SB 404 (2002): changing certain limitations on investment management fees and investments by banks acting as fiduciaries.
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@misc{bill-2002-sb404, title = {SB 404 (2002): changing certain limitations on investment management fees and investments by banks acting as fiduciaries.}, howpublished = {Granite Record}, url = {https://graniterecord.org/bill/2002/sb404}, note = {Accessed 24 Oct. 2026} }
SB 404 (2002)
changing certain limitations on investment management fees and investments by banks acting as fiduciaries.
- Status: Signed into law
- Term: 2001-2002
- House committee: Commerce
- Senate committee: Banks
- Subject: Miscellaneous
- Chapter law: 78
The Story
It was introduced on January 2, 2002 and referred to the Senate Banks committee. The committee held a public hearing on February 12, 2002. The committee recommended that the Senate pass it with changes (amendment 2724). On February 20, 2002 the Senate rejected a motion to lay it on the table on a voice vote. On February 20, 2002 the Senate voted to pass it with changes on a voice vote and ordered it to a third reading. It crossed to the House on February 21, 2002 and was referred to the House Commerce committee. The committee held a public hearing on March 27, 2002. The committee held a work session on April 2, 2002. The majority of the committee recommended that the House pass it unanimously, 14–0, and the report was placed on the consent calendar. On April 17, 2002 the House voted to pass it. The bill was enrolled on April 25, 2002 — the final check of the text before it goes to the governor. The governor signed it on May 2, 2002, making it Chapter 78 of the session laws. It took effect on July 1, 2002.
Sponsors
- Sen. Thomas Eaton (R - SD10) (prime sponsor)
- Sen. Carl Johnson (R - SD3)
- Rep. Harvey Keye (D - Hills 30)
- Rep. John Hunt (R - Ches 10)
- Rep. John Thomas (R - Belk 3)
- Rep. Andrew Peterson (R - Hills 8)
Hearings and Sessions
- February 12, 2002, 10:30 AM: hearing, Senate Banks, LOB 103
- March 27, 2002, 10:00 AM: hearing, House Commerce, RM302,LOB
- April 2, 2002, 2:00 PM: subcommittee work session, House Commerce, RM302,LOB <Rep L Fraser>
Votes
- February 20, 2002, Senate: Lay on Table — voice vote, failed
- February 20, 2002, Senate: Ought to Pass with Amendment — voice vote, passed
The Docket
- January 2, 2002: Introduced and Ref. to Banks
- February 12, 2002: Hearing; February 12, 2002, Room 103, LOB, 10:30 a.m.; SC5
- February 19, 2002: Committee Report; Ought to Pass with Amendment {2724}, [02/20/02]; SC12A, Pg.8
- February 20, 2002: Sen. Below Moved Laid On Table, MF, VV
- February 20, 2002: Ought to Pass with Amendment {2724}, AA, VV; OT3rdg, MA, VV
- February 21, 2002: Introduced and ref to Commerce; HJ25, p943
- March 5, 2002: Copy to Chairman on Mar 5
- March 27, 2002: Hearing Mar 27 10:00 RM302,LOB
- April 2, 2002: Subcom Work Session Apr 2 2:00 RM302,LOB <Rep L Fraser>
- April 10, 2002: Maj Report OTP for Apr 17 (vote 14-0;CC)
- April 17, 2002: Passed; HJ34, p1311 + 1386
- April 25, 2002: Enrolled
- April 25, 2002: Enrolled; HJ40, p1464
- May 2, 2002: Signed by the Governor on 5/02/2002 Eff- 07/01/2002 Chap- 0078