WA People
BILL · 2005–06 SESSION · LATEST VERSION SSB 6168

SB 6168: Business development

Regulating business development companies and the participation of financial institutions and nondepository lenders in economic development within the state.

Summary

  • Changes the name of industrial development corporations to business development corporations.
  • Changes the requirements for incorporation of a business development corporation.
  • Changes the structure of stockholder and corporate governance.
  • Expands the corporate powers.
  • Provides structures for examination authority, regulatory oversight, confidentiality and fees that are parallel to those used in the regulation of state chartered banks.
  • Gives the Director of the Department of Financial Institutions broad rule-making authority.

From the Substitute House Bill Report (SSB 6168), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 87, Laws of 2006
  1. IntroducedJan 9, 2006
  2. Out of committeeJan 19, 2006
  3. Passed SenateFeb 13, 2006
  4. Passed HouseFeb 28, 2006
  5. GovernorMar 17, 2006
  6. LawMar 17, 2006
Prime sponsor
Darlene Fairley (D-32)
Introduced
January 9, 2006 in the Senate
Last action
March 17, 2006
Session law
Chapter 87, Laws of 2006
Requested by
Other
Companion bill
HB 2339
Budget
Has a fiscal note
Versions
SB 6168, SSB 6168

AN ACT Relating to business development companies and the participation of financial institutions and nondepository lenders in economic development within the state;

Sponsors

Prime sponsor: Darlene Fairley (D-32)

8 co-sponsors (4 Democrats, 4 Republicans)

Don Benton R-17Karen Keiser D-33Brad Benson R-6Margarita Prentice D-11Rosa Franklin D-29Dale Brandland R-42Jean Berkey D-38Dave Schmidt R-44

Votes

Senate · 3rd Reading & Final Passage

Passed February 13, 2006
Version voted on: SSB 6168
47 Yea 0 Nay 0 Absent 2 Excused
PartyYeaNayAbsentExcused
Democrat26000
Republican21002
How each member voted

Yea (47)

Excused (2)

Permalink to this vote

House · Final Passage

Passed February 28, 2006
Version voted on: SSB 6168
97 Yea 0 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat56000
Republican41001
How each member voted

Yea (97)

Excused (1)

Permalink to this vote

History

  1. Effective date 6/7/2006. (SSB 6168)
  2. Chapter 87, 2006 Laws. (SSB 6168)
  3. Governor signed. (SSB 6168)
  4. Delivered to Governor. (SSB 6168)
  5. Speaker signed. (SSB 6168)
  6. President signed. (SSB 6168)
  7. Third reading, passed; yeas, 97; nays, 0; absent, 0; excused, 1. (SSB 6168)
  8. Rules suspended. Placed on Third Reading. (SSB 6168)
  9. Placed on second reading by Rules Committee. (SSB 6168)
  10. Passed to Rules Committee for second reading. (SSB 6168)
  11. FII - Majority; do pass. (SSB 6168)
  12. FII - Executive action taken by committee. (SSB 6168)
  13. First reading, referred to Financial Institutions & Insurance. (SSB 6168)
  14. Third reading, passed; yeas, 47; nays, 0; absent, 0; excused, 2. (SSB 6168)
  15. Rules suspended. Placed on Third Reading. (SSB 6168)
  16. 1st substitute bill substituted. (SSB 6168)
  17. 1st substitute bill substituted.
  18. Placed on second reading by Rules Committee. (SSB 6168)
  19. Placed on second reading by Rules Committee.
  20. Made eligible to be placed on second reading. (SSB 6168)
  21. Made eligible to be placed on second reading.
  22. Passed to Rules Committee for second reading. (SSB 6168)
  23. FHC - Majority; 1st substitute bill be substituted, do pass. (SSB 6168)
  24. FHC - Majority; 1st substitute bill be substituted, do pass.
  25. Passed to Rules Committee for second reading.
  26. First reading, referred to Financial Institutions, Housing & Consumer Protection.
  27. Prefiled for introduction.

SB 6168 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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