Substitute for Raised H.B. No. 5418
Session Year 2012
 


AN ACT CONCERNING THE MODERNIZATION OF CERTAIN BANKING STATUTES.

To (1) require banks to send notice of a material change in a data processor contract to the Department of Banking, (2) conform requirements concerning appraiser independence with federal requirements set forth in the Federal Truth-in-Lending Act, 15 USC Section 1601 et seq., (3) ensure that any public deposits that are fully insured by the Federal Deposit Insurance Corporation do not require additional collateral to be pledged against them, (4) eliminate the requirement that, in lieu of eligible collateral, public deposits held by a qualified public depository may be secured solely by an irrevocable letter of credit issued by the Federal Home Loan Bank of Boston, and (5) clarify when regulatory letters require additional collateralization.

Introduced by:
Banks Committee

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Bill History

 Date Action Taken
 4/5/2012(LCO)File Number 296
 4/5/2012House Calendar Number 229
 4/5/2012Favorable Report, Tabled for the Calendar, House
 4/5/2012(LCO)Reported Out of Legislative Commissioners' Office
 3/30/2012(LCO)Referred to Office of Legislative Research and Office of Fiscal Analysis 04/04/12 5:00 PM
 3/20/2012(LCO)Filed with Legislative Commissioners' Office
 3/20/2012(BA)Joint Favorable Substitute
 3/9/2012Public Hearing 03/15
 3/6/2012Referred to Joint Committee on Banks

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