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Committee advances Department of Banking and Finance annual housekeeping bill
Summary
A legislative committee advanced LC 620021, the Department of Banking and Finance's annual housekeeping bill, after brief discussion about updates to foreign bank rules and merchant-acquirer limited-purpose bank authority. The bill was passed by voice vote.
A legislative committee advanced the Department of Banking and Finance's annual housekeeping bill, LC 620021, after members discussed updates to the state's foreign bank rules and the authority that governs merchant-acquirer limited-purpose banks.
The bill, described in the meeting as an annual "housekeeping" measure, consolidates minor code updates and clarifications across multiple regulated industries, including bank holding companies, credit unions, mortgage lenders and brokers, money transmitters and check cashers. Committee discussion focused on recent technical changes to the foreign bank provisions and on clarifications to the merchant-acquirer limited-purpose bank (MALPB) framework.
Beau Fears, an attorney involved in drafting the…
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