Transcript Highlights:

• These payments often...
• My other question was the just-in-time payment.
• Could you educate me on what a just-in-time payment is?
• My other question was the just-in-time payment.
• Could you educate me on what a just-in-time payment is?

Bills: S0386 , S0528 , S0806 , S0696 , S0930 , S0874 , S0898 , S0826 , S0838

Committee: Senate Commerce and Tourism

Summary: The Commerce and Tourism Committee met with a quorum and considered several bills, most of them receiving favorable reports. SB 386, relating to farm equipment repair rights, was briefly explained by the sponsor as a lemon-law style measure for farm equipment; it passed without questions or debate. SB 528, aimed at strengthening Florida’s manufacturing sector by expanding Department of Commerce responsibilities, codifying the chief manufacturing officer role, creating a workforce development grant program, and requiring reporting, drew support from several appearance forms and was reported favorably. SB 806, a broader right-to-repair bill covering portable wireless devices and agricultural equipment, drew the most discussion: dealership and industry representatives opposed it, arguing existing manufacturer agreements already provide access to repair information and that the bill could force manufacturers into competition with dealers, while supporters framed it as pro-consumer and pro-repair access; it was still reported favorably. SB 696 on trademark registration modernization and SB 930 creating a Florida Retirement Savings Task Force were both explained as administrative/policy measures and passed without opposition. SB 874, which creates a professional licensure reciprocity path for out-of-state surveyors and mappers to address workforce shortages, also passed favorably. The committee then took up SB 826 on gift certificates, which the sponsor said is intended to target bank-branded “reward cards” that function like gift cards but expire, while not affecting loyalty programs. The Florida Restaurant and Lodging Association expressed concern about unintended consequences and asked to work on tighter definitions, but the bill was reported favorably after the sponsor said clarifying language would be added later. The committee also heard SB 838, as amended, on electronic payments for retail installment contracts; the sponsor said it would clarify that reasonable convenience fees for optional electronic payments are permissible, require disclosure, and preserve a fee-free option. Members raised concerns about what counts as a “reasonable” fee and whether the bill could authorize junk fees, but the committee substitute was reported favorably. Several votes were taken by roll call, with the bills above reported favorably and SB 898 temporarily postponed at the sponsor’s request. Members later asked to be recorded as voting affirmatively on bills they had missed. The meeting concluded after the final vote on SB 838 and a motion to adjourn.

Transcript Highlights:

• </c> is the payment delay. is the payment delay.
• payments and seek recovery.
• payments and seek recovery.
• payments and seek recovery.
• </c> payment withhold to request an appeal. payment withhold to request an appeal.

Committee: Senate Finance

Transcript Highlights:

• What this means is the payment schedule is built assuming that UAL payments in the future will grow by
• What this means is the payment schedule is built assuming that UAL payments in the future will grow by
• So in the near term, the payments are smaller and they are expected to grow.
• I will note that... ...the full dollars on the unfunded payment.
• That's how the payments are being calculated.

Committee: House Joint Committee on Public Employee Retirement

Summary: The Joint Committee on Public Employee Retirement held an informational hearing on the Missouri State Employees’ Retirement System (MOSERS) to review its long-term financial condition, funding status, investment performance, experience study results, and possible legislation. MOSERS staff explained that the plan is a statutorily created defined benefit system covering state employees, several colleges and quasi-governmental entities, with an 11-member board and outside actuarial and investment consultants. They reported the June 30, 2025 valuation showed a funded ratio of 55.4%, assets of about $9.6 billion, liabilities of about $17.4 billion, and a FY27 actuarial employer rate of 27.44%, which the board raised to a 32% minimum contribution rate under a policy adopted in 2023. MOSERS attributed the funding decline over time to several factors: reductions in the assumed investment return from 8.5% to 6.95%, mortality assumption updates, a move from open to closed amortization, and especially weak payroll growth and a shrinking active workforce. Staff said the minimum contribution policy is intended to accelerate UAL paydown and could bring the plan to 80% funded by 2037 rather than 2041, assuming all assumptions are met. The committee also discussed the recent experience study, which kept the investment return assumption at 6.95% and made only modest assumption changes, and a proposed 2026 bill package (SB 1557 and SB 1054) that would automatically refund small balances under $1,000 to terminated non-vested members and add auto-escalation to the deferred compensation plan. A substantial portion of the hearing focused on investment strategy and why MOSERS has lagged some peers. The investment consultant said historical underperformance was driven mainly by asset allocation choices that emphasized a more risk-balanced, diversified portfolio with less public equity exposure than peers during a period when equities performed very strongly. He said the board adopted a more equity-oriented allocation in 2024 and is phasing it in over eight quarters, with recent short-term results improving and the portfolio outperforming its policy benchmark. Members also asked about the effect of inactive members, the rationale for the higher employer contribution, and whether the current board should be held responsible for past decisions; MOSERS officials emphasized that the current board is trying to correct course and that pension funding changes take time. The hearing also touched on ongoing litigation against a former private equity manager, Catalyst Capital, with MOSERS saying it has spent about $20 million in legal fees so far and that the case remains on appeal. The committee took no formal vote and adjourned after the informational presentation and questions.

Transcript Highlights:

• Payment stable coins issuance to just banks, issuing payment stable coins is inherently different than
• Second, payment stable coins are backed one-to-one in reserves.
• Colombia where payments don't exist and you don't have the ability to transact.
• for timely redemptions of outstanding payment stable coins. stable coins.
• infrastructure between banks are tailored to payment stablecoin issuers.

Bills: SB875

Committee: Senate Banking, Housing, and Urban Affairs Committee

Keywords: banking regulation, federal agencies, reputational risk, financial services, supervision, FIRM Act, bank supervision, depository institutions, federal banking agencies, FDIC, OCC, Federal Reserve, NCUA, CFPB, credit unions, Operation Choke Point, financial discrimination, safety and soundness, supervisory guidance, examination manual

Summary: This meeting focused on the markup of the Genius Act and the FIRM Act, two significant pieces of legislation addressing stablecoin regulation and the financial industry's regulatory framework. The Chairman noted the importance of providing clarity to the digital asset community and protecting American consumers, while also promoting innovation and competition within the financial sector. Members of both parties expressed varying viewpoints, with some highlighting concerns related to national security and the potential risks associated with stablecoins.

Transcript Highlights:

• </c> payment reform look like? payment reform look like?
• </c> through per member per month payments through per member per month payments made<00:34:26.679><c
• Requires per person per month payment payments to all primary care practices, not just medical homes,
• </c> Requires per person per month payment Requires per person per month payment payments<00:37:30.040
• to primary care practices to payments to primary care practices to include<00:38:03.400><c> payment<

Transcript Highlights:

• ,</c> Before making an advanced payment, Before making an advanced payment, agencies<00:05:22.720><c>
• </c> for advanced payments. for advanced payments. &gt;&gt; Very<00:10:35.519><c> well.
• Um, I am like advanced payments.
• </c> advanced payment option. advanced payment option.
• And they said, "Well, it's payment." payment." payment."

Committee: House Environment and Natural Resources Finance and Policy

Transcript Highlights:

• shall include payment Restitution shall include payment payable<01:13:51.840><c> to</c><01:13:52.000
• </c> those payments. those payments. any<01:52:11.920><c> allocation</c><01:52:12.480><c> of</c><01:52
• </c> whereby payment can be determined. whereby payment can be determined.
• </c><03:36:52.720><c> made</c> those relocation payments made those relocation payments made following
• I payments made at prescribed by law.

Summary: The meeting included a Senate recognition ceremony honoring the Winona High School boys basketball team for winning the 2026 Alabama High School Athletic Association 5A state championship. A resolution was read commending the team for its 101-40 victory over Silicag, noting the team’s record-setting performance, Brendan Davis’s MVP honor, the contributions of other players, and Coach Cedric Lane’s leadership. Senators and the lieutenant governor praised the players’ sportsmanship, the school community, and the team’s historic season, and copies of the resolution were presented to the team, coaches, and administrators. Several guests and school representatives also spoke briefly, including the coach and principal, who thanked the Senate and noted the team’s success and the principal’s retirement after 35 years. After the recognition, the Senate returned to session and adopted the Committee on Rules report setting the special order calendar. The calendar included Senate Bill 99 on the Ten Commandments, Senate Bill 298 on Class 3 municipalities, House Bill 381 on camp safety, Senate Bill 370 on tax increment districts, Senate Bill 363 on the Department of Economic and Community Affairs, House Bill 466 on firefighters, House Bill 95 on elections, House Bill 259 on stablecoin, and Senate Bill 342 on education. The chamber then took up SB 99, sponsored by Senators Kelly and Sessions. Senator Kelly described the bill as requiring local school boards to display the Ten Commandments, together with founding documents such as the Declaration of Independence, Constitution, Bill of Rights, and Alabama Constitution preamble, in certain history classrooms and common areas for grades five through 12, using donated displays and funds when available. He said the bill was intended as a historical and educational measure, not religious instruction, and emphasized the inclusion of a disclaimer stating Alabama is not establishing a religion. After extended debate and a petition to close debate from the Rules Committee, the Senate voted on the bill by long roll and passed SB 99, with the recorded vote announced as 30 yeas and 4 nays.

Transcript Highlights:

• c><00:12:47.120><c> that</c> we found 40 of 41 of the payments that we found 40 of 41 of the payments
• . payment. payment.
• We have no have overp payments.
• This is two payments to vendors.
• , they are not rushing payment.

Transcript Highlights:

• So these payments will continue...
• analysis that has to go into the calculation of the payments.
• Madam Chair, members, we draw the federal funds at the time we make the payment.
• We draw the federal funds at the time the payment is made. All right. Thank you.
• , and this is why the TIP payments aren’t being made.

Committees: Senate Health and Human Services , Senate Senate Health and Human Services COR

Transcript Highlights:

• The behested payments are payments made at the request on or behalf of an official for a legislative,
• report within 30 days of the payment being received.
• For payments of $5,000 or more, from a single source in a calendar year.
• payments.
• Who is directing these payments and who is benefiting from these payments, right?

Committee: House Elections

Transcript Highlights:

• , efficient payments for consumers and businesses.
• Today, the payments industry is not simply a financial service.
• These are high-quality jobs that spread across industries, not just in payments.
• Payments operate on a national and global network.
• The payments industry is a strong economic engine for Massachusetts. point of sale.

Summary: The commission met for its second hearing to study the future of credit card payments and sales transactions and their impacts on small businesses. Members heard extensive testimony from credit unions, retailers, restaurants, and payment-industry representatives on interchange fees, processing fees, fraud, chargebacks, rewards programs, and the ability of businesses to pass fees on to customers. Several witnesses argued that swipe fees have risen sharply, are especially burdensome for restaurants and other small businesses, and are charged on taxes and tips that are merely pass-through amounts. They urged state action to prohibit fees on tax and tip portions, improve transparency, and allow surcharging or convenience fees, while opponents warned that state regulation could reduce fraud protections, increase compliance costs, and threaten consumer rewards programs. Business owners and trade groups described thin margins, rising costs, and the difficulty of understanding merchant statements or negotiating with processors. Restaurant witnesses said card-not-present and online transactions create the greatest fraud and chargeback risk, with money often removed immediately from merchants’ accounts and disputes rarely resolved in their favor. Retail witnesses gave examples of rising effective rates, higher fees on rewards cards, and the burden of processing fees on low-value transactions. A representative from the Massachusetts Restaurant Association and others said restaurants are effectively paying fees on meals tax and gratuities, which they argued should not be subject to interchange charges. On the other side, the Cooperative Credit Union Association said interchange revenue helps credit unions fund fraud prevention, rapid card replacement, and member protections, and warned that state limits on interchange could weaken those safeguards and lead to higher consumer costs or reduced services. Airlines for America testified that airline credit card rewards are popular, support travel and jobs in Massachusetts, and could be harmed by interchange reform. The National Restaurant Association and a payments-policy attorney countered that interchange fees are set by card networks rather than competitive markets, that banks remain highly profitable even with rewards, and that states can act after recent court decisions. No votes were taken; the hearing consisted of testimony and questions from commissioners.

Transcript Highlights:

• And you see there, the mid-year payment totaling up, without the OAB payment that's now zero, is the
• $565 million total projected UAL payment.
• The next page is a projection of UAL payments.
• Now, that's just the UAL payment.
• Right, but now that's just the UAL payment.

Summary: The Public Retirement System Actuarial Committee met on Monday, June 22, with a quorum present and approved the prior meeting minutes. There was no public comment. The main item was an actuarial update from Ms. Johnson on LASERS, prompted by House Bill 312 of 2026, which appropriated about $145 million to LASERS and required the committee to revise the projected fiscal year 2027 employer contribution rate to reflect the funds received. Ms. Johnson explained that $87.6 million was applied to the original amortization base, paying it off, and the remaining $57.9 million was applied to the experience account amortization base. As a result, the projected aggregate employer contribution rate for fiscal year 2027 was reduced from 32.51% to 30.05%, a decrease of 2.46%, with the projected employer contribution amount revised to about $738.7 million. She also noted that the original amortization base balance would be zero by June 30, 2026, while the experience account amortization base would continue to be paid down over time. Committee members asked about the longer-term impact of the changes, including a question about projected savings in 2036. Ms. Johnson said the later-year savings would depend on future actuarial experience and investment performance, but the projected UAL payment in that year would be lower under the revised schedule. The committee then moved to adopt the revised projected fiscal year 2027 LASERS contribution rate of 30.05% by plan, the motion was seconded, and it passed without opposition. The meeting then adjourned.

Transcript Highlights:

• </c> directed payments facing out in 2028. directed payments facing out in 2028.
• Payments have started.
• payment you get.
• Uh, we did receive payment yesterday, and we're expecting another payment today.
• And these payments may fall payments.

Committee: House Health Finance and Policy

Transcript Highlights:

• However, if a borrower makes payments during a forbearance plan, the payments must be applied to the
• I do not want lump-sum payments.
• I'm going to ask them about lump-sum payments, but assuming they're not lump-sum payments, I mean, there
• Usually at that point, there is a balloon payment.
• clear that it doesn't allow balloon payments, then it would be illegal to do a balloon payment, correct

Committee: House Banking and Finance

Transcript Highlights:

• motor vehicle payments.
• The holder may not establish electronic payment as the expected form of payment and must inform the borrower
• motor vehicle payments.
• The holder may not establish electronic payment as the expected form of payment and must inform the borrower
• The holder may not establish electronic payment as the expected form of payment and must inform the borrower

Bills: HB111

Committee: Senate Business & Commerce

Summary: The committee heard a long series of House bills, with most measures laid out by Senate sponsors and then left pending after brief public testimony. Early bills focused on construction and licensing issues, including HB 305 on prompt payment for public construction audits, HB 5093 on restoring public access to notary contact information, HB 2037 on updating landlord-tenant repair and security deposit rules, HB 4214 on a centralized public information request contact database, and HB 5435 exempting higher education institutions from a 90-day notice requirement for certain public-private partnership projects. Testimony was generally supportive on these bills, and no votes were taken; each was left pending. The committee also considered several transparency and regulatory bills. HB 111 would expand the Public Information Act to certain nonprofit state associations and narrow some attorney-client and working-paper exceptions, with supporters arguing it would improve oversight of public funds and critics questioning the scope and thresholds. HB 5129 would protect occupational license holders’ personal identifying information from disclosure without consent, HB 4350 would allow peace officers to redact personal information from online real property records, HB 4748 would authorize multiple-award state purchasing contracts, and HB 4765 would clean up code enforcement officer licensing rules. HB 4134 would allow motor vehicle creditors to charge limited fees for electronic payment options while requiring a free alternative, and HB 1043 would direct a study of blockchain-based property title records; both drew testimony, with some concern about the practical effects and vendor implications of the blockchain study. Several bills addressed insurance, workforce, and digital-asset regulation. HB 3520 would reduce the insurance coverage required for transportation network companies during the period when a driver is en route to pick up a passenger, drawing support from Texans for Lawsuit Reform and opposition from trial lawyers who argued the higher coverage better protects the public. HB 3320 would create a self-insurance pool for religious institutions, with TDI explaining it would still be regulated but operate under a special statutory framework. HB 4233 would modernize rules for digital asset service providers by removing certain auditor-access requirements and updating reporting and licensing provisions. HB 3923 would reduce bachelor’s-degree requirements for some state jobs, though Every Texan argued low pay, not degree requirements, is the main driver of turnover. HB 4518 would create a legal structure for decentralized unincorporated nonprofit associations tied to blockchain governance; business law experts opposed it as unnecessary and potentially risky, while crypto advocates supported it. Finally, HB 1803 would join an interstate compact for dentists and dental hygienists, with supporters citing workforce shortages and opponents saying Texas already licenses quickly and that the compact could weaken state oversight. Throughout the hearing, the committee repeatedly closed testimony and left bills pending, and a quorum was eventually established before later items were heard.

Transcript Highlights:

• What this means is the payment schedule is built assuming that UAL payments in the future will grow by
• payments as you move further.
• What this means is the payment schedule is built, assuming that UAL payments in the future will grow
• payments as you move further. smaller payments in the near term and larger payments as you move further
• That's how the payments are being calculated.

Committee: House Joint Committee on Public Employee Retirement

Transcript Highlights:

• So it does not affect your mortgage payment.
• Then they have this balloon payment to pay. And still make their payments. I apologize. I'm sorry.
• They could keep their payment, keep their hope.
• Then they have this balloon payment to pay. And still make their payments. I apologize. I'm sorry.
• So any temporary payment would be in addition to it.

Committee: House House Government, Elections & Indian Affairs

Transcript Highlights:

• And non-claims can be like value-based payments, right?
• But there are value-based payments for HCBS, too. Is that question about value-based payments?
• Value-based payment is a very important... Value-based payment is a very nice term. Sounds great.
• And if those differences in payments go up substantially, then that hospital is receiving more payments
• That hospital is receiving more payments than, or higher payments than, a benchmark that is set for this

Summary: The Complex Care Committee meeting focused first on a new Diabetes Caucus launched at the Capitol. Rep. Johnson described the caucus as a forum to educate people about type 1 and type 2 diabetes, genetic risk, early testing, pregnancy-related diabetes, and ways Medicaid policy might improve prevention and lower long-term costs. Members agreed the caucus could intersect with care management, and Carolyn Grandell of CHNCT offered to share information about current diabetes-related care management services at a future meeting. The committee then heard a detailed presentation from Alex Rigger of the Office of Health Strategy, who is moving to the Office of Policy and Management. He reviewed Connecticut health care benchmark data, including total health care expenditures, medical spending, and market-by-market trends. He said 2023 to 2024 per-capita spending grew more than 8.5% statewide and 14% in Medicaid, with long-term care accounting for about 46% of Medicaid spending and retail pharmacy also identified as a major cost driver. Members asked about enrollment changes, dual-eligible populations, Medicare Savings Program members, 340B drug pricing, and value-based payment models. Rigger explained that his office tracks alternate payment models and quality benchmarks, but does not separately capture 340B data. Discussion then shifted to Medicare Advantage, dual eligibles, and hospital discharge planning. Members said they want better data on how many Medicaid members are in Medicare Advantage plans and whether those plans shift costs back to Medicaid or affect access to care, especially for complex-care patients. Staff noted DSS does have some Medicare Advantage indicators and that CMS is developing encounter-data rules for states. Kathy Holt and others raised concerns about denials, nursing home stays, and the need to compare Medicaid spending for dual eligibles in Medicare Advantage versus traditional Medicare. The meeting ended with plans for follow-up data sharing, including Alex Rigger’s slides, the diabetes caucus materials, and a future discussion with DSS and other agencies; no formal votes were taken.

Transcript Highlights:

• We are proposing to increase managed care directed payments and fee-for-service supplemental payments
• payments that I'm talking about.
• You shared some examples on increasing the payments and then the payment lag, but can you share a little
• That would be the same for the increases in payment? In terms of how are we increasing the payment?
• Yeah, how are you increasing the payment?

Summary: The subcommittee heard an overview of the Department of Health Care Services’ proposed budget, including a $229.1 billion total-funds budget and projected Medi-Cal enrollment decline as redeterminations continue. Members focused heavily on the fiscal and programmatic effects of prior budget solutions and federal changes, especially the elimination of General Fund-supported Prop. 56 dental supplemental payments beginning July 1, 2026, the hospice utilization-management change, and the impact of reduced caseloads alongside rising health care costs. DHCS said it is still completing required access and rate-reduction analyses for the dental cuts and has been engaging stakeholders, but could not yet quantify the real-world effect on utilization or provider participation. The committee also reviewed the November 2025 Medi-Cal local assistance estimate, which shows higher General Fund spending despite lower enrollment, driven by managed care rate growth, Medicare cost growth, state-only claiming, and federal policy changes. The hearing then turned to provider taxes and federal H.R. 1 constraints, with extensive discussion of the MCO tax, the hospital quality assurance fee, and other health care-related taxes. DHCS explained that H.R. 1 phases down allowable tax levels and tightens “generally redistributive” rules, making the current MCO tax structure and the proposed higher hospital fee levels difficult or impossible to renew as originally designed. Staff and the LAO described the tradeoff between preserving Medi-Cal funding and avoiding higher costs on private providers and consumers. Members asked about options for preserving revenue, including possible amendments to Prop. 35 or returning to voters, and were told the department is still evaluating approaches while federal guidance remains in flux. The committee also reviewed hospital payment increases already implemented through state-directed payments, with DHCS noting that H.R. 1 will force those payments down to Medicare levels over time. Several budget change proposals were discussed and left open, including requests tied to the managed care final rule, managed care operations, hospital value strategy, long-term care payment transparency, and interoperability requirements. The committee also heard about a one-year trailer bill extension for skilled nursing facility financing, including continuation of the SNF workforce standards program, the SNF quality assurance fee, and annual rate growth, while the department develops a longer-term financing redesign for 2027-28. Members expressed skepticism about repeated rate reform efforts and questioned whether a one-year extension of the eliminated workforce quality incentive program should be restored during the transition. Finally, Covered California presented its budget and enrollment update, reporting that the expiration of the federal enhanced premium tax credit is expected to reduce affordability significantly, with average premiums roughly doubling for many enrollees and as many as 400,000 Californians potentially losing marketplace coverage over time. The exchange said California’s $190 million subsidy program is helping lower-income enrollees, but not enough to offset the federal loss, and it is also implementing a new gender-affirming care benefit and awaiting federal action on benchmark plan changes.

Transcript Highlights:

• </c> payment has been made or not. payment has been made or not.
• </c> payment within 60 days of the invoice. payment within 60 days of the invoice.
• The GC would not provide the payment.
• But, unfortunately, the payment paid.
• </c> their rights to seek timely payment. their rights to seek timely payment.

Committee: Senate Labor