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

GENERAL BILL by Insurance and Banking Subcommittee ; Stevenson ; (CO-INTRODUCERS) Smith, D.

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: 4/6/2022
Last Action: 4/8/2022 - Chapter No. 2022-57
Bill Text: PDF

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  • 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
    1/25/2022 House • Added to Civil Justice & Property Rights Subcommittee agenda
    1/27/2022 House • Favorable by Civil Justice & Property Rights Subcommittee
    • Reported out of Civil Justice & Property Rights Subcommittee
    • Now in Commerce Committee
    1/28/2022 House • Added to Commerce Committee agenda
    2/1/2022 House • Favorable by Commerce Committee
    • Reported out of Commerce Committee
    • Bill released to House Calendar
    • Added to Second Reading Calendar
    2/17/2022 House • Bill added to Special Order Calendar (2/22/2022)
    2/22/2022 House • Read 2nd time
    • Placed on 3rd reading
    • Added to Third Reading Calendar
    2/24/2022 House • Read 3rd time
    • CS passed; YEAS 114, NAYS 0
    • Immediately certified
    2/24/2022 Senate • In Messages
    • Referred to Rules -SJ 463
    2/28/2022 Senate • Received -SJ 463
    3/2/2022 Senate • Withdrawn from Rules -SJ 506
    • Placed on Calendar, on 2nd reading
    • Substituted for CS/SB 1246 -SJ 506
    • Read 2nd time -SJ 506
    • Read 3rd time -SJ 506
    • CS passed; YEAS 38 NAYS 0 -SJ 506
    3/2/2022 House • In Messages
    • Ordered enrolled
    3/28/2022 • Signed by Officers and presented to Governor
    4/6/2022 • Approved by Governor
    4/8/2022 • Chapter No. 2022-57

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  • CS/HB 925, Enrolled (Current Bill Version) Posted 3/2/2022 at 1:27 PM

    Bill Text:   PDF
    Analyses:   None

    Related Bills (2)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 1246 (c1) Benchmark Replacements for the London Interbank Offered Rate Gruters Identical Last Action: 3/2/2022 S Laid on Table, companion bill(s) passed, see CS/HB 925 (Ch. 2022-57) -SJ 506
    H 639 Benchmark Replacements for London Interbank Offered Rate Stevenson Compare Last Action: 12/15/2021 H Withdrawn prior to introduction; companion bill(s) passed, see CS/HB 925 (Ch. 2022-57)

    Citations - Statutes (1)

    Citation Catchline Location in Bill Location In Bill Help
    687.15 Page 2 (pdf)

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  • CS/HB 925, Committee Substitute 1 Posted 1/14/2022 at 5:02 PM

    Bill Text:   PDF
    Analyses:   Civil Justice and Property Rights Subcommittee (Post-Meeting) 1/27/2022 (pdf)
    Commerce Committee (Post-Meeting) 2/1/2022 (pdf)

    Related Bills (2)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 1246 (c1) Benchmark Replacements for the London Interbank Offered Rate Gruters Identical Last Action: 3/2/2022 S Laid on Table, companion bill(s) passed, see CS/HB 925 (Ch. 2022-57) -SJ 506
    H 639 Benchmark Replacements for London Interbank Offered Rate Stevenson Compare Last Action: 12/15/2021 H Withdrawn prior to introduction; companion bill(s) passed, see CS/HB 925 (Ch. 2022-57)

    Floor Votes (2)

    Date Chamber Result
    2/24/2022 4:02 PM House 114 Yeas - 0 Nays
    3/2/2022 1:03 PM Senate 38 Yeas - 0 Nays

    Citations - Statutes (1)

    Citation Catchline Location in Bill Location In Bill Help
    687.15 Page 2 (pdf)

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  • HB 925, Original Filed Version Posted 12/15/2021 at 9:56 AM

    Bill Text:   PDF
    Analyses:   Insurance and Banking Subcommittee (Post-Meeting) 4/12/2022 (pdf)

    Related Bills (2)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 1246 Benchmark Replacements for London Interbank Offered Rate Gruters Identical Last Action: 3/2/2022 S Laid on Table, companion bill(s) passed, see CS/HB 925 (Ch. 2022-57) -SJ 506
    H 639 Benchmark Replacements for London Interbank Offered Rate Stevenson Compare Last Action: 12/15/2021 H Withdrawn prior to introduction; companion bill(s) passed, see CS/HB 925 (Ch. 2022-57)

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    583907 - Amendment
    Remove lines 73-307 and insert:
    Stevenson 1/12/2022
    6:36 PM
    Adopted without Objection
    1/13/2022
    PDF

    Citations - Statutes (1)

    Citation Catchline Location in Bill Location In Bill Help
    687.15 Page 2 (pdf)

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