Financial institutions

Sec. 3. (a) The "business of a financial institution" means the activities of a holding company, a regulated financial corporation, or a

subsidiary of either that each is authorized to perform under federal or state law, including the activities authorized by regulation or order of the

Federal Reserve Board for such a subsidiary under Section (4)(C)(8) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(C)(8)).

(b) For purposes of the FIT, a "holding company" means a corporation which is registered under the Federal Bank Holding Company Act

of 1956, or registered as a savings and loan holding company other than a diversified savings and loan holding company (as defined in Section

408(a)(1)(F) of the Federal National Housing Act (12 U.S.C. 1730(a)(1)(F)).

(c) For purposes of the FIT, a "regulated financial corporation" means:

(1) an institution, the deposits, shares, or accounts of which are insured under the Federal Deposit Insurance Act, or by the Federal

Savings and Loan Insurance Corporation;

(2) an institution that is a member of a Federal Home Loan Bank;

(3) any other bank or thrift institution incorporated or organized under the laws of a state that is engaged in the business of receiving

deposits. (The terms "bank", "thrift institution", and "deposits" shall have the same meaning as used in the title, article, chapter, section, or

administrative rule under which the corporation is chartered or regulated.);

(4) a credit union incorporated and organized under the laws of this state;

(5) a production credit association organized under 12 U.S.C. 2071;

(6) a corporation organized under 12 U.S.C. 611 through 12 U.S.C. 631 (an Edge Act corporation); or

(7) a federal or state agency or branch of a foreign bank (as defined in 12 U.S.C. 3101).

(d) For purposes of the FIT, a "subsidiary" of a holding company or a regulated financial corporation means:

(1) a corporation which has fifty percent (50%) or more of its voting stock owned by another legal entity; or

(2) an entity other than a corporation that is taxed as a corporation under the Internal Revenue Code and has fifty percent (50%) or

more of its net worth owned by another legal entity.