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AL HB20
Bill
Status
4/19/2011
Primary Sponsor
Paul DeMarco
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AI Summary
HB20 Summary
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Proposes a constitutional amendment to rewrite Section 247 of Article XIII of the Alabama Constitution, consolidating banking regulations into four subsections.
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Prohibits establishment of any bank except under a general banking law and eliminates time limits on bank corporation duration.
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Prevents the state and political subdivisions from owning bank stock or lending credit to banking institutions.
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Requires the Legislature to establish examination procedures for banks and banking institutions, with banks required to submit sworn reports of resources and liabilities at least twice yearly.
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Repeals Sections 248, 249, 251, 252, 253, and 254 of Article XIII, which addressed specie basis requirements, gold or silver redemption, interest rates, and other obsolete banking provisions.
Legislative Description
Banks and banking, 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requirements; Sections 248, 249, 251, 252, 253, 254 (Recompiled Constitution of Alabama of 1901, as amended), repealed, const.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
Pending third reading on day 21 Favorable from Banking and Insurance
4/28/2011