[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1835 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                S. 1835

  To amend the Federal Deposit Insurance Act to clarify what lending 
   entities are subject to section 44(f) of that Act, and for other 
                               purposes.


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                   IN THE SENATE OF THE UNITED STATES

                           December 18, 2001

 Mrs. Lincoln introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Deposit Insurance Act to clarify what lending 
   entities are subject to section 44(f) of that Act, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TECHNICAL AMENDMENTS.

    Section 44(f) of the Federal Deposit Insurance Act (12 U.S.C. 
1831u(f)) is amended--
            (1) in paragraph (1), by striking ``loan or discount'' and 
        all that follows through ``the greater of--'' and inserting 
        ``loan, discount, or credit sale made or upon any note, bill of 
        exchange, financing transaction, or other evidence of debt 
        issued to or acquired by any competing lender, shall be equal 
        to not more than the greater of--'';
            (2) in paragraph (2), by striking subparagraph (A) and 
        inserting the following:
                    ``(A) the authority of any competing lender to 
                take, receive, reserve, or charge interest on any loan 
                or credit sale made in any State other than the State 
                referred to in paragraph (1); or''; and
            (3) by adding at the end the following:
            ``(3) Definition.--In this subsection, the term `competing 
        lender' means--
                    ``(A) any insured depository institution, the home 
                State of which is described in paragraph (1); and
                    ``(B) any person or entity engaged in the business 
                of selling or financing the sale of property or 
                services in a State that is described in paragraph 
                (1).''.
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