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S.F. No. 1735 - Banking Issues
 
Author: Senator Dan Sparks
 
Prepared By:
 
Date: February 17, 2012



 

Section 1 clarifies state law regarding the day on which a bank can close in connection with a holiday, in addition to the holiday itself.  For instance, it permits a bank to be closed on a Saturday that follows a Friday holiday or closed on a Monday that follows a Sunday holiday.

Section 2 amends state law regarding bank lending limits, which limits the total amount for which any one individual can be indebted to a state-chartered bank. The change involves adding the bank's credit exposure to the individual arising out of a derivative transaction as defined.

Section 3 repeals two laws that define "demand deposit" and limit payment of interest on them.

 

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