Virginia Senate Joint Resolution 400 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 25 2011 - 25% progression, died in chamber
Action: 2011-02-04 - Senate: Passed by indefinitely in Rules by voice vote
Text: Latest bill text (Introduced) [HTML]

Study; Bureau of Financial Institutions to study development loan defaults; report. Requests the Bureau of Financial Institutions of the State Corporation Commission to convene members of the financial services, homebuilding, and commercial development industries to (i) review whether loans on development projects are being called as a result of a reduction in the debt to value ratio or the debt to equity ratio, or both, with respect to the borrower's property; (ii) determine whether banks are being required or encouraged to call such loans under federal regulations or as a condition of participation in federal programs; and (iii) determine whether changes in Virginia law would insulate solvent borrowers from adverse action on their loans without jeopardizing the ability of banks in Virginia to participate in federal programs or comply with federal regulations. The Bureau's report is to be provided by October 31, 2011.

Development loan defaults; Bureau of Financial Institutions of SCC to review certain issues, report.

Sen. Richard Stuart [R]

Sen. Jill Vogel [R]

Date	Chamber	Action
2011-02-04		Senate: Passed by indefinitely in Rules by voice vote
2011-01-26		Senate: Assigned Rules sub: #1
2011-01-25		Senate: Referred to Committee on Rules
2011-01-25		Senate: Presented and ordered printed 11104449D
2011-01-25		Senate: Unanimous consent to introduce

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?111+sum+SJ400
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?111+ful+SJ400+hil