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AL SB458
Bill
Status
2/23/2010
Primary Sponsor
Trip Pittman
Click for details
AI Summary
SB458 Summary
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Proposes a constitutional amendment to rewrite Section 247 of Article XIII of the Alabama Constitution to consolidate banking regulations into a single section and add language prohibiting banks from being established except by general banking law.
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Combines into Section 247 existing provisions regarding unlimited duration of bank charters, prohibition on state and political subdivisions being stockholders or lending credit to banks, and requirements for bank examination and semiannual reporting.
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Repeals Sections 248, 249, 251, 252, 253, and 254 of Article XIII, which address banking laws, specie basis, currency redemption, termination of business, interest rates, and bank examination procedures.
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Amendment becomes effective upon approval by a majority of qualified electors voting in accordance with Sections 284, 285, and 287 of the Alabama Constitution and state election laws.
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Leaves unchanged Section 255 (applicability of the article) and Section 255.01 (nonresidents making mortgage loans through licensed brokers).
Legislative Description
Banks and banking, Section 247 (Section 247, Recompiled Constitution of Alabama of 1901, as amended), am'd. to prohibit establishment of a bank except by general banking law, to provide for unlimited duration, to prohibit political subdivisions from owning stock or lending credit, and to provide for examination requirements; Sections 248, 249, 251, 252, 253, 254 (Recompiled Constitution of Alabama of 1901, as amended), repealed, const. amend.
Constitutional Amendments
Last Action
Indefinitely Postponed
4/14/2010