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MS SB2383
Bill
AI Summary
- Expands the definition of "electronic terminal" to include interactive teller machines (ITMs), automated teller machines, and other remote banking facilities, and exempts them from branch licensing requirements
- Removes the $2.00 or 4% fee cap on electronic terminal transactions, allowing state banks to set fees at their discretion based on "sound banking judgment"
- Eliminates the requirement for Commissioner of Banking approval before establishing electronic terminals or paying dividends, unless the bank is under enforcement action, would become undercapitalized, or poses safety/soundness risks
- Streamlines charter amendment procedures by requiring only Commissioner of Banking approval instead of additional approvals from the Attorney General and Governor
- Authorizes state-chartered banks and trust companies to make community and economic development investments to the same extent permitted for national banks under federal law, effective July 1, 2026
Legislative Description
Banks and banking; revise various definitions, procedures and provisions related to.
Last Action
Approved by Governor
3/13/2026
Committee Referrals
Banking and Financial Services2/12/2026
Business and Financial Institutions1/19/2026
Full Bill Text
No bill text available