The bill amends the Banking Code of 1999 by revising Section 1106 to clarify the use of terms related to banking. It establishes that the terms "bank," "banker," or "banking," as well as their foreign language equivalents, are restricted to specific entities such as national banks, state banks, out-of-state banks, and certain financial institutions. The amendment introduces a new provision that allows for the use of the terms "mortgage banker" and "mortgage banking" for a limited period of six months following the enactment of the residential mortgage licensing and supervision act, as well as the use of "mortgage bank" or "mortgage banking" for various mortgage-related licensees starting from the effective date of that act.

Additionally, the bill specifies that the use of these terms does not violate the restrictions outlined in subsection (1) of the amended section. The language also indicates that the amendments will only take effect if House Bill No. 6177 is enacted into law. Overall, the bill aims to provide clarity on the terminology used in the banking sector while accommodating the needs of mortgage-related businesses.

Statutes affected:
House Introduced Bill: 487.11106