Assembly

Assembly
Record of Committee Proceedings

Committee on Financial Institutions

Assembly Bill 243

Relating to: priority of future advances under mortgages.

By Representatives Ward, Hoven, Kaufert, Albers, M. Lehman, Ziegelbauer, Ainsworth, Kelso, Ladwig, Hahn, Hanson, La Fave, Olsen, Sykora, Goetsch, Dobyns, Huber, Grothman, Brandemuehl and Powers; cosponsored by Senators Plache, Wineke, Rude, Welch and Moore.

April 3, 1997 Referred to committee on Financial Institutions.

May 7, 1997 PUBLIC HEARING HELD

Present: (13) Representatives Ward, Green, Lazich, Foti, Kedzie, Schafer, Sykora, R. Potter, La Fave, Meyer, Morris-Tatum, Murat and Plale.

Absent: (2) Representatives Hoven and Travis.

Appearances for

· Michael R. Vaughan, Wisconsin Bankers Association

· Tom Hauke, WI League of Financial Institutions

· O.K. Johnson, WI State Bar - Construction Lien Law Committee

Appearances against

· None.

Appearances for Information Only

· None.

Registrations for

· Secretary Richard Dean, Dept. of Financial Institutions

· Daryll Lund, Community Bankers of Wisconsin

· Timothy Elverman, Bank One Wisconsin

· James E. Hough, WI Mortgage Bankers Association

· Amy Steinmetz, WI Mortgage Bankers Association

· John C. Yingling, Firstar Corporation

Registrations against

· None.

May 21, 1997 EXECUTIVE SESSION

Present: (15) Representatives Ward, Hoven, Green, Lazich, Foti, Kedzie, Schafer, Sykora, R. Potter, Travis, La Fave, Meyer, Morris-Tatum, Murat and Plale.

Absent: (0) None.

Moved by Representative Green, seconded by Representative Meyer, that Assembly Amendment 1

be recommended for introduction.

Ayes: (15) Representative Ward, Hoven, Green, Lazich, Foti, Kedzie, Schafer, Sykora, R. Potter, Travis, La Fave, Meyer, Morris-Tatum, Murat and Plale.

Noes: (0) None.

Absent: (0) None.

INTRODUCTION RECOMMENDED, Ayes 15, Noes 0, Absent 0

Moved by Representative Green, seconded by Representative Meyer, that Assembly Amendment 1

be recommended for adoption.

Ayes: (15) Representative Ward, Hoven, Green, Lazich, Foti, Kedzie, Schafer, Sykora, R. Potter, Travis, La Fave, Meyer, Morris-Tatum, Murat and Plale.

Noes: (0) None.

Absent: (0) None.

ADOPTION RECOMMENDED, Ayes 15, Noes 0, Absent 0

Moved by Representative Green, seconded by Representative Murat, that Assembly Bill 243

be recommended for passage as amended.

Ayes: (15) Representatives Ward, Hoven, Green, Lazich, Foti, Kedzie, Schafer, Sykora, R. Potter, Travis, La Fave, Meyer, Morris-Tatum, Murat and Plale.

Noes: (0) None.

Absent: (0) None.

PASSAGE AS AMENDED RECOMMENDED, Ayes 15, Noes 0, Absent 0

Aaron Moede

Committee Clerk