SRC-AMY S.B. 1666 78(R) BILL ANALYSIS Senate Research Center S.B. 1666 By: Averitt Business & Commerce 4/5/2003 As Filed DIGEST AND PURPOSE Currently, the definition of financial institution in the State Savings Bank Act includes a state or federal savings bank, state or federal savings and loan association, or state or national bank. As proposed, S.B. 1666 conforms the definition of financial institution to Section 201.101 (Definitions), Finance Code, causing the parity and merger/conversion provisions contained in the State Savings Bank Act to conform to those provisions applicable to other types of state depository institutions. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 91.002(14), Finance Code, to redefine "financial institution." SECTION 2. Effective date: September 1, 2003.