Sen. Kimberly A. Lightford
Filed: 2/25/2004
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| 1 | AMENDMENT TO SENATE BILL 3027
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 3027 by replacing | ||||||
| 3 | lines 16 through 36 on page 17 and lines 1 through 9 on page 18 | ||||||
| 4 | with the following:
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| 5 | "(25) Notwithstanding any other provisions of this Act or | ||||||
| 6 | any other law,
to offer any product or service that is at the | ||||||
| 7 | time authorized or permitted to
any federally insured savings | ||||||
| 8 | association or out-of-state bank
depository institution by | ||||||
| 9 | applicable law,
subject only to the same limitations and | ||||||
| 10 | restrictions that are applicable to the federally insured | ||||||
| 11 | depository institution for the product or service by such | ||||||
| 12 | applicable law, and subject to rules of the Commissioner,
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| 13 | provided that powers
conferred only by this subsection (25):
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| 14 | (a) (blank);
shall always be subject to the same | ||||||
| 15 | limitations and restrictions that
are applicable to the | ||||||
| 16 | insured savings association or out-of-state bank for
the | ||||||
| 17 | product or service by
such applicable law;
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| 18 | (b)
shall be subject to applicable provisions of the | ||||||
| 19 | Financial
Institutions Insurance Sales Law;
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| 20 | (c)
shall not include the right to own or conduct a | ||||||
| 21 | real estate brokerage
business for which a license would be | ||||||
| 22 | required under the laws of this State;
and
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| 23 | (d) (blank);
shall not be construed to include the | ||||||
| 24 | establishment or maintenance of
a branch, nor shall they be | ||||||
| 25 | construed to limit the establishment or maintenance
of a | ||||||
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| 1 | branch pursuant to subsection (11).
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| 2 | (e) shall be subject to applicable provisions of the | ||||||
| 3 | High Risk Home Loan Act.
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| 4 | Not less than 30 days before engaging in any activity under | ||||||
| 5 | the authority
of this subsection, a bank shall provide written | ||||||
| 6 | notice to the Commissioner of
its intent to engage in the | ||||||
| 7 | activity. The notice shall indicate the specific
federal or | ||||||
| 8 | state law, rule, regulation, or interpretation the bank intends | ||||||
| 9 | to
use as authority to engage in the activity.".
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