A bill to limit temporarily the acquisition of depository institutions and the commencement of certain new activities by State-chartered depository institutions, and for other purposes.

[AI summary unavailable — showing source text] Prohibits any company that is engaged directly or indirectly in any activity not permitted for a bank holding company from acquiring control of any insured bank or of insured banks in more than one State without prior approval under the Bank Holding Company Act. Prohibits any company that is engaged directly or in any activity other than an activity permitted for a multiple savings and loan holding company from acquiring control of any insured institution except as provided in the National Housing Act. Prohibits any company that acquires control of an insured bank or institution on or after June 23, 1983, from retaining control of such bank or institution and engaging in non-bank holding activities on or after the effective date of this Act unless the acquisition conforms to certain provisions of the National Housing Act. Prohibits any company from retaining control of insured banks in more than one State that were acquired on or after June 23, 1983, unless such banks were acquired with prior approval under the Bank Holding Company Act. Prohibits any State-chartered depository institution from commencing any non-banking activity not previously and lawfully engaged in by that instit…