HOUSE  BILL  ANALYSIS

                 ON

             SB 6007

Brief Description: Eliminating the operating expenses limitation on mutual savings banks.

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BACKGROUND:  Mutual savings banks are limited by law to spending no more than 3 percent of average assets in any calendar year on operation and management expenses.  The limitation for smaller mutual savings banks, with under $500 million in deposits, is 6 percent of average assets.

SUMMARY:  The statutory limitation is repealed.

Fiscal Note:  Not requested.

Effective Date:  Ninety days after adjournment of session in which bill is passed.

Rulemaking:  No specific authority.