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Committee clears technical banking code updates and trust company language
Summary
Senate Bill 139, a bill making corrections and updating definitions in the state banking code including provisions affecting trust companies, was reported favorably by the Senate Committee on Financial Institutions and Insurance.
Senate Bill 139 was reported favorably by the Senate Committee on Financial Institutions and Insurance on Feb. 17 after a brief staff summary and no amendments were offered.
Eileen, committee advisor, summarized SB 139 as primarily latent corrections and technical updates to the state banking code. She said the first portion of the bill consists of corrections added for the session, and the latter portion includes changes related to trust companies that the Office of the State Bank Commissioner (OSBC) was working on.
Committee members asked for clarification and whether there were amendments; staff said none had been filed. Senator Fagg moved to report the bill favorably for passage; Senator Argebrecht seconded. The committee passed SB 139 by voice vote and directed staff to forward it to the Senate floor.
What it does: The bill updates certain definitions, terms and conditions in the state banking code and contains trust-company-related changes requested by the supervisory agency; the committee record did not include substantive debate or changes to the bill text during the Feb. 17 meeting.
Next steps: SB 139 will be moved to the Senate floor for consideration.
