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1999 SESSION
HB 2251 Multistate trust institutions.
Introduced by: Clifton A. Woodrum | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Multistate trust institutions. Enables Virginia trust companies, trust subsidiaries and state banks to open trust offices in other states and permits out-of-state trust institutions and national banks whose home state is other than Virginia to open trust offices in Virginia. An out-of-state trust institution or national bank whose home state is other than Virginia can begin to engage in providing trust services in Virginia, either through acquisition of an existing Virginia trust company or by establishing its own trust offices or bank branches. The home state of the out-of-state trust company or bank seeking to enter Virginia must offer reciprocity to Virginia trust companies and banks. Applications for Virginia trust companies and banks to open offices in other states and for out-of-state trust companies and banks planning to open offices in Virginia must be approved by the State Corporation Commission. The State Corporation Commission is authorized to examine the records of an out-of-state trust company or bank in Virginia. The State Corporation Commission will promulgate regulations to implement the provisions of this bill.
FULL TEXT
- 01/21/99 House: Presented & ordered printed 993346492 pdf
- 02/06/99 House: Committee substitute printed 993387492-H1 pdf
- 03/04/99 House: Bill text as passed House and Senate (HB2251ER) pdf
- 04/08/99 Governor: Acts of Assembly Chapter text (CHAP0835) pdf
HISTORY
- 01/21/99 House: Presented & ordered printed 993346492
- 01/21/99 House: Referred to Committee on Corporations, Insurance and Banking
- 01/26/99 House: Assigned to C. I. B. sub-committee: 2
- 02/06/99 House: Committee substitute printed 993387492-H1
- 02/06/99 House: Reported from C. I. B. w/sub. (26-Y 0-N)
- 02/06/99 House: Constitutional reading dispensed
- 02/07/99 House: Read second time
- 02/07/99 House: Committee substitute agreed to 993387492-H1
- 02/07/99 House: Engrossed by House - com. sub. 993387492-H1
- 02/08/99 House: Read third time and passed House (Block Vote) (99-Y 0-N)
- 02/08/99 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/08/99 House: Communicated to Senate
- 02/10/99 Senate: Constitutional reading dispensed
- 02/10/99 Senate: Referred to Committee on Commerce and Labor
- 02/22/99 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/23/99 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/23/99 Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
- 02/23/99 Senate: Read third time
- 02/23/99 Senate: Passed Senate (39-Y 0-N)
- 02/23/99 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 03/04/99 House: Bill text as passed House and Senate (HB2251ER)
- 03/08/99 House: Enrolled
- 03/08/99 House: Signed by Speaker
- 03/09/99 Senate: Signed by President
- 03/29/99 Governor: Approved by Governor-Chapter 835 (effective 7/1/99)
- 04/08/99 Governor: Acts of Assembly Chapter text (CHAP0835)