SCS/SB 951 - Under the act, in a state of emergency, the Governor shall authorized the Director of Finance and the Director of Credit Unions to suspend laws and rules applicable to the division that are reasonable and necessary to safeguard the soundness of financial institutions and coordinate emergency response with financial institutions and emergency responders. The respective directors shall file written waivers, suspensions, actions, and directives in the office of the Director of Finance.
Under current law, banks and trust companies may operate under emergency bylaws in certain circumstances . This act allows banks and trust companies to do the same when the legislature or governor declares a state of emergency. On such occasion, the board of directors or president of the financial institution shall notify the director of finance of the implementation of emergency bylaws and the status of its emergency response operations.