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House passes bill converting securities advisory board into commission
Summary
HB78, which restructures the state's advisory securities board into a five‑member commission and follows recommendations from the Legislative Auditor General, passed the House 69–0 and will be transmitted to the Senate.
Representative Jim Byrd presented HB78, a measure that converts an existing five‑member advisory board into a securities commission with specified seats (two from the securities industry, one securities attorney, one business representative and one member of the general public). Byrd told members the bill closely follows recommendations from the Legislative Auditor General’s audit and carries no fiscal note because current advisory members will fill the commission roles.
Representative Allen asked whether the bill adhered to the auditor‑general’s recommendations; Byrd confirmed the bill follows the audit and that other audit recommendations were being handled internally by the division and director and therefore are not part of the bill text.
After brief questions, the House voted to pass HB78 by voice/roll call; the Clerk announced 69 yes and 0 no. The bill will be sent to the Senate for consideration.
