Committee hears cleanup bill on life‑settlement producer renewal dates and fees

The House Industry, Business and Labor Committee took testimony on Senate Bill 2092, described by agency staff as a technical cleanup to update renewal dates and licensing fees for life‑settlement producers.

Janelle Mittelsted, division director for producer licensing, told the committee the bill clarifies changed renewal dates and aligns license fees with a separate bill enacted in November 2023. "All that we are doing is when we opened our chapter, what we want to do is just make sure and clarify for our producers that the renewal dates have changed, as well as our licensing fees," Mittelsted said.

Committee members asked whether the renewal schedule could be written so the department would not need to return with a bill every session to update dates. Representative Ruby suggested language tied to fixed calendar markers (for example, renewals due by a date in even‑numbered years) to avoid repeated statutory changes; Mittelsted said the agency would prepare an amendment to accomplish that.

Members also asked how life‑settlement producer licenses differ from other producer lines. Mittelsted said life‑settlement producers typically work with large sums tied to life insurance benefits, and the agency prefers annual review for that line because of the size and potential sensitivity of the transactions; she said most active producers for the line are nonresident entities.

The committee held SB 2092 over, asking staff to draft the amendment Mittelsted offered; no formal committee vote appears in the transcript.