A bill to limit temporarily the acquisition of depository institutions and the commencement of certain new activities by State chartered depository institutions, and for other purposes.

Prohibits any company that is engaged directly or indirectly in any activity not permitted for a bank holding company from acquiring control of any insured bank, and from acquiring control of insured banks in more than one State, without prior approval under the Bank Holding Company Act.

Prohibits any company that is engaged directly or indirectly in any activity other than an activity permitted for a multiple savings and loan holding company from acquiring control of any insured institution except as provided in the National Housing Act.

Prohibits any company that acquires control of an insured bank or institution on or after June 23, 1983 from retaining control of such bank or institution and engaging in non-bank holding activities on or after the effective date of this Act, unless the acquisition conforms to certain provisions of the National Housing Act.

Prohibits any company from retaining control of insured banks in more than one State that were acquired on or after June 23, 1983, unless such banks were acquired with prior approval under the Bank Holding Company Act.

Prohibits any State- chartered depository institution from commencing any non-banking activity not previously and lawfully engaged in by that institution unless: (1) such activity was explicitly authorized for that type of institution by State statute or regulation before January 1, 1983; (2) such activity is permitted under the Bank Holding Company Act for a bank holding company; or (3) such activity is explicitly authorized by a State statute and is performed exclusively in such State for customers present in it.

Requires any State-chartered depository institution that commenced, on or after June 23, 1983, any activity that would have been prohibited by this Act if commenced after enactment of this Act to immediately terminate such activity.

Repeals the provisions of this Act on December 31, 1984.