SB3027sam002 93RD GENERAL ASSEMBLY

Sen. Kimberly A. Lightford

Filed: 3/23/2004

 

 


 

 


 
09300SB3027sam002 LRB093 20880 AMC 48876 a

1
AMENDMENT TO SENATE BILL 3027

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:
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,
10 provided that powers conferred only by this subsection (25):
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;
15         (b) shall be subject to applicable provisions of the
16 Financial Institutions Insurance Sales Law;
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
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).
25         (e) shall be subject to applicable provisions of the
26 High Risk Home Loan Act.

 

 

09300SB3027sam002 - 2 - LRB093 20880 AMC 48876 a

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.".