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2005 SESSION

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SB 936 Banks or savings institutions; authorized to amend terms of revolving credit agreement.

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

SUMMARY AS INTRODUCED:

Revolving credit agreements.  Affirms that a state bank or savings institution is authorized to amend the terms of a revolving credit agreement by following the procedures set forth in the agreement for effecting changes in its terms, subject to compliance with the federal Truth in Lending Act.  This provision is stated to be declaratory of existing law.  The measure also specifies that, unless a contract or plan otherwise expressly provides, the lender may amend the contract or plan in any respect at any time and from time to time, whether or not the amendment or the subject of the amendment was originally contemplated or addressed by the lender and borrower or is integral to their relationship.


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