Out-of-state trust institutions; any national bank to serve as trustee without office in State. (HB2366)

Introduced By

Del. Tim Hugo (R-Centreville)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Out-of-state trust institutions.  Authorizes any national bank to serve as trustee, as executor, as administrator, or in another fiduciary capacity without establishing or maintaining an office in the Commonwealth. The measure codifies an opinion of the Attorney General that a statutory provision that bars out-of-state trust institutions without an office in the Commonwealth from engaging in trust business is preempted by 92a of the National Bank Act to the extent it applies to national banks that are supervised and regulated by the Comptroller of the Currency. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2011Committee
01/12/2011Presented and ordered printed 11102588D
01/12/2011Referred to Committee on Commerce and Labor
01/18/2011Impact statement from SCC (HB2366)
01/20/2011Assigned C & L sub: #2
01/20/2011Subcommittee recommends reporting (11-Y 0-N)
01/25/2011Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
01/27/2011Read first time
01/28/2011Read second time and engrossed
01/31/2011Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/31/2011VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/01/2011Constitutional reading dispensed
02/01/2011Referred to Committee on Commerce and Labor
02/14/2011Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
02/14/2011Committee substitute printed 11105268D-S1
02/16/2011Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/17/2011Read third time
02/17/2011Reading of substitute waived
02/17/2011Committee substitute agreed to 11105268D-S1
02/17/2011Engrossed by Senate - committee substitute HB2366S1
02/17/2011Passed Senate with substitute (39-Y 0-N) (see vote tally)
02/18/2011Placed on Calendar
02/21/2011Impact statement from SCC (HB2366S1)
02/21/2011Senate substitute agreed to by House 11105268D-S1 (99-Y 0-N)
02/21/2011VOTE: ADOPTION (99-Y 0-N) (see vote tally)
02/25/2011Enrolled
02/25/2011Bill text as passed House and Senate (HB2366ER)
02/26/2011Signed by Speaker
02/28/2011Impact statement from SCC (HB2366ER)
02/28/2011Signed by President
03/14/2011G Approved by Governor-Chapter 67 (effective 7/1/11)
03/14/2011G Acts of Assembly Chapter text (CHAP0067)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 1 minute.