This is a brief summary of significant bills enacted in the 2012 Virginia General Assembly Session affecting financial institutions. Unless otherwise noted, each bill will become effective July 1, 2012.

H.B. 708 and S.B. 121

Bank-Owned Real Estate – These bills remove the 10-year limitation on the period of time in which a state bank may hold real estate acquired in satisfaction of a debt. The legislation permits state banks to hold such real estate indefinitely without writing down its value.

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