under consideration and reports same with
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0009| recommendation that it DO PASS, and thence referred to the
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0010| JUDICIARY COMMITTEE.
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0011|
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0012| Respectfully submitted,
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0013|
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0014|
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0015|
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0016| __________________________________
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0017| Roman M. Maes, III, Chairman
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0018|
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0019|
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0020|
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0021| Adopted_______________________ Not Adopted_______________________
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0022| (Chief Clerk) (Chief Clerk)
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0023|
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0024|
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0025| Date ________________________
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0001|
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0002|
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0003| The roll call vote was 4 For 1 Against
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0004| Yes: 4
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0005| No: Rawson
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0006| Excused: Kidd, Maloof, McKibben, Reagan
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0007| Absent: None
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0008|
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0009|
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0010| H0174CT1
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0011|
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0012|
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0013|
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0014| FORTY-SECOND LEGISLATURE HB 174/a
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0015| SECOND SESSION, 1996
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0016|
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0017|
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0018| February 12, 1996
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0019|
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0020| Mr. President:
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0021|
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0022| Your JUDICIARY COMMITTEE, to whom has been referred
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0023|
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0024| HOUSE BILL 174, as amended
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0025|
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0001| has had it under consideration and reports same with
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0002| recommendation that it DO PASS, amended as follows:
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0003|
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0004| 1. On page 3, line 3, strike "filed or".
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0005|
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0006| 2. On page 3, line 4, after the period strike the remainder
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0007| of the line, strike all of line 5, on line 6, strike "returning"
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0008| and insert in lieu thereof "A licensee may mark and return",
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0009|
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0010| and thence referred to the FINANCE COMMITTEE.
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0011|
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0012| Respectfully submitted,
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0013|
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0014|
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0015| __________________________________
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0016| Janice D. Paster, Chairman
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0017|
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0018|
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0019| Adopted_______________________ Not Adopted_______________________
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0020| (Chief Clerk) (Chief Clerk)
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0021|
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0022|
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0023| Date ________________________
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0024|
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0025|
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0001| The roll call vote was 7 For 0 Against
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0002| Yes: 7
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0003| No: 0
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0004| Excused: None
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0005| Absent: Carraro, Sanchez
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0006|
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0007|
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0008|
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0009| H0174JU1 .112046.1
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0010|
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0011| FORTY-SECOND LEGISLATURE
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0012| SECOND SESSION, 1996
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0013|
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0014|
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0015| February 14, 1996
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0016|
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0017| Mr. President:
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0018|
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0019| Your FINANCE COMMITTEE, to whom has been referred
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0020|
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0021| HOUSE BILL 174, as amended
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0022|
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0023| has had it under consideration and reports same with
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0024| recommendation that it DO PASS.
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0025|
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0001| Respectfully submitted,
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0002|
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0003|
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0004|
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0005| __________________________________
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0006| Ben D. Altamirano, Chairman
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0007|
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0008|
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0009|
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0010| Adopted_______________________ Not Adopted_______________________
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0011| (Chief Clerk) (Chief Clerk)
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0012|
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0013|
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0014|
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0015| Date ________________________
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0016|
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0017|
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0018| The roll call vote was 8 For 0 Against
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0019| Yes: 8
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0020| No: 0
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0021| Excused: Donisthorpe, Duran, Ingle, Kidd, Kysar
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0022| Absent: None
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0023|
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0024|
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0025| H0174FC1
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0001|
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