Sen. Kimberly A. Lightford
Filed: 3/23/2004
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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 | ||||||
8 | depository institution
savings association or out-of-state | ||||||
9 | bank
by applicable law,
subject to rules of the Commissioner,
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10 | provided that powers
conferred only by this subsection (25):
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11 | (a) shall always be subject to the same limitations and | ||||||
12 | restrictions that
are applicable to the federally insured | ||||||
13 | depository institution
savings association or out-of-state | ||||||
14 | bank for
the product or service by
such applicable law;
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15 | (b)
shall be subject to applicable provisions of the | ||||||
16 | Financial
Institutions Insurance Sales Law;
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17 | (c)
shall not include the right to own or conduct a | ||||||
18 | real estate brokerage
business for which a license would be | ||||||
19 | required under the laws of this State;
and
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20 | (d) shall not include the right to own or operate a | ||||||
21 | credit union; and
shall not be construed to include the | ||||||
22 | establishment or maintenance of
a branch, nor shall they be | ||||||
23 | construed to limit the establishment or maintenance
of a | ||||||
24 | branch pursuant to subsection (11).
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25 | (e) shall be subject to applicable provisions of the | ||||||
26 | High Risk Home Loan Act.
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1 | Not less than 30 days before engaging in any activity under | ||||||
2 | the authority
of this subsection, a bank shall provide written | ||||||
3 | notice to the Commissioner of
its intent to engage in the | ||||||
4 | activity. The notice shall indicate the specific
federal or | ||||||
5 | state law, rule, regulation, or interpretation the bank intends | ||||||
6 | to
use as authority to engage in the activity.".
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