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GA HB876
Bill
Status
Passed
4/23/2024
Primary Sponsor
Bruce Williamson
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AI Summary
- Amends Georgia's banking and finance laws (Titles 7, 10, and 53) to update terminology, revise incorporation procedures for banks and trust companies, and remove the requirement that incorporators file an affidavit of expenses with the Department of Banking and Finance
- Removes the requirement that certain mortgage brokers register with the Department of Banking and Finance, eliminating the separate "registrant" category and streamlining references throughout the mortgage licensing article to refer only to licensees
- Revises credit union provisions by defining "executive officer," increasing the aggregate lending limit for combined secured and unsecured obligations from $50,000 to $150,000, reducing the threshold for members to call special meetings from 10% to 5%, and adding limited liability companies to eligible credit union membership entities
- Expands the Georgia Merchant Acquirer Limited Purpose Bank Act to allow organization as limited liability companies in addition to corporations, adds new corresponding definitions (e.g., "shareholder," "director," "incorporator" for LLCs), and permits the department to waive the requirement that a majority of directors be state residents
- Revises the definition of "bona fide discount points" under the Georgia Fair Lending Act to reference the average prime offer rate published by the Consumer Financial Protection Bureau instead of Federal National Mortgage Association or Federal Home Loan Mortgage Corporation commitment yields; effective dates are June 1, 2024 (Part II) and July 1, 2024 (remainder)
Legislative Description
Banking and finance; update terminology; revise procedures; provisions
Last Action
Effective Date 2024-07-01
4/23/2024
Committee Referrals
Banking and Financial Institutions2/7/2024
Banks and Banking1/9/2024
Full Bill Text
No bill text available