Life insurance policies; claims of creditors. (SB176)
Introduced By
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Life insurance; claims of creditors. Repeals a provision that excludes, from the protections from claims of creditors that are afforded life insurance policies and annuities, the cash surrender or loan value of a policy under which the right to change the beneficiary is reserved. In 2016, the General Assembly enacted a provision that exempts protected insurance items from the claims of creditors regardless of whether the right to change a beneficiary is reserved or permitted. Read the Bill »
Outcome
Bill Has Passed
History
Date | Action |
---|---|
12/28/2017 | Prefiled and ordered printed; offered 01/10/18 18101629D |
12/28/2017 | Referred to Committee on Commerce and Labor |
01/14/2018 | Impact statement from SCC (SB176) |
01/22/2018 | Reported from Commerce and Labor (13-Y 0-N) (see vote tally) |
01/24/2018 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
01/25/2018 | Read second time and engrossed |
01/26/2018 | Read third time and passed Senate (38-Y 0-N 1-A) (see vote tally) |
01/31/2018 | Placed on Calendar |
01/31/2018 | Read first time |
01/31/2018 | Referred to Committee on Commerce and Labor |
02/20/2018 | Reported from Commerce and Labor (22-Y 0-N) (see vote tally) |
02/22/2018 | Read second time |
02/23/2018 | Read third time |
02/23/2018 | Passed House BLOCK VOTE (98-Y 0-N) |
02/23/2018 | VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally) |
02/27/2018 | Enrolled |
02/27/2018 | Bill text as passed Senate and House (SB176ER) |
02/27/2018 | Signed by Speaker |
02/28/2018 | Impact statement from SCC (SB176ER) |
03/02/2018 | Signed by President |
03/05/2018 | Enrolled Bill Communicated to Governor on March 5, 2018 |
03/05/2018 | G Governor's Action Deadline Midnight, April 9, 2018 |
03/19/2018 | G Approved by Governor-Chapter 304 (effective 7/1/18) |
03/19/2018 | G Acts of Assembly Chapter text (CHAP0304) |
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 1 minute.
Transcript
This is a transcript of the video clips in which this bill is discussed.
several sections of the code relating to life insurance policies; claims of creditors. Reported from committee on commerce and labor. the delegate from scott, delegate kilgore. senate bill 176 allows creditors to include in their provision the case surrender value or loan values of policies where the beneficiary has the right to change the beneficiary. So I hope it would be the pleasure of the house to pass the bill. turning to page 3 of the printed calendar. Senate bill 253, a bill to amend and reenact a section of the code of virginia, relating to the uniform disposition of unclaimed property act; bank deposits and funds in financial organizations; charges on inactive accounts. Reported from committee on commerce and labor with substitute. delegate from westmoreland, delegate ransone. I would like to move the substitute. >> shall the substitute be agreed to. All in favor of the motion, say aye. Those opposed, no. The substitute is agreed to. Delegate ransone. >> there this will allow banks to return fees back to customers that have had dormant accounts once the account holder reactivates the account. I hope it is the flurry of the pleasure of the