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United States · Bill · S

S. 2874 (96th)

A bill to amend the Bank Holding Company Act of 1956 to limit the property and casualty and life insurance activities of bank holding companies and their subsidiaries.

referredUnited States· United States Congress· EN

Introduced

25 June 1980

Last action

25 June 1980 · Introduced

Status

Referred to Senate Committee on Banking, Housing and Urban Affairs.

Sponsors

Sen. Durkin, John A. [D-NH], Sen. Church, Frank [D-ID], Sen. Bentsen, Lloyd M. [D-TX], Sen. Cohen, William S. [R-ME], Sen. Bellmon, Henry L. [R-OK], Sen. Tsongas, Paul E. [D-MA], Sen. Mitchell, George J. [D-ME]

Subjects

Discovery layer

Source updated

14 January 2025

Official sourceView documentsShare

Summary

Amends the Bank Holding Company Act of 1956 to prohibit bank holding companies and their subsidiaries from selling insurance as principals, agents or brokers, except: (1) where the insurance secures an extension of credit in the event of death or disability of the debtor; (2) where the insurance is declining balance credit property insurance, sold by a subsidiary finance company, to protect against loss or damage to collateral securing an extension of credit of $10,000 for less (adjusted by the Consumer Price Index with 1980 as the base year); (3) any insurance agency activity in a community of less than 5,000 which has inadequate insurance agency facilities; (4) any insurance agency activity lawfully engaged in by a bank holding company on June 6, 1978, or by a subsidiary finance company acquired between June 6, 1978, and June 6, 1979; (5) certain supervisory activity over agents who sell insurance covering a holding company's property and employees; and (6) any insurance agency activity, except the sale of unauthorized life insurance or annuities, conducted by a bank holding company or its subsidiary which has less than $50,000,000 in total assets.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 25 June 1980

    Introduced

    Introduced in Senate

    Source: IntroReferral

  2. 25 June 1980

    Introduced

    Referred to Senate Committee on Banking, Housing and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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