SENATE BILL No. 8 Summary

• Amends the Banking Code of 1999 to define "administrative expense," "affiliate," "commercial activities," and other banking terms used in regulatory procedures.

• Changes the name of the "financial institutions bureau" to the "office of financial and insurance regulation" of the department of energy, labor, and economic growth throughout the banking code.

• Prohibits banks, out-of-state banks, and national banks from establishing or maintaining branches or automated teller machines within 1.5 miles of property owned, leased, or controlled by an affiliate if that affiliate engages in commercial activities on that property.

• Maintains existing procedures allowing banks to establish branches within any state, U.S. territory, or foreign country subject to commissioner approval within 30 days of written notice.