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CS/CS/HB 431: Financial Institutions

GENERAL BILL by Commerce Committee ; Insurance and Banking Subcommittee ; Barnaby ; Snyder ; (CO-INTRODUCERS) Benjamin

Financial Institutions; Provides that failure of foreign nationals to participate through video conference in certain hearings is grounds for denial of certain applications; revises quantity of assets mutual financial institutions may not sell to stock financial institutions, subject to certain conditions; requires OFR, upon receiving applications for authority to organize bank or trust company, to investigate need for target market & ability of primary service area or target market to support proposed & existing banks or trust facilities; authorizes office to waive requirement that certain proposed financial institution presidents or chief executive officers have certain experience within specified timeframe; requires person or group to notify office within specified timeframe upon acquiring controlling interest in state bank or state trust company; revises type of institution with which certain family trust companies are required to maintain deposit account; revises banks with which international bank agencies and international branches are required to maintain certain deposits or investment securities; requires qualified limited service affiliates to suspend certain permissible activities under certain circumstances.

Effective Date: 7/1/2022
Last Action: 3/3/2022 House - Laid on Table; companion bill(s) passed, see CS/SB 1680 (Ch. 2022-178)
Bill Text: PDF



Bill History

Date Chamber Action
10/28/2021 House • Filed
11/10/2021 House • Referred to Insurance & Banking Subcommittee
• Referred to State Administration & Technology Appropriations Subcommittee
• Referred to Commerce Committee
• Now in Insurance & Banking Subcommittee
1/11/2022 House • 1st Reading (Original Filed Version)
1/14/2022 House • PCS added to Insurance & Banking Subcommittee agenda
1/19/2022 House • Favorable with CS by Insurance & Banking Subcommittee
1/21/2022 House • Reported out of Insurance & Banking Subcommittee
• Laid on Table under Rule 7.18(a)
• CS Filed
1/24/2022 House • 1st Reading (Committee Substitute 1)
1/25/2022 House • Referred to State Administration & Technology Appropriations Subcommittee
• Referred to Commerce Committee
• Now in State Administration & Technology Appropriations Subcommittee
2/1/2022 House • Added to State Administration & Technology Appropriations Subcommittee agenda
2/3/2022 House • Favorable by State Administration & Technology Appropriations Subcommittee
• Reported out of State Administration & Technology Appropriations Subcommittee
• Now in Commerce Committee
2/15/2022 House • Added to Commerce Committee agenda
2/17/2022 House • Favorable with CS by Commerce Committee
• Reported out of Commerce Committee
• Laid on Table under Rule 7.18(a)
• CS Filed
• 1st Reading (Committee Substitute 2)
2/18/2022 House • Bill referred to House Calendar
• Added to Second Reading Calendar
2/28/2022 House • Bill added to Special Order Calendar (3/3/2022)
3/3/2022 House • Substituted CS/SB 1680
• Laid on Table; companion bill(s) passed, see CS/SB 1680 (Ch. 2022-178)