Video & Transcript : 'security interest' :

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TX

Texas 89th Regular

Senate Session May 29th, 2025

Texas Senate Floor Meeting

Transcript Highlights:
  • It says the Higher Education Coordinating Board has to assist this Research Security Council with administrative
Bills: SJR5 , SJR27 , SB4 , SB6 , SB7 , SB9 , SB13 , SB15 , SB23 , SB27 , SB30 , SB40 , SB57 , SB66 , SB140 , SB268 , SB293 , SB331 , SB413 , SB437 , SB447 , SB457 , SB467 , SB506 , SB510 , SB512 , SB568 , SB571 , SB650 , SB710 , SB763 , SB785 , SB800 , SB850 , SB863 , SB865 , SB904 , SB905 , SB973 , SB974 , SB1191 , SB1281 , SB1300 , SB1362 , SB1494 , SB1504 , SB1522 , SB1540 , SB1567 , SB1579 , SB1580 , SB1610 , SB1660 , SB1723 , SB1760 , SB1838 , SB1923 , SB1946 , SB1957 , SB1964 , SB2018 , SB2024 , SB2121 , SB2167 , SB2217 , SB2221 , SB2321 , SB2337 , SB2368 , SB2373 , SB2407 , SB2431 , SB2477 , SB2587 , SB2615 , SB2753 , SB2807 , SB2900 , SB2965 , SB2972 , SB2986 , SB3039 , SB3047 , SB3059 , SB3070 , SB1 , SB8 , SB12 , SB13 , SB15 , SB17 , SB21 , SB30 , SB37 , SB260 , SB268 , SB331 , SB379 , SB441 , SB447 , SB457 , SB509 , SB650 , SB763 , SB1198 , SB1405 , SB1506 , SB1566 , SB1610 , SB1637 , SB1660 , SB1833 , SB2018 , SB2024 , SB2155 , SB2217 , SB2308 , SB2337 , SB2601 , SB2753 , SB2778 , SB2878 , SB2900 , SB3059 , HB4 , HB145 , HB300 , HB493 , HB2011 , HB2067 , HB2516 , HB2525 , HB2885 , HB2974 , HB3071 , HB3372 , HB3595 , HB5138 , HB5246 , HB796 , HB1523 , HB5294 , HB748 , HB3395 , HB180 , HB3171 , HB4690 , HB146 , HB5596 , HB5694 , HB 1135 , HB3225 , HB186 , HB1449 , HB3793 , HB 112 , HB 104 , HB4233 , HB 1094 , HB3336 , HB3520 , HB3320 , HB5663 , HB2731 , HB2399 , HB 111 , HB3483 , HB4580 , HB3748 , HB632 , HB4730 , HB 127 , HB5690 , HB5689 , HB3385 , HB4359 , HB5381 , HB20 , HB 123 , HB549 , HB5606 , HB2594 , HB 1057 , HB3664 , HCR141 , HCR40 , HCR59 , SJR36 , SJR50 , SJR63 , SCR12 , SCR39 , SB2023 , SB62 , SB666 , SB847 , SB284 , SB854 , SB810 , SB1505 , SB583 , SB507 , SB1434 , SB1772 , SB2016 , SB1122 , SB731 , SB397 , SB508 , SB1436 , SB287 , SB1882 , SB393 , SB1791 , SB209 , SB2429 , SB1085 , SB1975 , SB2717 , SB1262 , SB636 , SB2056 , SB884 , SB1200 , SB1845 , SB2458 , SB801 , SB3014 , SB3013 , SB758 , SB2797 , SB2076 , SB2876 , SB1640 , SB1449 , SB1181 , SB1234 , SB2926 , SB2841 , SB1528 , SB1854 , SB317 , SB1250 , SB2082 , SB1237 , SB2819 , SB629 , SB2608 , SB1602 , SB2009 , SB867 , SB640 , SB1698 , SB2680 , SB913 , SB1071 , SB1086 , SB1087 , SB1483 , SB1444 , SB1553 , SB1556 , SB1703 , SB2133 , SB2297 , SB2298 , SB2622 , SB2955 , SB2334 , SB1367 , SB2044 , SB2363 , SB2565 , SB1888 , SB3036 , SB3057 , SB3043 , SB3063 , SB3035 , SB203 , SB2688 , SB2522 , SB2459 , SB2655 , SB2251 , SB1884 , SB2928 , SB2566 , SB2549 , SB2553 , SB2919 , SB1944 , SB1232 , SB1798 , SB2603 , SB2607 , SB2683 , SB1319 , SB3045 , SB3071 , HB20 , HB 127 , HB549 , HB 1094 , HB2594 , HB2731 , HB4233 , HB4690 , SR625 , HCR167 , SJR5 , SB4 , SB6 , SB9 , SB23 , SB40 , SB13 , SB15 , SB30 , SB268 , SB331 , SB447 , SB457 , SB568 , SB650 , SB763 , SB1540 , SB1610 , SB1660 , SB2018 , SB2024 , SB2217 , SB2337 , SB2753 , SB2900 , SB2972 , SB3059 , HB4 , HB145 , HB493 , HB2067 , HB2516 , HB2885 , HB2974 , HB3071 , HB3372 , HB3556 , HB3595 , HB5138
Summary: The meeting centered around the discussions of several key bills, notably HB4233, which aims to align Texas's money transmission licensing and auditing requirements with federal regulations. Senator Parker led the discussion, emphasizing the need for consumer protections around cryptocurrency kiosks that have become targets for fraud, particularly affecting vulnerable populations such as seniors. The meeting also saw lively debates on HB20, designed to reintegrate technical education into high schools, addressing skills shortages in the workforce. The bills were well received, with strong bipartisan support evident in the votes.
TX

Texas 89th Regular

89th Legislative Session Apr 23rd, 2025

Texas House Floor Meeting

Transcript Highlights:
  • And it allows the comptroller to credit the interest on the fund to go back to General Revenue, which
  • HB 2176 by Harlis relating to the composition and duties of the Court Security Committee. Mr.
  • The court security bill we heard yesterday I move passage.
  • I think it's going to be real interesting. Have all members voted? Have all members voted?
  • Also, I heard a really interesting fun fact I recently learned. Were you a...
TX

Texas 89th Regular

Senate Session (Part II) Apr 14th, 2025

Texas Senate Floor Meeting

Transcript Highlights:
  • possible new treatments and ideas and even one doctor at Duke. medical center they there's some interesting
  • There is a growing interest. in these firearms.
  • It was interesting because Because these types of guns, these types of short-barreled shotguns, you would
  • And the interesting thing about shotguns is that... you have different kinds of shot inside the casing
  • And the interesting thing about the shot gun, the reason it was created was because it would have that
NM

New Mexico 2026 Regular Session

House - Chamber Meeting Feb 6th, 2026 at 11:19 am

New Mexico House Floor Meeting

Transcript Highlights:
  • I come from a family of pastors and politicians, Madam Speaker, which is a really interesting dynamic
  • NMSHA advocates for individuals with communication disorders, promotes the professional interests of
  • Also, feel free to invite your committee and partisan staff who might be interested.
  • Also, feel free to invite your committee and partisan staff who might be interested.
  • That's interesting to me. Okay, I think that's very interesting.
Bills: HB111 , HJR1 , HB61 , HB8 , HB30 , HB43 , HB156 , HJM2 , HM7 , HM17 , HM4 , HM22 , HM23 , HM24 , HM26 , HM2 , HM16 , HM11 , HM14 , HM21 , HM34 , HM50 , HB70 , SB3 , HJM3
TX
Transcript Highlights:
  • rate from a simple fixed interest rate to a variable interest rate that changes every month.
  • You're paying 14% interest. And so where are they ever supposed to... ...interest.
  • as much interest.
  • state interest, And in that compelling state interest, And in that compelling state interest, And in
  • that compelling state interest, And in that compelling state interest, And in that compelling state interest
Summary: The committee heard several House bills, most of them relating to family law and court procedure, and left each bill pending after testimony. House Bill 1916 would clarify that the court that issued a final divorce decree retains exclusive jurisdiction over later actions involving undivided property. House Bill 1973 would require a certified birth certificate, if reasonably available, to be filed with a SAPCR petition or allow alternative proof of parentage while keeping the information confidential. House Bill 2530 would add qualifications and procedural safeguards for appointing amicus attorneys in SAPCR cases, including notice and hearing requirements, minimum qualifications, conflict rules, and limits on what amicus attorneys may do. House Bill 2524 would make Family Code references to attorney’s fees consistent by using “reasonable and necessary” language. House Bill 3180 would correct a scrivener’s error in the civil discovery rules by changing “settlement” to “statement.” The committee also heard House Bill 4213, which would change the interest rate on overdue child support from the current 6 percent simple interest to a fixed 5 percent and require the Attorney General to report on the impact of the change. Testimony was sharply divided: supporters argued lower interest could improve collections and help low-income obligors catch up, citing research and the size of child-support arrearages; opponents said lowering the rate would reduce incentives to pay and harm custodial parents and children. The Attorney General’s office raised implementation concerns about a House version that would have created a variable rate, while the committee substitute was described as restoring a simple fixed rate. After testimony, the bill was left pending. The committee also discussed House Bill 40, updating business court provisions and supplemental jurisdiction; House Bill 3421, streamlining probate procedures for original wills and copies; and House Bill 417, clarifying venue for lawsuits involving private transfer fees on real property. Each drew limited testimony and was left pending. Finally, House Bill 3783 drew extensive testimony on court-ordered counseling and reunification therapy in family cases. The sponsor and supporters said the bill would protect children and abuse victims from coercive, unregulated reunification practices, while opponents argued it was too broad, could interfere with legitimate therapy and judicial discretion, and might affect military families and other high-conflict cases. The committee heard testimony from judges, therapists, parents, survivors, and advocates, but took no final action and left the bill pending.
TX
Summary: The committee considered several House bills dealing with family law and civil procedure. House Bill 1916, concerning a court’s jurisdiction in suits to divide property not divided on dissolution of marriage, was reported favorably on a 4-0 vote and recommended for the local and uncontested calendar. House Bill 1973, addressing proof of the identity of a child’s parents in a suit affecting the parent-child relationship, was also adopted with a committee substitute, reported favorably 4-0, and sent to the local and uncontested calendar. House Bill 2524, on recovery of fees, court costs, and expenses in family law proceedings, and House Bill 2530, on special appointments in suits affecting the parent-child relationship, each received favorable 4-0 votes and were likewise recommended for the local and uncontested calendar. The committee then took up House Bill 3180, which was reported favorably 4-0 and recommended for the local and uncontested calendar. The most detailed discussion centered on House Bill 40, relating to updates to business courts. Senator Hughes explained a committee amendment that made conforming changes requested by the Finance Committee and removed language creating two new judgeships, replacing it with a different judge allocation. The amendment was adopted, the amended committee substitute was adopted, and the bill was reported favorably on a 4-0 vote and sent to the local and uncontested calendar. At the end of the meeting, members briefly clarified procedural details about the House Bill 40 amendment and then closed out the agenda. The committee also noted a correction to an earlier reference to Bartleby the Scrivener, and the Chair recessed the Committee on Jurisprudence subject to the call of the chair.
AL

Alabama 2025 Regular Session

Alabama Senate County and Municipal Government Committee Mar 18th, 2025

County and Municipal Government

Transcript Highlights:
  • I was interested in this bill because I was trying to figure out what it meant. So, I'm sorry, Mr.
  • But there's not a disclosure of how much more in interest they're going to be paying and other financial
  • the committee a few weeks ago, and we asked that it be carried over because we were working with interested
  • I spoke to different organizations and special interest groups that had interest in advertising.
Bills: HB134 , SB217 , SB180 , HB157 , HB92 , HB335
TX

Texas 89th Regular

Senate Session (Part II) Apr 28th, 2025

Texas Senate Floor Meeting

Transcript Highlights:
  • Yes, that was interesting, for sure. So...
  • Officer who causes the death, or a security officer who causes death with a less lethal weapon.
  • Again, I am absolutely in favor of peace officers and security guards having the tools in the toolbox
  • To secure a conviction, prosecutors must prove that... ...that the actor knowingly discharged a firearm
  • While interested parties correctly assert that these tools have been effective in creating positive economic
Bills: SCR46 , SB31 , SB39 , SB227 , SB330 , SB401 , SB407 , SB467 , SB482 , SB500 , SB506 , SB512 , SB527 , SB584 , SB619 , SB636 , SB646 , SB647 , SB648 , SB659 , SB663 , SB715 , SB732 , SB758 , SB801 , SB816 , SB847 , SB870 , SB884 , SB1020 , SB1055 , SB1065 , SB1137 , SB1169 , SB1181 , SB1283 , SB1383 , SB1395 , SB1410 , SB1433 , SB1490 , SB1558 , SB1574 , SB1626 , SB1666 , SB1718 , SB1727 , SB1756 , SB1757 , SB1845 , SB1924 , SB1964 , SB1972 , SB2018 , SB2031 , SB2075 , SB2076 , SB2080 , SB2111 , SB2117 , SB2154 , SB2161 , SB2173 , SB2206 , SB2225 , SB2253 , SB2268 , SB2314 , SB2322 , SB2351 , SB2371 , SB2476 , SB2533 , SB2540 , SB2570 , SB2589 , SB2623 , SB2658 , SB2660 , SB2692 , SB2693 , SB2717 , SB2722 , SB2753 , SB2779 , SB2877 , SB2880 , SB2900 , SB2920 , SB3031 , HJR4 , SB5 , SB260 , SB1786 , SJR3 , SJR18 , SB1 , SJR36 , SJR50 , SJR63 , SJR84 , SJR59 , SCR12 , SCR39 , SCR46 , SCR48 , SCR19 , SB2023 , SB62 , SB666 , SB847 , SB284 , SB854 , SB1073 , SB810 , SB1505 , SB583 , SB1502 , SB507 , SB1026 , SB1433 , SB1434 , SB1376 , SB1585 , SB1772 , SB2016 , SB1163 , SB619 , SB1122 , SB732 , SB731 , SB397 , SB508 , SB1436 , SB287 , SB261 , SB1882 , SB393 , SB1791 , SB529 , SB209 , SB2429 , SB1999 , SB511 , SB2309 , SB510 , SB1924 , SB2253 , SB2018 , SB2206 , SB584 , SB1085 , SB1490 , SB2314 , SB2046 , SB1975 , SB2717 , SB1262 , SB1524 , SB1137 , SB636 , SB2056 , SB1558 , SB884 , SB227 , SB517 , SB1200 , SB1410 , SB1626 , SB1845 , SB1863 , SB2681 , SB2200 , SB2199 , SB1757 , SB2050 , SB2458 , SB2201 , SB1055 , SB2660 , SB2662 , SB1065 , SB801 , SB2533 , SB3014 , SB3013 , SB758 , SB648 , SB647 , SB512 , SB1721 , SB2268 , SB2366 , SB1013 , SB2692 , SB2570 , SB2797 , SB2111 , SB2371 , SB2383 , SB646 , SB1169 , SB1754 , SB1718 , SB2779 , SB2004 , SB1756 , SB2119 , SB527 , SB2322 , SB2448 , SB1777 , SB1283 , SB407 , SB2392 , SB2076 , SB2786 , SB3031 , SB2877 , SB2876 , SB2284 , SB2225 , SB1540 , SB2920 , SB2929 , SB1395 , SB1972 , SB2540 , SB2742 , SB2595 , SB2217 , SB2117 , SB715 , SB2330 , SB1964 , SB1383 , SB500 , SB1640 , SB2001 , SB2080 , SB2722 , SB506 , SB2514 , SB2623 , SB2658 , SB1574 , SB2900 , SB2753 , SB2398 , SB401 , SB1241 , SB2927 , SB2173 , SB2538 , SB898 , SB467 , SB1449 , SB2529 , SB1531 , SB2846 , SB2476 , SB2031 , SB986 , SB1181 , SB2075 , SB2154 , SB2864 , SB31 , SB2880 , SB1359 , SB2386 , SB771 , SB2844 , SB2550 , SB1351 , SB1423 , SB1931 , SB2245 , SB2589 , SB2707 , SB2807 , SB2351 , SB410 , SB659 , SB816 , SB2776 , SB2693 , SB2580 , SB1980 , SB1886 , SB1234 , SB739 , SB482 , SB456 , SB127 , SB1666 , SB2843 , SB2801 , SB800 , SB2055 , SB784 , SB2986 , SB735 , SB1012 , SB324 , SB2926 , SB2938 , SB2007 , SB2138 , SB1242 , HJR4 , HB135 , HB 1109 , SCR30 , SCR3 , SB2615 , SB1049 , SB2310 , SB1224 , SB2972 , SB1568 , SB2841 , SB2885 , SB3016 , SB2858 , SB2610 , SB2139 , SB1856 , SB2035 , SB2308 , SB2306 , SB2041 , SB1528 , SB1681 , SB1141 , SB2401 , SB2530 , SB2375 , SB547 , SB1266 , SB1373 , SB1467 , SB2069 , SB2269 , SB2480 , SB2544 , SB672 , SB904 , SB2695 , SB2891 , SB2422 , SB2543 , SB1854 , SB317 , SB2539 , SB2532 , SB2925 , SB1250 , SB2082 , SB2203 , SB457 , SB2357 , HCR35 , HCR64
US
Transcript Highlights:
  • It is clear that the American people do believe that border security is national security.
  • . to fulfill its many critical national security missions.
  • Border Security and Immigration Enforcement... ...is critical to our national security, but Guantanamo
  • Border security is a concern for us all.
  • They are very much interested in participating.
Summary: In this meeting, key topics included national security concerns with an emphasis on threats from China, Russia, and transnational criminal organizations. Senior military officials provided testimony on the evolving risks posed by these adversaries, particularly focusing on cybersecurity and advancements in weaponry. The discussion highlighted the importance of a cohesive strategy among government departments to effectively respond to the challenges presented by these threats, emphasizing the need for modernization in defense capabilities. Committee members grilled the witnesses on border security and the implications of deploying military resources in domestic operations.
TX

Texas 89th Regular

Senate Session (Part IV) May 30th, 2025

Texas Senate Floor Meeting

Transcript Highlights:
  • championship game took place on March 6th at the Alamo Dome in San Antonio, where they battled to secure
Bills: SJR27 , SB7 , SB27 , SB57 , SB66 , SB140 , SB293 , SB413 , SB437 , SB467 , SB506 , SB510 , SB512 , SB571 , SB710 , SB785 , SB800 , SB850 , SB863 , SB865 , SB904 , SB905 , SB973 , SB974 , SB1191 , SB1281 , SB1300 , SB1362 , SB1494 , SB1504 , SB1522 , SB1567 , SB1579 , SB1580 , SB1723 , SB1760 , SB1838 , SB1923 , SB1946 , SB1957 , SB1964 , SB2121 , SB2167 , SB2221 , SB2321 , SB2368 , SB2373 , SB2407 , SB2431 , SB2477 , SB2587 , SB2615 , SB2807 , SB2965 , SB2986 , SB3039 , SB3047 , SB3070 , SB1 , SB8 , SB12 , SB13 , SB15 , SB17 , SB21 , SB30 , SB37 , SB260 , SB268 , SB331 , SB379 , SB441 , SB447 , SB457 , SB509 , SB568 , SB650 , SB763 , SB1198 , SB1405 , SB1506 , SB1540 , SB1566 , SB1610 , SB1637 , SB1660 , SB1833 , SB2018 , SB2024 , SB2155 , SB2217 , SB2308 , SB2337 , SB2601 , SB2753 , SB2778 , SB2878 , SB2900 , SB2972 , SB3059 , HB4 , HB145 , HB300 , HB493 , HB2011 , HB2067 , HB2516 , HB2525 , HB2885 , HB2974 , HB3071 , HB3372 , HB3556 , HB3595 , HB5138 , HB5246 , HB40 , HB46 , HB 119 , HB705 , HB1545 , HB2017 , HB2963 , HB3642 , HB3909 , SJR36 , SJR50 , SJR63 , SCR12 , SCR39 , SB2023 , SB62 , SB666 , SB847 , SB284 , SB854 , SB810 , SB1505 , SB583 , SB507 , SB1434 , SB1772 , SB2016 , SB1122 , SB731 , SB397 , SB508 , SB1436 , SB287 , SB1882 , SB393 , SB1791 , SB209 , SB2429 , SB1085 , SB1975 , SB2717 , SB1262 , SB636 , SB2056 , SB884 , SB1200 , SB1845 , SB2458 , SB801 , SB3014 , SB3013 , SB758 , SB2797 , SB2076 , SB2876 , SB1640 , SB1449 , SB1181 , SB1234 , SB2926 , SB2841 , SB1528 , SB1854 , SB317 , SB1250 , SB2082 , SB1237 , SB2819 , SB629 , SB2608 , SB1602 , SB2009 , SB867 , SB640 , SB1698 , SB2680 , SB913 , SB1071 , SB1086 , SB1087 , SB1483 , SB1444 , SB1553 , SB1556 , SB1703 , SB2133 , SB2297 , SB2298 , SB2622 , SB2955 , SB2334 , SB1367 , SB2044 , SB2363 , SB2565 , SB1888 , SB3036 , SB3057 , SB3043 , SB3063 , SB3035 , SB203 , SB2688 , SB2522 , SB2459 , SB2655 , SB2251 , SB1884 , SB2928 , SB2566 , SB2549 , SB2553 , SB2919 , SB1944 , SB1232 , SB1798 , SB2603 , SB2607 , SB2683 , SB1319 , SB3045 , SB3071 , HB796 , HB1523 , HB5294 , HB748 , HB3395 , HB180 , HB3171 , HB146 , HB5596 , HB5694 , HB 1135 , HB3225 , HB186 , HB1449 , HB3793 , HB 112 , HB 104 , HB3336 , HB3520 , HB3320 , HB5663 , HB2399 , HB 111 , HB3483 , HB4580 , HB3748 , HB632 , HB4730 , HB5690 , HB5689 , HB3385 , HB4359 , HB5381 , HB 123 , HB5606 , HB 1057 , HB3664 , HCR141 , HCR40 , HCR59 , SR695 , SCR54 , HCR153 , HCR166 , HCR168 , SJR27 , SB7 , SB57 , SB66 , SB140 , SB293 , SB413 , SB437 , SB467 , SB506 , SB510 , SB512 , SB571 , SB710 , SB785 , SB800 , SB850 , SB863 , SB865 , SB904 , SB905 , SB973 , SB974 , SB1191 , SB1281 , SB1300 , SB1362 , SB1504 , SB1522 , SB1567 , SB1579 , SB1580 , SB1723 , SB1760 , SB1838 , SB1923 , SB1946 , SB1957 , SB1964 , SB2167 , SB2221 , SB2321 , SB2368 , SB2407 , SB2477 , SB2587 , SB2615 , SB2807 , SB2965 , SB2986 , SB3039 , SB3047 , SB3070 , HB40 , HB 119 , HB705 , HB1545 , HB2017 , HB2963 , HB3642 , HB3909 , SB17 , SB21 , SB509 , SB1198 , SB1506 , SB1833 , SB2155 , SB2601 , SB2778 , HB300 , HB2011
WA

Washington 2025-2026 Regular Session

House Postsecondary Education & Workforce Jan 27th, 2026 at 01:30 pm

Postsecondary Education & Workforce

Transcript Highlights:
  • employed as a security officer or guard.
  • An armed private security guard is an armed security guard who has a current firearm certificate and
  • To be licensed as an armed private security guard, an applicant must be licensed as a private security
  • A private security company may not require a private security guard to reimburse the application, license
  • This is an interesting question, right?
TX

Texas 89th Regular

Delivery of Government Efficiency May 14th, 2025

Delivery of Government Efficiency

Transcript Highlights:
  • small businesses are increasingly getting targeted by cyber criminals who know that they lack the security
  • It ensures accountability while fostering a secure business environment and protecting our economy.
Bills: SB1540 , SB2610 , SB2373
MN

Minnesota 2025-2026 Regular Session

House Commerce Finance and Policy Committee 2/24/26

Commerce Finance and Policy

Transcript Highlights:
  • </c><00:07:34.319><c> and</c><00:07:34.479><c> you</c> common interest communities. and you common interest
  • </c><00:20:36.000><c> rules</c> establishing conflict of interest rules establishing conflict of interest
  • ><c> community</c> Minnesota common interest community Minnesota common interest community statutes.<
  • Mortgage lenders take a secured interest in a property.
  • Could we look at financial interest.
Bills: SF1750 , HF704 , HF3479
WA

Washington 2025-2026 Regular Session

Senate Business, Trade & Economic Development Jan 29th, 2026 at 08:00 am

Business, Trade & Economic Development

Transcript Highlights:
  • The bill notably does not reduce the interest rate charged on the loans.
  • The interest rates seem to roll over and roll over on that amount.
  • The borrower is working solely to pay off interest and fees, never the principal.
  • Fifteen percent rely on Social Security for 90 percent of their income.
  • a $1,200 loan, that would come to about a 12% real effective interest rate.