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2010 SESSION
SB 295 Financial institutions and services; revising and recodifying laws.
Introduced by: Ryan T. McDougle | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Revision of Title 6.1. Creates proposed Title 6.2 (Financial Institutions and Services) as a revision of existing Title 6.1 (Banking and Finance). Proposed Title 6.2 consists of 22 chapters divided into four subtitles: Subtitle I (General Provisions); Subtitle II (Depository Institutions and Trust Organizations); Subtitle III (Other Regulated Providers of Financial Services); and Subtitle IV (Other Financial Activities). Subtitle I includes title-wide definitions and chapters addressing money and currency, interest and usury, lending practices generally, including credit card laws currently in Title 11, and equal credit opportunity laws that are currently in Title 59.1. Subtitle II addresses deposits and accounts at financial institutions, as well as provisions applicable to specific types of depository institutions, including financial institution holding companies, banks, savings institutions, credit unions, and entities conducting trust business. Subtitle III sets out provisions relating to providers of financial services that are subject to licensure or registration with the State Corporation Commission, including industrial loan associations, consumer finance companies, mortgage lenders and brokers, mortgage loan originators, payday lenders, money order sellers and money transmitters, agencies providing debt management plans, and check cashers. Subtitle IV includes provisions regulating the conduct of other financial activities, including refund anticipation loans, safe deposit boxes, and securitization transactions. The Wet Settlement Act and provisions regarding real estate settlement agents are relocated to Title 55.
FULL TEXT
- 01/12/10 Senate: Prefiled and ordered printed; offered 01/13/10 10100127D pdf | impact statement
- 03/22/10 Senate: Bill text as passed Senate and House (SB295ER) pdf | impact statement
- 04/21/10 Senate: Reenrolled bill text (SB295ER2) pdf
- 04/21/10 Governor: Acts of Assembly Chapter text (CHAP0794) pdf
AMENDMENTS
HISTORY
- 01/12/10 Senate: Prefiled and ordered printed; offered 01/13/10 10100127D
- 01/12/10 Senate: Referred to Committee on Commerce and Labor
- 01/25/10 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 01/27/10 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/28/10 Senate: Read second time and engrossed
- 01/29/10 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/08/10 House: Placed on Calendar
- 02/08/10 House: Read first time
- 02/08/10 House: Referred to Committee on Commerce and Labor
- 02/23/10 House: Reported from Commerce and Labor (22-Y 0-N)
- 02/25/10 House: Read second time
- 02/26/10 House: Read third time
- 02/26/10 House: Passed House BLOCK VOTE (96-Y 0-N)
- 02/26/10 House: VOTE: BLOCK VOTE PASSAGE (96-Y 0-N)
- 03/22/10 Senate: Enrolled
- 03/22/10 Senate: Bill text as passed Senate and House (SB295ER)
- 03/22/10 House: Signed by Speaker
- 03/25/10 Senate: Signed by President
- 04/13/10 Senate: Governor's recommendation received by Senate
- 04/20/10 Senate: Placed on Calendar
- 04/21/10 Senate: Senate concurred in Governor's recommendation (40-Y 0-N)
- 04/21/10 House: House concurred in Governor's recommendation (95-Y 0-N)
- 04/21/10 House: VOTE: --- ADOPTION (95-Y 0-N)
- 04/21/10 Governor: Governor's recommendation adopted
- 04/21/10 House: Reenrolled
- 04/21/10 Senate: Reenrolled bill text (SB295ER2)
- 04/21/10 House: Signed by Speaker as reenrolled
- 04/21/10 Senate: Signed by President as reenrolled
- 04/21/10 House: Enacted, Chapter 794 (effective 10/1/10)
- 04/21/10 Governor: Acts of Assembly Chapter text (CHAP0794)