Financial institutions; certain investments by banks permitted. Provides that the prohibition on a bank from investing its funds in certain entities does not prevent a bank from (i) investing in (a) a community development corporation; (b) an entity formed primarily to support community-based economic development; (c) an entity qualifying for the federal new markets tax credit; (d) an entity formed for a predominantly civic, community, or public purpose; (e) an entity making qualified rehabilitation expenditures with respect to a qualified rehabilitated building or certified historic structure, or a similar state historic tax credit program; or (f) a rural business investment company; (ii) engaging in any tax equity finance transaction permissible for a national bank or federal savings association; or (iii) investing, subject to such conditions as the Commissioner of Financial Institutions may prescribe, in any community and economic development entity, community development project, or other public welfare investment. This bill is identical to HB 1778.

Statutes affected:
Senate: Prefiled and ordered printed; offered 01/11/23 23102340D: 6.2-800, 6.2-874
Senate: Printed as engrossed 23102340D-E: 6.2-800, 6.2-874
Senate: Bill text as passed Senate and House (SB1153ER): 6.2-800, 6.2-874
Governor: Acts of Assembly Chapter text (CHAP0544): 6.2-800, 6.2-874