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OK SB697
Bill
AI Summary
- Amends Oklahoma insurance law (36 O.S. 2011, Sections 1904, 1922, and 1926) to protect Federal Home Loan Banks' rights regarding collateral pledged under security agreements during insurer receivership proceedings
- Prohibits courts from issuing injunctions that would prevent Federal Home Loan Banks from exercising or enforcing rights related to pledged collateral under security agreements
- Removes the receiver's power to reject, disavow, or repudiate any Federal Home Loan Bank security agreement or related pledge, collateral, or guarantee agreements
- Prevents receivers from avoiding transfers of money or property arising under Federal Home Loan Bank security agreements, except for transfers made with actual intent to defraud creditors
- Declared an emergency measure, taking effect immediately upon passage and approval (passed Senate March 7, 2013; passed House April 15, 2013)
Legislative Description
Insurance; Federal Home Loan Banks; modifying powers within a security agreement. Emergency.
Insurance
Last Action
Approved by Governor 04/22/2013
4/22/2013
Committee Referrals
Insurance3/14/2013
Insurance2/12/2013
Rules2/5/2013
Full Bill Text
No bill text available