Summary

Prohibits banks from locating on the premises of an affiliate that engages in commercial activity.

Background

This type of legislation is generally considered to be aimed at Walmart, who is in the process of buying a bank in Utah./2/

Political Context

This bill is identical to HB 341, excepting HB 341 applies only to out of state banks. Similar bills have been filed in CO, KS, ME, and NE, and have been passed in MD, OK, VA, IA, and MO./1//2/

Additional Links

/1/ McWilliams, Gary "Wal-Mart's Bank Push Draws Growing Opposition" (Subscription Required)Wall Street Journal 1/19/07
/2/ Bank Lawyers Blog "More States Consider Anti-Wal-Mart Legislation" 1/21/07
Walmart Watch "Bank of Walmart: What does it all mean?"