PRINTER'S NO. 1580
No. 1265 Session of 2007
INTRODUCED BY CONKLIN, McCALL, SOLOBAY, SIPTROTH, HARHAI, MUNDY, CAUSER, JOSEPHS, SAINATO, GIBBONS, M. O'BRIEN, PETRARCA, MENSCH, BROOKS, MOYER, DALEY, GRUCELA, MAHONEY, HESS AND PARKER, MAY 18, 2007
REFERRED TO COMMITTEE ON AGRICULTURE AND RURAL AFFAIRS, MAY 18, 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
1 that a farm credit system institution under the Farm Credit Act 2 of 1971 (Public Law 92-181, 85 Stat. 583) need not offer deposit 3 services to qualify as a provider of commercial lending 4 activities under 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 under the Farm 8 Credit Act of 1971 (Public Law 92-181, 85 Stat. 583) which has a 9 satisfactory rating from its primary regulator and which is 10 engaged in commercial lending activities. The institution must 11 operate at least one full-service branch for deposit gathering 12 and lending located within this Commonwealth or be a farm credit 13 system institution under the Farm Credit Act of 1971. 14 * * * 15 Section 2. This act shall take effect in 60 days. D20L64BIL/20070H1265B1580 - 2 -