Deposits; removes stated maturity date. (HB386)

Introduced By

Del. Bill Janis (R-Glen Allen)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Deposits; limitations period.  Removes the stated maturity date of a deposit as an event that triggers the start of the limitations period on actions to enforce the obligations of a financial institution to pay a deposit account or certificate of deposit. Under existing law, such an action is time barred if not brought within six years after the earliest of such maturity date or the due date of the deposit as set forth in the banks last written notice of renewal, the date of the last written communication from the bank recognizing the banks obligation with respect to the deposit, or the last day of the taxable year for which the owner of the deposit last reported interest income earned on the deposit on a federal or state income tax return. This measure also provides that the limitations period trigger relating to the reporting of interest income for federal or state income tax purposes relates to a report made by either the depositor or the bank. Currently, it is triggered only by the depositor's report of interest income on the deposit. Read the Bill »


Bill Has Passed


01/12/2010Prefiled and ordered printed; offered 01/13/10 10101581D
01/12/2010Referred to Committee for Courts of Justice
01/15/2010Assigned Courts sub: Civil
01/25/2010Subcommittee recommends reporting (10-Y 0-N)
01/27/2010Reported from Courts of Justice (22-Y 0-N) (see vote tally)
01/29/2010Read first time
02/01/2010Read second time and engrossed
02/02/2010Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/02/2010Read third time and passed House BLOCK VOTE (97-Y 0-N)
02/02/2010VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
02/03/2010Constitutional reading dispensed
02/03/2010Referred to Committee on Commerce and Labor
03/01/2010Reported from Commerce and Labor (14-Y 0-N) (see vote tally)
03/03/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/04/2010Read third time
03/04/2010Passed Senate (40-Y 0-N) (see vote tally)
03/11/2010Bill text as passed House and Senate (HB386ER)
03/11/2010Signed by Speaker
03/13/2010Signed by President
04/13/2010G Approved by Governor-Chapter 747 (effective 7/1/10)
04/13/2010G Acts of Assembly Chapter text (CHAP0747)


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