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Senate panel advances SB 300 and SB 331 by voice vote
Summary
The Senate Financial Institutions and Insurance Committee voted to pass SB 300, which limits state receivership for certain tech‑enabled fiduciary institutions, and SB 331, which repeals a 1914 banking statute; both bills passed favorably by voice vote and will move to the Senate floor.
The Senate Financial Institutions and Insurance Committee advanced two bills by voice vote.
Senate Bill 300, introduced by the joint committee on fiduciary and financial institutions oversight, would prohibit the Office of the State Bank Commissioner and other state agencies from becoming receiver for technology‑enabled fiduciary financial institutions that become insolvent or declare bankruptcy. Adviser Eileen summarized two insolvency criteria in the bill: (1) the cash market value of the institution’s assets is insufficient to pay creditor liabilities, or (2) the institution is unable to meet creditor demands in the usual and customary manner. Senator Gossage moved to pass SB 300 favorably and Senator Argebrite seconded; the committee voiced 'aye' and the bill passed out of committee.
The committee also moved Senate Bill 331, a housekeeping bill that repeals a 1914 statute that could invalidate negotiable instruments paid on a Saturday. Adviser Eileen described the measure as removing an obsolete restriction. Senator Hill moved to pass SB 331 favorably with Senator Haley seconding; the committee voiced 'aye' and the motion carried.
Both bills were advanced to the Senate floor; committee discussion was brief and recorded as voice votes with no roll‑call tallies provided in the hearing record.
