Financial institutions; certain investments by banks permitted. (SB1153)

Introduced By

Sen. Lynwood Lewis (D-Accomac)

Progress

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

Description

Financial institutions; certain investments by banks permitted. Provides that the prohibition on a bank from investing its funds in certain entities does not prevent a bank from (i) investing in (a) a community development corporation; (b) an entity formed primarily to support community-based economic development; (c) an entity qualifying for the federal new markets tax credit; (d) an entity formed for a predominantly civic, community, or public purpose; (e) an entity making qualified rehabilitation expenditures with respect to a qualified rehabilitated building or certified historic structure, or a similar state historic tax credit program; or (f) a rural business investment company; (ii) engaging in any tax equity finance transaction permissible for a national bank or federal savings association; or (iii) investing, subject to such conditions as the Commissioner of Financial Institutions may prescribe, in any community and economic development entity, community development project, or other public welfare investment. This bill is identical to HB 1778. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/10/2023Prefiled and ordered printed; offered 01/11/23 23102340D
01/10/2023Referred to Committee on Commerce and Labor
01/18/2023Impact statement from SCC (SB1153)
01/23/2023Senate committee, floor amendments and substitutes offered
01/23/2023Reported from Commerce and Labor with amendments (14-Y 0-N) (see vote tally)
01/25/2023Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/26/2023Read second time
01/26/2023Reading of amendments waived
01/26/2023Committee amendments agreed to
01/26/2023Engrossed by Senate as amended SB1153E
01/26/2023Printed as engrossed 23102340D-E
01/27/2023Read third time and passed Senate (40-Y 0-N) (see vote tally)
01/31/2023Impact statement from SCC (SB1153E)
02/08/2023Placed on Calendar
02/08/2023Read first time
02/08/2023Referred to Committee on Commerce and Energy
02/09/2023Reported from Commerce and Energy (21-Y 0-N) (see vote tally)
02/13/2023Read second time
02/14/2023Read third time
02/14/2023Passed House BLOCK VOTE (99-Y 0-N)
02/14/2023VOTE: Block Vote Passage (99-Y 0-N) (see vote tally)
02/16/2023Enrolled
02/16/2023Bill text as passed Senate and House (SB1153ER)
02/16/2023Impact statement from SCC (SB1153ER)
02/16/2023Signed by President
02/16/2023Signed by Speaker
03/02/2023Enrolled Bill Communicated to Governor on March 2, 2023
03/02/2023G Governor's Action Deadline 11:59 p.m., March 27, 2023
03/26/2023G Approved by Governor-Chapter 544 (effective 7/1/23)
03/26/2023G Acts of Assembly Chapter text (CHAP0544)