SB279 Alabama 2021 Session
Bill Summary
This bill would enact provisions relating to the discontinuance of LIBOR, the London Interbank Offered Rate, a benchmark for short-term interest rates, discount rates, or dividend rates used in certain financial contracts
This bill would prohibit parties to a contract, security, or instrument from refusing to perform contractual obligations or declaring a breach of contract as a result of the discontinuance of LIBOR or the use of a replacement interest rate index for LIBOR
This bill would also provide a safe harbor from litigation for the use of a recommended benchmark replacement
Relating to financial transactions; to add Chapter 28, commencing with Section 5-28-1, to Title 5 of the Code of Alabama 1975; to provide that parties to a contract would be prohibited from refusing to perform contractual obligations or declaring a breach of contract as a result of the discontinuance of the London Interbank Offered Rate or the use of a replacement interest rate index that is a replacement interest rate index to LIBOR; to provide for replacement interest rate indexes to LIBOR; and to provide a safe harbor from litigation for the use of the recommended benchmark replacement.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 22, 2021 | S | Assigned Act No. 2021-323. |
| April 22, 2021 | H | Signature Requested |
| April 22, 2021 | S | Enrolled |
| April 22, 2021 | H | Concurred in Second House Amendment |
| April 22, 2021 | S | Reed motion to Concur In and Adopt adopted Roll Call 1149 |
| April 22, 2021 | S | Concurrence Requested |
| April 20, 2021 | H | Rogers intended to vote Yea |
| April 20, 2021 | H | Motion to Read a Third Time and Pass adopted Roll Call 929 |
| April 20, 2021 | H | Motion to Adopt adopted Roll Call 928 |
| April 20, 2021 | H | Financial Services first Substitute Offered |
| April 20, 2021 | H | Third Reading Passed |
| April 13, 2021 | H | Read for the second time and placed on the calendar with 1 substitute and |
| March 11, 2021 | H | Read for the first time and referred to the House of Representatives committee on Financial Services |
| March 11, 2021 | S | Engrossed |
| March 11, 2021 | S | Motion to Read a Third Time and Pass adopted Roll Call 512 |
| March 11, 2021 | S | Roberts motion to Adopt adopted Roll Call 511 |
| March 11, 2021 | S | Roberts Amendment Offered |
| March 11, 2021 | S | Roberts motion to Adopt adopted Roll Call 510 |
| March 11, 2021 | S | Banking and Insurance Amendment Offered |
| March 11, 2021 | S | Third Reading Passed |
| March 3, 2021 | S | Read for the second time and placed on the calendar 1 amendment |
| March 2, 2021 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | April 13, 2021 | Room 617 at 11:30 | House FS Hearing |
| Hearing | April 6, 2021 | Room 617 at 12:00 | House FS Hearing |
| Hearing | March 3, 2021 | Room 825 at 11:00 | Senate B&I Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB279 Alabama 2021 Session - Enrolled |
| Bill Text | SB279 Alabama 2021 Session - Engrossed |
| Bill Text | SB279 Alabama 2021 Session - Introduced |
| Bill Amendments | Senate Banking and Insurance first Amendment Offered |
| Bill Amendments | Senate Roberts Amendment Offered |
| Bill Amendments | House Financial Services first Substitute Offered |
| Fiscal Note | Fiscal Note - SB279 for Banking and Insurance |
| Fiscal Note | Fiscal Note - SB279 for Banking and Insurance |
| Fiscal Note | Fiscal Note - SB279 for Financial Services |
| Fiscal Note | Fiscal Note - SB279 for Financial Services |