House committee substitute makes the following changes to 2nd edition. Makes technical changes to proposed (1) GS 53C-1-4 (Definitions and application of terms) and (2) GS 53C-4-12 (regarding definitions applicable to compliance review committee) to place definitions in alphabetical order.
Makes the repeal of GS 53-92 effective April 1, 2013 (was, October 1, 2012), which keeps the current State Banking Commission in place until April 1, 2013.
Makes proposed GS 53C-2-1 effective April 1, 2013 (was, October 1, 2012). Provides for the reduction of the members of the State Banking Commission, as required by proposed GS 53C-2-1, from 22 to 15 via the termination of seven specified members appointed by the Governor. Provides that the terms of the remaining members are to expire under the current schedule. Directs the Governor to appoint members to fill vacancies as the vacancies occur. Requires that the Governor fill one of the practical banker vacancies with a consumer finance licensee. Requires the General Assembly, effective April 1, 2013, to review the Speaker’s appointment to the Commission.
Clarifies that except as otherwise indicated, the act becomes effective October 1, 2012.