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House amends and passes Department of Financial Regulation housekeeping bill
Summary
Lawmakers amended H 6 48 to clarify treatment of federally exempt securities and then passed the bill on third reading. Sponsor said the change clarifies state notice and fee procedures without altering federal preemption.
The Vermont House amended and then passed H 6 48, the Department of Financial Regulation's annual housekeeping bill, after lawmakers approved a floor amendment clarifying Section 48 on federally exempt securities.
The member from Starksboro (identified in the record as offering the amendment) said the change "simply clarifies this concept" and explained the section acknowledges that certain securities are exempt under federal law, while allowing issuers to submit a state notice and fee. The sponsor told colleagues that the committee on Commerce and Economic Development took favorable testimony and showed support for the amendment by straw poll.
The chamber voted by voice to adopt the amendment and then took the question on third reading; the presiding officer announced that the ayes had it and that the bill had passed.
Floor remarks framed the amendment as a clarifying, technical change intended to make statutory language consistent with federal preemption and state filing procedures. No roll-call tally was recorded for this bill on the floor transcript.
