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