Credit unions; limit on authorized investments in certain property, retained earnings. (SB769)
Introduced By
Sen. Frank Wagner (R-Virginia Beach)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Credit unions; retained earnings. Increases the maximum amount of a credit union's funds that may be invested in its real estate, office buildings, equipment, and furnishings, without the prior written authorization of the Commissioner of Financial Institutions. The measure sets the maximum amount of such investments at five percent of the total of members' share accounts and retained earnings. Currently, the cap is five percent of only such share accounts. Finally, the measure defines "retained earnings" as undivided earnings, regular reserve, reserve for contingencies, supplemental reserves, reserves for losses, and other appropriations from undivided earnings as designated by management or the Bureau of Financial Institutions. Read the Bill »
Outcome
History
Date | Action |
---|---|
12/18/2012 | Prefiled and ordered printed; offered 01/09/13 13101229D |
12/18/2012 | Referred to Committee on Commerce and Labor |
01/06/2013 | Impact statement from SCC (SB769) |
01/14/2013 | Reported from Commerce and Labor (15-Y 0-N) (see vote tally) |
01/16/2013 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
01/17/2013 | Read second time and engrossed |
01/18/2013 | Read third time and passed Senate (38-Y 0-N) (see vote tally) |
01/25/2013 | Placed on Calendar |
01/25/2013 | Read first time |
01/25/2013 | Referred to Committee on Commerce and Labor |
02/07/2013 | Reported from Commerce and Labor (20-Y 0-N) (see vote tally) |
02/11/2013 | Read second time |
02/12/2013 | Read third time |
02/12/2013 | Passed House BLOCK VOTE (100-Y 0-N) |
02/12/2013 | VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally) |
02/15/2013 | Enrolled |
02/15/2013 | Bill text as passed Senate and House (SB769ER) |
02/15/2013 | Signed by Speaker |
02/17/2013 | Impact statement from SCC (SB769ER) |
02/18/2013 | Signed by President |
03/05/2013 | G Approved by Governor-Chapter 92 (effective 7/1/13) |
03/05/2013 | G Acts of Assembly Chapter text (CHAP0092) |