QUALIFIED FAMILY PARTNERSHIPS.

SEC. 2610. QUALIFIED FAMILY PARTNERSHIPS. Section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841) is amended— (1) in subsection (b), by inserting “, and shall not include a qualified family partnership” after “by any State”; and (2) in subsection (o), by adding at the end the following: “(10) Qualified family partnership.— The term ‘qualified family partnership’ means a general or limited partnership that the Board determines— “(A) does not directly control any bank, except through a registered bank holding company; “(B) does not control more than 1 registered bank holding company; “(C) does not engage in any business activity, except indirectly through ownership of other business entities; “(D) has no investments other than those permitted for a bank holding company pursuant to section 4(c); “(E) is not obligated on any debt, either directly or as a guarantor; “(F) has partners, all of whom are either— “(i) individuals related to each other by blood, marriage (including former marriage), or adoption; or “(ii) trusts for the primary benefit of individuals related as described in clause (i); and “(G) has filed with the Board a statement that includes— “(i) the basis for the eligibility of the partnership under subparagraph (F); “(ii) a list of the existing activities and investments of the partnership; “(iii) a commitment to comply with this paragraph; “(iv) a commitment to comply with section 7 of the Federal Deposit Insurance Act with respect to any acquisition of control of an insured depository institution occurring after date of enactment of this paragraph; and 110 STAT. 3009–476 “(v) a commitment to be subject, to the same extent as if the qualified family partnership were a bank holding company— “(I) to examination by the Board to assure compliance with this paragraph; and “(II) to section 8 of the Federal Deposit Insurance Act.”.