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Senate committee adopts small wording change to bank loan renewal language; bill passes
Summary
A Senate Insurance & Commerce committee adopted an amendment changing “a renewal” to “each renewal” in a banking bill and then approved the bill as amended. Sponsors said the change clarifies how loans secured by stock are handled when a bank acquisition occurs and avoids unintended violations on acquisition.
A Senate Insurance & Commerce committee on an unspecified date adopted an amendment to a banking bill that replaces the phrase “a renewal” with “each renewal” on page 2, line 15, and then passed the bill as amended.
The amendment, introduced by Senator Ricky Hill (Senate District 11), was described as a two-word technical change intended to clarify the timing of renewals after a bank acquisition. "The amendment just changes, 2 words on page 2, line 15," Hill said when presenting the change.
The change was adopted by voice vote after a motion by Senator…
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