HB 573 Credit unions; fiduciary accounts.
L. Preston Bryant, Jr. | all patrons    ...    notes
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Summary as passed: (all summaries)
Credit unions; fiduciary accounts. Provides credit unions with the same protections and authorizations regarding the issuance of shares and maintenance of share accounts in the name of persons or entities for membership in the credit union as fiduciaries as other financial institutions enjoy. The credit union is held harmless for the payment of funds from or the delivery of funds into such account as long as the fiduciary has signed for such payment or delivery. The credit union need not inquire into whether the fiduciary is breaching his obligation when the fiduciary purchases shares in his own name with funds from the fiduciary account or with funds from other accounts of his principal; however, the credit union must not pay the amount of such shares if it has actual knowledge that the fiduciary is breaching his fiduciary obligation or that issuing the shares or paying the withdrawal constitutes bad faith.

Full text:
01/19/00  House: Presented & ordered printed 001742652  pdf
01/31/00  House: Printed as engrossed 001742652-E  pdf
03/16/00  House: Bill text as passed House and Senate (HB573ER)  pdf
04/28/00  Governor: Acts of Assembly Chapter text (CHAP0744)  pdf

House amendments

01/19/00  House: Presented & ordered printed 001742652
01/19/00  House: Referred to Committee on Corporations, Insurance and Banking
01/27/00  House: Reported from C. I. B. w/amd (24-Y 0-N)
01/28/00  House: Read first time
01/31/00  House: Read second time
01/31/00  House: Committee amendment agreed to
01/31/00  House: Engrossed by House as amended
01/31/00  House: Printed as engrossed 001742652-E
02/01/00  House: Read third time and passed House (Block Vote) (98-Y 0-N)
02/01/00  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
02/01/00  House: Communicated to Senate
02/02/00  Senate: Constitutional reading dispensed
02/02/00  Senate: Referred to Committee on Commerce and Labor
02/28/00  Senate: Reported from Commerce and Labor (14-Y 0-N)
02/29/00  Senate: Const. reading disp., passed by for the day (38-Y 0-N)
02/29/00  Senate: VOTE: CONST. RDG. DISPENSED R (38-Y 0-N)
03/01/00  Senate: Read third time
03/01/00  Senate: Passed by for the day
03/02/00  Senate: Passed by for the day
03/03/00  Senate: Read third time
03/03/00  Senate: Passed by for the day
03/06/00  Senate: Read third time
03/06/00  Senate: Passed Senate (39-Y 0-N)
03/06/00  Senate: VOTE: PASSAGE R (39-Y 0-N)
03/16/00  House: Bill text as passed House and Senate (HB573ER)
03/20/00  House: Enrolled
03/20/00  House: Signed by Speaker
03/22/00  Senate: Signed by President
04/08/00  Governor: Approved by Governor-Chapter 744 (effective 7/1/00)
04/28/00  Governor: Acts of Assembly Chapter text (CHAP0744)