SB525 H B&I AM #1

Reed 3253

The Committee on Banking and Insurance move to amend the bill on page 14, section 9, line 33, 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