|
Session: State Capitol, Room 24 Juneau, AK 99801-1182 Toll Free: (800) 773-4968 Phone: (907) 465-4968 Fax: (907) 465-2040 Send E-Mail Interim: 716 W 4th, Suite 640 Anchorage, AK 99501-2133 Phone: (907) 269-0117 Fax: (907) 269-0119 |
Letters-of-Credit Regulations Updated
For Immediate Release: April 28, 1999
Contact: Representative Norman Rokeberg at (907) 465-4968.
Juneau -- The Alaska House of Representatives Wednesday unanimously passed House Bill 79, which updates Alaska laws governing the $200 billion U.S. Letter-of-Credit industry. HB 79 passed 40-0.
"We are making these revisions to recognize changes in technology and in commercial practices," said Representative Norman Rokeberg (R-Anchorage), Chairman of the House Labor and Commerce Committee, which sponsored HB 79. "These revisions have already been enacted by 40 other states and territories. It is imperative that Alaska keep up with these changes in the commercial law area as well, to avoid becoming a commercial backwater.
"Letters-of-Credit are used extensively in the arena of international trade," Rokeberg said. "This makes adoption of these changes essential to the continued healthy trade of resource exports in which Alaska is heavily engaged."
House Bill 79 now moves to the Senate.
Broadcasters note: Audio comments are available on the
Majority Actuality line, 1-800-478-6540
= Norman Rokeberg, 67 K