Fabio
76 lines
4.6 KiB
Markdown
76 lines
4.6 KiB
Markdown
---
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type: "Bill"
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title: "Banks and credit unions; closure, appointment of receiver."
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description: "Enables the State Corporation Commission (Commission) to close a state-chartered bank or credit union if its net worth ratio falls to less than two percent, if it is approaching insolvency and has no reasonable prospect for rehabilitation, or if closure is necessary for the protection of the public interest. The measure resolves an existing ambiguity regarding the appropriate court to which the Commission is required to apply for an order to have the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) appointed as receiver for a state-chartered bank or credit union that has been closed by the Commission. The measure requires the court to appoint the FDIC or NCUA as receiver if the court finds that the FDIC or NCUA is willing to accept the appointment."
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jurisdiction: "us/states/va"
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legislature: "Virginia General Assembly"
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session: "2018"
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identifier: "HB 433"
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citation: "Virginia HB 433 (2018)"
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classification: ["bill"]
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subjects: ["Financial Institutions and Services"]
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status: "enacted"
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primary_sponsors: ["Daniel W. Marshall, III"]
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version_count: 2
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action_count: 14
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vote_count: 5
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first_action: "2018-01-06"
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last_action: "2018-03-09"
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source: "openstates"
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source_identifier: "ocd-bill/a741f7a0-87b9-4caf-bf23-260ce5a027f4"
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source_url: "http://lis.virginia.gov/cgi-bin/legp604.exe?181+sum+HB433"
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source_hash: "34c2a2a6620dc3c6b8c74056900255f3508b08908a69b53bcd8cc1b0f254a6b0"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-va"]
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---
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# Virginia HB 433 (2018) — Banks and credit unions; closure, appointment of receiver.
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Enables the State Corporation Commission (Commission) to close a state-chartered bank or credit union if its net worth ratio falls to less than two percent, if it is approaching insolvency and has no reasonable prospect for rehabilitation, or if closure is necessary for the protection of the public interest. The measure resolves an existing ambiguity regarding the appropriate court to which the Commission is required to apply for an order to have the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) appointed as receiver for a state-chartered bank or credit union that has been closed by the Commission. The measure requires the court to appoint the FDIC or NCUA as receiver if the court finds that the FDIC or NCUA is willing to accept the appointment.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **House: Bill text as passed House and Senate (HB433ER)** (committee substitute) — [source](http://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+HB433ER)
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2. **House: Prefiled and ordered printed; offered 01/10/18 18104134D** (committee substitute) — [source](http://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+HB433)
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## Votes
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- Reported from Commerce and Labor — **14–0** (pass) · legislature
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- Passed Senate — **40–0** (pass) · legislature
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- Constitutional reading dispensed — **40–0** (pass) · legislature
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- Reported from Commerce and Labor — **22–0** (pass) · legislature
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- Read third time and passed House BLOCK VOTE — **99–0** (pass) · legislature
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## Sponsors
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- Daniel W. Marshall, III — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2018-01-06** Prefiled and ordered printed; offered 01/10/18 18104134D `introduction`
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- **2018-01-06** Referred to Committee on Commerce and Labor `referral-committee`
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- **2018-01-18** Read first time `reading-1`
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- **2018-01-19** Read second time and engrossed `reading-2`
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- **2018-01-22** Read third time and passed House BLOCK VOTE (99-Y 0-N) `passage, reading-3`
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- **2018-01-23** Constitutional reading dispensed
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- **2018-01-23** Referred to Committee on Commerce and Labor `referral-committee`
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- **2018-02-22** Read third time `reading-3`
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- **2018-02-26** Enrolled
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- **2018-02-26** Signed by Speaker
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- **2018-02-28** Signed by President
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- **2018-03-02** Enrolled Bill communicated to Governor on March 2, 2018
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- **2018-03-02** Governor's Action Deadline Midnight, March 9, 2018
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- **2018-03-09** Approved by Governor-Chapter 257 (effective 7/1/18) `executive-signature`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/a741f7a0-87b9-4caf-bf23-260ce5a027f4`. Confidence: reported (aggregated from official Virginia legislature records).
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