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Senate of Pennsylvania
Session of 2013 - 2014 Regular Session


Posted: January 28, 2013 11:46 AM
From: Senator Mike Brubaker
To: All Senate members
Subject: Repeal Savings Association Code of 1967
At one time, there were several hundred savings and loan associations fully operating in Pennsylvania. However, following the Savings and Loan Crisis of the late 1980’s, only four remain to date.

In the near future, I will be introducing legislation to eliminate the Savings Association Code and to encourage our four institutions to convert to a state-chartered savings bank form. As a result, the Pennsylvania Department of Banking could waive customary fees for conversion to simplify the process. The purpose of this legislation is to make bank examinations more simple and efficient.

This bill is a continuation of the Banking Law Modernization package, which included a number of bills approved during the 2012-2013 legislative session.

If you would like to co-sponsor this legislation, please contact Matt Azeles of my office at 7-4420 or mazeles@pasen.gov.

Introduced as SB371