Loading chat...
GA HB811
Bill
Status
Passed
4/26/2016
Primary Sponsor
Bruce Williamson
Click for details
AI Summary
- Extensively amends Georgia Title 7 (Banking and Finance) to modernize and streamline regulation of banks, trust companies, credit unions, merchant acquirer limited purpose banks, and the mortgage lending industry
- Defines "virtual currency" as a digital representation of monetary value without legal tender status and authorizes the Department of Banking and Finance to enact rules governing money transmission or sale of payment instruments involving virtual currency
- Removes all references to "building and loan associations" throughout the code, repealing multiple related code sections and reserving them, while updating definitions of "bank" and "financial institution"
- Permits out-of-state banks to establish de novo branches and acquire branches in Georgia without first acquiring an entire Georgia bank, and allows Georgia state banks to establish de novo branches in other states with department approval
- Expands the definition of "automated teller machine" to include equipment capable of live video chat with offsite bank personnel for banking services including account initiation, and establishes new governance, officer, and merger/consolidation procedures for merchant acquirer limited purpose banks
Legislative Description
Banking and finance; update, modernize, and streamline numerous Code sections; revise provisions
Last Action
Effective Date
7/1/2016
Full Bill Text
No bill text available