SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2023 SESSION
HB 1778 Financial institutions; certain investments by banks permitted.
Introduced by: Israel D. O'Quinn | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Financial institutions; certain investments by banks permitted. Provides that the prohibition on a bank from investing its funds in certain entities does not prevent a bank from (i) investing in (a) a community development corporation; (b) an entity formed primarily to support community-based economic development; (c) an entity qualifying for the federal new markets tax credit; (d) an entity formed for a predominantly civic, community, or public purpose; (e) an entity making qualified rehabilitation expenditures with respect to a qualified rehabilitated building or certified historic structure, or a similar state historic tax credit program; or (f) a rural business investment company; (ii) engaging in any tax equity finance transaction permissible for a national bank or federal savings association; or (iii) investing, subject to such conditions as the Commissioner of Financial Institutions may prescribe, in any community and economic development entity, community development project, or other public welfare investment. This bill is identical to SB 1153.
FULL TEXT
- 01/10/23 House: Prefiled and ordered printed; offered 01/11/23 23102044D pdf | impact statement
- 01/20/23 House: Printed as engrossed 23102044D-E pdf | impact statement
- 02/21/23 House: Bill text as passed House and Senate (HB1778ER) pdf | impact statement
- 03/26/23 Governor: Acts of Assembly Chapter text (CHAP0543) pdf
AMENDMENTS
HISTORY
- 01/10/23 House: Prefiled and ordered printed; offered 01/11/23 23102044D
- 01/10/23 House: Referred to Committee on Commerce and Energy
- 01/17/23 House: Reported from Commerce and Energy with amendment(s) (21-Y 0-N)
- 01/19/23 House: Read first time
- 01/20/23 House: Read second time
- 01/20/23 House: Committee amendments agreed to
- 01/20/23 House: Engrossed by House as amended HB1778E
- 01/20/23 House: Printed as engrossed 23102044D-E
- 01/23/23 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 01/23/23 House: VOTE: (99-Y 0-N)
- 01/24/23 Senate: Constitutional reading dispensed
- 01/24/23 Senate: Referred to Committee on Commerce and Labor
- 02/13/23 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/15/23 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/16/23 Senate: Read third time
- 02/16/23 Senate: Passed Senate (40-Y 0-N)
- 02/21/23 House: Enrolled
- 02/21/23 House: Bill text as passed House and Senate (HB1778ER)
- 02/21/23 House: Signed by Speaker
- 02/23/23 Senate: Signed by President
- 03/02/23 House: Enrolled Bill communicated to Governor on March 2, 2023
- 03/02/23 Governor: Governor's Action Deadline 11:59 p.m., March 27, 2023
- 03/26/23 Governor: Approved by Governor-Chapter 543 (effective 7/1/23)
- 03/26/23 Governor: Acts of Assembly Chapter text (CHAP0543)