HOUSE DOCKET, NO. 1712        FILED ON: 1/13/2009

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 916

The Commonwealth of Massachusetts

_______________

In the Year Two Thousand Nine

_______________

An Act relative to bank branches..

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1.                Section 1 of Chapter 167C, as appearing in the 2006 Official Edition, is hereby amended by adding, the following definitions:   

“Affiliate”, any company that controls, is controlled by, or is under common control with another company. 

“Commercial Activities”, activities in which a bank holding company, a financial holding company, a national bank or a national bank financial subsidiary may not engage under federal law. 

SECTION 2: Section 3 of Chapter 167C is hereby amended by inserting at the end of the first paragraph the following sentence:  A bank or an out-of-state bank may not establish or maintain a branch in the commonwealth on the premises or property of an affiliate if the affiliate engages in commercial activities as defined under 12 U.S. C 1841 et.seq...