NC S555

Establishes the Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws to determine whether and to what extent North Carolina banking laws need updating.

Commission consists of 14 members: 5 House members and 5 Senate members appointed by their respective leadership, plus 2 members representing state-chartered banks and 2 members from consumer advocacy organizations (one pair appointed by each chamber's leadership).

Commission has two co-chairs designated by the Speaker of the House and President Pro Tempore of the Senate and may study any banking law issues it deems appropriate.

Commissioner of Banks shall allocate up to $25,000 from State Banking Commission funds for fiscal year 2011-2012 to support the study.

Commission must report findings and recommendations to the 2012 Regular Session of the General Assembly and shall terminate on May 1, 2012, or upon filing its final report, whichever occurs first.