Banks; trust subsidiaries. (HB155)

Introduced By

Del. Mark Sickles (D-Alexandria)

Progress

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

Description

Banks; trust subsidiaries. Establishes a mechanism by which a subsidiary bank of a Virginia bank holding company that holds trust powers may be substituted in every fiduciary capacity for a trust subsidiary under common ownership with that bank. Such mechanism follows the existing procedures by which (i) a subsidiary bank may be substituted as fiduciary for another bank under common ownership and (ii) a trust subsidiary may be substituted as fiduciary for an owning or affiliated bank. In each case, the determination as to whether the application for substitution will be granted is made by the circuit court of the jurisdiction in which the main office of the petitioning bank or trust subsidiary is located. Read the Bill »

Status

02/17/2020: passed committee

History

DateAction
12/20/2019Committee
12/20/2019Prefiled and ordered printed; offered 01/08/20 20101596D
12/20/2019Referred to Committee on Labor and Commerce
01/07/2020Impact statement from SCC (HB155)
01/23/2020Reported from Labor and Commerce (20-Y 0-N) (see vote tally)
01/27/2020Read first time
01/28/2020Passed by temporarily
01/28/2020Read second time and engrossed
01/29/2020Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/29/2020VOTE: (98-Y 0-N) (see vote tally)
01/30/2020Constitutional reading dispensed
01/30/2020Referred to Committee on Commerce and Labor
02/17/2020Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/19/2020Constitutional reading dispensed (39-Y 0-N)

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