Loading chat...
GA HB1623
Bill
Status
Introduced
4/4/2022
Primary Sponsor
Marvin Lim
Click for details
AI Summary
- Authorizes local agencies (counties, municipalities, and authorities) in Georgia to create and wholly own public banks, organized as nonprofit corporations under the Georgia Nonprofit Corporation Code, for the purposes of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs
- Limits the Department of Banking and Finance to issuing no more than 2 public bank licenses per calendar year and no more than 6 total, with a 7-year sunset on new license issuance from the date the department first promulgates implementing regulations
- Requires public banks to partner with local financial institutions (credit unions, community banks, CDFIs) for retail activities and prohibits them from competing with those institutions; permits public banks to engage in local agency banking, infrastructure lending, wholesale lending, and participation lending
- Requires local agencies to conduct a viability study—including fiscal analysis, 5-year financial projections, legal analysis, and governance safeguards—before applying, with the study and application requiring both majority approval by the local governing body and voter approval at the next regularly scheduled election held at least 180 days later
- Exempts licensed public banks from state sales and use taxes and exempts proceedings and records related to public bank formation from public disclosure under Georgia's open records and open meetings laws
Legislative Description
Banking and finance; creation of public banks; authorize
Last Action
House Hopper
4/4/2022
Full Bill Text
No bill text available