Georgia Rep. Bruce Williams (R-Monroe) said the banking bill is now on the way to the governors desk for signature. HB 143, carried by Williamson through the House of Representatives, passed the Senate this week with the help of Sen. John Kennedy (R-Macon).
“This is the third year in a row that I have carried the banking bill,” Williamson said. “I am very proud of the fact that we now have one of the most modern banking codes in the country.”
“The bill was pre-cleared by the Governor’s office so it should be signed when the legislature adjourns. Most of the bill was the work product of the public-private Georgia Bankers Association Code Review Task Force chaired by Brad Miller, General Counsel at United Community Banks, Inc., Blairsville, with Department counsel Bo Fears serving as scrivener,” was noted in a press release on the passage of the bill. “This completes the third and final year of the Task Force’s work and the Georgia Bankers Association.”
Major provisions of note in the bill are:
- a streamlined calculation for legal lending limits,
- the ability of the Department to directly examine third party service providers,
- gives state chartered institutions the ability to conduct business on Sundays,
- adds the option of providing minors electronic access to accounts,
- streamlines the Department’s subpoena process, authorizes pay-by-phone fees,
- expands the circumstances for board member removal by the financial institution
- modernizes the process for the issuance of subordinated debt.