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CS/HB 925: Benchmark Replacements for London Interbank Offered Rate

GENERAL BILL by Insurance and Banking Subcommittee ; Stevenson

Benchmark Replacements for London Interbank Offered Rate; Requires recommended benchmark replacements selected or recommended by specified persons be benchmark replacements on United States dollar London Interbank Offered Rate (LIBOR) replacement date for contracts, securities, & instruments; requires fallback provisions in contracts, securities, & instruments providing specified benchmark replacements be disregarded & void; authorizes specified persons to select benchmark replacements; requires benchmark replacement conforming changes to become integral part of contracts, securities, & instruments; provides person is not liable for damages & is not subject to claims & requests for equitable relief under certain circumstances.

Effective Date: upon becoming a law
Last Action: 1/18/2022 House - Now in Civil Justice & Property Rights Subcommittee
Bill Text: PDF



Bill History

Date Chamber Action
12/15/2021 House • Filed
1/3/2022 House • Referred to Insurance & Banking Subcommittee
• Referred to Civil Justice & Property Rights Subcommittee
• Referred to Commerce Committee
• Now in Insurance & Banking Subcommittee
1/11/2022 House • Added to Insurance & Banking Subcommittee agenda
• 1st Reading (Original Filed Version)
1/13/2022 House • Favorable with CS by Insurance & Banking Subcommittee
1/14/2022 House • Reported out of Insurance & Banking Subcommittee
• Laid on Table under Rule 7.18(a)
• CS Filed
1/18/2022 House • 1st Reading (Committee Substitute 1)
• Referred to Civil Justice & Property Rights Subcommittee
• Referred to Commerce Committee
• Now in Civil Justice & Property Rights Subcommittee