HB475 Alabama 2021 Session
Summary
- Primary Sponsor
Danny GarrettRepresentativeRepublican- Session
- Regular Session 2021
- Title
- Financial transactions, contingencies provided if the London Interbank Offered Rate is discontinued, Secs. 5-28-1 to 5-28-5, inclusive, added
- Description
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.
- Subjects
- Financial Institutions
Bill Actions
Indefinitely Postponed
Pending third reading on day 14 Favorable from Financial Services with 1 amendment
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the House of Representatives committee on Financial Services
Bill Text
Documents
Source: Alabama Legislature