Banks; interstate branching. (HB358)

Introduced By

Sen. Ben Chafin (R-Lebanon)

Progress

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

Description

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 »

Outcome

Bill Has Passed

History

DateAction
01/03/2014Committee
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)
02/24/2014Enrolled
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)

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 2 minutes.

Comments

Waldo Jaquith writes:

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