Delaware 152nd General Assembly Status: Enacted

SB 308 — Uniform Special Deposits Act/Adopt

Last action — Signed

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced October 02, 2024. Enacted.

Prognosis

Advancing 50% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

This Act adopts the Uniform Special Deposits Act (“the Act”) authored by the Uniform Law Commission. The Uniform Law Commission “provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law.” The Act was adopted by the Uniform Law Commission in October 2023 and has been adopted in 2 states and introduced in 3 other states. The Act addresses deposits at a bank where the identity of the person entitled to payment is not determined until the occurrence of a contingency identified at the time that the deposit is created. An example of such an account is an escrow account holding funds that will be paid to one of two potential beneficiaries depending on the outcome of a contingency. Although such accounts are commonly used, the legal protections afforded them are uncertain. The fundamental purpose of the Uniform Special Deposits Act is to provide a vehicle that banks and their customers can elect to use providing greater legal certainty that the expectations of users will be respected. The Act provides a mechanism those that elect to be covered by the Act can use to avoid case law applied to special deposits that is murky and in some ways outdated in the context of modern banking. In determining whether a person is engaged in the business of banking to be considered a bank for purposes of the Act, the business of banking is intended to be construed broadly to include persons that may engage in limited functions that are part of or incidental to the business of banking, such as a trust company that engages in fiduciary and agency activities and has the power and authority to accept a special deposit. This Act takes effect on January 1, 2025.

Bill Text

We don't have the full text on file for this bill yet.

Read SB 308 on the official Delaware source →

Action History

  1. Signed

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 61 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (61)

61 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 308 do?
This Act adopts the Uniform Special Deposits Act (“the Act”) authored by the Uniform Law Commission. The Uniform Law Commission “provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law.” The Act was adopted by the Uniform Law Commission in October 2023 and has been adopted in 2 states and introduced in 3 other states. The Act addresses deposits at a bank where the identity of the person entitled to payment is not determined until the occurrence of a contingency identified at the time that the deposit is created. An example of such an account is an escrow account holding funds that will be paid to one of two potential beneficiaries depending on the outcome of a contingency. Although such accounts are commonly used, the legal protections afforded them are uncertain. The fundamental purpose of the Uniform Special Deposits Act is to provide a vehicle that banks and their customers can elect to use providing greater legal certainty that the expectations of users will be respected. The Act provides a mechanism those that elect to be covered by the Act can use to avoid case law applied to special deposits that is murky and in some ways outdated in the context of modern banking. In determining whether a person is engaged in the business of banking to be considered a bank for purposes of the Act, the business of banking is intended to be construed broadly to include persons that may engage in limited functions that are part of or incidental to the business of banking, such as a trust company that engages in fiduciary and agency activities and has the power and authority to accept a special deposit. This Act takes effect on January 1, 2025.
Who sponsors SB 308?
SB 308 is sponsored by Kyle Evans Gay.
What is the current status of SB 308?
This bill has been enacted into law. Introduced October 02, 2024. Enacted.
Where can I track SB 308?
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