State banks and SPDI conversions.

Summary

The bill adds new statutes that let a special‑purpose depository institution (SPDI) apply to become a state‑chartered bank, and also allows state banks to re‑charter as SPDIs. It sets out an application, review, and approval workflow involving the banking commissioner and the state banking board, with specific timelines and capital‑adequacy checks. The change aims to give financial institutions flexibility to choose the charter that best fits their business model.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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