Financial institutions and services; revising and recodifying laws. (SB295)
Introduced By
Sen. Ryan McDougle (R-Mechanicsville)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
✓ |
Became Law |
Description
Revision of Title 6.1. Creates proposed Title 6.2 (Financial Institutions and Services) as a revision of existing Title 6.1 (Banking and Finance). Proposed Title 6.2 consists of 22 chapters divided into four subtitles: Subtitle I (General Provisions); Subtitle II (Depository Institutions and Trust Organizations); Subtitle III (Other Regulated Providers of Financial Services); and Subtitle IV (Other Financial Activities). Subtitle I includes title-wide definitions and chapters addressing money and currency, interest and usury, lending practices generally including credit card laws currently in Title 11, and equal credit opportunity laws that are currently in Title 59.1. Subtitle II addresses deposits and accounts at financial institutions, as well as provisions applicable to specific types of depository institutions, including financial institution holding companies, banks, savings institutions, credit unions, and entities conducting trust business. Subtitle III sets out provisions relating to providers of financial services that are subject to licensure or registration with the State Corporation Commission, including industrial loan associations, consumer finance companies, mortgage lenders and brokers, mortgage loan originators, payday lenders, money order sellers and money transmitters, agencies providing debt management plans, and check cashers. Subtitle IV includes provisions regulating the conduct of other financial activities, including refund anticipation loans, safe deposit boxes, and securitization transactions. The Wet Settlement Act and provisions regarding real estate settlement agents are relocated to Title 55.
Outcome
History
Date | Action |
---|---|
01/12/2010 | Prefiled and ordered printed; offered 01/13/10 10100127D |
01/12/2010 | Referred to Committee on Commerce and Labor |
01/20/2010 | Impact statement from SCC (SB295) |
01/25/2010 | Reported from Commerce and Labor (15-Y 0-N) (see vote tally) |
01/27/2010 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
01/28/2010 | Read second time and engrossed |
01/29/2010 | Read third time and passed Senate (40-Y 0-N) (see vote tally) |
02/08/2010 | Placed on Calendar |
02/08/2010 | Read first time |
02/08/2010 | Referred to Committee on Commerce and Labor |
02/23/2010 | Reported from Commerce and Labor (22-Y 0-N) (see vote tally) |
02/25/2010 | Read second time |
02/26/2010 | Read third time |
02/26/2010 | Passed House BLOCK VOTE (96-Y 0-N) |
02/26/2010 | VOTE: BLOCK VOTE PASSAGE (96-Y 0-N) (see vote tally) |
03/22/2010 | Enrolled |
03/22/2010 | Bill text as passed Senate and House (SB295ER) |
03/22/2010 | Signed by Speaker |
03/24/2010 | Impact statement from SCC (SB295ER) |
03/25/2010 | Signed by President |
04/13/2010 | Governor's recommendation received by Senate |
04/20/2010 | Placed on Calendar |
04/21/2010 | Senate concurred in Governor's recommendation (40-Y 0-N) (see vote tally) |
04/21/2010 | House concurred in Governor's recommendation (95-Y 0-N) |
04/21/2010 | VOTE: --- ADOPTION (95-Y 0-N) (see vote tally) |
04/21/2010 | G Governor's recommendation adopted |
04/21/2010 | Reenrolled |
04/21/2010 | Reenrolled bill text (SB295ER2) |
04/21/2010 | Signed by Speaker as reenrolled |
04/21/2010 | Signed by President as reenrolled |
04/21/2010 | Enacted, Chapter 794 (effective 10/1/10) |
04/21/2010 | G Acts of Assembly Chapter text (CHAP0794) |