Sec. 3. General provisions relating to covered financial corporations
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/bill/113/s/1861/is/section-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 101 of title 11, United States Code, is amended by inserting the following after paragraph (9): The term covered financial corporation means any corporation incorporated or organized under any Federal or State law, other than a stockbroker, a commodity broker, or an entity of the kind specified in paragraph
(2)or
(3)of section 109(b), that is— a bank holding company, as that term is defined in section 2(a) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841(a) ); or predominantly engaged in activities that the Board of Governors of the Federal Reserve System has determined are financial in nature or incidental to such financial activity for purposes of section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)). . Section 103 of title 11, United States Code, is amended— in subsection (a)— by striking section 1161 and inserting sections 1161 and 1401 ; and by striking or 13 and inserting 13, or 14 ; and by adding at the end the following: Chapter 14 of this title applies only in a case under this title concerning a covered financial corporation. Except as otherwise provided in chapter 14 of this title, chapter 11 of this title applies in a case under chapter 14 of this title. . Section 109 of title 11, United States Code, is amended— in subsection (b)— in paragraph (2), by striking or at the end; in paragraph (3)(B), by striking the period at the end and inserting ; or ; and by adding at the end the following: a covered financial corporation. ; and by adding at the end the following: An entity may be a debtor under chapter 14 of this title only if the entity is a covered financial corporation. .
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