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Relating to eligibility requirements to act as a financial adviser or investment adviser in relation to certain public securities.
No significant fiscal implication to the State is anticipated.
HB 3132 would add a new requirement for a person to be eligible to be a financial advisor or an investment adviser. The person would now have to be registered with the United States Securities and Exchange Commission as a municipal advisor.
The Senate committee did not make changes to the House version of this legislation.
Senate chamber sponsor: Birdwell
We usually oppose any legislation that increases eligibility requirements to work in a certain field, because these increased standards only serve as a barrier to obtaining a job. However, this legislation aims at bringing state law in line with federal regulations. For this reason, we stand neutral on HB 3132 as a primarily procedural bill.