(at the request of Senate Interim Committee on Finance and Revenue)
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Bill Title:
Relating to Federal Home Loan Banks; declaring an emergency.
Catchline/Summary:
Provides that a court may not stay or prohibit a Federal Home Loan Bank from exercising rights to collateral pledged by an insurer-member that is subject to a delinquency proceeding. Digest: The Act makes changes to laws about home loans and lender collateral. (Flesch Readability Score: 67.7).
Provides that a court may not stay or prohibit a Federal Home Loan Bank from exercising rights to collateral pledged by an insurer-member that is subject to a delinquency proceeding. Requires a receiver to comply with provisions of this Act with respect to claims against the insurer-member.
Requires a Federal Home Loan Bank that exercises a right to collateral to repurchase any outstanding capital stock that exceeds the amount of Federal Home Loan Bank stock that the insurer-member must hold as a minimum investment, subject to certain determinations.
Prohibits a receiver from voiding the transfer of, or obligation to transfer, moneys or property under the terms of a Federal Home Loan Bank security agreement.
Declares an emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
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