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Sen. Kimberly A. Lightford
Filed: 3/23/2004
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09300SB3027sam002 |
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LRB093 20880 AMC 48876 a |
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| AMENDMENT TO SENATE BILL 3027
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| AMENDMENT NO. ______. Amend Senate Bill 3027 by replacing |
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| lines 16 through 36 on page 17 and lines 1 through 9 on page 18 |
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| with the following:
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| "(25) Notwithstanding any other provisions of this Act or |
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| any other law,
to offer any product or service that is at the |
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| time authorized or permitted to
any federally insured |
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| depository institution
savings association or out-of-state |
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| bank
by applicable law,
subject to rules of the Commissioner,
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| provided that powers
conferred only by this subsection (25):
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| (a) shall always be subject to the same limitations and |
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| restrictions that
are applicable to the federally insured |
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| depository institution
savings association or out-of-state |
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| bank for
the product or service by
such applicable law;
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| (b)
shall be subject to applicable provisions of the |
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| Financial
Institutions Insurance Sales Law;
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| (c)
shall not include the right to own or conduct a |
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| real estate brokerage
business for which a license would be |
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| required under the laws of this State;
and
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| (d) shall not include the right to own or operate a |
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| credit union; and
shall not be construed to include the |
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| establishment or maintenance of
a branch, nor shall they be |
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| construed to limit the establishment or maintenance
of a |
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| branch pursuant to subsection (11).
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| (e) shall be subject to applicable provisions of the |
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| High Risk Home Loan Act.
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