GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

S	2 

SENATE BILL 329
House Committee Substitute Favorable 6/5/97

Short Title:  Savings Bank Name.	(Public)

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Sponsors:

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Referred to:  

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March 10, 1997

A BILL TO BE ENTITLED
AN ACT TO REPEAL THE REQUIREMENT THAT STATE SAVINGS BANKS USE THE LETTERS "SSB" OR THE WORDS "SAVINGS BANK" IN THEIR LEGAL NAME IN ORDER TO CONFORM WITH THE REQUIREMENTS APPLICABLE TO FEDERAL SAVINGS BANKS AND TO AMEND THE NORTH CAROLINA RECIPROCAL INTERSTATE BANKING ACT RELATING TO BANKS ACTING AS AGENTS FOR DEPOSITORY INSTITUTION AFFILIATES.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 54C-8(a) reads as rewritten:
"(a)	Nothing in this Chapter shall be construed to invalidate any charter that was valid before the enactment of this Chapter.  Any savings banks so chartered on October 1, 1991, may continue operation in accordance with the Chapter under which it was chartered.  However, after October 1, 1991, no depository institution may be qualified as a savings bank except in accordance with this Chapter.  "
Section 2.  G.S. 54C-64(3) is repealed.
Section 2.1.  G.S. 53-212.1 reads as rewritten:
"§ 53-212.1.  Bank agent for deposit institution affiliate.
A bank that is a subsidiary of a bank holding company may act as the agent of any depository institution affiliate in receiving deposits, renewing time deposits, closing loans, servicing loans, and receiving payments on loans and other obligations, without being deemed a branch of such affiliate, in accordance with Section 101(d)	of the Reigle-Neal Interstate Banking and Branching Efficiency Act of 1994.  An affiliate for the purposes of this section shall include an affiliate as defined in section 2(k) of the Bank Holding Company Act of 1956 as amended (12 U.S.C. 1841(k))."
Section 3.  Section 2.1 of this act is effective when it becomes law.  The remainder of this act becomes effective July 1, 1997, and Section 2 applies to acts committed on or after that date.