SENATE BILL REPORT

SHB 476

BYHouse Committee on Financial Institutions & Insurance (originally sponsored by Representatives Lux, Chandler and P. King) 

Revising regulations for banks and banking activities.

House Committe on Financial Institutions & Insurance

Senate Committee on Financial Institutions

Senate Hearing Date(s):March 31, 1987; April 2, 1987

Majority Report:  Do pass as amended.

      Signed by Senators Moore, Chairman; Bender, Vice Chairman; Bottiger, Fleming, McDermott, Metcalf, Pullen, von Reichbauer.

Senate Staff:Stephanie Yates (786-7416)

                  April 2, 1987

AS REPORTED BY COMMITTEE ON FINANCIAL INSTITUTIONS, APRIL 2, 1987

BACKGROUND:

In 1986 the Legislature made major revisions to the state-chartered commercial bank code.  A major portion of those changes were made to bring the corporations provisions of the bank code into conformity with the general corporations code of Washington.

SUMMARY:

Directors of banks are no longer required to meet at least monthly but must meet at least quarterly.

Technical amendments are made to the bank code to conform with the interstate banking provisions adopted in 1985.

SUMMARY OF PROPOSED SENATE AMENDMENT:

Provisions are added to the Washington Land Bank Act pertaining to:  confidentiality of information obtained through examinations of the Land Bank by the Supervisor of Banking; cease and desist orders, administrative hearings, and judicial review; and, removal of officers and employees of the Land Bank.

Fiscal Note:      none requested

Senate Committee - Testified: Keith Hopper, Washington Bankers Association