A11361 Summary

• Authorizes superintendent to make confidential informational presentations to banking board without public notice regarding matters that are statutorily confidential or appropriate for executive session.

• Eliminates outdated restrictions on banking department employee conduct, including repealing provisions prohibiting life insurance purchases from savings banks and clarifying automobile financing restrictions.

• Modifies mortgage banker and broker suspension procedures, allowing superintendent to suspend licenses without notice or hearing for non-payment of assessments (within 30 days), failure to file reports (after 30 days), or bankruptcy filings, with automatic termination after 90 days unless deficiencies are cured.

• Prohibits mortgage lenders from including provisions that increase interest rates after default on residential mortgages, with exceptions for variable rate loans where rate changes are not triggered by default.

• Standardizes record preservation requirements across multiple banking institution types by permitting use of electronic storage media meeting specified standards as alternative to original papers or photographic reproductions.