State Bills Introduced, Period of March 2-9, 2007

State Bills Introduced, Period of March 9-16, 2007

Variable Annuities

Texas SB 1685adopts the NAIC Suitability Model for the sale of variable annuities for all consumers.

North Carolina SB 736 Companion: HB 731adopts the NAIC Suitability Model for the sale of variable annuities for all consumers.

Viatical Settlements

Oregon SB 663 creates a task force to study issues related to making and enforcing viatical settlement contracts, identify extent of criminal activity related to viatical settlement contracts and assess effects on insurance consumers.

Financial Literacy

Hawaii SR 40 Companion: SCR66requests the department of education to evaluate and study the possibility of implementing a financial literacy curriculum in public middle and high schools.

Hawaii SCR 71establishes a legislative interim task force to study and make recommendations for the creation of universal children's savings accounts.

Iowa SB 468directs the board of education to develop a model core curriculum that address the skills and knowledge students need to be successful, as well as the curricular needs of students in kindergarten through grade 12.

Iowa HB 804directs the state board of education to adopt rules that establish a model core curriculum and core content standards.

Maine LD 1334/Companion: HP 943 establishes a task force to study strategies to promote financial literacy.

Insurance

North Carolina HB 738authorizes insurance companies to use modern systems for holding and transferring securities without physical delivery of securities certificates, subject to appropriate rules of the Insurance Commissioner.

Advanced Penalties for Crimes Against Seniors

Oregon SB 840requires financial institutions and employee or agent of financial institutions to report suspected abuse of elderly person.

Texas SB 1842 2007adds a section to the insurance code to protect consumers and to regulate the activities of insurers and agents concerning the replacement of existing life insurance policies and variable annuity contracts.

Investment Advisers/Financial Planners

Texas HB 3282requires municipalities to select a financial advisor to provide advise concerning the delivery, and execution credit agreements.

Texas HB 3612requires municipalities to select a financial advisor to provide advise concerning the delivery, and execution credit agreements and municipal securities.

Texas HB 3610 requires governmental officers and governmental financial planners to complete an ethics training course.

Texas HB 3616amends the definition of professional services in the government code section to require financial advisors have a fiduciary responsibility when providing advise concerning credit agreements and municipal securities to governmental entities.

Miscellaneous Financial Services Bills

Texas HB 3900 Companion: SB 1900 amends the education code to exempt the registration of securities for the sale of prepaid tuition contracts.

Information Privacy

Maine LD 1428 2007 Companion: HP 1002

Massachusetts SB 1988

New York SB 3504

Pennsylvania SB 389

Pennsylvania SB 390

Texas HB 3222 2007

Identity Theft

Hawaii HCR 247 Companion: HR198

Pennsylvania SB 409

Oregon SB 953

Security Freeze

The following bills allow a consumer to place a security freeze on their credit report:

Missouri HB 1119 2007

Ohio SB 109

Texas HB 3959 Companion: SB 222