PRINTER'S NO. 4544
No. 2898 Session of 2006
INTRODUCED BY HERSHEY, DALEY, S. MILLER, BELFANTI, BENNINGHOFF,
CALTAGIRONE, CAUSER, CRAHALLA, DALLY, DENLINGER, DeWEESE,
GEIST, GEORGE, GINGRICH, GOODMAN, HESS, JAMES, JOSEPHS,
KILLION, KOTIK, McILHATTAN, PETRARCA, PHILLIPS, PICKETT,
SHANER, SIPTROTH, SOLOBAY, SONNEY, STAIRS, R. STEVENSON,
E. Z. TAYLOR, TIGUE, WILT, YOUNGBLOOD AND HENNESSEY,
AUGUST 21, 2006
REFERRED TO COMMITTEE ON COMMERCE, AUGUST 21, 2006
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
1 provision of deposit services to business entities, except that
2 a farm credit system institution need not offer deposit services
3 to qualify as a provider of commercial lending activities under
4 this chapter.
5 "Commercial lending institutions." A federally chartered or
6 state-chartered bank, savings bank [or], savings and loan
7 association or farm credit system institution which has a
8 satisfactory rating from its primary regulator and which is
9 engaged in commercial lending activities. The institution must
10 operate at least one full-service branch for deposit gathering
11 and lending located within this Commonwealth or be a farm credit
12 system institution.
13 * * *
14 Section 2. This act shall take effect in 60 days.
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