AN ACT relating to banks, banking and finance; providing for the conversion of special purpose depository institutions into state banks; providing for the conversion of state banks into special purpose depository institutions; requiring rulemaking; and providing for effective dates.
This act creates a process for a special purpose depository institution to convert its charter from a special purpose depository institution to a state bank. This act creates a process for a state bank to convert its charter from a state bank to a special purpose depository institution.