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GA HB1685
Bill
Status
Introduced
4/4/2022
Primary Sponsor
Marvin Lim
Click for details
AI Summary
- Requires the Commissioner of the Georgia Department of Banking and Finance to employ an individual with regulatory compliance experience to advise Georgia-based banks and financial institutions on compliance with state and federal laws and regulations
- Defines "community development financial institution" (CDFI) as an entity designated by the U.S. Department of the Treasury's Community Development Financial Institutions Fund
- Authorizes CDFIs to develop and implement flexible financing programs—including loans, grants, and technical assistance—and to enter into external partnerships for raising matching funds, marketing programs, evaluating applicants, underwriting loans, and monitoring compliance
- Requires CDFIs to work with existing state and federal agencies, specifically the Georgia Department of Banking and Finance, the Georgia Department of Community Affairs, and the U.S. Department of the Treasury regarding financing activities
- Amends Article 1 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated by adding new Code Section 7-1-35.1 and a new Part 15 (Code Section 7-1-239.20)
Legislative Description
Banking and Finance, Department of; employ an experienced person to advise banks and financial institutions regarding regulatory compliance; require
Last Action
House Hopper
4/4/2022
Full Bill Text
No bill text available