House Sponsors: WOOD-BUGIELSKI-DEUCHLER. Senate Sponsors: O'MALLEY-REA-WALSH,T 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 END OF INQUIRY Full Text Bill Status