SB 1338 Summary

• Reduces the application fee for a savings and loan association permit from ten thousand dollars to five thousand dollars.

• Expands the definition of "insurance corporation" to include any equivalent deposit insurer approved by the superintendent, not just the federal deposit insurance corporation.

• Replaces references to "federal deposit insurance corporation" and "instrumentality of the United States" with "insurance corporation" throughout savings and loan association statutes to allow flexibility in deposit insurance providers.

• Removes subsection C of section 6-412 that required existing savings and loan associations to submit evidence of federal deposit insurance within one year of the chapter's effective date.