PRINTER'S NO. 961
No. 768 Session of 2007
INTRODUCED BY ORIE, FERLO, CORMAN, BOSCOLA, PUNT, FOLMER, EARLL, LOGAN, D. WHITE, MADIGAN AND BROWNE, MAY 3, 2007
REFERRED TO BANKING AND INSURANCE, MAY 3, 2007
AN ACT 1 Amending Title 64 (Public Authorities and Quasi-Public 2 Corporations) of the Pennsylvania Consolidated Statutes, 3 further providing for the definitions of "commercial lending 4 activities" and "commercial lending institutions." 5 The General Assembly of the Commonwealth of Pennsylvania 6 hereby enacts as follows: 7 Section 1. The definitions of "commercial lending 8 activities" and "commercial lending institutions" in section 9 1504 of Title 64 of the Pennsylvania Consolidated Statutes are 10 amended to read: 11 § 1504. Definitions. 12 The following words and phrases when used in this chapter 13 shall have the meaning given to them in this section unless the 14 context clearly indicates otherwise: 15 * * * 16 "Commercial lending activities." The making of loans and the 17 provision of deposit services to business entities, except that 18 a farm credit system institution need not offer deposit services
1 to qualify as a provider of commercial lending activities under 2 this chapter. 3 "Commercial lending institutions." A federally chartered or 4 state-chartered bank, savings bank [or], savings and loan 5 association or farm credit system institution which has a 6 satisfactory rating from its primary regulator and which is 7 engaged in commercial lending activities. The institution must 8 operate at least one full-service branch for deposit gathering 9 and lending located within this Commonwealth or be a farm credit 10 system institution. 11 * * * 12 Section 2. This act shall take effect in 60 days. L28L64JS/20070S0768B0961 - 2 -