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GA SB398
Bill
Status
Introduced
2/18/2016
Primary Sponsor
Joshua McKoon
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AI Summary
- Authorizes the Georgia Department of Community Affairs to designate "banking improvement zones" within county or municipal jurisdictions to encourage the establishment of financial institutions in areas underserved by banking services
- Local governments must apply for zone designation, with the Department evaluating factors including proximity of existing banking services, consumer needs, economic viability, existing commercial development, and potential economic development impact
- Upon zone approval, local governing bodies may designate a financial institution within the zone as a depository for local government funds via ordinance or resolution, provided public fund deposit standards under Chapter 8 of Title 45 are met
- Deposit agreements must set a fixed interest rate at or below the financial institution's posted two-year certificate of deposit rate
- Amends Code Section 45-8-14 to create an exception to existing county depository requirements, allowing counties to use financial institutions within approved banking improvement zones
Legislative Description
Counties, Municipalities; establishment of banking improvement zones; encourage opening of financial institutions; areas underserved by financial institutions
Last Action
Senate Read and Referred
2/19/2016
Full Bill Text
No bill text available