SB 139 (1997): authorizing banks to invest trust funds in bank-affiliated investments.

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@misc{bill-1997-sb139, title = {SB 139 (1997): authorizing banks to invest trust funds in bank-affiliated investments.}, howpublished = {Granite Record}, url = {https://graniterecord.org/bill/1997/sb139}, note = {Accessed 24 Oct. 2026} }

SB 139 (1997)

authorizing banks to invest trust funds in bank-affiliated investments.

  • Status: Signed into law
  • Term: 1997-1998
  • House committee: Commerce
  • Senate committee: Banks
  • Subject: Banking and Finance
  • Chapter law: 175

The Story

It was introduced on January 9, 1997 and referred to the Senate Banks committee. The committee held a public hearing on January 28, 1997. The committee voted unanimously, 3–0, to recommend that the Senate pass it. On February 13, 1997 the Senate voted to pass it on a voice vote. It crossed to the House on February 19, 1997 and was referred to the House Commerce committee. The committee held a public hearing on March 26, 1997. The committee held a work session on May 6, 1997. The majority of the committee recommended that the House pass it with changes unanimously, 17–0, and the report was placed on the consent calendar. The bill was taken off the consent calendar on May 14, 1997. On May 14, 1997 the House adopted “Recommit” on a voice vote. The majority of the committee recommended that the House pass it with changes unanimously, 15–0, and the report was placed on the consent calendar. On May 20, 1997 the House voted to pass it with changes. On May 28, 1997 the Senate voted to agree to the other chamber's changes on a voice vote. The bill was enrolled on May 29, 1997 — the final check of the text before it goes to the governor. The governor signed it on June 10, 1997, making it Chapter 175 of the session laws. It took effect on January 1, 1998.

Sponsors

  • Sen. Fraser (SD4) (prime sponsor)
  • Sen. Blaisdell (SD10)
  • Sen. Danais (SD20)
  • Rep. DePecol (Ches 14)
  • Rep. Mittelman (Hills 37)

Hearings and Sessions

  • January 28, 1997, 1:30 PM: hearing, Senate Banks, RM102,LOB
  • March 26, 1997, 9:30 AM: hearing, House Commerce, RM302,LOB
  • May 6, 1997, 9:30 AM: subcommittee work session, House Commerce, RM302,LOB

Votes

  • February 13, 1997, Senate: Ought to Pass — voice vote, passed
  • May 14, 1997, House: Recommit — voice vote, passed
  • May 28, 1997, Senate: Concur — voice vote, passed

The Docket

  • January 9, 1997: INTRODUCED AND REF TO BANKS; SJ2, P34
  • January 28, 1997: HEARING JAN28 01:30 RM102,LOB FOR: BANKS
  • February 10, 1997: COMM REPORT OTP FOR FEB13 (VOTE: 3-0)
  • February 13, 1997: PASSED/ADOPTED VV; SJ5, P68 & 79
  • February 19, 1997: INTRODUCED AND REF TO COMMERCE; HJ29,P579
  • February 25, 1997: COPY TO CHAIRMAN ON 02/25/97 DUE ON 04/29/97
  • March 26, 1997: HEARING MAR26 09:30 RM302,LOB FOR: COMMERCE
  • April 30, 1997: DEADLINE CHANGED TO 05/15/97, AM TO HOUSE RULES ADOPTED VV
  • May 6, 1997: SUBCOM WORK SESSION MAY06 09:30 RM302,LOB FOR: COMMERCE
  • May 7, 1997: MAJ REPORT OTP/AM FOR MAY14 (VOTE 17-0;CC)
  • May 7, 1997: PROP COMM AM<1286>; HC59,P1709
  • May 14, 1997: REMOVED FROM CONSENT CAL, REQ REP VACHON; HJ63,P1804
  • May 14, 1997: RECOMMITTED TO COMMERCE, REP HUNT MA VV; HJ63,P1819
  • May 15, 1997: MAJ REPORT OTP/AM FOR MAY20 (VOTE 15-0;CC)
  • May 15, 1997: PROP COMM AM<1286>; HC62,P1787
  • May 20, 1997: PASSED WITH AM; HJ66,P1899-1900 + 1951
  • May 28, 1997: SEN CONC WITH HOUSE MA, SEN FRASER MA VV; SJ21,P416
  • May 28, 1997: ENROLLED; HJ70,P2042
  • May 29, 1997: ENROLLED; SJ22,P494
  • June 10, 1997: SIGNED BY GOVERNOR 06/10/97 EFF: 01/01/98 CHAP.0175

Laws It Would Change

Related Bills

  • SB 590 (1994): relative to the investment of trust funds by banks in affiliated investments.

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