l9n/ Oregon

2009 Regular Session

Senate Bill 973

Revises regulations for life settlement insurance.

Became law as Chapter 711, Oregon Laws 2009, signed July 14, 2009, 91 days after it was filed. In force from January 1, 2010.

What it does

The synopsis the Legislative Assembly published with the bill.

Revises regulations for life settlement insurance. Imposes regulations on life settlement investment agents. Creates new reporting requirements and disclosure requirements for persons in business of life settlements. Expands regulations on advertising of life settlement contracts, purchase agreements and related products. Increases length of time life insurance policy owner is allowed to rescind life settlement contract. Permits life settlement contracts for policy owner and insured who are not terminally or chronically ill. Limits frequency of contact of insured for purpose of determining insured's health status after execution of life settlement contract. Expands list of prohibited actions by persons in business of life settlements. Prohibits stranger-originated life insurance practices. Subject to exemptions, requires minimum of five-year time period between issuance of life insurance policy and agreement to life settlement contract. Requires life settlement providers and brokers to prepare and implement anti-fraud initiatives. Adds private right of civil action against persons violating Act. Makes violation of Act unlawful trade practice. Makes certain violations of Act subject to criminal prosecution as theft or forgery. Requires insurance company to <i>give</i>] <b>provide</b> notice to life insurance policy owner who is 60 years of age or older <i>of alternatives to specified transactions</i>]<b> that other options for life insurance are available under certain circumstances</b>. <i>Requires Director of Department of Consumer and Business Affairs to approve document that apprises life insurance policy owner of policy owner's rights.</i>] <b>Directs Director of Department of Consumer and Business Services to inform public about rights of life insurance policy owners.</b>

Sponsors

Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.

In the Senate

3 co-sponsors

Laurie Monnes Anderson, Bill Morrisette, Richard Devlin

In the House of Representatives

1 co-sponsor

Bill Kennemer

Its course

April 14 to July 14, 2009, on one scale. In the top row each mark is a day something happened; taller marks are busier days.

Each committee stop sits inside its chamber.

Every action31 actions on 25 days

In the SenateApr 14 to May 521 days

Waiting for a committeeApr 14 to Apr 140 days

Consumer Protection and Public AffairsApr 14 to May 117 days

In the House of RepresentativesMay 5 to Jun 1036 days

Waiting for a committeeMay 5 to May 72 days

Consumer ProtectionMay 7 to Jun 428 days

Back in the SenateJun 10 to Jun 2616 days

With the GovernorJun 26 to Jul 1418 days

Votes

Yeas to nays, as the Legislative Assembly recorded them. Committee votes are set in.

  • Senate, third reading27–3

    Passed · May 5

  • House of Representatives, third reading44–5

    Passed · Jun 10 · 11 present

  • Senate, third reading18–10

    Jun 12 · 2 present

  • Senate, concurrence25–0

    Agreed to the other chamber's changes · Jun 22 · 5 present

  • House of Representatives, third reading52–3

    Passed · Jun 23 · 5 present

Amendments

Each amendment offered, and what became of it.

  • Senate committee amendmentAdopted

    Adopted May 1

  • Senate amendmentPending

  • House of Representatives committee amendmentAdopted

    Adopted Jun 4

Text

Each version as the Legislative Assembly printed it.

l9n doesn't hold this bill's text yet.

What happened

In l9n's words, one line for each step. Every action as the Legislative Assembly published it is below.

In the Senate Apr 14 – May 5

  1. Apr 14Introduced
  2. Sent to Consumer Protection and Public Affairs
  3. Apr 21Heard in Consumer Protection and Public Affairs
  4. Apr 23Heard in Consumer Protection and Public Affairs
  5. Apr 28Heard in Consumer Protection and Public Affairs
  6. May 1Consumer Protection and Public Affairs recommended it as amended
  7. May 4Read a second time
  8. May 5Passed the Senate, 27 to 3

In the House of Representatives May 6 – Jun 10

  1. May 6Arrived in the House of Representatives
  2. May 7Sent to Consumer Protection
  3. May 18Heard in Consumer Protection
  4. May 20Heard in Consumer Protection
  5. May 27Heard in Consumer Protection
  6. Jun 4Consumer Protection recommended it as amended
  7. Jun 8Read a second time
  8. Jun 10Passed the House of Representatives, 44 to 5

Back in the Senate Jun 12 – Jun 26

  1. Jun 12The Senate refused the other chamber's changes
  2. Sent to a conference committee
  3. Sent to a conference committee
  4. Jun 17Heard in the conference committee
  5. Jun 18The conference committee recommended amending it
  6. Jun 22The Senate adopted the conference committee's report, 25 to 0
  7. Jun 23The House of Representatives adopted the conference committee's report
  8. Passed the House of Representatives, 52 to 3
  9. Jun 26Signed in the Senate

To the Governor Jun 29 – Jul 14

  1. Jun 29Signed in the House of Representatives
  2. Jul 14Signed by the Governor
  3. Became chapter 711 of Oregon Laws 2009
  4. In force from January 1, 2010
All 31 actions, as published
  1. Apr 14Introduction and first reading. Referred to President's desk.Senate
  2. Apr 14Referred to Consumer Protection and Public Affairs.Senate
  3. Apr 21Public Hearing held.Senate
  4. Apr 23Public Hearing held.Senate
  5. Apr 28Work Session held.Senate
  6. May 1Recommendation: Do pass with amendments. (Printed A-Eng.)Senate
  7. May 4Second reading.Senate
  8. May 5Third reading. Carried by Bonamici, Burdick. Passed.Senate
  9. May 6First reading. Referred to Speaker's desk.House of Representatives
  10. May 7Referred to Consumer Protection.House of Representatives
  11. May 18Public Hearing held.House of Representatives
  12. May 20Public Hearing and Work Session held.House of Representatives
  13. May 27Work Session held.House of Representatives
  14. Jun 4Recommendation: Do pass with amendments and be printed B-Engrossed.House of Representatives
  15. Jun 8Second reading.House of Representatives
  16. Jun 9Rules suspended. Carried over to June 10, 2009 Calendar.House of Representatives
  17. Jun 10Third reading. Carried by Barton. Passed.House of Representatives
  18. Jun 12Senate refused to concur in House amendments.Senate
  19. Jun 12Senators Bonamici, Girod, Rosenbaum appointed Senate conferees.Senate
  20. Jun 12Representatives Cowan, Holvey, Krieger appointed House conferees.House of Representatives
  21. Jun 17Work Session held.Senate
  22. Jun 18Conference Committee Recommendation: The Senate concur in House amendments dated 06-04 and B-Engrossed bill be further amended and repassed.Senate
  23. Jun 19Conference Committee Report read in House.House of Representatives
  24. Jun 22Senate adopted Conference Committee Report and repassed bill.Senate
  25. Jun 23House adopted Conference Committee Report.House of Representatives
  26. Jun 23Repassed.House of Representatives
  27. Jun 26President signed.Senate
  28. Jun 29Speaker signed.House of Representatives
  29. Jul 14Governor signed.Senate
  30. Jul 14Chapter 711, 2009 Laws.Senate
  31. Jul 14Effective date, January 1, 2010.Senate