Bill Summary

by Barnaby, Snyder Co Sponsors: Benjamin CS Sponsors: Commerce Committee, Insurance & Banking Subcommittee

Financial Institutions: Provides that failure of foreign nationals to participate through video conference in certain hearings is grounds for denial of certain applications; revises quantity of assets mutual financial institutions may not sell to stock financial institutions, subject to certain conditions; requires OFR, upon receiving applications for authority to organize bank or trust company, to investigate need for target market & ability of primary service area or target market to support proposed & existing banks or trust facilities; authorizes office to waive requirement that certain proposed financial institution presidents or chief executive officers have certain experience within specified timeframe; requires person or group to notify office within specified timeframe upon acquiring controlling interest in state bank or state trust company; revises type of institution with which certain family trust companies are required to maintain deposit account; revises banks with which international bank agencies and international branches are required to maintain certain deposits or investment securities; requires qualified limited service affiliates to suspend certain permissible activities under certain circumstances. Effective Date: July 1, 2022

   H Insurance & Banking Subcommittee
   H State Administration & Technology Appropriations Subcommittee
   H Commerce Committee