Loading chat...
AL HB358
Bill
Status
5/2/2012
Primary Sponsor
Paul DeMarco
Click for details
AI Summary
HB358 Summary
-
Proposes a constitutional amendment to consolidate and reorganize Alabama's banking regulations in Section 247 of the Alabama Constitution, effective January 1, 2014.
-
Amends Section 247 to include existing provisions establishing unlimited corporate duration for banks, prohibiting political subdivisions from holding bank stock or lending credit, and requiring legislative oversight through bank examinations.
-
Repeals Sections 248, 249, 251, 252, 253, and 254 of Article XIII regarding outdated banking requirements including specie basis requirements, interest rate limits, and redundant examination provisions.
-
Conditionally repeals Amendment 154 (Section 255.01) concerning nonresident mortgage loans, contingent on adoption of a new Article XII and repeal of Code sections 10A-2-15.01 and 10A-2-15.02.
-
Requires voter approval through a ballot measure presented to qualified electors, with the amendment becoming effective upon passage and satisfying all contingencies.
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requirements; Sections 248, 249, 251, 252, 253, 254 (Recompiled Constitution of Alabama of 1901, as amended), repealed upon certain contingency, const. amend.
Constitutional Amendments
Last Action
Delivered to Secretary of State at 4:51 p. m. on May 2, 2012.
5/2/2012