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AL HB574
Bill
Status
2/16/2010
Primary Sponsor
Mike Hill
Click for details
AI Summary
HB574 Summary
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Exempts transactions involving holding companies that have never previously owned a Federal Deposit Insurance Corporation-insured bank from Superintendent of Banking review under the Bank Holding Company Act.
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Authorizes the Superintendent of Banking to declare a bank in default or misconduct if the bank may suspend payment of its obligations.
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Requires non-FDIC receivers appointed to liquidate a failed bank to obtain an ex parte court order confirming their appointment from the receivership court.
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Prohibits any company from acquiring an Alabama bank holding company or state bank without prior approval from the Superintendent of Banking, with limited exceptions for supervisory arrangements and bank holding company formations.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Banks, holding companies, certain transactions not subject to review by Superintendent of Banks, superintendent authorized to declare a bank in default or misconduct, receivers, superintendent approval required prior to company acquiring a bank holding company or state bank, Secs. 5-5A-44, 5-8A-20, 5-8A-24, 5-13B-4 am'd.
Banks and Banking
Last Action
Read for the first time and referred to the House of Representatives committee on Banking and Insurance
2/16/2010