Committee Summary for House Commerce and Consumer Affairs (01/15/2025)

Bill/Time	Type	Title	Sponsor
HB310 00:11:15.600 - 9:10:21 AM	Public Hearing	establishing a commission to study the creation of a regulatory framework for stable tokens and tokenized real-world assets in New Hampshire.	Ammon, Keith(R)[A+]2024
HB302 01:05:07.160 - 10:04:13 AM	Public Hearing	relative to enabling the state treasury to invest in precious metals and digital assets.	Ammon, Keith(R)[A+]2024
HB359 01:45:57.840 - 10:45:03 AM	Public Hearing	prohibiting denial of banking and insurance services based on any factor that is not quantitative, impartial, and risk-based as measured by an objective standard.	Corcoran, Travis(R)[A]2024
HB316 03:29:20.920 - 12:28:26 PM	Public Hearing	relative to reimbursement for ground ambulance services.	Hunt, John(R)[B+]2024
HB316 04:54:55.878 - 1:54:01 PM	Public Hearing	relative to reimbursement for ground ambulance services.	Hunt, John(R)[B+]2024
HB185 05:30:26.000 - 2:29:32 PM	Public Hearing	relative to reimbursement rates for ambulance service providers.	Proulx, Mark(R)[B]2024
Unclear 05:33:53.920 - 2:32:59 PM	General Working Session	Unclear

HB310: Keith Ammon, Hillsboro District 42, New Boston Support00:11:15.600 - 9:10:21 AM; Representative Keith Ammon, who also chairs the New Hampshire Blockchain Council, introduced House Bill 310 which aims to establish a study commission to develop a legal framework for issuers of stable tokens and tokenized real world assets in New Hampshire. He explained that stable tokens are digital tokens backed by assets like US dollars or treasuries, maintaining a value pegged to the dollar. Tokenized real world assets are similar, but can be backed by tangible items like gold, real estate, or art. These tokens represent ownership and can be traded globally on blockchain, which Ammon described as infrastructure akin to the electric grid or internet. He emphasized the need for a study commission due to ongoing federal legislation and actions by states like Wyoming, which is setting up its own stable token commission. Ammon highlighted the potential for misuse by dishonest actors and the necessity of a regulatory framework to ensure honest representation of assets and prevent fraud through auditing and proof of reserves on the blockchain. He also addressed concerns about the market size and the involvement of major financial institutions in tokenization, and responded to questions about the purpose of the bill, the need for state-level regulations, and potential risks like money laundering, emphasizing that the state should position itself ahead of financial market innovations.
HB310: Unidentified Speaker Information Only00:21:16.480 - 9:20:22 AM; The speaker discussed the difference between Bitcoin and other tokens, mentioning that the proposed bill would allow for blockchain-agnostic tokenization of assets. They clarified that the tokens could be issued on various blockchains like Bitcoin, Ethereum, Solana, and Avalanche, and could potentially bridge between them.
HB310: Representative Burroughs Information Only00:23:12.600 - 9:22:18 AM; Representative Burroughs expressed concerns about the composition of the proposed commission, suggesting that it might be biased toward a specific outcome. They asked about assurances that the commission would be balanced to properly assess risks and benefits.
HB310: Unidentified Speaker Information Only00:24:14.799 - 9:23:20 AM; The speaker addressed the concern about the commission's balance, suggesting that adding a member from the Uniform Law Commission could help balance it. They also mentioned that commissions are a normal approach for complex subjects like blockchain.
HB310: Unidentified Speaker Information Only00:25:00.760 - 9:24:06 AM; The speaker discussed the potential impact of federal regulation on stable coins and tokenized assets. They noted that while federal laws might set parameters, there would still be room for state involvement. They emphasized the importance of having a state framework to avoid a regulatory 'wild west'.
HB310: Unidentified Speaker Information Only00:25:54.200 - 9:25:00 AM; The speaker questioned the benefits and risks of the proposed bill for New Hampshire residents. They mentioned that the bill aims to provide a framework to ensure the integrity of tokenized assets, which could benefit residents by increasing trust in such assets.
HB310: Unidentified Speaker Information Only00:26:46.080 - 9:25:52 AM; The speaker clarified that the bill originated from discussions in the Governor's Crypto Commission in 2022. They emphasized that the state is not entering the Bitcoin or stablecoin business but setting up a commission to establish regulatory rules.
HB310: Unidentified Speaker Support00:27:38.520 - 9:26:44 AM; The speaker expressed support for the bill, emphasizing New Hampshire's history of being at the forefront of innovative financial methodologies. They highlighted the state's trust laws and the Secretary of State's role in monitoring securities.
HB310: Unidentified Speaker Information Only00:31:15.960 - 9:30:21 AM; The speaker discussed the potential of tokenizing assets and its impact on the US dollar's global reserve status. They mentioned Tether, a company that tokenizes the US dollar, as an example of how tokenization can increase the dollar's global penetration.
HB310: Unidentified Speaker Information Only00:33:27.600 - 9:32:33 AM; The speaker raised concerns about the legal framework for tokenized assets and their potential to undermine the US dollar. They questioned whether federal endorsement would be necessary.
HB310: Unidentified Speaker Information Only00:35:14.960 - 9:34:20 AM; The speaker discussed the concept of tokenizing assets like gold and ensuring their validity. They mentioned that the state would require regular audits and proof of reserves to ensure one-to-one backing of tokens with assets.
HB310: Unidentified Speaker Information Only00:37:46.880 - 9:36:52 AM; The speaker clarified that the state's role would be to set up guidelines for audits rather than directly weighing assets. They compared it to regulations in the stock market and insurance industry.
HB310: Unidentified Speaker Information Only00:40:44.839 - 9:39:50 AM; The speaker discussed the importance of understanding Bitcoin and stablecoins, recommending educational resources like YouTube videos. They emphasized the need for the committee to be well-informed.
HB310: Unidentified Speaker Information Only00:42:33.079 - 9:41:39 AM; The speaker discussed the nature of tokenized assets, suggesting they are more like commodities than securities. They clarified that the state would not be liable for fraud as long as it does not engage in the business itself.
HB310: Unidentified Speaker Information Only00:44:27.559 - 9:43:33 AM; The speaker questioned how the value of tokenized assets would be determined, emphasizing the need for market determination while ensuring the token's link to the asset. They recommended further discussion in a subcommittee.
HB310: Seth Zakari, New Hampshire Banking Department Information Only00:46:50.680 - 9:45:56 AM; Seth Zakari, the general counsel at the New Hampshire Banking Department, expressed no objection to the bill. He welcomed the opportunity to participate in the commission and discussed the need for better stablecoin policy at both state and federal levels.
HB310: Charles Money, Uniform Law Commission Support00:49:39.880 - 9:48:45 AM; Charles Money, appointed by Governor Sununu as a commissioner on uniform state laws, supported the bill. He highlighted its potential to complement the Uniform Commercial Code's Article 12 and address issues related to linking digital assets to real-world assets.
HB310: Michael Yamauchi, Bedford, New Hampshire Support00:56:57.400 - 9:56:03 AM; Michael Yamauchi, an entrepreneur and investor from Bedford, New Hampshire, supported the bill. He emphasized the potential of digitizing assets and the need for legal boundaries to take advantage of blockchain technology.
HB302: Keith Ammon, Hillsboro District 42, New Boston, Mount Vernon, Lyndeborough Support01:05:07.160 - 10:04:13 AM; Keith Ammon, the bill sponsor, introduced HB302, which aims to allow the state treasury to invest in precious metals and digital assets. He explained that the bill would add these assets to the list of approved investments in RSA 6, suggesting the use of ETFs for easier management. Ammon discussed the impact of inflation on the purchasing power of the dollar and highlighted the potential of precious metals and Bitcoin to protect against inflation. He provided examples of recent price increases in gold and Bitcoin and stressed that the bill is enabling, not mandating, the treasurer to use these new tools. Ammon addressed concerns about the risks and volatility of digital assets, emphasizing their long-term potential to preserve value.
HB302: Thomas McCarthy, Northern Virginia, Satoshi Action Fund Support01:22:22.600 - 10:21:28 AM; Thomas McCarthy testified in favor of HB302, representing the Satoshi Action Fund. He argued that the bill would equip New Hampshire with tools to safeguard public funds against inflation. McCarthy highlighted Bitcoin's performance as a financial asset since its regulation by the Commodities Futures Trading Commission in 2018. He discussed how other states like Utah have passed similar legislation and are considering expansions to include digital assets. McCarthy addressed concerns about the security of digital asset holdings, suggesting robust technological and governance frameworks. He emphasized the importance of proactive financial strategies to maintain purchasing power.
HB302: Michael Yamauchi, Bedford Support01:30:44.280 - 10:29:50 AM; Michael Yamauchi expressed support for HB302, emphasizing the need for New Hampshire to protect itself from debt and inflation. He discussed the state's debt and suggested the creation of a Bitcoin strategic reserve. Yamauchi shared his personal perspective as an entrepreneur and investor, highlighting the potential growth of Bitcoin and its role in a diversified investment strategy. He presented a speculative 20-year chart to illustrate potential gains from investing in Bitcoin, noting the importance of protecting the state's general fund from inflation.
HB302: Nicholas Slany, Hopkinton Support01:35:07.800 - 10:34:13 AM; Nicholas Slany, an engineer and bitcoiner, supported HB302, emphasizing Bitcoin's alignment with New Hampshire's values of freedom and open systems. He argued that adopting Bitcoin could give the state an advantage over adversaries like Russia and China. Slany discussed the importance of early adoption of new technologies and highlighted Bitcoin's potential to enhance technological innovation and freedom. He stressed that being an early adopter positions New Hampshire as a leader in the future of finance.
HB302: Representative Kelly Penai, Strafford Oppose01:38:18.080 - 10:37:24 AM; Representative Penai expressed strong opposition to HB302, particularly regarding the inclusion of Bitcoin. He argued that Bitcoin is unconstitutional under Article 1, Section 10, Clause 1 of the U.S. Constitution, which prohibits states from making anything but gold and silver coin a tender in payment of debts. He believes that investing tax revenue in Bitcoin is illogical due to its volatility and lack of everyday utility. He criticized Bitcoin for becoming a tool for investment and speculation rather than fulfilling its initial aim of being a digital fiat currency. He mentioned the failure of El Salvador's Bitcoin experiment and suggested that politicians proposing state reserves in Bitcoin should have their personal conflicts examined. He would support the bill if it were amended to only include gold, silver, and platinum.
HB359: Alexandra Snaski, Assistant Attorney General, New Hampshire Department of Justice Information Only01:45:57.840 - 10:45:03 AM; Alexandra Snaski provided information regarding the enforceability of HB359. She highlighted that there is an exemption under RSA 358-A:3, I, which exempts trade or commerce under the jurisdiction of banking or insurance from the consumer protection act. Therefore, the Department of Justice would be unable to enforce the provisions of the bill that make violations an unfair or deceptive act or practice under RSA 358-A.
HB359: Amelia Galder, Bank Commissioner for the State of New Hampshire Oppose01:48:02.480 - 10:47:08 AM; Amelia Galder opposed HB359, noting its similarity to previous bills considered by the committee. She mentioned the absence of a fiscal note request for this bill, which would be necessary if the state were to enforce it. She anticipates an increase in complaints and the need for additional staff, including an attorney and financial examiner, if the bill were to pass. She also pointed out potential conflicts with federal laws applicable to national banks, over which the state has no jurisdiction.
HB359: Ryan Hail, Vice President of Government Relations, New Hampshire Bankers Association Oppose01:51:19.119 - 10:50:25 AM; Ryan Hail strongly opposed HB359, echoing concerns similar to those raised against previous similar proposals. He argued that the bill violates free market principles, is unnecessary and duplicative, and would place banks in a position of being guilty until proven innocent. He highlighted that it could erode risk-based decision-making, increase regulatory and legal uncertainty, and have unintended consequences for consumers, potentially limiting banking opportunities.
HB359: George Russos, representing New Hampshire Association of Domestic Insurance Companies and American Property and Casualty Insurance Association Oppose01:53:47.760 - 10:52:53 AM; George Russos opposed HB359 on behalf of his clients, stating that most behaviors described in the bill are already prohibited under existing insurance statutes. He argued that some provisions in the bill could inhibit important underwriting activities beneficial to the public. He emphasized that the bill, as drafted, could harm the insurance market.
HB359: Kiren Schultz, representing State Farm Insurance Companies Oppose01:55:41.079 - 10:54:47 AM; Kiren Schultz opposed HB359, stating that New Hampshire's market for homeowners and auto insurance is healthy due to underwriting freedom. She argued that the bill's restrictions could pass along risks to other consumers, affecting the affordability and availability of insurance. She emphasized the importance of being able to price risk appropriately in premiums.
HB359: Michael Mlon, representing All State Insurance Company Oppose01:57:39.880 - 10:56:45 AM; Michael Mlon opposed HB359, reinforcing that the insurance industry is already highly regulated and capable of self-regulation through the Department of Insurance. He noted that the bill does not provide anything that isn't already covered by current regulations, and he opposed the bill on these grounds.
HB359: Michelle VC, representing New Hampshire Businesses for Social Responsibility Oppose01:58:37.320 - 10:57:43 AM; Michelle VC opposed HB359 on behalf of New Hampshire Businesses for Social Responsibility, arguing that the bill limits businesses' ability to make sound financial decisions. She expressed concerns about the impact of such restrictions on sustainable business practices.
HB359: Brendan Flare, representing The DuPont Group on behalf of Ceres Oppose01:59:22.159 - 10:58:28 AM; Brendan Flare, representing The DuPont Group on behalf of Ceres, a nonprofit sustainability organization, opposed House Bill 359. He stated that the bill prohibits the free market operation of banks and undermines fiduciary duties, echoing reasons previously stated by others.
HB316: Representative John Hunt, Cheshire - District 14 Support03:29:20.920 - 12:28:26 PM; Representative Hunt introduced House Bill 316, focusing on the issue of ambulance service costs and balance billing. He explained that the bill aims to address the financial burden on towns and communities by prohibiting balance billing, while advocating for higher reimbursement rates from insurance companies. He acknowledged the urban vs. rural differences in ambulance service costs and the challenges with Medicare and Medicaid reimbursement rates. Hunt emphasized the bill's intent to treat ambulance services similarly to fire and police services, as a community cost, and mentioned the state's efforts to conduct an economic analysis to support the legislation.
HB316: Jerry Stringham, State Rep from Lincoln and Woodstock Support03:42:32.080 - 12:41:38 PM; Jerry Stringham, a State Representative from Lincoln and Woodstock, supported House Bill 316, appreciating the efforts to address the ambulance industry's financial viability. He shared his background in reimbursement consulting and highlighted recent developments like Medicaid rate increases and direct payment policies. Stringham discussed the bill's elements, such as aiming for fair insurance payments and questioned the feasibility of an all-payer model. He suggested pegging payments to Medicare rates and removing balance billing prohibitions to improve leverage with insurance companies.
HB316: DJ Bon Court, Commissioner of the New Hampshire Insurance Department Support03:52:09.640 - 12:51:15 PM; Commissioner DJ Bon Court of the New Hampshire Insurance Department supported the legislation aimed at addressing ambulance service issues. He emphasized the department's long-standing position against balance billing, illustrating the consumer harm it causes. Bon Court detailed the 'Ambulance Summit' initiative to bring stakeholders together and discussed the financial distress faced by ambulance providers. He presented the analysis conducted by an independent actuarial firm, suggesting a compromise to increase commercial insurance payments while prohibiting balance billing. He outlined the bill's provisions, including establishing a cost-based rate schedule and forming a commission to explore an all-payer model.
HB316: Alex Fel Daval, New Hampshire Insurance Department Support04:17:06.080 - 1:16:12 PM; Alex Fel Daval from the New Hampshire Insurance Department supported the bill by explaining its key components: establishing a cost-based rate schedule for non-contracted ambulance services, prohibiting balance billing, and setting up a commission to explore an all-payer model. He detailed the process and methodology used by PCG to develop the fee schedule, which aims to cover costs and provide a reasonable operating margin while considering urban and rural differences. The proposed rate schedule would double what commercial payers currently pay, aiming to eliminate balance billing and potentially include Medicare and Medicaid in the future.
HB316: Representative Ammon Information Only04:32:40.040 - 1:31:46 PM; Representative Ammon thanked the previous speaker and inquired about the rate schedule if the bill were to pass. They were informed that the insurance commissioner would be required to promulgate a rule equivalent to the rate schedule in the PCG report.
HB316: Representative Gibbs Information Only04:33:26.240 - 1:32:32 PM; Representative Gibbs asked about the cost-sharing aspect of the bill, specifically how it interacts with the prohibition on balance billing. They were clarified that cost sharing refers to deductibles and co-pays, which are unaffected by the bill's proposal to prohibit balance billing.
HB316: Representative Burrow Information Only04:34:37.520 - 1:33:43 PM; Representative Burrow asked if the PCG proposed rate schedule included the costs for ambulance providers to maintain constant readiness. They were assured that this was accounted for in the rate schedule as required by previous legislation.
HB316: Representative Information Only04:35:24.240 - 1:34:30 PM; A representative complimented the clarity and conciseness of the presentation by the commissioner and inquired about subsequent discussions between providers and carriers. They were informed that most discussions occurred before final numbers were available, and progress was limited until recently.
HB316: Commissioner Information Only04:37:14.840 - 1:36:20 PM; The Commissioner detailed the efforts to ensure the data and conclusions from the PCG report were as comparable as possible despite variations in data submission from providers. They emphasized the compromise nature of the proposal, noting that both carriers and providers have to make sacrifices, and adjustments were made to account for variations.
HB316: Representative Miles Information Only04:38:46.520 - 1:37:52 PM; Representative Miles asked about how cost sharing for ambulance rides would be apparent to consumers. They were informed that it varies by plan, and there would be discussions with carriers to make it clearer, possibly factoring into the emergency services deductible.
HB316: Representative Information Only04:40:25.280 - 1:39:31 PM; A representative asked if the model proposed in the bill had been implemented in other states. They were informed that while concepts within the proposal have been used elsewhere, the specific model had not, and New Hampshire would be the first to base it on a cost study.
HB316: Commissioner Information Only04:42:14.480 - 1:41:20 PM; The Commissioner confirmed the availability of hard copies of the study for the subcommittee and ensured that they would be available by the time the subcommittee convened.
HB316: Chris STX, New Hampshire Ambulance Association, Hollis Oppose04:42:58.320 - 1:42:04 PM; Chris STX, representing the New Hampshire Ambulance Association and residing in Hollis, expressed support for protecting consumers from balance billing but opposed HB316 in its current form. He argued that the recommended rates of 197% of the 2025 Medicare rate do not reflect the revenue loss if balance billing were prohibited. He highlighted that other states have implemented higher reimbursement rates and criticized the lack of communication about the study results to advisory groups. He also questioned the adequacy of the study in accounting for the impact on EMS services and wages if balance billing were removed.
HB316: Representative Miles Information Only04:50:09.680 - 1:49:15 PM; Representative Miles asked if balance billing enabled EMS services to pay competitive wages and whether removing it would affect service provision. Chris STX responded that without balance billing and without filling the revenue gap, services, especially in rural areas, would struggle to attract and retain staff, impacting service provision.
HB316: Representative Gibbs Information Only04:51:07.240 - 1:50:13 PM; Representative Gibbs inquired about the advantages of direct payment to ambulance providers as a result of last year's legislation. Chris STX confirmed that direct payment does provide some advantage, though he couldn't provide specific comparisons for all providers.
HB316: Representative Information Only04:52:55.760 - 1:52:01 PM; A representative asked if the 11 states mentioned by Chris STX used taxes to fund their higher reimbursement rates. Chris STX clarified that the funding came from insurance companies and offered to provide a white paper with sources. He also mentioned an upcoming similar bill in Massachusetts.
HB316: Michael Sear, Chief of the Tilton Northfield Fire District, representing the New Hampshire Association of Fire Chiefs Oppose04:54:55.878 - 1:54:01 PM; Michael Sear expressed opposition to the bill as it currently stands, citing that the proposed reimbursement rates are insufficient for ambulance service providers to survive. He highlighted the significant difference between the rates proposed by the commission and the actual costs incurred by his department, using Tilton Northfield Fire District as an example. Sear explained that inadequate reimbursements force departments to either increase taxes or reduce services, impacting the community's tax burden. He also discussed the recent legislative change that allows direct billing to providers rather than patients, which he believes may positively affect collection rates. However, he noted that this change does not apply to out-of-state patients, which is a significant concern for areas with high tourist activity.
HB316: Paula Rogers, representing America's Health Insurance Plans (AHIP) Information Only05:02:14.240 - 2:01:20 PM; Paula Rogers provided insights into the ongoing challenges with ambulance billing, acknowledging the complexity and the historical efforts to address these issues. She noted the recent legislative change allowing direct payments to providers and expressed cautious optimism about its benefits but stated it's not a complete solution. Rogers mentioned AHIP's general reluctance towards government rate setting but appreciated the data and effort from the department's study. She supported the aspect of the bill addressing balance billing, emphasizing the need to protect patients from being caught in the middle of billing disputes. Rogers also highlighted the need for further research into how other states manage ambulance billing.
HB316: Derek Alond, resident of Hooksett, President of the New Hampshire Ambulance Association Information Only05:09:34.360 - 2:08:40 PM; Derek Alond did not reiterate previous testimonies but offered to answer questions, particularly for new committee members. He emphasized the unique aspects of ambulance services in New Hampshire, such as the uniform emergency response system across the state. Alond discussed the issue of balance billing and the financial pressures on ambulance services, noting that without changes, more services might fail, leading to inadequate emergency responses.
HB316: Nathan Borland, Paramedic with Stewart's Ambulance Information Only05:11:52.878 - 2:10:58 PM; Nathan Borland shared his extensive experience in EMS, emphasizing the financial struggles of ambulance services due to inadequate reimbursements. He highlighted the necessity of balance billing to keep agencies afloat, despite the general opposition to it. Borland pointed out the significant cost increases in equipment and operations, using examples like cardiac monitors and ambulances. He warned that without a sustainable financial model, more ambulance services would close, leading to critical service gaps. Borland suggested that a rate of 325% of Medicare could be sustainable for his former organization, contrasting with the proposed 197% rate.
HB185: Chris, unspecified town or organization Information Only05:30:26.000 - 2:29:32 PM; Chris spoke about House Bill 185, which he understands to mandate that commercial insurance carriers pay ambulance service rates as set by local communities. He appreciates the concept behind the bill, which aims to compel insurers to pay whatever rate the community sets for ambulance services. However, he expressed concerns about the clarity of certain aspects of the bill and mentioned that it cannot be supported in its current form due to these ambiguities. Chris echoed the Insurance Department's concerns regarding the bill's lack of clear provisions. He clarified the concept of the 'any willing provider' which means that insurance companies would have to pay the billed amount by the ambulance service provider in the absence of a negotiated rate.
Unclear: Unspecified committee member Information Only05:33:53.920 - 2:32:59 PM; The committee member outlined the upcoming schedule for the week, specifying that they would not meet on Tuesday. On Wednesday morning, they would hold a subcommittee meeting on liquor bills, followed by business bills in the afternoon. Thursday's schedule includes new hearings in the morning and health insurance-related bills in the afternoon. The speaker also mentioned that science and technology committee meetings are typically scheduled for Mondays and Tuesdays but noted the scheduling conflicts due to sessions on Thursdays. They also mentioned personal scheduling conflicts, such as a board meeting in Pittsburgh and county budget meetings, and clarified that Mondays and Fridays are usually free for them. The committee currently has 31 bills, with more expected, and they typically handle around 50 House and 25 Senate bills.

Hunt, John(Chairman)(R)[B+]2024	Post, Lisa(Clerk)(R)[A]2024	Potucek, John(V Chairman)(R)[A]2024
Salvi, Santosh(D)	Chourasia, Manoj(D)	Ammon, Keith(R)[A+]2024
Herbert, Christopher(D)[F]2024	Osborne, Jason(R)[A]2024	Cole, Brian(R)[B-]2024
Walsh, Lilli(R)[B]2024	Porcelli, Susan(R)[A-]2024	Spier, Carry(D)[CT]2024
Burroughs, Anita(D)[CT]2024	Gibbs, Merryl(D)[CT]2024	McAleer, Chris(D)[CT]2024
Sullivan, Jared(D)[D+]2024	Miles, Julie(R)	Presa, Adam(R)