HB2683 H B&I AM #1
Reed 3253
The Committee on Banking and Insurance moves to amend the bill on page 14, section 9, line 35, by striking subsection (d), and inserting in lieu there a new subsection (d), to read as follows:
“(4) (d) The plan of
operation may provide that any or all powers and duties of the association,
except those under subdivision (c)(3), subsection (1)(a),
and subdivision (b)(2), subsection (2)(b), section
eight of this article are delegated to a corporation, association or other
organization which performs or will perform functions similar to those of this
association, or its equivalent, in two or more states. Such a corporation,
association or organization shall be reimbursed as a servicing facility would
be reimbursed and shall be paid for its performance of any other functions of
the association. A delegation under this subsection shall take effect only with
the approval of both the board of directors and the commissioner, and may be
made only to a corporation, association or organization which extends
protection not substantially less favorable and effective than that provided by
this article.”
Adopted
Rejected