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1997 SESSION

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SB 1107 BIDCO Act.

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

SUMMARY:

Virginia BIDCO Act. Permits the creation of the Virginia business and industrial development corporation (BIDCO), a new type of financial institution. A BIDCO would be a non-depository financial institution regulated by the Virginia State Corporation Commission's Bureau of Financial Institutions. It would be authorized to make debt and equity investments, but would not be permitted to accept deposits. The bill authorizes a BIDCO to provide financing to businesses through (i) secured or unsecured loans, (ii) loans with equity features, (iii) direct equity investments, or (iv) loans guaranteed by the federal Small Business Administration. A BIDCO is also authorized to provide leasing services and management assistance.

FULL TEXT

• 01/20/97  Senate: Presented & ordered printed 973686743  pdf

HISTORY

• 01/20/97  Senate: Presented & ordered printed 973686743
• 01/20/97  Senate: Referred to Committee on Commerce and Labor
• 01/27/97  Senate: Stricken from docket by Commerce and Labor by voice vote