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house Bill H.R. 1553

Mutual Savings Association Preservation Act

bill Progress

  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Financial Services
      Committee on the Judiciary
      Courts, Intellectual Property, and the Internet
    IntroducedMarch 17th, 2009

Bill Details

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Mutual Savings Association Preservation Act

Official Title

To amend the Home Owners' Loan Act to provide equitable remedies to mutual savings institutions to defend against individuals acting as a de facto corporation attempting to implement a hostile takeover of the institution, and for other purposes.


Mutual Savings Association Preservation Act - Amends the Home Owners' Loan Act to: (1) prohibit any company or subsidiary, or any director, officer, employee, or person with voting power or holding proxies representing more than 25% of the voting shares of such company or subsidiary, from holding, soliciting, or exercising any proxies in respect of a mutual savings association in an attempt to control the association; and (2) allow an aggrieved association to bring a civil action to prevent such takeover attempts.

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