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Banking subcommittee advances four bills to full Commerce committee
Summary
The Banking & Consumer Affairs Subcommittee voted unanimously to advance four bills — on deposit-insurance authority, HELOC indexing, trust law cleanup, and lighter safety standards — to the full Commerce Committee.
The Banking & Consumer Affairs Subcommittee advanced four bills to the full Commerce Committee after brief presentations and committee discussion.
House Bill 0110, presented as an administration measure, would clarify statutory authority for the commissioner of the Tennessee Department of Financial Institutions to determine types, amounts and other characteristics of deposit insurance for state banks. Commissioner Greg Gonzales told the committee the department considers ‘‘safety and soundness, public confidence, [and] being able to work with the industry’’ when assessing deposit-insurance issues. The clerk reported five ayes and the chair said the ayes have it; the bill will go to full Commerce.
House Bill 0908, presented by Leader Gary Marshall, would allow lenders to use the current index rate for home-equity lines of credit (HELOCs) that extend beyond 15 years instead of requiring the 30-year Treasury yield. Marshall said the change responds to a lack of market availability for 30-year-indexed HELOCs. The clerk reported five ayes; the bill will go to full Commerce.
House Bill 0817, described by Leader Gary Marshall as a cleanup of trust-related statutes, updates definitions, clarifies when a public trustee may be appointed, modernizes certain electronic-notice provisions, and clarifies reimbursements and who may serve in nonfiduciary investment-adviser roles. The clerk reported five ayes; the bill will go to full Commerce.
House Bill 0343, presented by Representative Caplan, would prohibit sale of lighters that do not comply with American Society for Testing and Materials (ASTM) standards; the sponsor said the bill does not change novelty-lighter rules or target distributors or storage. The clerk reported five ayes; the bill will go to full Commerce.
Votes at a glance: the clerk reported 5 ayes on each bill and the chair announced each measure will advance to the full Commerce Committee. Formal vote records with member-level votes were not provided in the transcript.
