90th General Assembly
Summary of HB1288
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Short description: 
FINANCIAL LICENEES-BANK REG                                                

Synopsis of Bill as introduced:
        Amends numerous Acts related to the regulation of the banking and      
   real estate industries.   Permits banks to retain certain real  estate      
   for 10, rather than 5, years.  Provides that the Commissioner of Banks      
   and  Real  Estate  may,  after  receiving  certain notices from banks,      
   reduce the length of the notice period.  Authorizes  banks  to  invest      
   10%,  rather  than 5%, of capital and surplus in community development      
   projects.  Provides for the formation and  merger  of  interim  banks.      
   Prohibits  banks  and corporate fiduciaries from employing individuals      
   convicted  of  certain  offenses   without   the   approval   of   the      
   Commissioner.   Provides  that  banks  must be examined once every 18,      
   rather  than  12,  months.   Authorizes  savings  banks   to   conduct      
   transactions  through affiliate facilities.  Allows a reduction in the      
   frequency of meetings of the directors of a savings  bank.     Changes      
   the  method  of  calculating  the  mortgage default rate for licensees      
   under the Residential Mortgage  License  Act  of  1987.   Makes  other      
   changes.  Defines terms.  Effective immediately.                            
Last action on Bill: PUBLIC ACT.............................. 90-0301

   Last action date: 97-08-01

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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