Banks and credit unions; closure, appointment of receiver. (HB433)

Introduced By

Del. Danny Marshall (R-Danville)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Banks and credit unions; closure; appointment of receiver. Enables the State Corporation Commission (Commission) to close a state-chartered bank or credit union if its net worth ratio falls to less than two percent, if it is approaching insolvency and has no reasonable prospect for rehabilitation, or if closure is necessary for the protection of the public interest. The measure resolves an existing ambiguity regarding the appropriate court to which the Commission is required to apply for an order to have the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) appointed as receiver for a state-chartered bank or credit union that has been closed by the Commission. The measure requires the court to appoint the FDIC or NCUA as receiver if the court finds that the FDIC or NCUA is willing to accept the appointment. Read the Bill »


Bill Has Passed


01/06/2018Prefiled and ordered printed; offered 01/10/18 18104134D
01/06/2018Referred to Committee on Commerce and Labor
01/12/2018Impact statement from SCC (HB433)
01/16/2018Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
01/18/2018Read first time
01/19/2018Read second time and engrossed
01/22/2018Read third time and passed House BLOCK VOTE (99-Y 0-N)
01/22/2018VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
01/23/2018Constitutional reading dispensed
01/23/2018Referred to Committee on Commerce and Labor
02/19/2018Reported from Commerce and Labor (14-Y 0-N) (see vote tally)
02/21/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/22/2018Read third time
02/22/2018Passed Senate (40-Y 0-N) (see vote tally)
02/26/2018Bill text as passed House and Senate (HB433ER)
02/26/2018Signed by Speaker
02/27/2018Impact statement from SCC (HB433ER)
02/28/2018Signed by President
03/02/2018Enrolled Bill communicated to Governor on March 2, 2018
03/02/2018G Governor's Action Deadline Midnight, March 9, 2018
03/09/2018G Approved by Governor-Chapter 257 (effective 7/1/18)
03/09/2018G Acts of Assembly Chapter text (CHAP0257)