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FL H1405
Bill
Status
Failed
3/14/2022
Primary Sponsor
James Buchanan
Click for details
AI Summary
- Adds definitions for "federal home loan bank" (a bank established under the Federal Home Loan Bank Act, 12 U.S.C. ss. 1421 et seq.) and "insurer-member" (an insurer who is a member of a federal home loan bank) to s. 631.011, F.S.
- Prohibits automatic stays in delinquency proceedings from preventing a federal home loan bank from exercising its rights regarding collateral pledged by an insurer-member, beginning 7 days after the Department of Financial Services files the delinquency proceeding.
- Requires federal home loan banks, within 10 business days of a receiver's request, to provide a process and timeline for releasing excess collateral, returning collateral after full repayment, handling fees and accounts, and addressing possible redemption or repurchase of bank stock held by the insurer-member.
- Prohibits receivers from voiding transfers or obligations related to federal home loan bank security agreements, pledges, or collateral arrangements made in the ordinary course of business, unless the transfer was made with intent to hinder, delay, or defraud the insurer-member, receiver, or creditors.
- Effective date of July 1, 2022, with conforming cross-reference amendments to ss. 626.9541, 631.025, 631.041, and 817.2341, F.S.
Legislative Description
Insurer-members of Federal Home Loan Banks
Last Action
Died in Insurance & Banking Subcommittee
3/14/2022
Committee Referrals
Insurance And Banking Subcommittee1/14/2022
Full Bill Text
No bill text available