Banks; derivative transactions. (SB1034)

Introduced By

Sen. John Watkins (R-Midlothian)

Progress

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

Description

Banks; derivative transactions. Provides for the treatment of derivative transactions with regard to the requirement that the total obligations of any person to any bank shall at no time exceed 15 percent of the sum of the capital, surplus, and loan loss reserve of a bank. An "obligation" is defined in this measure as including any credit exposure to a person arising from a derivative transaction between the bank and the person. "Derivative transaction" is defined as including any transaction that is a contract, agreement, swap, warrant, note, or option that is based, in whole or in part, on the value of, any interest in, or any quantitative measure or the occurrence of any event relating to, one or more commodities, securities, currencies, interest or other rates, indices, or other assets. The Commission is authorized to adopt regulations to further define the term "derivative transaction" and to set forth the rules for calculating credit exposures arising from derivative transactions. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/08/2013Prefiled and ordered printed; offered 01/09/13 13101724D
01/08/2013Referred to Committee on Commerce and Labor
01/14/2013Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
01/15/2013Impact statement from SCC (SB1034)
01/16/2013Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/17/2013Read second time and engrossed
01/18/2013Read third time and passed Senate (38-Y 0-N) (see vote tally)
01/25/2013Placed on Calendar
01/25/2013Read first time
01/25/2013Referred to Committee on Commerce and Labor
02/07/2013Reported from Commerce and Labor (20-Y 0-N) (see vote tally)
02/11/2013Read second time
02/12/2013Read third time
02/12/2013Passed House BLOCK VOTE (100-Y 0-N)
02/12/2013VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/15/2013Enrolled
02/15/2013Bill text as passed Senate and House (SB1034ER)
02/15/2013Signed by Speaker
02/17/2013Impact statement from SCC (SB1034ER)
02/18/2013Signed by President
03/05/2013G Approved by Governor-Chapter 98 (effective 7/1/13)
03/05/2013G Acts of Assembly Chapter text (CHAP0098)

Video

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 50 seconds.