By Representative Golden of Lowell and Senator Panagiotakos, joint petition (accompanied by bill, House, No. 962) of Thomas A. Golden, Jr., and Steven C. Panagiotakos relative to the establishment of branches by a bank or an out-of-state bank in the Commonwealth.  Financial Services.

The Commonwealth of Massachusetts

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PETITION OF:

Thomas A. Golden, Jr.

Steven C. Panagiotakos

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In the Year Two Thousand and Seven.

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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 2004 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...