Bill Text: NH HB1695 | 2020 | Regular Session | Introduced
Bill Title: Relative to background checks for certain persons under the banking law.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Engrossed - Dead) 2020-06-16 - Introduced 06/16/2020, and Laid on Table, Motion Adopted, Voice Vote; 06/16/2020; Senate Journal 8 [HB1695 Detail]
Download: New_Hampshire-2020-HB1695-Introduced.html
HB 1695-FN - AS INTRODUCED
2020 SESSION
20-3095
11/03
HOUSE BILL 1695-FN
AN ACT relative to background checks for certain persons under the banking law.
SPONSORS: Rep. Butler, Carr. 7; Rep. Fargo, Straf. 14
COMMITTEE: Commerce and Consumer Affairs
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ANALYSIS
This bill requires banks to pay the cost of background investigations and criminal history records checks, requires trust company directors to submit to such checks, and provides for the removal of trust company directors and officers by the bank commissioner.
This bill is a recommendation of the committee to study the effects of past New Hampshire trust code legislation, established pursuant to 2019, 230:5.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
20-3095
11/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty
AN ACT relative to background checks for certain persons under the banking law.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Organization of State Banks; Application. Amend RSA 383-A:3-305(e)(6) to read as follows:
(6) In addition to paying the cost for any examination or investigation of the background and criminal history of any person pursuant to this section, [The commissioner may require] the organizer [to] shall pay the actual costs of each background investigation and criminal history records check.
2 Trust Company Act; Number of Directors. Amend RSA 383-C:6-601 to read as follows:
383-C:6-601 [Number of] Directors. The board of directors of a trust company shall be composed of at least 5 directors. A director need not be a resident of New Hampshire or a citizen of the United States, unless otherwise required by the commissioner in consideration of the trust company's safety and soundness. Every director shall submit to a background investigation and criminal history records check, to include submission of financial and other information in accordance with RSA 383-A:3-305(e). A trust company shall submit notice of any material change related to the background investigation and criminal history records check of any director within 30 days of learning of such change. The cost of any examination or investigation of the background information and criminal history shall be paid by the trust company.
3 New Section; Trust Company Act; Removal of Directors or Officers by Commissioner. Amend RSA 383-C by inserting after section 6-603 the following new section:
383-C:6-604 Removal of Directors or Officers by Commissioner. In addition to the grounds for removal set forth in RSA 383-A:9-902, the commissioner may also remove a director or officer of a trust company if, in the opinion of the commissioner, the director or officer does not possess the experience, ability, standing, competence, trustworthiness, and integrity to ensure the safe and sound operation of the trust company. The commissioner shall act in accordance with the procedure described in RSA 383-A:9-902 for any such removal.
4 Effective Date. This act shall take effect 60 days after its passage.
20-3095
12/20/19
HB 1695-FN- FISCAL NOTE
AS INTRODUCED
AN ACT relative to background checks for certain persons under the banking law.
FISCAL IMPACT:
Due to time constraints, the Office of Legislative Budget Assistant is unable to provide a fiscal note for this bill, as introduced, at this time. When completed, the fiscal note will be forwarded to the House Clerk's Office.
AGENCIES CONTACTED:
Banking Department
