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1994 SESSION

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HB 387 Banking and finance; enforceability of loans.

Introduced by: W. W. Bennett, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Banking and finance; enforceability of loans secured by stock of lending bank. Renders enforceable (as between a lender and borrower) security agreements relating to loans secured by a borrower's pledge of a lending institution's own stock. Va. Code § 6.1-60.1, amended by this bill, prohibits banks from making such loans. This bill leaves that prohibition intact, but prevents a borrower in such circumstances from seeking to have such a security agreement declared void.

FULL TEXT

• 01/21/94  House: Presented and ordered printed  pdf
• 02/25/94  House: Bill text as passed House and Senate (HB387ER)  pdf
• 03/29/94  Governor: Acts of Assembly Chapter text (CHAP0119)  pdf

HISTORY

• 01/21/94  House: Presented and ordered printed
• 01/21/94  House: Referred to Committee on Corporations, Insurance and Banking
• 01/27/94  House: Reported from Corp., Ins. & Banking (22-Y 0-N)
• 01/28/94  House: Read first time
• 01/31/94  House: Read second time and engrossed
• 02/01/94  House: Read third time and passed House (Block Vote) (99-Y 0-N)
• 02/01/94  House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
• 02/01/94  House: Communicated to Senate
• 02/02/94  Senate: Read first time
• 02/02/94  Senate: Referred to Committee on Commerce and Labor
• 02/21/94  Senate: Reported from Commerce and Labor (15-Y 0-N)
• 02/22/94  Senate: Constitutional reading dispensed (39-Y 0-N)
• 02/22/94  Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
• 02/23/94  Senate: Read third time
• 02/23/94  Senate: Passed Senate (38-Y 0-N)
• 02/23/94  Senate: VOTE: PASSAGE (38-Y 0-N)
• 02/25/94  House: Bill text as passed House and Senate (HB387ER)
• 03/07/94  House: Enrolled
• 03/07/94  House: Signed by Speaker
• 03/08/94  Senate: Signed by President
• 03/28/94  Governor: Approved by Governor-Chapter 119 (effective 7/1/94)
• 03/29/94  Governor: Acts of Assembly Chapter text (CHAP0119)