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Minutes for SB65 - Committee on Financial Institutions and Insurance

Short Title

Allowing creditor sale of repossessed alcoholic liquors pledged as collateral for satisfaction of debt.

Minutes Content for Tue, Jan 31, 2017

Chair Longbine opened the hearing on SB65 and Eileen Ma presented an overview of the bill.

Kathy Taylor, KBA, testified in favor of SB65.  She explained that KBA's membership includes 99 percent of the commercially chartered banks headquartered in Kansas.  They are in favor of SB65 because it offers another option to existing options for creditors when they have foreclosed on an entity that has pledged alcoholic liquors as collateral. (Attachment 1)

Jason Watkins, KBWA, also appeared in support of SB65.  He stated that it presents a reasonable approach to resolve issues involving alcoholic products given as collateral on a defaulted loan.  (Attachment 2)      

Debbi Beavers, ABC-KDOR, presented neutral testimony.  She requested clarification on a question regarding when a debtor may have an outstanding balance of liquor taxes, would any remaining proceeds of such sales be returned to the debtor, or would the liquor taxes also be satisfied before any proceeds are returned to the debtor.   (Attachment 3)

There being no questions or discussion, and no other conferees or written-only testimony submitted, Chairperson Longbine closed the hearing on SB65.