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1999 SESSION

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HB 2250 Bank branches; establishment.

Introduced by: Clifton A. Woodrum | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Banking and finance; bank branches. Allows the State Corporation Commission (“SCC”) to authorize banks to establish branches when the SCC is satisfied that (i) the “safety and soundness” of the bank will not be impaired by the expansion and (ii) that such authorization will not be detrimental to the public interest. Under current law, the SCC applies a “public interest” test prior to approving such expansion. The bill also establishes SCC timetables for action on any such branching application.

SUMMARY AS PASSED HOUSE:

Banking and finance; bank branches. Allows the State Corporation Commission (“SCC”) to authorize banks to establish branches when the SCC is satisfied that (i) the “safety and soundness” of the bank will not be impaired by the expansion and (ii) that such authorization will not be detrimental to the public interest. Under current law, the SCC applies a “public interest” test prior to approving such expansion. The bill also establishes SCC timetables for action on any such branching application.

SUMMARY AS INTRODUCED:

Banking and finance; bank branches. Allows the State Corporation Commission (SCC) to authorize banks to establish branches when the SCC is satisfied that the "safety and soundness" of the bank will not be impaired by the expansion. Under current law, the SCC applies a "public interest" test prior to approving such expansion.