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DIGEST OF SB345 (Updated April 9, 2001 6:10 PM - DI 84)
Financial and consumer entity regulation. Updates consumer law and financial institution law references to federal law. Specifies that rental purchase agreements do not apply to motor vehicles. Provides for notice to the department of financial institutions if certain events happen to an entity. Allows the director of financial institutions to require evidence of licensee compliance for certain licensees. Allows the director of financial institutions to obtain criminal history reports for certain licensees. Makes certain changes regarding the use of the word "trust" in the name of a business. Allows a bank or trust company to act as an agent or broker for an insurance company in other states. Allows an out of state financial institution to convert to a state chartered commercial bank. Makes certain changes to filing requirements with the secretary of state and the department of financial institutions. Allows a savings bank to act as an agent or broker for an insurance company in other states. Makes a change to a provision regulating credit unions to comply with federal law. Requires uninsured financial institutions to notify the department of financial institutions when a crime has occurred. Allows financial institutions to do a reverse stock split. Allows financial institutions to engage in expanded financial activities through subsidiaries. Limits certain additional pawnbroker fees. Makes technical corrections.
