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Glossary of Legislative Terms

CS/CS/SB 1612: Financial Services

GENERAL BILL by Fiscal Policy ; Banking and Insurance ; Grall

Financial Services; Revising the conditions for insurance coverage to be eligible for export; requiring state financial institutions to pay a semiannual assessment for specified time periods; authorizing the office to issue a specified certificate under certain circumstances; authorizing certain elected officers, directors, or committee members of a credit union to be reimbursed for certain expenses, etc.

Effective Date: Except as otherwise expressly provided in this act and except for this section, which shall take effect upon this act becoming a law, this act shall take effect July 1, 2025
 Last Action: 4/24/2025 Senate - Placed on Calendar, on 2nd reading
Bill Text: Web Page | PDF
Senate Committee References:
  1. Banking and Insurance (BI)
  2. Appropriations Committee on Agriculture, Environment, and General Government (AEG)
  3. Fiscal Policy (FP)

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  • Bill History

    Date Chamber Action
    2/27/2025 Senate • Filed
    3/6/2025 Senate • Referred to Banking and Insurance; Appropriations Committee on Agriculture, Environment, and General Government; Fiscal Policy
    3/10/2025 Senate • Introduced
    3/12/2025 Senate • On Committee agenda-- Banking and Insurance, 03/17/25, 1:30 pm, 412 Knott Building
    3/17/2025 Senate • CS by Banking and Insurance; YEAS 7 NAYS 0
    3/19/2025 Senate • Pending reference review under Rule 4.7(2) - (Committee Substitute)
    • Now in Appropriations Committee on Agriculture, Environment, and General Government
    • CS by Banking and Insurance read 1st time
    4/7/2025 Senate • On Committee agenda-- Appropriations Committee on Agriculture, Environment, and General Government, 04/10/25, 11:00 am, 412 Knott Building
    4/10/2025 Senate • Favorable by Appropriations Committee on Agriculture, Environment, and General Government; YEAS 11 NAYS 0
    • Now in Fiscal Policy
    4/14/2025 Senate • On Committee agenda-- Fiscal Policy, 04/17/25, 9:00 am, 412 Knott Building
    4/17/2025 Senate • CS/CS by- Fiscal Policy; YEAS 14 NAYS 3
    4/21/2025 Senate • Pending reference review -under Rule 4.7(2) - (Committee Substitute)
    4/22/2025 Senate • CS/CS by Fiscal Policy read 1st time
    4/24/2025 Senate • Placed on Calendar, on 2nd reading

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  • CS/CS/SB 1612, Committee Substitute 2 (Current Bill Version) Posted 4/21/2025 at 9:23 AM

    Bill Text:   Web Page | PDF
    Analyses:   None

    Related Bills (5)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 173 Interest on Trust Accounts Program Interest Rates Brackett Compare Last Action: 3/4/2025 H 1st Reading (Original Filed Version) Track This Bill
    H 643 (c2) Insurance Insurance & Banking Subcommittee Compare Last Action: 4/22/2025 H 1st Reading (Committee Substitute 2) Track This Bill
    H 1549 (c1) Financial Institutions Insurance & Banking Subcommittee Compare Last Action: 4/22/2025 S Received Track This Bill
    S 498 (e1) Trust Fund Interest for Purposes Approved by the Supreme Court Grall Compare Last Action: 4/23/2025 H In Messages Track This Bill
    S 1184 (c1) Residual Market Insurers DiCeglie Compare Last Action: 3/27/2025 S On Committee agenda-- Judiciary, 04/01/25, 4:00 pm, 110 Senate Building --Temporarily Postponed Track This Bill

    Citations - Statutes (15)

    Citation Catchline Location in Bill Location In Bill Help
    626.914 Definitions. Page 2 (pdf)
    626.916 Eligibility for export. Page 3 (pdf)
    626.918 Eligible surplus lines insurers. Page 5 (pdf)
    626.932 Surplus lines tax. Page 6 (pdf)
    626.9325 Service fee. Page 7 (pdf)
    626.9541 Unfair methods of competition and unfair or deceptive acts or practices defined. Page 7 (pdf)
    627.715 Flood insurance. Page 12 (pdf)
    655.047 Assessments; financial institutions. Page 12 (pdf)
    655.414 Acquisition of assets; assumption of liabilities. Page 13 (pdf)
    655.97 Page 15 (pdf)
    657.002 Definitions. Page 16 (pdf)
    657.028 Activities of directors, officers, committee members, employees, and agents. Page 16 (pdf)
    657.043 Reserves. Page 16 (pdf)
    658.235 Subscriptions for stock; approval of major shareholders. Page 17 (pdf)
    658.25 Opening for business. Page 17 (pdf)

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  • CS/SB 1612, Committee Substitute 1 Posted 3/19/2025 at 2:55 PM

    Bill Text:   Web Page | PDF
    Analyses:   Appropriations Committee on Agriculture, Environment, and General Government (Pre-Meeting) 4/9/2025 (pdf)
    Appropriations Committee on Agriculture, Environment, and General Government (Post-Meeting) 4/10/2025 (pdf)
    Fiscal Policy (Pre-Meeting) 4/16/2025 (pdf)
    Fiscal Policy (Post-Meeting) 4/21/2025 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 1549 (c1) Financial Institutions Insurance & Banking Subcommittee Identical Last Action: 4/22/2025 S Received Track This Bill

    Committee Amendments (3)

    Amendment Sponsor Filed Last Committee Action Format
    697190 - Amendment
    Before line 25 insert:     		Fiscal Policy
    (Gruters)     		4/17/2025
    8:23 AM     		Replaced by Committee Substitute
    4/17/2025     		Web Page
    PDF
    733752 - Amendment
    Delete lines 88 - 136 and insert:     		Fiscal Policy
    (Grall)     		4/16/2025
    7:56 AM     		Replaced by Committee Substitute
    4/17/2025     		Web Page
    PDF
    hierarchy 309838 - Amendment to Amendment (733752)
    Delete lines 15 - 26 and insert:     		Fiscal Policy
    (Grall)     		4/16/2025
    5:09 PM     		Replaced by Committee Substitute
    4/17/2025     		Web Page
    PDF

    Committee Votes (2)

    Date Committee Result
    4/10/2025 11:00 AM Appropriations Committee on Agriculture, Environment, and General Government 11 Yeas - 0 Nays
    4/17/2025 9:00 AM Fiscal Policy 14 Yeas - 3 Nays

    Citations - Statutes (7)

    Citation Catchline Location in Bill Location In Bill Help
    655.047 Assessments; financial institutions. Page 1 (pdf)
    655.414 Acquisition of assets; assumption of liabilities. Page 2 (pdf)
    657.002 Definitions. Page 4 (pdf)
    657.028 Activities of directors, officers, committee members, employees, and agents. Page 4 (pdf)
    657.043 Reserves. Page 4 (pdf)
    658.235 Subscriptions for stock; approval of major shareholders. Page 5 (pdf)
    658.25 Opening for business. Page 5 (pdf)

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  • SB 1612, Original Filed Version Posted 2/27/2025 at 4:11 PM

    Bill Text:   Web Page | PDF
    Analyses:   Banking and Insurance (Pre-Meeting) 3/14/2025 (pdf)
    Banking and Insurance (Post-Meeting) 3/20/2025 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 1549 Financial Institutions Insurance & Banking Subcommittee Identical Last Action: 4/22/2025 S Received Track This Bill

    Committee Amendments (2)

    Amendment Sponsor Filed Last Committee Action Format
    523462 - Amendment
    Delete lines 92 - 118 and insert:     		Banking and Insurance
    (Grall)     		3/14/2025
    12:56 PM     		Replaced by Substitute Amendment
    3/19/2025     		Web Page
    PDF
    hierarchy 517760 - Substitute Amendment (523462)
    Delete lines 92 - 118 and insert:     		Banking and Insurance
    (Grall)     		3/17/2025
    12:45 PM     		Replaced by Committee Substitute
    3/19/2025     		Web Page
    PDF

    Committee Votes (1)

    Date Committee Result
    3/17/2025 1:30 PM Banking and Insurance 7 Yeas - 0 Nays

    Citations - Statutes (7)

    Citation Catchline Location in Bill Location In Bill Help
    655.047 Assessments; financial institutions. Page 1 (pdf)
    655.414 Acquisition of assets; assumption of liabilities. Page 2 (pdf)
    657.002 Definitions. Page 4 (pdf)
    657.042 Investment powers and limitations. Page 4 (pdf)
    657.043 Reserves. Page 5 (pdf)
    658.235 Subscriptions for stock; approval of major shareholders. Page 5 (pdf)
    658.25 Opening for business. Page 6 (pdf)

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