STATEMENT TO

 

ASSEMBLY COMMITTEE SUBSTITUTE FOR

ASSEMBLY, No. 1638

 

with Assembly Floor Amendments

(Proposed By Assemblyman FELICE)

 

ADOPTED: JUNE 19, 1997

 

 

      These amendments redefine the term "financial institution" to mean any federally or state chartered bank, savings bank, savings and loan association or credit union, finance company, mortgage loan company or other entity whose principal business is the lending of money or the extension of credit or any subsidiary thereof.

      The amendments also delete provisions which would have prohibited a financial institution from soliciting the purchase of insurance from a customer who has applied for a loan or extension of credit from the institution, for a period of 30 days.