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GA SB20
Bill
Status
Passed
8/3/2020
Primary Sponsor
Michael Rhett
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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 banks to open branches or representative offices in areas underserved by banking services
- Requires local governments to submit an application to the Department of Community Affairs, which has discretion to approve or deny based on factors including proximity of existing banking services, consumer needs, local credit needs, existing commercial development, and potential economic development impact
- Mandates the department determine that any potential gains to a bank from a below-market interest rate agreement constitute ample consideration for a substantial public benefit, as required by the Georgia Constitution
- Permits local governments, upon zone approval, to designate a bank within the zone as the depository for local government funds via ordinance or resolution, provided public fund deposit standards under Chapter 8 of Title 45 are met
- Requires that the agreed-upon interest rate on deposited public funds be fixed at or below the bank's posted two-year certificate of deposit rate
Legislative Description
Counties and Municipal Corporations; establishment of banking improvement zones; areas underserved; provide
Last Action
Effective Date
1/1/2021
Full Bill Text
No bill text available