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. Amends § 6.2-1300, § 6.2-1376, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
12/18/2012Prefiled and ordered printed; offered 01/09/13 13101229D
12/18/2012Referred to Committee on Commerce and Labor
01/06/2013Impact statement from SCC (SB769)
01/14/2013Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
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 (SB769ER)
02/15/2013Signed by Speaker
02/17/2013Impact statement from SCC (SB769ER)
02/18/2013Signed by President
03/05/2013G Approved by Governor-Chapter 92 (effective 7/1/13)
03/05/2013G Acts of Assembly Chapter text (CHAP0092)

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 51 seconds.