Session Law 2012-56 (Senate Bill 816) - Banking Law Modernization Act

• Repeals Articles 1-10, 12, and 13 of Chapter 53 and enacts comprehensive new Chapter 53C governing bank regulation, replacing outdated banking statutes with modern regulatory framework.

• Establishes 15-member State Banking Commission (reduced from 22) composed of State Treasurer, 12 Governor-appointees including practical bankers and consumer finance licensees, and 2 General Assembly appointees.

• Creates streamlined procedures for bank chartering, branch establishment, control transactions, combinations, and voluntary/involuntary liquidation with defined timelines and public notice requirements.

• Grants banks broad powers matching federally chartered institutions, including authority to engage in activities permissible for national banks and savings associations, with Commissioner approval for new activities.

• Updates deposit account regulations for joint accounts, payable-on-death accounts, personal agency accounts, and custodial arrangements, with detailed procedures for account types and beneficiary designations.