HOUSE AMENDMENT

                                            Bill No. CS/CS/HB 3899

    Amendment No.     (for drafter's use only)

                            CHAMBER ACTION
              Senate                               House
                                   .
                                   .
 1                                 .
                                   .
 2                                 .
                                   .
 3                                 .
                                   .
 4                                                                

 5                                           ORIGINAL STAMP BELOW

 6

 7

 8

 9

10                                                                

11  Representative(s) Safley offered the following:

12

13         Amendment (with title amendment) 

14         On page 13, line 17 through line 24,

15  remove from the bill:  all of said lines

16

17  and insert in lieu thereof:

18         (k)  Interest in real estate mortgage securitizations,

19  including, but not limited to, real estate mortgage investment

20  conduits (REMICs) and financial asset securitization trusts

21  (FASITs), which (REMIC) that are directly or indirectly

22  secured by or payable from notes and obligations that are in

23  turn secured solely by a mortgage, deed of trust, or other

24  lien upon real property situated in or outside of the state,

25  including, but not limited to, mortgage pools, participations,

26  and derivatives and are held as investments by banks or

27  savings associations in compliance with regulatory agency

28  guidelines.

29

30

31

                                  1

    File original & 9 copies    04/24/98
    hfs0008                     03:45 pm         03899-0048-555531




                                                   HOUSE AMENDMENT

                                            Bill No. CS/CS/HB 3899

    Amendment No.     (for drafter's use only)





 1  ================ T I T L E   A M E N D M E N T ===============

 2  And the title is amended as follows:

 3         On page 1, line 29, after the semicolon

 4

 5  insert:

 6         revising the exemptions from intangible

 7         personal property taxes for real estate

 8         mortgage investment conduits;

 9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

                                  2

    File original & 9 copies    04/24/98
    hfs0008                     03:45 pm         03899-0048-555531