Development loan defaults; Bureau of Financial Institutions of SCC to review certain issues, report. (SJ400)
Introduced By
Sen. Richard Stuart (R-Westmoreland)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
Description
Study; Bureau of Financial Institutions to study development loan defaults; report. Requests the Bureau of Financial Institutions of the State Corporation Commission to convene members of the financial services, homebuilding, and commercial development industries to (i) review whether loans on development projects are being called as a result of a reduction in the debt to value ratio or the debt to equity ratio, or both, with respect to the borrower's property; (ii) determine whether banks are being required or encouraged to call such loans under federal regulations or as a condition of participation in federal programs; and (iii) determine whether changes in Virginia law would insulate solvent borrowers from adverse action on their loans without jeopardizing the ability of banks in Virginia to participate in federal programs or comply with federal regulations. The Bureau's report is to be provided by October 31, 2011. Read the Bill »
Status
02/04/2011: Failed to Pass in Committee
History
| Date | Action |
|---|---|
| 01/25/2011 | Unanimous consent to introduce |
| 01/25/2011 | Presented and ordered printed 11104449D |
| 01/25/2011 | Referred to Committee on Rules |
| 01/26/2011 | Assigned Rules sub: #1 |
| 02/04/2011 | Passed by indefinitely in Rules |