Banks; interstate branching. (HB358)

Introduced By

Sen. Ben Chafin (R-Lebanon)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Banks; interstate branching. Repeals a limitation on the establishment within the Commonwealth of branches of out-of-state banks. The limitation provides that such a branch may not be established unless the laws of the home state of the out-of-state bank permit Virginia banks to establish and maintain de novo in that state under substantially the same terms as provided under Virginia law. The measure also repeals (i) a requirement that the State Corporation Commission, when acting on an application by a Virginia bank to establish a branch in another state, consider the views of the state bank supervisor of the state where a branch is proposed to be located and (ii) a nonseverability provision that states that if any provision of Virginia's 1995 law regulating interstate branching is held to be invalid, the entire article law is invalid. Read the Bill »


Bill Has Passed


01/03/2014Prefiled and ordered printed; offered 01/08/14 14103144D
01/03/2014Referred to Committee on Commerce and Labor
01/08/2014Impact statement from SCC (HB358)
01/14/2014Reported from Commerce and Labor (19-Y 1-N) (see vote tally)
01/16/2014Read first time
01/17/2014Passed by for the day
01/20/2014Read second time and engrossed
01/21/2014Read third time and passed House (90-Y 1-N)
01/21/2014VOTE: PASSAGE (90-Y 1-N) (see vote tally)
01/22/2014Constitutional reading dispensed
01/22/2014Referred to Committee on Commerce and Labor
02/17/2014Reported from Commerce and Labor (16-Y 0-N) (see vote tally)
02/19/2014Constitutional reading dispensed (40-Y 0-N)
02/20/2014Read third time
02/20/2014Passed Senate (40-Y 0-N)
02/24/2014Bill text as passed House and Senate (HB358ER)
02/24/2014Signed by Speaker
02/25/2014Impact statement from SCC (HB358ER)
02/26/2014Signed by President
03/07/2014G Approved by Governor-Chapter 200 (effective 7/1/14)
03/07/2014G Acts of Assembly Chapter text (CHAP0200)


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 2 minutes.


Waldo Jaquith writes:

It seems to me like this bill is going to have a pretty enormous impact. I hope somebody explains that impact.