On Mar. 8, GA LEG passed bill on banking and finance requirements.
GA LEG passed bill HB 876 on banking requirements and incorporation procedures.
Amends GA FIN 7 on banking and finance, and GA FIN 10 on commerce and trade.
Also makes amendments to GA FIN 53, on wills, trusts, and administration of estates.
Bill Provisions
HB 876 revises procedures concerning incorporators of banks and trust companies.
Also revises requirements of articles of incorporation of banks and trust companies.
Revised the defintion of the several terms, including subsidiary,executive officer, articles of incorporation, incorporator, shareholder, as well as shares.
Bill outlines the procedures regarding the approval of banks and trust companies.
Revises certain loans made by credit unions; refunds of installment loan closing fees.
Removes mortgage broker registration requirement; sets foreign bank requirements.
Makes amendments to the requirements of merchant acquirer limited purpose banks.
Provides for and explains exceptions; revises definition of bona fide discount points.
Bill also updates terminology; conforms cross-references; and repeals conflicting laws.
Legislative History
On Jan. 8, 2024, bill was introduced into House; on Feb. 6, 2024, bill passed House.
On Feb. 7, 2024, bill was introduced into Senate; on Mar. 8, 2024, bill passed Senate.
Effectiveness
If HB 876 is enacted, amendments to titles 10 and 53 will be effective Jun. 1, 2024.
Upon enactment, amendments to title 7 will become effective Jul. 1, 2024.
Apr. 2024 GA LEG Governor Approved Bill
On Apr. 23, 2024, GA LEG enacted bill with governor's approval, enrolled Act 474.
