Bill Summary for H 440 (2017-2018)

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Bill: FEDERAL HOME LOAN BANK/INSURER RECEIVERSHIP.

Summary date: 

Jun 28 2017
S.L. 2017-164

Bill Information:

View NCGA Bill Details2017-2018 Session
House Bill 440 (Public) Filed Wednesday, March 22, 2017
AN ACT TO CLARIFY OBLIGATIONS AND THE RELATIONSHIP BETWEEN A FEDERAL HOME LOAN BANK AND A NORTH CAROLINA INSURANCE COMPANY DURING THE CONSERVATORSHIP AND REHABILITATION PROCESS.
Intro. by Collins, Bradford, Rogers, Millis.

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Bill summary

Senate committee substitute makes the following changes to the 2nd edition.

Amends GS 58-7-163 to provide that for an asset that is used as collateral to secure access to advances from a federal home loan bank, the amount of the asset's par value that exceeds the par amount of any outstanding obligations to the federal home loan bank shall be considered an unencumbered admitted asset (was, shall not be considered encumbered).