In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

    (a) Short Title.--This Act may be cited as the ``Individual 
Retirement Account Equity and Enhancement Act of 1994''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. HOMEMAKERS ELIGIBLE FOR FULL IRA DEDUCTION.

    (a) Spousal IRA Computed on Basis of Compensation of Both 
Spouses.--Subsection (c) of section 219 (relating to special rules for 
certain married individuals) is amended to read as follows:
    ``(c) Special Rules for Certain Married Individuals.--
            ``(1) In general.--In the case of an individual to whom 
        this paragraph applies for the taxable year, the limitation of 
        paragraph (1) of subsection (b) shall be equal to the lesser 
        of--
                    ``(A) $2,000, or
                    ``(B) the sum of--
                            ``(i) the compensation includible in such 
                        individual's gross income for the taxable year, 
                        plus
                            ``(ii) the compensation includible in the 
                        gross income of such individual's spouse for 
                        the taxable year reduced by the amount 
                        allowable as a deduction under subsection (a) 
                        to such spouse for such taxable year.
            ``(2) Individuals to whom paragraph (1) applies.--Paragraph 
        (1) shall apply to any individual if--
                    ``(A) such individual files a joint return for the 
                taxable year, and
                    ``(B) the amount of compensation (if any) 
                includible in such individual's gross income for the 
                taxable year is less than the compensation includible 
                in the gross income of such individual's spouse for the 
                taxable year.''
    (b) Conforming Amendments.--
            (1) Paragraph (2) of section 219(f) (relating to other 
        definitions and special rules) is amended by striking 
        ``subsections (b) and (c)'' and inserting ``subsection (b)''.
            (2) Section 408(d)(5) is amended by striking ``$2,250'' and 
        inserting ``$2,000''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1994.

SEC. 3. DISTRIBUTIONS FROM CERTAIN PLANS MAY BE USED WITHOUT PENALTY TO 
              PURCHASE FIRST HOMES, TO PAY HIGHER EDUCATION OR 
              QUALIFIED LONG-TERM CARE EXPENSES, OR BY THE LONG-TERM 
              UNEMPLOYED.

    (a) In General.--Paragraph (2) of section 72(t) (relating to 
exceptions to 10-percent additional tax on early distributions from 
qualified retirement plans) is amended by adding at the end the 
following new subparagraph:
            ``(D) Distributions from certain plans for first home 
        purchases or educational or long-term care expenses.--
        Distributions to an individual from an individual retirement 
        plan, or from amounts attributable to employer contributions 
        made pursuant to elective deferrals described in subparagraph 
        (A) or (C) of section 402(g)(3) or section 501(c)(18)(D)(iii)--
                    ``(i) which are qualified first-time homebuyer 
                distributions (as defined in paragraph (6)), or
                    ``(ii) to the extent such distributions do not 
                exceed the sum of the qualified higher education 
                expenses (as defined in paragraph (7)) and the 
                qualified long-term care expenses (as defined in 
                paragraph (8)) of the taxpayer for the taxable year.''
    (b) Definitions.--Section 72(t) is amended by adding at the end the 
following new paragraphs:
            ``(6) Qualified first-time homebuyer distributions.--For 
        purposes of paragraph (2)(D)(i)--
                    ``(A) In general.--The term `qualified first-time 
                homebuyer distribution' means any payment or 
                distribution received by an individual to the extent 
                such payment or distribution is used by the individual 
                before the close of the 60th day after the day on which 
                such payment or distribution is received to pay 
                qualified acquisition costs with respect to a principal 
                residence of a first-time homebuyer who is such 
                individual, the spouse of such individual, or the child 
                or grandchild of such individual or the individual's 
                spouse.
                    ``(B) Qualified acquisition costs.--For purposes of 
                this paragraph, the term `qualified acquisition costs' 
                means the costs of acquiring, constructing, or 
                reconstructing a residence. Such term includes any 
                usual or reasonable settlement, financing, or other 
                closing costs.
                    ``(C) First-time homebuyer; other definitions.--For 
                purposes of this paragraph--
                            ``(i) First-time homebuyer.--The term 
                        `first-time homebuyer' means any individual 
                        if--
                                    ``(I) such individual (and if 
                                married, such individual's spouse) had 
                                no present ownership interest in a 
                                principal residence during the 3-year 
                                period ending on the date of 
                                acquisition of the principal residence 
                                to which this paragraph applies, and
                                    ``(II) subsection (a)(6), (h), or 
                                (k) of section 1034 did not suspend the 
                                running of any period of time specified 
                                in section 1034 with respect to such 
                                individual on the day before the date 
                                the distribution is applied pursuant to 
                                subparagraph (A)(ii).
                            ``(ii) Principal residence.--The term 
                        `principal residence' has the same meaning as 
                        when used in section 1034.
                            ``(iii) Date of acquisition.--The term 
                        `date of acquisition' means the date--
                                    ``(I) on which a binding contract 
                                to acquire the principal residence to 
                                which subparagraph (A) applies is 
                                entered into, or
                                    ``(II) on which construction or 
                                reconstruction of such a principal 
                                residence is commenced.
                    ``(D) Special rule where delay in acquisition.--If 
                any distribution from any individual retirement plan 
                fails to meet the requirements of subparagraph (A) 
                solely by reason of a delay or cancellation of the 
                purchase or construction of the residence, the amount 
                of the distribution may be contributed to an individual 
                retirement plan as provided in section 408(d)(3)(A)(i) 
                (determined by substituting `120 days' for `60 days' in 
                such section), except that--
                            ``(i) section 408(d)(3)(B) shall not be 
                        applied to such contribution, and
                            ``(ii) such amount shall not be taken into 
                        account in determining whether section 
                        408(d)(3)(A)(i) applies to any other amount.
            ``(7) Qualified higher education expenses.--For purposes of 
        paragraph (2)(D)(ii)--
                    ``(A) In general.--The term `qualified higher 
                education expenses' means tuition, fees, books, 
                supplies, and equipment required for the enrollment or 
                attendance of--
                            ``(i) the taxpayer,
                            ``(ii) the taxpayer's spouse, or
                            ``(iii) the child (as defined in section 
                        151(c)(3)) or grandchild of the taxpayer or the 
                        taxpayer's spouse,
                at an eligible educational institution (as defined in 
                section 135(c)(3)).
                    ``(B) Coordination with savings bond provisions.--
                The amount of qualified higher education expenses for 
                any taxable year shall be reduced by any amount 
                excludable from gross income under section 135.
            ``(8) Qualified long-term care expenses.--For purposes of 
        paragraph (2)(D)(ii)--
                    ``(A) In general.--The term `qualified long-term 
                care expenses' means amounts paid or incurred for 
                qualified long-term care services, including amounts 
                for insurance covering such services.
                    ``(B) Qualified long-term care services.--For 
                purposes of subparagraph (A)--
                            ``(i) In general.--The term `qualified 
                        long-term care services' means necessary 
                        diagnostic, preventive, therapeutic, 
                        rehabilitative, and maintenance (including 
                        personal care) services--
                                    ``(I) which are required by an 
                                individual during any period during 
                                which such individual is a functionally 
                                impaired individual,
                                    ``(II) which have as their primary 
                                purpose the provision of needed 
                                assistance with 1 or more activities of 
                                daily living which a functionally 
                                impaired individual is certified as 
                                being unable to perform under clause 
                                (ii)(I), and
                                    ``(III) which are provided pursuant 
                                to a continuing plan of care prescribed 
                                by a licensed health care practitioner 
                                (other than a relative of such 
                                individual).
                            ``(ii) Functionally impaired individual.--
                                    ``(I) In general.--The term 
                                `functionally impaired individual' 
                                means any individual who is certified 
                                by a licensed health care practitioner 
                                (other than a relative of such 
                                individual) as being unable to perform, 
                                without substantial assistance from 
                                another individual (including 
                                assistance involving verbal reminding, 
                                physical cueing, or substantial 
                                supervision), at least 3 activities of 
                                daily living described in clause (iii).
                                    ``(II) Special rule for home health 
                                care services.--In the case of services 
                                which are provided during any period 
                                during which an individual is residing 
                                within the individual's home (whether 
                                or not the services are provided within 
                                the home), subclause (I) shall be 
                                applied by substituting `2' for `3'. 
                                For purposes of this subclause, a 
                                nursing home or similar facility shall 
                                not be treated as a home.
                            ``(iii) Activities of daily living.--Each 
                        of the following is an activity of daily 
                        living:
                                    ``(I) Eating.
                                    ``(II) Transferring.
                                    ``(III) Toileting.
                                    ``(IV) Dressing.
                                    ``(V) Bathing.
                    ``(C) Licensed health care practitioner.--For 
                purposes of subparagraph (B)--
                            ``(i) In general.--The term `licensed 
                        health care practitioner' means--
                                    ``(I) a physician or registered 
                                professional nurse,
                                    ``(II) a qualified community care 
                                case manager (as defined in clause 
                                (ii)), or
                                    ``(III) any other individual who 
                                meets such requirements as may be 
                                prescribed by the Secretary after 
                                consultation with the Secretary of 
                                Health and Human Services.
                            ``(ii) Qualified community care case 
                        manager.--The term `qualified community care 
                        case manager' means an individual or entity 
                        which--
                                    ``(I) has experience or has been 
                                trained in providing case management 
                                services and in preparing individual 
                                care plans;
                                    ``(II) has experience in assessing 
                                individuals to determine their 
                                functional and cognitive impairment;
                                    ``(III) is not a relative of the 
                                individual receiving case management 
                                services; and
                                    ``(IV) meets such requirements as 
                                may be prescribed by the Secretary 
                                after consultation with the Secretary 
                                of Health and Human Services.
                    ``(D) Relative.--For purposes of this paragraph, 
                the term `relative' means an individual bearing a 
                relationship to another individual which is described 
                in paragraphs (1) through (8) of section 152(a).''
    (c) Penalty-Free Distributions for Certain Unemployed 
Individuals.--Paragraph (2) of section 72(t) is amended by adding at 
the end the following new subparagraph:
                    ``(E) Distributions to unemployed individuals.--A 
                distribution from an individual retirement plan to an 
                individual after separation from employment, if--
                            ``(i) such individual has received 
                        unemployment compensation for 12 consecutive 
                        weeks under any Federal or State unemployment 
                        compensation law by reason of such separation, 
                        and
                            ``(ii) such distributions are made during 
                        any taxable year during which such unemployment 
                        compensation is paid or the succeeding taxable 
                        year.''
    (d) Conforming Amendments.--
            (1) Section 401(k)(2)(B)(i) is amended by striking ``or'' 
        at the end of subclause (III), by striking ``and'' at the end 
        of subclause (IV) and inserting ``or'', and by inserting after 
        subclause (IV) the following new subclause:
                                    ``(V) the date on which qualified 
                                first-time homebuyer distributions (as 
                                defined in section 72(t)(6)), or 
                                distributions for qualified higher 
                                education expenses (as defined in 
                                section 72(t)(7)), or for qualified 
                                long-term care expenses (as defined in 
                                section 72(t)(18)), are made, and''.
            (2) Section 403(b)(11) is amended by striking ``or'' at the 
        end of subparagraph (A), by striking the period at the end of 
        subparagraph (B) and inserting ``, or'', and by inserting after 
        subparagraph (B) the following new subparagraph:
                    ``(C) for qualified first-time homebuyer 
                distributions (as defined in section 72(t)(6)) or for 
                the payment of qualified higher education expenses (as 
                defined in section 72(t)(7)) or qualified long-term 
                care expenses (as defined in section 72(t)(8)).''
    (e) Effective Date.--The amendments made by this section shall 
apply to payments and distributions after the date of the enactment of 
this Act.
Individual Retirement Account Equity and Enhancement Act of 1994 - Amends the Internal Revenue Code to allow certain spouses a deduction for contributions to an individual retirement account. 
Allows distribution from certain retirement plans without penalty to purchase first homes, pay higher education expenses and qualified long-term care expenses, and assist certain unemployed individuals.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Health Care Waiver Fairness Act of 
2011''.

SEC. 2. PPACA WAIVER PROCESS.

    (a) In General.--Title I of the Patient Protection and Affordable 
Care Act (Public Law 111-148) is amended by adding at the end the 
following new subtitle:

                      ``Subtitle G--Waiver Process

``SEC. 1601. ESTABLISHMENT OF WAIVER PROCESS.

    ``(a) In General.--The applicable authorities (as defined in 
subsection (c)) shall collectively establish a process (in this section 
referred to as the `waiver process') under which the administrator of a 
health plan, an employer, an individual, or other entity may seek to 
waive the application of a requirement under this title with respect to 
such plan, employer, individual, or entity. Among the requirements 
under this title, such process shall apply to the following:
            ``(1) Section 5000A of the Internal Revenue Code of 1986 
        (relating to requirement to maintain minimum essential 
        coverage), as inserted by section 1501(b).
            ``(2) Section 6055 of the Internal Revenue Code of 1986 
        (relating to reporting of health insurance coverage), as 
        inserted by section 1502(a).
            ``(3) Section 18A of the Fair Labor Standards Act of 1938 
        (42 U.S.C. 218a, relating to automatic enrollment for employees 
        of large employers), as inserted by section 1511.
            ``(4) Section 18B of the Fair Labor Standards Act of 1938 
        (42 U.S.C. 218b, relating to notice to employees), as inserted 
        by section 1512.
            ``(5) Section 4980H of the Internal Revenue Code of 1986 
        (relating to shared responsibility for employers regarding 
        health coverage), as inserted by section 1513(a).
            ``(6) Section 6056 of the Internal Revenue Code of 1986 
        (relating to certain employers required to report on health 
        insurance coverage), as inserted by section 1514(a).
            ``(7) Section 10108 (relating to free choice vouchers).
            ``(8) Regulations regarding the treatment of group health 
        plans or health insurance coverage as a grandfathered health 
        plan (as defined in section 1251(e)).
            ``(9) Section 2718(b) of the Public Health Service Act 
        (relating to medical loss ratios), as inserted by section 1001.
    ``(b) Waiver Process.--
            ``(1) In general.--The applicable authorities shall 
        establish the waiver process consistent with the following:
                    ``(A) Notice and guidance.--Public notice and 
                guidance shall be provided regarding the process for 
                submission of waiver requests.
                    ``(B) Standard.--A waiver request with respect to 
                the application of a requirement to a plan, employer, 
                individual, or entity shall be accompanied by a 
                statement that--
                            ``(i) identifies the specific requirement 
                        (or requirements) to be waived; and
                            ``(ii) describes how the imposition of each 
                        specific requirement for which a waiver is 
                        requested on the plan, employer, individual, or 
                        entity would result in a significant decrease 
                        in access to coverage or a significant increase 
                        in premiums or other costs for such plan, 
                        employer, individual, or entity.
                    ``(C) Deemed approval.--A waiver request filed that 
                is accompanied by such a statement shall be deemed to 
                be approved.
                    ``(D) Publication of data.--The applicable 
                authorities shall regularly publish data regarding the 
                waiver requests received for the different 
                requirements.
            ``(2) Treatment of approved waivers.--In the case of 
        approval under the waiver process of a waiver request with 
        respect to a requirement of this title and an entity, 
        notwithstanding any other provision of law, such requirement 
        shall not apply to such entity on and after the date of 
        approval of the request.
            ``(3) Relation to other exemptions and exceptions.--Nothing 
        in this section shall be construed as superceding other 
        provisions of this title insofar as they provide for 
        exceptions, exemptions, or other special treatment with respect 
        to requirements under this title.
    ``(c) Applicable Authority.--In this section, the term `applicable 
authority' means--
            ``(1) except as otherwise provided in this subsection, the 
        Secretary of Health and Human Services;
            ``(2) the Secretary of Labor with respect to the provisions 
        of this title, including amendments made by this title, that 
        are administered by such Secretary; and
            ``(3) the Secretary of the Treasury with respect to the 
        provisions of this title, including amendments made by this 
        title, that are administered by such Secretary, including 
        sections of the Internal Revenue Code of 1986 specified in 
        subsection (a).
    ``(d) References to Requirements Under This Title.--In this 
section, a reference to a requirement under this title include such a 
requirement under an amendment made by this title, including as amended 
by title X of this Act or by the provisions of the Health Care and 
Education Reconciliation Act of 2010 (Public Law 111-152).
    ``(e) Public Awareness Campaign.--Of the amounts available in the 
Prevention and Public Health Fund established under section 4002, 
notwithstanding any other provision of law, $50,000,000 shall be 
available to and expended by the Secretary of Health and Human Services 
to conduct, in coordination with other applicable authorities, a public 
awareness campaign of the waiver process. Amounts made available under 
this subsection shall remain available until expended.''.
    (b) Clerical Amendment.--The table of contents of such Act is 
amended by adding at the end of the items relating to title I the 
following:

                      ``Subtitle G--Waiver Process

``Sec. 1601. Establishment of waiver process.''.
Health Care Waiver Fairness Act of 2011 - Amends the Patient Protection and Affordable Care Act (PPACA) to require the Secretary of Health and Human Services (HHS), the Secretary of Labor, and the Secretary of Treasury to establish waiver processes under which the administrator of a health plan, an employer, an individual, or other entity may seek to waive the application of a health insurance coverage requirement under PPACA. Sets forth PPACA requirements that may be waived, including those related to minimum essential coverage and employers offering health care coverage to employees.

Establishes requirements for the waiver process, including requiring submission of a statement describing how the imposition of the PPACA requirement would result in a significant decrease in access to coverage or a significant increase in premiums or other costs for such plan, employer, individual, or entity. Deems to be approved any waiver including such a statement.

Requires the Secretary of HHS to conduct a public awareness campaign of the waiver process with funds made available for the Prevention and Public Health Fund.

SECTION 1. SHORT TITLE.

    This Act shall be cited as the ``Depository Institution Service 
Corporation Reform Act of 1994''.

            TITLE I--BANK SERVICE CORPORATION ACT AMENDMENTS

SEC. 101. SERVICE CORPORATION REFORMS.

    The Bank Service Corporation Act (Public Law 87-856, 76 Stat. 1132, 
12 U.S.C. 1861 et seq.) is amended to read as follows:

``SECTION 1. SHORT TITLE; DEFINITIONS.

    ``(a) This Act may be cited as the `Depository Institutions Service 
Corporation Act'.
    ``(b) For the purpose of this chapter--
            ``(1) the term `appropriate Federal banking agency' shall 
        have the meaning provided in section 3(q) of the Federal 
        Deposit Insurance Act (12 U.S.C. 1813(q));
            ``(2) the term `depository institution service corporation' 
        means a corporation organized to perform services authorized by 
        this Act, all of the capital stock of which is owned by one or 
        more insured depository institutions;
            ``(3) the term `Board' means the Board of Governors of the 
        Federal Reserve System;
            ``(4) the terms `depository institution', `insured 
        depository institution' and `institution-affiliated party' have 
        the meaning as in section 3 of the Federal Deposit Insurance 
        Act (12 U.S.C. 1813);
            ``(5) the term `invest' includes any advance of funds to a 
        depository institution service corporation, whether by the 
        purchase of stock, the making of a loan, or otherwise, except a 
        payment for rent earned, goods sold and delivered, or services 
        rendered prior to the making of such payment; and
            ``(6) the term `principal investor' means the insured 
        depository institution that has the largest dollar amount 
        invested in the capital stock of a depository institution 
        service corporation. In any case where two or more insured 
        depository institutions have equal dollar amounts invested in a 
        depository institution service corporation, the corporation 
        shall, prior to commencing operations, select one of the 
        insured depository institutions as its principal investor and 
        shall notify the depository institution's appropriate Federal 
        banking agency of that choice within 5 business days of its 
        selection.

``SEC. 2. AMOUNT OF INVESTMENT IN DEPOSITORY INSTITUTION SERVICE 
              CORPORATION.

    ``(a) Depository Institutions.--Notwithstanding any limitation or 
prohibition otherwise imposed by any provision of law exclusively 
relating to depository institutions, an insured depository institution 
may invest in a depository institution service corporation, provided 
that it invests no more than--
            ``(1) 10 per centum of paid-in and unimpaired capital and 
        unimpaired surplus in any single depository institution service 
        corporation;
            ``(2) 20 per centum of paid-in and unimpaired capital and 
        unimpaired surplus in depository institution service 
        corporations; or
            ``(3) 3 per centum of its total assets in depository 
        institution service corporations.
    ``(b) Institution-Affiliated Parties.--Without the prior written 
approval of the appropriate Federal banking agency, no depository 
institution service corporation may pay management fees, in any manner, 
to an institution-affiliated party or any corporation owned by an 
institution-affiliated party.

``SEC. 3. PERMISSIBLE SERVICE CORPORATION ACTIVITIES FOR DEPOSITORY 
              INSTITUTIONS.

    ``Without regard to the provisions of sections 4 and 5 of this Act, 
an insured depository institution may invest in a depository 
institution service corporation that performs, and a depository 
institution service corporation may perform, the following services 
only for depository institutions: check and deposit sorting and 
posting, computation and posting of interest and other credits and 
charges, preparation and mailing of checks, statements, notices, and 
similar items, or any other clerical, bookkeeping, accounting, 
statistical, or similar functions performed for a depository 
institution.

``SEC. 4. PERMISSIBLE DEPOSITORY INSTITUTION SERVICE CORPORATION 
              ACTIVITIES FOR OTHER PERSONS.

    ``(a) Services Permissible Other Than Taking Deposits.--A 
depository institution service corporation may provide to any person 
any service authorized by this section, except that a depository 
institution service corporation shall not take deposits.
    ``(b) Permissible Services.--
            ``(1) In general.--A depository institution service 
        corporation shall not perform any type of service or engage in 
        any activity not permissible for a national bank.
            ``(2) Waiver.--The appropriate Federal banking agency may 
        waive the requirements of this section, if--
                    ``(A) the agency determines an activity would pose 
                no significant risk to the appropriate deposit 
                insurance fund; and
                    ``(B) the depository institution is in compliance 
                with applicable capital standards prescribed by the 
                appropriate Federal banking agency.
    ``(c) Geographic Location.--Notwithstanding the other provisions of 
this section or any other provision of law, other than the provisions 
of Federal and State branching law regulating the geographic location 
of banks to the extent that those laws are applicable to an activity 
authorized by this subsection, a depository institution service 
corporation may perform at any geographic location any service, other 
than deposit taking, that the Board has determined, by regulation, to 
be permissible for a bank holding company under section 4(c)(8) of the 
Bank Holding Company Act of 1956 (12 U.S.C. 1843(c)(8)).

``SEC. 5. PRIOR APPROVAL FOR INVESTMENTS IN DEPOSITORY INSTITUTION 
              SERVICE CORPORATIONS.

    ``(a) Approval of Federal Banking Agency.--No insured depository 
institution shall invest in the capital stock of a depository 
institution service corporation that performs any service under 
authority of section 4(b) of this Act without the prior approval of the 
depository institution's appropriate Federal banking agency.
    ``(b) Approval of Board.--No insured depository institution shall 
invest in the capital stock of a depository institution service 
corporation that performs any service under authority of section 4(c) 
of this Act and no depository institution service corporation shall 
perform any activity under section 4(c) of this Act without the prior 
approval of the Board.
    ``(c) Considerations in Determining Approval.--In determining 
whether to approve or deny any application for prior approval under 
this section, the Board or the appropriate Federal banking agency, as 
the case may be, is authorized to consider the financial and managerial 
resources and future prospects of the depository institution or 
depository institutions and depository institution service corporation 
involved, including the financial capability of the depository 
institution to make a proposed investment under this chapter, and 
possible adverse effects such as undue concentration of resources, 
unfair or decreased competition, conflicts of interest, or unsafe or 
unsound banking practices.
    ``(d) Failure To Act on Application for Approval.--In the event the 
Board or the appropriate Federal banking agency, as the case may be, 
fails to act on any application under this section within ninety days 
of the submission of a complete application to the agency, the 
application shall be deemed approved.

``SEC. 6. SERVICES TO NONSTOCKHOLDERS.

    No depository institution service corporation shall unreasonably 
discriminate in the provision of any services authorized under this 
chapter to any depository institution that does not own stock in the 
service corporation on the basis of the fact that the nonstockholding 
institution is in competition with an institution that owns stock in 
the depository institution service corporation, except that--
            ``(1) it shall not be considered unreasonable 
        discrimination for a depository institution service corporation 
        to provide services to a nonstockholding institution only at a 
        price that fully reflects all of the costs of offering those 
        services, including the cost of capital and a reasonable return 
        thereon; and
            ``(2) a depository institution service corporation may 
        refuse to provide services to a nonstockholding institution if 
        comparable services are available from another source at 
        competitive overall costs, or if the providing of services 
        would be beyond the practical capacity of the service 
        corporation.

``SEC. 7. REGULATION AND EXAMINATION OF DEPOSITORY INSTITUTION SERVICE 
              CORPORATIONS.

    ``(a) Principal Investor.--A depository institution service 
corporation shall be subject to examination and regulation by the 
appropriate Federal banking agency of its principal investor to the 
same extent as its principal investor. The appropriate Federal banking 
agency of the principal shareholder of such a depository institution 
service corporation may authorize any other Federal banking agency that 
supervises any other shareholder of the depository institution service 
corporation to make such an examination.
    ``(b) Enforcement.--A depository institution service corporation 
shall be subject to the provisions of section 8 of the Federal Deposit 
Insurance Act (12 U.S.C. 1818) as if the depository institution service 
corporation were an insured depository institution. For this purpose, 
the appropriate Federal banking agency shall be the appropriate Federal 
banking agency of the principal investor of the depository institution 
service corporation.
    ``(c) Services Performed by Contract or Otherwise.--Notwithstanding 
subsection (a) of this section, whenever a depository institution that 
is regularly examined by an appropriate Federal banking agency, or any 
subsidiary or affiliate of such a depository institution that is 
subject to examination by that agency, causes to be performed for 
itself, by contract or otherwise, any services authorized under this 
Act, whether on or off its premises--
            ``(1) such performance shall be subject to regulation and 
        examination by such agency to the same extent as if such 
        services were being performed by the depository institution 
        itself on its own premises, and
            ``(2) the depository institution shall notify such agency 
        of the existence of the service relationship within thirty days 
        after the making of such service contract or the performance of 
        the service, whichever occurs first.
    ``(d) Issuance of Regulations and Orders.--The Board and the 
appropriate Federal banking agencies are authorized to issue such 
regulations and orders as may be necessary to enable them to administer 
and to carry out the purposes of this chapter and to prevent evasions 
thereof.''.

Depository Institution Service Corporation Reform Act of 1994 - 
Title I:  Bank Service Corporation Act Amendments
 - Amends the Bank Service Corporation Act to place insured depository institutions under its jurisdiction and rename such Act the "Depository Institutions Service Corporation Act." 
Allows an insured depository institution to invest in more than one depository institution service corporation.  Prescribes investment limits, and reduces from five percent to three percent the percentage of total assets that may be so invested. 
Requires a depository institution service corporation to obtain prior written approval of the appropriate Federal banking agency before paying management fees to an institution-affiliated party (or to any corporation owned by such party). 
Prohibits a depository institution service corporation from performing activities or services that are not permissible for a national bank.