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2004 SESSION

• | print version

SB 536 Asset-Backed Securities Facilitation Act; created.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Asset-Backed Securities Facilitation Act. Provides that any property, assets, or rights purported to be transferred in a securitization transaction shall be deemed to no longer be the property, assets, or rights of the transferor. A transferor in a securitization transaction, its creditors or a bankruptcy trustee, receiver, debtor, debtor in possession, or similar person shall have no rights to reacquire, reclaim, recover, repudiate, disaffirm, redeem, or recharacterize as property of the transferor any property, assets, or rights purported to be transferred by the transferor. In a bankruptcy, receivership, or other insolvency proceeding governed by the laws of the Commonwealth, the property, assets, and rights shall not be deemed to be part of the transferor's property, assets, rights, or estate.

FULL TEXT

• 01/14/04  Senate: Presented & ordered printed, prefiled 01/14/04 047460824  pdf | impact statement
• 01/29/04  Senate: Printed as engrossed 047460824-E  pdf
• 03/25/04  Senate: Bill text as passed Senate and House (SB536ER)  pdf | impact statement
• 04/20/04  Governor: Acts of Assembly Chapter text (CHAP0600)  pdf

AMENDMENTS

• Senate amendments

HISTORY

• 01/14/04  Senate: Presented & ordered printed, prefiled 01/14/04 047460824
• 01/14/04  Senate: Referred to Committee on Commerce and Labor
• 01/26/04  Senate: Reported from C. & L. with amendments (14-Y 0-N)
• 01/28/04  Senate: Constitutional reading dispensed (38-Y 0-N)
• 01/28/04  Senate: VOTE: CONST. RDG. DISPENSED R (38-Y 0-N)
• 01/29/04  Senate: Read second time
• 01/29/04  Senate: Reading of amendments waived
• 01/29/04  Senate: Committee amendments agreed to
• 01/29/04  Senate: Engrossed by Senate as amended SB536E
• 01/29/04  Senate: Printed as engrossed 047460824-E
• 01/30/04  Senate: Read third time and passed Senate (40-Y 0-N)
• 01/30/04  Senate: VOTE: PASSAGE R (40-Y 0-N)
• 01/30/04  Senate: Communicated to House
• 02/03/04  House: Placed on Calendar
• 02/03/04  House: Read first time
• 02/03/04  House: Referred to Committee on Commerce and Labor
• 02/24/04  House: Reported from Commerce and Labor (22-Y 0-N)
• 02/26/04  House: Read second time
• 02/27/04  House: Read third time
• 02/27/04  House: Passed House BLOCK VOTE (100-Y 0-N)
• 02/27/04  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
• 03/25/04  Senate: Bill text as passed Senate and House (SB536ER)
• 03/26/04  Senate: Enrolled
• 03/26/04  Senate: Signed by President
• 03/29/04  House: Signed by Speaker
• 04/12/04  Governor: Approved by Governor-Chapter 600 (effective 7/1/04)
• 04/20/04  Governor: Acts of Assembly Chapter text (CHAP0600)