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Senate committee adopts amendment clarifying 'each renewal' in bank-acquisition bill; bill passes
Summary
The Senate Insurance & Commerce committee adopted an amendment changing wording from "a renewal" to "each renewal" and passed a bill that gives banks more time to address loans secured by stock after an acquisition, with discussion focused on fee responsibility and veterans' guardianship concerns.
Senator Ricky Hill, Senate District 11, told the Senate Insurance & Commerce committee the amendment "just changes two words on page 2, line 15," and moved to adopt it.
The change replaces the phrase "a renewal" with "each renewal" in language governing how loans secured by stock are treated after a bank acquisition. Committee members adopted the amendment and then passed the bill as amended.
The amendment and bill are intended to give a bank that acquires another institution extra latitude at the…
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