PRINTER'S NO. 3496
No. 2596 Session of 1982
INTRODUCED BY RIEGER, GREENFIELD, IRVIS, MANDERINO, PETRARCA,
LETTERMAN, McINTYRE, PIEVSKY, F. E. TAYLOR, LEVIN, WARGO,
OLIVER, McMONAGLE, SWAIM, BURNS, DAVIES, SHUPNIK, LAUGHLIN,
STEWART, DEAL, WIGGINS, BARBER, COHEN, DOMBROWSKI AND
CAPPABIANCA, JUNE 9, 1982
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, JUNE 9, 1982
AN ACT
1 Amending the act of February 17, 1906 (P.L.45, No.11), entitled
2 "An act to regulate the deposits of State funds, to prescribe
3 the method of selecting State depositories, to limit the
4 amount of State deposits, to provide for the security of such
5 deposits, to fix the rate of interest thereon, to provide for
6 the publication of monthly statements of moneys in the
7 general and sinking funds, to declare it a misdemeanor to
8 give or take anything of value for obtaining the same, and
9 prescribing penalties for violations of this act," excluding
10 from eligibility to become or remain a State depository any
11 banking institution which moves a portion of its operations
12 to an out-of-state location in certain circumstances.
13 The General Assembly of the Commonwealth of Pennsylvania
14 hereby enacts as follows:
15 Section 1. The act of February 17, 1906 (P.L.45, No.11),
16 entitled "An act to regulate the deposits of State funds, to
17 prescribe the method of selecting State depositories, to limit
18 the amount of State deposits, to provide for the security of
19 such deposits, to fix the rate of interest thereon, to provide
20 for the publication of monthly statements of moneys in the
21 general and sinking funds, to declare it a misdemeanor to give
1 or take anything of value for obtaining the same, and
2 prescribing penalties for violations of this act," is amended by
3 adding a section to read:
4 Section 3.1. No bank, banking institution or trust company
5 shall be eligible to become or to remain a depository of State
6 moneys under this act which has at any time during the three-
7 year period prior to the effective date of this section, or at
8 any time thereafter, transferred a significant portion of its
9 operations, including but not limited to, its consumer credit or
10 credit card operation, to an out-of-state location, where the
11 effect of the transfer is to avoid or circumvent the provisions
12 of a Pennsylvania statute.
13 Section 2. This act shall take effect in 60 days.
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