Alaska 32nd Legislature (2021-2022) Status: Enacted Bipartisan · 1 R · 1 I cosponsors

HB 85 — An Act relating to the Alaska Banking Code; relating to mutual savings banks; relating to interstate state banks and international banks; relating to the pledging of bank assets as collateral security to tribal organizations; relating to the pledging of bank assets for interest swap agreements; relating to state business licenses; relating to persons who make loans secured by interests in vessels or facilities; relating to liability for the release or threatened release of hazardous substances; relating to the Model Foreign Bank Loan Act; and providing for an effective date.

Last action — (H) EFFECTIVE DATE(S) OF LAW SEE CHAPTER

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

This bill has been enacted into law. Introduced February 18, 2021. Enacted.

Prognosis

Likely to advance 96% · high confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 5 sponsors

    1 primary, 4 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (1 R · 1 I) — cross-party backing.

  • Cleared a recorded vote

    Passed 3 recorded votes so far.

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.

Bill Text

What changed in the latest version

332 added · 345 removed

Plain-language change summary

The updated version of Bill HB 85 streamlined the introduction text, removing the need for the lengthy title that was included in earlier drafts. This change simplifies the presentation of the bill and focuses on the core elements of the Alaska Banking Code. It matters because clearer and more concise legislation can make it easier for legislators and the public to understand the main points of the bill, ultimately improving transparency and accessibility in the legislative process.

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32-LS0371\B HOUSE BILL NO.
LAWS OF ALASKA Source Chapter No.
85 IN THE LEGISLATURE OF THE STATE OF ALASKA THIRTY-SECOND LEGISLATURE - FIRST SESSION BY REPRESENTATIVES LEBON BY REQUEST, Merrick, Rasmussen, Thompson, Schrage Introduced:
SCS CSHB 85(L&C) _______ AN ACT Relating to the Alaska Banking Code;
2/18/21 Referred:
Labor and Commerce, Finance A BILL FOR AN ACT ENTITLED "An Act relating to the Alaska Banking Code;
and providing for an effective date." BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
and providing for an effective date.
* Section 1.
_______________ BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
THE ACT FOLLOWS ON PAGE 1 Enrolled HB 85 AN ACT Relating to the Alaska Banking Code;
relating to mutual savings banks;
relating to interstate state banks and international banks;
relating to the pledging of bank assets as collateral security to tribal organizations;
relating to the pledging of bank assets for interest swap agreements;
relating to state business licenses;
relating to persons who make loans secured by interests in vessels or facilities;
relating to liability for the release or threatened release of hazardous substances;
relating to the Model Foreign Bank Loan Act;
and providing for an effective date.
_______________ * Section 1.
(2) adopt regulations necessary to implement this chapter, including HB0085a -1- HB 85 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0371\B regulations providing for the retention and preservation of state bank records;
(2) adopt regulations necessary to implement this chapter, including -1- Enrolled HB 85 regulations providing for the retention and preservation of state bank records;
(a) Condensed forms of all reports of condition required by AS 06.05.045(a) shall be immediately (1) published by the state bank in a newspaper of general circulation published in the place where the state bank is located;
(a) Condensed forms of all reports of condition required by AS 06.05.045(a) shall be immediately posted on the primary Internet website of the state bank and may also be (1) published by the state bank in a newspaper of general circulation published in the place where the state bank is located;
if a newspaper of general circulation is not published in that place, the report shall be published in the newspaper of general circulation published nearest to that place;
if a newspaper of general circulation is not published in that place, the report may [SHALL] be published in the newspaper of general circulation published nearest to that place;
or (2) posted (A) at the primary Internet website of the state bank;
or (2) posted [(A) AT THE PRIMARY INTERNET WEBSITE OF THE Enrolled HB 85 -2- STATE BANK;
or [AND] (B) in the lobby of the principal office and all branches of the HB 85 -2- HB0085a New Text Underlined [DELETED TEXT BRACKETED] 32-LS0371\B state bank.
AND (B)] in the lobby of the principal office and all branches of the state bank.
(b) Notice of the publication or posting of the reports of condition under (a) of this section shall be posted either in the lobby of the principal office and all branches of the state bank or on the primary Internet website of the state bank.
(b) Notice of the publication or posting of the reports of condition under (a) of this section shall be posted on the primary Internet website of the state bank and may also be posted in the lobby of the principal office and all branches of the state bank.
Sec.
-3- Enrolled HB 85 Sec.
All investments in real and personal property, regardless of how acquired, not permitted under AS 06.05.230 that come HB0085a -3- HB 85 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0371\B into the possession of a state bank shall be disposed of as soon as possible.
All investments in real and personal property, regardless of how acquired, not permitted under AS 06.05.230 that come into the possession of a state bank shall be disposed of as soon as possible.
the bank may make the pledge on the same terms and conditions applicable to a bank chartered by the United States in a pledge of assets in an interest rate swap agreement;
the bank may make the pledge on the same terms and conditions applicable to a bank chartered by the United States Enrolled HB 85 -4- in a pledge of assets in an interest rate swap agreement;
(2) to allow the bank to enter into an interest rate swap agreement to manage the bank's risk of fluctuating interest rates, but not for a purpose that involves HB 85 -4- HB0085a New Text Underlined [DELETED TEXT BRACKETED] 32-LS0371\B a high risk of loss.
(2) to allow the bank to enter into an interest rate swap agreement to manage the bank's risk of fluctuating interest rates, but not for a purpose that involves a high risk of loss.
The application must include (1) all information and fees required under the regulations adopted under AS 06.05.399;
The application must include (1) all information and fees required under the regulations adopted -5- Enrolled HB 85 under AS 06.05.399;
(3) if an international bank, the country under whose laws it is HB0085a -5- HB 85 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0371\B organized;
(3) if an international bank, the country under whose laws it is organized;
in this paragraph, "remote service unit" means an automated teller machine, automated loan machine, automated device for receiving deposits, personal computer, telephone, or similar automated or electronic device that allows a customer of a bank to contact the bank to make depo ,itmake withdrawals, or perform other banking functions and that may be equipped with a telephonic device, a video device, or both;
in this paragraph, "remote service unit" means an automated teller machine, automated loan machine, automated device for receiving deposits, personal computer, telephone, or similar automated or electronic device that allows a customer of a bank to contact the bank to make depo s,itmake withdrawals, or perform other banking functions and that may be equipped with a telephonic device, a video device, or both;
* Sec.
Enrolled HB 85 -6- * Sec.
The aggregate amount of outstanding liabilities of a mutual bank for money borrowed may not at any time exceed 15 percent of the total HB 85 -6- HB0085a New Text Underlined [DELETED TEXT BRACKETED] 32-LS0371\B assets of the mutual bank unless the department approves a larger percentage of the total assets of the mutual bank.
The aggregate amount of outstanding liabilities of a mutual bank for money borrowed may not at any time exceed 15 percent of the total assets of the mutual bank unless the department approves a larger percentage of the total assets of the mutual bank.
Sec.
-7- Enrolled HB 85 Sec.
A mutual bank may apply for and establish a branch bank, request a change of the location of the bank's principal office, or request a change of the location of a branch bank as allowed under HB0085a -7- HB 85 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0371\B regulations adopted by the department under this chapter.
A mutual bank may apply for and establish a branch bank, request a change of the location of the bank's principal office, or request a change of the location of a branch bank as allowed under regulations adopted by the department under this chapter.
(a) Notwithstanding any other provision or rule of law and subject only to the defenses set out in (b) of this section, the exceptions set out in (i), [AND] (m), and (o) of this section, the exception set out in AS 09.65.240, and the limitation on liability provided under AS 46.03.825, the following persons are strictly liable, jointly and severally, for damages, for the costs of response, containment, removal, or remedial action incurred by the state, a municipality, or a village, and for the additional costs of HB 85 -8- HB0085a New Text Underlined [DELETED TEXT BRACKETED] 32-LS0371\B a function or service, including administrative expenses for the incremental costs of providing the function or service, that are incurred by the state, a municipality, or a village, and the costs of projects or activities that are delayed or lost because of the efforts of the state, the municipality, or the village, resulting from an unpermitted release of a hazardous substance or, with respect to response costs, the substantial threat of an unpermitted release of a hazardous substance:
(a) Notwithstanding any other provision or rule of law and subject only to the defenses set out in (b) of this section, the exceptions set out in (i), [AND] (m), and (o) of this section, the exception set out in AS 09.65.240, and the limitation on liability Enrolled HB 85 -8- provided under AS 46.03.825, the following persons are strictly liable, jointly and severally, for damages, for the costs of response, containment, removal, or remedial action incurred by the state, a municipality, or a village, and for the additional costs of a function or service, including administrative expenses for the incremental costs of providing the function or service, that are incurred by the state, a municipality, or a village, and the costs of projects or activities that are delayed or lost because of the efforts of the state, the municipality, or the village, resulting from an unpermitted release of a hazardous substance or, with respect to response costs, the substantial threat of an unpermitted release of a hazardous substance:
(o) A person who holds or held a security interest in a vesselor facility to secure a loan made by the person is not liable because of the security interest for a release or threatened release of a hazardous substance from the vessel or facility, if the HB0085a -9- HB 85 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0371\B person (1) did not participate in the management of the vessel or facility before a foreclosure on the vessel or facility, even if the person performs one or more of the following to divest the person of the vessel or facility:
-9- Enrolled HB 85 (o) A person who holds or held a security interest in a vesseor facility to secure a loan made by the person is not liable because of the security interest for a release or threatened release of a hazardous substance from the vessel or facility, if the person (1) did not participate in the management of the vessel or facility before a foreclosure on the vessel or facility, even if the person (A) forecloses on the vessel or facility;
(A) forecloses on the vessel or facility;
and (B) after foreclosing on the vessel or facility, acts to preserve or protect the vessel or facility or prepare the vessel or facility for sale or disposition, including (i) selling the vessel or facility;
(B) after foreclosing on the vessel or facility, acts to preserve or protect the vessel or facility or prepare the vessel or facility for sale or disposition, including (i) selling the vessel or facility;
(iv) undertaking with respect to the vessel or facility a response action under this section;
(iv) undertaking with respect to the vessel or facility a response action in accordance with state law;
(b) Section 4 of this Act applies to the nonopening or closing of a banking office for an emergency if the nonopening or closing occurs on or after the effective date of sec.
(b) Section 4 of this Act applies to the nonopening or closing of a banking office for Enrolled HB 85 -10- an emergency if the nonopening or closing occurs on or after the effective date of sec.
Show all 45 changed rows (5 more)
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HB 85 -10- HB0085a New Text Underlined [DELETED TEXT BRACKETED] 32-LS0371\B (c) The requirement for the disposition of investments in real and personal property under sec.
(c) The requirement for the disposition of investments in real and personal property under sec.
The uncodified law of the State of Alaska is amended by adding a new section to read:
The uncodified law of the State of Alaska is amended by adding a new section to -11- Enrolled HB 85 read:
The commissioner of commerce, community, and HB0085a -11- HB 85 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0371\B economic development may adopt regulations necessary to implement the changes made by secs.
The commissioner of commerce, community, and economic development may adopt regulations necessary to implement the changes made by secs.
Sections 1, 10, 12, and 19 of this Act take effect January 1, 2022.
Sections 1, 10, 12, and 19 of this Act take effect January 1, 2023.
HB 85 -12- HB0085a New Text Underlined [DELETED TEXT BRACKETED]
Enrolled HB 85 -12-
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Action History

  1. (H) EFFECTIVE DATE(S) OF LAW SEE CHAPTER

  2. (H) Signed into law 6/29 CHAPTER 20 SLA 22

  3. (H) 4:00 P.M. 6/17/22 Transmitted to Governor

  4. (H) EFFECTIVE DATE(S) SAME AS PASSAGE

  5. (H) CONCUR AM OF (S) Y33 E5 A2

  6. (H) CONCUR TAKEN UP UC

  7. (H) CONCUR READ AND HELD

  8. (S) VERSION: SCS CSHB 85(L&C)

  9. (S) TRANSMITTED TO (H) AS AMENDED

  10. (S) EFFECTIVE DATE(S) SAME AS PASSAGE

  11. (S) PASSED Y19 N- E1

  12. (S) READ THE THIRD TIME SCS CSHB 85(L&C)

  13. (S) ADVANCED TO THIRD READING 5/2 CAL

  14. (S) L&C SCS ADOPTED UC

  15. (S) READ THE SECOND TIME

  16. (S) RULES TO CALENDAR 4/29/2022

  17. (S) FN7: ZERO(CED)

  18. (S) FN6: ZERO(CED)

  19. (S) FN5: ZERO(DEC)

  20. (S) NR: WILSON, WIELECHOWSKI, OLSON

  21. (S) DP: STEDMAN, BISHOP, HOFFMAN, VON IMHOF

  22. (S) FIN RPT SCS(L&C) 4DP 3NR SAME TITLE

  23. (S) Minutes (SFIN)

  24. (S) Moved SCS CSHB 85(L&C) Out of Committee

  25. (S) FINANCE at 09:00 AM SENATE FINANCE 532

  26. (S) Minutes (SFIN)

  27. (S) Heard & Held

  28. (S) FINANCE at 01:00 PM SENATE FINANCE 532

  29. (S) FN7: ZERO(CED)

  30. (S) FN6: ZERO(CED)

  31. (S) FN5: ZERO(DEC)

  32. (S) NR: REVAK

  33. (S) DP: COSTELLO, GRAY-JACKSON, STEVENS

  34. (S) L&C RPT SCS(L&C) 3DP 1NR SAME TITLE

  35. (S) Minutes (SL&C)

  36. (S) Moved SCS CSHB 85(L&C) Out of Committee

  37. (S) LABOR & COMMERCE at 01:30 PM BELTZ 105 (TSBldg)

  38. (S) L&C, FIN

  39. (S) READ THE FIRST TIME - REFERRALS

  40. (H) Minutes (HFIN)

  41. (H) <Bill Hearing Canceled>

  42. (H) FINANCE at 09:00 AM ADAMS 519

  43. (H) VERSION: CSHB 85(L&C)

  44. (H) TRANSMITTED TO (S)

  45. (H) COSPONSOR(S): THOMPSON, SCHRAGE

  46. (H) EFFECTIVE DATE(S) SAME AS PASSAGE

  47. (H) PASSED Y35 N2 E3

  48. (H) READ THE THIRD TIME CSHB 85(L&C)

  49. (H) ADVANCED TO THIRD READING UC

  50. (H) L&C CS ADOPTED UC

  51. (H) READ THE SECOND TIME

  52. (H) RULES TO CALENDAR 5/14/2021

  53. (H) Minutes (HFIN)

  54. (H) Moved CSHB 85(L&C) Out of Committee

  55. (H) FINANCE at 09:00 AM ADAMS 519

  56. (H) FN4: ZERO(DEC)

  57. (H) FN2: ZERO(CED)

  58. (H) FN1: ZERO(CED)

  59. (H) NR: CARPENTER, WOOL, JOSEPHSON, FOSTER

  60. (H) DP: ORTIZ, LEBON, THOMPSON, JOHNSON, RASMUSSEN, MERRICK

  61. (H) FIN RPT CS(L&C) 6DP 4NR

  62. (H) Minutes (HFIN)

  63. (H) Heard & Held

  64. (H) FINANCE at 09:00 AM ADAMS 519

  65. (H) COSPONSOR(S): MERRICK, RASMUSSEN

  66. (H) FN3: INDETERMINATE(DEC)

  67. (H) FN2: ZERO(CED)

  68. (H) FN1: ZERO(CED)

  69. (H) NR: KAUFMAN

  70. (H) DP: SCHRAGE, MCCARTY, SNYDER, FIELDS, SPOHNHOLZ

  71. (H) L&C RPT CS(L&C) 5DP 1NR

  72. (H) Minutes (HL&C)

  73. (H) Moved CSHB 85(L&C) Out of Committee

  74. (H) LABOR & COMMERCE at 03:15 PM BARNES 124

  75. (H) Minutes (HL&C)

  76. (H) Heard & Held

  77. (H) LABOR & COMMERCE at 03:15 PM BARNES 124

  78. (H) Minutes (HL&C)

  79. (H) Heard & Held

  80. (H) LABOR & COMMERCE at 03:15 PM BARNES 124

  81. (H) L&C, FIN

  82. (H) READ THE FIRST TIME - REFERRALS

Sponsors

Sponsorship breakdown

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1 sponsors · 4 co-sponsors · 60 not signed on

Sponsors (1)

  • LEBON

Co-sponsors (4)

Not signed on (60)

60 members have not signed on to this bill.

Show all 60 →

"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

Votes

Subjects

finance labor
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Frequently asked questions

Who sponsors HB 85?
HB 85 is sponsored by LEBON, Kelly Merrick (R), Rasmussen, Thompson, and Calvin Schrage (N).
What is the current status of HB 85?
This bill has been enacted into law. Introduced February 18, 2021. Enacted.
Where can I track HB 85?
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