Transcript Highlights:

• For certain auto loan interest.
• Auto loan interest, really small.
• Or is it, you know, going to be a loan from the bank, I guess?
• So we include the status of all of the different loan authorizations.
• loan program.

Summary: The Budget Section Leadership Division met with a quorum and approved the March 18 minutes before hearing a series of informational updates. The Petroleum Council reported that North Dakota oil production is expected to remain relatively flat at just under 1.2 million barrels per day, with activity shifting northward in the Bakken as technology improves and three- and four-mile laterals boost well performance. The presentation also discussed oil and gas prices, gas taxation, flaring concerns, the importance of pipelines and other linear infrastructure, and enhanced oil recovery pilot projects supported by state and federal funding. Members asked questions about gas production taxes, natural gas liquids, and the outlook for drilling rigs and future production. The Office of State Tax Commissioner then reviewed the federal “big beautiful bill” and its estimated effect on North Dakota individual and business income tax collections. Staff explained that most of the individual income tax impact comes from the permanent increase in the standard deduction, while temporary provisions such as senior deductions, tip and overtime exclusions, and auto loan interest deductions have smaller or limited-term effects. They also noted that business tax changes, especially depreciation and expensing provisions, create a larger near-term cash impact, and that some FY25 collections likely reflected one-time oil field transactions that may have inflated the baseline used in earlier estimates. OMB provided updates on major capital projects and facility funding. For Capitol grounds improvements, officials described plans for 18th-floor renovations, wayfinding upgrades, public seating, lighting, tree management, and possible restroom and lobby reconfiguration, while also noting the governor’s residence security project and the discovery of human remains on the Capitol grounds. OMB and its consultants also reported on the state facility maintenance fund, including window replacement, boiler work, roof and foundation repairs, and a new facility conditions assessment covering more state buildings. Updates were also given on the new state hospital in Jamestown, the Minot state office building, and the use of federal state fiscal recovery funds, including possible future reallocations to the Department of Corrections. Finally, Legislative Council staff summarized the interim compliance report on legislative intent and trust fund activity, highlighting the status of lines of credit, Bank of North Dakota profit transfers, the statewide litigation pool, the new Office of Guardianship and Conservatorship, corrections planning, HHS program updates, and a likely future general fund request for the unemployment insurance modernization project. No formal votes were taken beyond approval of the minutes; the meeting was primarily informational, with members asking clarifying questions throughout.

Transcript Highlights:

• What we got was $143 million and then a $143 million loan that has to be repaid.
• I also urge you to backfill a 3% state loan provided to the CSU from the 2025-26 budget. Thank you.
• Like my colleagues have stated already, I also urge you to backfill the 3% loan from last year.
• I also urge you to backfill a 3% state loan provided to the CSU from the 2025-26 budget. Thank you.
• Like my colleagues have stated already, I also urge you to backfill the 3% loan from last year.

Transcript Highlights:

• Department of Energy's Loan Programs Office, a $3 million SGC grant to a developer could leverage $70
• Department of Energy's loan programs office, a $3 million SGC grant to a developer could leverage $70
• And then we can stay in the project in a subordinate position behind a Chase or other loan so that we
• This fund's fully allocated now with two loans closed and two near closing and will support over four
• And then we can stay in the project in a subordinate position behind a chase or other loan so that we

Transcript Highlights:

• Department of Energy's Loan Programs Office, a $3 million SGC grant to a developer could leverage $70
• Department of Energy's loan programs office, a $3 million SGC grant to a developer could leverage $70
• Department of Energy’s Loan Programs Office, a $3 million SGC grant to a developer could leverage $70
• It provides early-stage predevelopment through construction loans to incentivize developers to adopt
• And then we can stay in the project in a subordinate position behind a Chase or other loan so that we

Summary: The committee held its second hearing on housing construction innovation, focusing on factory-built and modular housing as a way to lower costs, speed delivery, and expand housing supply. The chair framed the effort as a search for practical innovation paired with land use, financing, and regulatory changes that could make housing more affordable for working families. Government witnesses from HCD, the Strategic Growth Council, and the tax credit and bond allocation agencies explained how factory-built housing is regulated, how California standards and third-party approvals work, and how state programs are trying to build regional demand and financing pipelines for modular production. Testimony from investors and developers emphasized both the promise and the risks of modular construction. JP Morgan Chase and the Housing Accelerator Fund described projects that achieved meaningful time and cost savings, but said lenders still see elevated risk because of manufacturer solvency, upfront deposits, transportation and installation issues, and the need for standardized designs and experienced teams. They urged more standardization, more local factories, better alignment between financing timelines and construction schedules, and state support such as backstops, top-loss capital, and scoring preferences in tax credit and bond programs. Several speakers noted that recent federal changes to the 4% tax credit program increased production capacity, but warned that without continued state investment the pipeline could face a future funding cliff. The workforce panel, including union contractors, factory supervisors, and labor representatives, said modular construction can support good jobs if it is paired with union labor, training, and fair standards. They described benefits for workers such as steadier schedules, less commuting, improved safety, and better work-life balance, while also stressing the need for wages, health coverage, retirement benefits, and apprenticeship opportunities. Union representatives supported a model that keeps both factory and on-site work unionized and said the industry could create more jobs overall if California builds more factories and develops a stable, long-term demand pipeline. No formal votes or actions were taken during the hearing.

Transcript Highlights:

• Our LRAP is not tied to federal loan forgiveness.
• And then second question is on the public service loan forgiveness program.
• We have a very vibrant Loan repayment assistance program.
• More immediate state student loan reimbursement, coupled with the 10-year federal Public Service Loan
• And the only way I could have done that was with loan repayment assistance.

Summary: The work session began with a discussion of expanding opportunities in the legal profession, especially in response to shortages of lawyers in rural Washington and in public service roles. Washington State Bar Executive Director Tara Nevitt described a slowly growing but aging attorney population, noted that younger attorneys have declined, and outlined efforts such as supervised practice pathways to bar admission, reduced admission-by-motion experience requirements, expanded law clerk capacity, rural job fairs and grants, and a pilot program allowing innovative legal service delivery models. Members asked about bar passage score changes, loan repayment assistance, and the former Limited License Legal Technician program; Nevitt said the bar is monitoring other states and remains in dialogue with the court about paraprofessional licensing. Law school representatives from UW, Seattle University, and Gonzaga emphasized public service pipelines, financial barriers, and rural legal deserts, citing LRAPs, scholarships, stipends, clinics, and hybrid or regional programs designed to recruit and retain students in Washington. Seattle U highlighted its FlexJD and hybrid hub partnerships in underserved areas, while Gonzaga and UW reported substantial shares of graduates entering public service, though most still cluster in urban regions. The committee also heard from the Washington Association of Prosecuting Attorneys and the Office of Public Defense, both of which described severe recruitment and retention problems in rural counties, with vacancies, low applicant pools, and the need for higher salaries, housing help, internships, and loan support. The Office of Public Defense said its internship and fellowship program, created by SB 5780, has already placed interns in rural counties and produced some commitments to return after graduation. The Washington State Bar’s law clerk program was also presented as a pathway that helps people train locally and remain in their communities, including by supporting succession for aging solo practitioners. The committee then shifted to family law and guardianship issues. On Title 26 guardian ad litem practice, presenters from Northwest Justice Project and private family law practice said GALs can play an important role but that training, oversight, and consistency remain major concerns, especially in domestic violence cases. They described problems such as inadequate training, bias, inconsistent recommendations, high fees, and lack of accountability, and suggested stronger, standardized training, more use of mental health professionals for custody evaluations, and better oversight mechanisms. Members asked about county practices, including rotation systems for GAL appointments and whether King County’s family court assessors provide a useful model. The discussion then moved to minor guardianships under the Uniform Guardianship Act. A Superior Court judge said the 2021 changes increased the need for court visitors and appointed counsel, but courts are struggling to find qualified attorneys and visitors, especially in rural areas. A former commissioner said most of the bill under discussion was technical cleanup to align prior amendments, though it would add some fiscal burdens. Administrative Office of the Courts staff reported that the statewide reimbursement program for UGA implementation has repeatedly run out of money earlier each year, with minor guardianship costs making up most of the expense. The Office of Public Guardianship then described rapid growth in demand for adult guardianship and less restrictive alternatives, noting that referrals and caseloads have risen sharply, but that the office is constrained by a shortage of certified professional guardians and low compensation levels. Finally, the committee began an update on Blake implementation from the Office of Civil Legal Aid, which funds civil legal services related to the decision, before the transcript cut off.

Transcript Highlights:

• And Black businesses receive smaller loans when they do get financing.
• able to repay the loan in time.
• And they pull that payment for that loan right out of those businesses' receivables.
• And they pull that payment for that loan right out of that businesses' receivables.
• having their receivables get caught up in this loan that they’ve taken out.

Committee: Joint Joint Committee on Community Development and Small Businesses

Summary: The Joint Committee on Community Development and Small Business held an informational hearing focused on the conditions facing small and micro businesses in Massachusetts and the state programs intended to support them. Chairs Andy Vargas and Adam Gomez opened by emphasizing equitable economic development, the importance of CDFIs, and the need to help underserved entrepreneurs, especially women, minorities, veterans, immigrants, and other groups facing barriers. Committee members noted the hearing would not take up bills, and testimony was limited to 10 minutes per organization. State and quasi-public agency witnesses described current programs and funding. Dico Gibral of the Executive Office of Economic Development highlighted the Business Front Door, multilingual access, small business office hours in Gateway Cities, and funding in the Mass Leads Act, including support for CDFIs, small business technology, and capital grants. Tom Hooper of Commonwealth Corporation described workforce training programs such as the Workforce Training Fund, Workforce Competitiveness Trust Fund, and Career Technical Initiative, saying they help small businesses train workers, fill labor shortages, and support returning citizens and people with disabilities. Committee members asked about federal funding uncertainty, workforce migration, training schedules, and program uptake. Business and advocacy groups focused on cost pressures and regulatory burdens. The Massachusetts Restaurant Association urged continuation of outdoor dining and takeout alcohol sales, and pressed for relief from high credit card swipe fees, support for surcharging, and streamlining municipal licensing. The Retailers Association of Massachusetts cited survey results showing inflation, utility costs, payroll taxes, health insurance, and interchange fees as major concerns, and said many members might sell or close within five years; it also backed ending the state prohibition on surcharging and creating an Office of Main Streets Massachusetts. MACDC, BECKMA, and the Coalition for an Equitable Economy emphasized the need for more technical assistance, CDFI and small business funding, and protections against rising costs, tariffs, supply chain disruptions, and immigration enforcement impacts on immigrant-heavy business districts. No votes were taken.

Transcript Highlights:

• As you've heard, the Bureau has already received a special fund loan that addresses its costs through
• The only other option was looking at a higher-fee solution that would support repayment of that loan
• The second item is the UI loan interest.
• Those apply to the School Employees Fund, a small adjustment for the UI loan, a larger adjustment, but
• This loan would be repaid once the November allocation is received, creating a clean solution.

Summary: The Assembly Budget Subcommittee 5 on State Administration held a May Revise hearing focused on state administration proposals, with the chair noting no actions would be taken and all items would remain open. The committee heard presentations on a range of budget proposals, including technical adjustments for the Governor’s Office of Service and Community Engagement and the California Workforce Development Board, security and election-related funding for the Secretary of State, modernization and loan-backfill requests for the Department of Consumer Affairs, and multiple Employment Development Department updates covering EDD Next, UI and DI/PFL benefit estimates, workforce funding, and an EMT training reappropriation. Several items drew discussion from the LAO and committee members. The LAO generally supported technical or modernization items such as PERB’s implementation requests, GoServe’s College Corps adjustment, the Secretary of State’s security and HAVA grant items, and the Board of Pharmacy modernization proposal, but raised concerns about the Bureau for Private Postsecondary Education’s proposed $10 million General Fund backfill and interest-free loan language. For EDD, the LAO flagged the size of the DI/PFL benefit adjustment and the unusual structure of the document management system proposal within EDD Next, while EDD said the changes reflected higher participation and benefit levels after SB 951 and ongoing modernization needs. The Department of Industrial Relations drew the most extensive questioning. It proposed funding for legal unit reclassifications, EAMS and Cal/OSHA data modernization, a new Cal/OSHA emerging technologies unit, a COYA reappropriation, and trailer bill changes requiring electronic payment of employer assessments and adjusting the Workers’ Compensation Appeals Board timeline. Members pressed DIR on high vacancy rates, long wage theft and workers’ compensation backlogs, low collection rates for fines, and the need for clearer workload and outcome measures. DIR said the requests were intended to improve efficiency, support audits and corrective action plans, and better address emerging workplace risks, while the LAO said the workload drivers behind delays remain unclear. The hearing also included support for CalHR’s employee assistance program consolidation and CDT’s proposal to expand “Poppy,” a statewide generative AI assistant for state employees.

Transcript Highlights:

• This is access to student loans.
• </c> not rely on um again the student loan not rely on um again the student loan program<00:30:00.559
• </c> about 42 to 43 million federal loan about 42 to 43 million federal loan borrowers<00:33:52.240><
• </c> be successfully repaying their loans. be successfully repaying their loans.
• That committee is looking at loan limits and loan repayment provisions. As I mentioned, they met.

Summary: The committee met with a quorum, approved the previous meeting minutes, and heard a presentation from Austin Reid of the National Conference of State Legislatures on education-related provisions in the federal One Big Beautiful Bill Act (H.R. 1). Reid said the law is projected to increase the federal deficit over 10 years, with major savings coming from Medicaid, student loan changes, and SNAP. He focused on how those changes could affect schools, including possible effects on free and reduced-price meal certification, state funding formulas that use SNAP as a proxy for low-income status, and Medicaid-funded school services for students with disabilities. Reid also outlined the new federal scholarship tax credit, which gives a dollar-for-dollar credit for donations to qualifying scholarship-granting organizations. He said families up to 300% of area median income may benefit, the program begins in 2027, and states must opt in and designate eligible organizations. He noted unresolved questions about whether states can add their own criteria and said Treasury regulations will be important. He also described the expansion of 529 plans to cover more K-12 and postsecondary expenses. On higher education, Reid explained a new workforce Pell grant option for short-term programs, with states and governors playing a role in determining eligible programs. He said the programs must meet placement, completion, and earnings measures and that implementation is expected to be tight before the July 1, 2026 effective date. He also reviewed student loan changes, including lower institutional loan limits, prorated borrowing for part-time enrollment, new caps on graduate and Parent PLUS loans, and a new earnings-based accountability standard that could make some programs ineligible for student loans if graduates earn too little. No votes were taken beyond approval of the minutes.

Transcript Highlights:

• So the first one is the dental student loan repayment.
• So the first one is the dental student loan repayment.
• the North Dakota federal loan repayment at the same time. ...state dental student loan repayment and
• the North Dakota federal loan repayment at the same time.
• Well, and there's such a difference in the amount of student loans.

Summary: The committee first approved the previous meeting minutes and then heard a detailed annual report from Dr. Thomas Arnold, chair of the Maternal Mortality Review Committee, on maternal mortality trends and policy issues. He explained the committee’s review process, confidentiality protections, and national and North Dakota data showing that most maternal deaths are preventable and that mental health conditions, substance use, cardiovascular issues, infection, hemorrhage, and embolism are the leading causes. Members asked about suicide, domestic violence, midwife training, home births, and whether pregnancy testing at death scenes should be expanded; Dr. Arnold said better coroner education, more investigation of unexplained deaths, and possible post-mortem pregnancy testing could improve case identification, especially in rural areas. He also noted that deaths often occur well after 42 days postpartum and that mental health-related deaths remain a major concern. The committee then heard from State Fire Marshal Dr. Matthew Clark on cigarette reduced-ignition-propensity standards and related fire prevention issues. He recommended updating the state’s cigarette propensity law to current national standards and also raised a separate recommendation to require fast-breakaway oxygen tubing for home oxygen users, citing fatal fires linked to smoking around oxygen. Members asked about implementation, cost, insurance coverage, and whether the standards apply in tribal communities; Dr. Clark said he would provide follow-up information and was willing to help with any legislation, but no agency bill had yet been planned. Next, Christine Greff of the Department of Health and Human Services reported on the North Dakota Stroke System of Care. She described the statewide network of stroke-ready hospitals, registry-based quality improvement, and performance data showing continued improvement in stroke recognition, imaging, thrombolytic treatment, transfers, and EMS pre-notification. She highlighted new quality measures for inter-facility transfers and intracerebral hemorrhage care, and said the system remains strong but depends on continued legislative and hospital support. Committee members asked about participation by the VA hospital and were encouraged to consider outreach to include it more fully in the stroke system. Finally, the committee began a presentation on prior authorization and non-opioid pain treatment from Taha Khan of Vertex Pharmaceuticals. He argued that prior authorization can delay access to non-opioid acute pain medications, especially in the 24- to 72-hour post-discharge window when pain is most severe, and said delays can push patients toward opioids. He emphasized that prior authorization has a role in utilization management but should not create barriers in acute pain care, and he noted that current use of the company’s non-opioid product remains very low. The discussion was still underway when the transcript ended.

Transcript Highlights:

• applicable to certain agreements provided by the rebate of municipal sales and use taxes, grants, or loans
• applicable to certain agreements provided by the rebate of municipal sales and use taxes, grants, or loans
• HB 1598 by Curry, relating to the establishment I was in an electronic health record loan program for
• HB 5211 by Gain Early, relating to student loan repayment assistance for certain attorneys providing
• HB 5211 by Gain Early, relating to student loan repayment assistance for certain attorneys providing

Transcript Highlights:

• , and those loans would be paid back in like 2033 or 2038, I forget which.
• , and those loans would be paid back in like 2033 or 2038, I forget which.
• And so I think this provision clarifies that you would repay that when those loans are repaid.
• loans and those loans going to be making loans and those loans would<01:15:36.800><c> be</c><01:15:37.000
• And so I think this provision clarifies that you would repay that when those loans are repaid.

Committee: Senate Taxes

Transcript Highlights:

• members, Senate Bill 845 relates to the eligibility of social workers for the Homes for Texas Heroes Loan
• This program provides down payment assistance as a grant or as a forgivable second lien loan to eligible
• Therefore, they would need to meet the qualifications for a mortgage loan.
• A standalone loan election to sell or repurpose this parkland is costly to our citizens.
• Well, like we noted, stock values of insurance companies and savings and loan associations.

Bills: SB250 , SB375 , SB536 , SB845 , SB1633 , SB1944 , SB1957 , SB2081 , SB2137 , SB2262 , SB2299 , SB2419 , SB2452 , SB2522 , SB2549 , SB2594 , SB2605 , SB2631 , SB2639 , SB2675 , SB3029 , SJR60 , HB22 , HB1392 , HB2525 , HB22

Committee: Senate Local Government

Transcript Highlights:

• Those are loans going out, and I know the commissioner is very proud of the beginning farmer loan.
• But those are loans going out.
• These are participation loans.
• </c><00:33:15.039><c> that</c> or no more than half of the loan that or no more than half of the loan
• For instance, if we get $3 loans.

Summary: The Budget Review Subcommittee on General Government, Finance, Personnel, and Public Retirement heard presentations from the Secretary of State, the Attorney General’s Office, and the Department of Agriculture. Secretary of State Michael Adams said his office had no major new budget or authority requests, but he updated members on voter-roll maintenance, ongoing litigation over a law preventing voting in multiple states, the Safe at Home program for domestic violence survivors, human trafficking outreach, reduced spending, and new anti-fraud measures for business registrations and electronic service of process. Members then discussed Adams’ remarks, especially his criticism of Kentuckians for the Commonwealth. One senator objected that the organization should not be shut out of the legislative process, citing First Amendment concerns. Adams responded that he was not seeking to ban anyone from speaking, but wanted lawmakers to remember the harm he believes the group’s litigation does to election integrity and bipartisan reform. Representative Jackson praised Adams and his staff for their work. Deputy Attorney General Rob Duncan outlined the office’s work, including criminal prosecutions, civil litigation, body armor grants, administrative hearings, domestic violence and violent crime initiatives, election security, child support services, and the new Office of Data Privacy. He said the child support program transition from CHFS had created budget shortfalls and that the office would seek additional funding next session. In response to questions from Representative Lockett, Duncan said he did not yet have exact cost figures but expected funding needs and noted barriers related to personnel, budgeting, and integration. The committee also heard from Agriculture Commissioner Jonathan Shell, who highlighted the Kentucky Office of Agricultural Policy’s 25th anniversary, the new Office of Economic Development, and the role of Miss Kentucky in promoting agriculture. He said the department would seek recruitment and retention funding, possible staffing for EV station inspections, and continued support to make the agriculture economic development fund permanent.

Transcript Highlights:

• That includes low-interest-rate loans available to all projects in the fundable range of the IUPs and
• Repayments revolve back to pay PFA revenue bond debt service and to make new loans.
• </c> programming um for the revolving loan programming um for the revolving loan funds<00:46:45.599><
• This includes $5.22 billion as low-interest-rate loans and $1.21 billion in grants.
• This includes $5.22 billion as low-interest-rate loans and $1.21 billion in grants.

Committee: House Capital Investment

Transcript Highlights:

• In 2024, it helped fund $1.2 million of business loans in underserved communities.
• CDFIs issued loans to 36 businesses totaling $1.2 million in 2024.
• Half of the loan amounts were below $2,500.
• that receive loans likely support 140 jobs and $670,000 in tax revenue.
• that receive loans likely support 140 jobs and $670,000 in tax revenue.

Committee: Joint Citizen Commission for Performance Measurement of Tax Preferences

Transcript Highlights:

• This is a payday loan for BART. SB 117 is simple.
• The question that we must ask is how does BART pay back the loan?
• Today, we are offering a loan on top of an already existing subsidy.
• That again is a payday loan.
• Even that won't be enough to cover the loan.

Transcript Highlights:

• Established in 1996, the charter school revolving loan fund provided low interest loans up to $250,000
• The loan program does not encourage or discourage charter schools.
• The loan program does engage and whether a charter school should exist. Excuse me, does not.
• from the Charter School Revolving Loan Fund.
• What amount of disbursement was there through the loan fund in the last two years?

Committee: House Education

Transcript Highlights:

• and support the new information technology solution, HCD Connect, for monitoring and management of loan
• tell us how the public can access that program on student loans?
• As I know, most of us have constituents that are really struggling with student loans, and any type of
• Student loans and any type of support could mean a lot to them.
• Thank you so much. student loans and any type of support could mean a lot to them.

Summary: The Assembly Budget Subcommittee No. 5 on State Administration heard a series of budget change proposals and trailer bill items, beginning with Housing and Community Development (HCD) requests. HCD sought permanent authority for seven existing temporary positions to support the HCD Connect IT system, and a separate proposal to fund implementation of eight 2025 housing-related laws with $4.2 million General Fund and 16 positions, plus $470,000 one-time General Fund. Members asked about how HCD Connect would interact with programs moving to the new Housing Development Finance Committee, and HCD also explained that the estimated cost to implement AB 1053 had been revised downward from about $6 million to $1.9 million because of shared implementation with CalHFA and the new committee structure. The committee also heard a Cal ICH proposal for $339,000 one-time General Fund to implement AB 678 on LGBTQ+ inclusive and culturally competent homelessness services, with testimony emphasizing data gaps and the need for a contract-based approach because HMIS cannot be changed unilaterally. The Department of Financial Protection and Innovation presented three continuation proposals: $15.34 million and 53 positions for the California Consumer Financial Protection Law program, $13.5 million and 51 positions for the Debt Collector Licensing Act program, and $49,000 ongoing for two positions in the broker-dealer/investment adviser education program. Members and the public raised concerns about the size and fairness of debt collector assessments and licensing fees, while DFPI explained the pro rata fee structure, the current license count, and how larger assessments fall on larger firms. Public testimony also supported retaining funding for the Student Loan Empowerment Network and requested funding for a franchise broker registration program. The committee also considered a mandate item involving suspension of a disclosure requirement related to property taxation, and trailer bill language from the Government Operations Agency to amend AB 91 on MENA demographic data collection, with the administration emphasizing data nondisclosure, protection of federal funding, and delayed implementation. The Secretary of State’s office then presented Help America Vote Act funding requests: $10.3 million for VoteCal maintenance and operations and $4.492 million for HAVA spending plans supporting voter education, training, accessibility, auditing, and county assistance. The office also requested $660,000 General Fund to implement AB 1392, which would make voter registration information for elected officials and candidates confidential, and explained the need to modify VoteCal and county election systems. The committee also heard requests to continue the Cal-Access Replacement System with $11.8 million General Fund and to continue the Notary Automation Program Replacement Project with $9.75 million from the Business Fees Fund. Members asked about total project costs, testing, data migration, and the expected November 2026 go-live date for Cal-Access replacement. Votes were taken on the vote-only items once quorum was established, and the committee approved the items considered. The final informational item was an overview from the California Arts Council, which highlighted the agency’s 50th anniversary, its statewide grantmaking, and the economic impact of arts funding. Council staff described Creative Corps, cultural districts, and the role of arts funding in local economies, while members and public witnesses urged increased support, including a request to raise local assistance grant funding to $50 million and to provide additional funding for cultural districts. Testimony emphasized the arts as economic infrastructure, community infrastructure, and a source of civic and cultural vitality across California.

Transcript Highlights:

• But over the past two decades, we have seen incredible growth in large commercial loan financing that
• firms, investment funds and business development companies have originated more than $1 trillion of loans
• represent LSTA, the leading financial trade association representing the interests of the U.S. corporate loan
• led to very significant delays, up to as much as 18 months, and as a direct result, in many cases, loans
• readily in California's commercial lending markets, SB 972 would substantially increase the amount of loan

Committee: Senate Banking and Financial Institutions

Summary: The Senate Committee on Banking and Financial Institutions met on SB 972 and a consent calendar item, initially without a quorum. SB 972 was presented by Senator Grayson as a bill to modernize the California Financing Law for non-bank lenders by creating a streamlined umbrella licensing process for SEC-registered investment advisers and their advised lending vehicles. The sponsor, LSTA, testified in support, saying the current process creates duplicative licensing, long delays, and reduced access to capital for California companies, while the bill would preserve DFPI oversight and increase fee revenue. No one testified in opposition. After quorum was established, the committee voted 4-0 to move SB 972 forward, with the motion later recorded as a due pass to the Senate Judiciary Committee. The committee also took up the consent calendar, which was adopted after additional members arrived, with a final recorded vote of 6-0. The committee then adjourned.

Transcript Highlights:

• But over the past two decades, we have seen incredible growth in large commercial loan financing that
• firms, investment funds and business development companies have originated more than $1 trillion of loans
• represent LSTA, the leading financial trade association representing the interests of the U.S. corporate loan
• led to very significant delays, up to as much as 18 months, and as a direct result, in many cases, loans
• readily in California's commercial lending markets, SB 972 would substantially increase the amount of loan

Committee: Senate Banking and Financial Institutions