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House committee advances Department of Banking and Finance housekeeping bill
Summary
The Georgia House Banks and Banking Committee voted to move LC 620021, the Department of Banking and Finance's annual housekeeping bill, after discussion about foreign bank updates, merchant-acquirer limited-purpose banks and industry trends. The measure passed by voice vote with no recorded opposition.
Chairman Williamson presented LC 620021, the Department of Banking and Finance's annual "housekeeping" bill, to the Georgia House Banks and Banking Committee and the committee voted to move the bill forward on a voice vote with no recorded opposition.
The bill, Williamson said, is the committee's yearly effort to modernize and clean up language across the state's banking code. "This is the annual housekeeping bill for the Department of Banking and Finance," Williamson said, noting the measure touches several regulated industries and has been developed with industry partners.
The measure updates multiple sections of state banking law to keep language current and streamline processes that affect bank holding companies, credit unions, merchant-acquirer limited-purpose banks (MALPBs), foreign bank offices, residential mortgage lenders and brokers,…
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