New Bills Added to our Tracking List this Week
We add bills almost daily to our tracking list that can be found on the State Issues Page
of our website. Bookmark that page if you’re interested in following all the goings on at the State Capitol. Here are the bills we added this week:
Department Housekeeping Bill
. HB 143
by Rep. Bruce Williamson
(R-Monroe) is mostly the result of the public-private Code Review Task Force coordinated jointly by GBA and the Department of Banking and Finance. Among the issues of importance to bankers in the bill are: Out of state and in state trust companies, Legal Lending Limit, Third-party service providers, Conducting business on Sunday, Minor accounts, Department Subpoena Powers, Convenience Fees, Removal of Directors from Board, and Subordinated Securities. The bill has been assigned to the House Banks and Banking Committee. GBA supports.
Foreclosure – Confirmation Waiver Prohibition. S.B. 86
by Sen. Jesse Stone
(R-Waynesboro) adds judgments and levys to the real estate sales subject to a mandatory confirmation process in order to pursue a deficiency. The bill also prohibits contracts from including language to waive the requirement. GBA opposes.
Wire Transfer Fee
. H.B. 66
by Rep. Jeff Jones
(R-Brunswick) would mandate a $10 fee for certain wire transfers and allow those paying the fee to recoup the fee when filing their next annual tax return. GBA has serious concerns with the bill and we appreciate Rep. Jones listening and making changes to the bill. The bill is pending in the House Ways and Means Committee. GBA has asked for modifications.
Trust Code Revisions. H.B. 121
and H.B. 122
by Rep. Chuck Efstration
(R-Dacula) are the result of the work of the Trust Code Revision Committee of the State Bar’s Fiduciary Law Section, and we appreciate David Miraldi
of SunTrust Bank, who represented GBA in their deliberations. H.B. 121 deals with minor or unborn beneficiaries; changes provisions relating to nonjudicial settlement agreements, the modification and termination of noncharitable trusts, and distribution to another trust; and changes provisions relating to modification or termination of uneconomic trusts. H.B. 122 deals with the Uniform Statutory Rule Against Perpetuities, so as to change provisions relating to the validity of nonvested property interest or power of appointment; and changes provisions relating to reform of disposition by court to approximate transferor's plan of distribution among other things. The bills are pending in the House Judiciary Committee. GBA supports.
Notaries Public. H.B. 120
by Rep. Andy Welch
(R-McDonough) makes substantial revisions to the Georgia Notary Public code similar to legislation introduced in prior sessions. The bill is pending in the House Judiciary Committee. GBA is monitoring.
Maps, Plats, Plan Filings
. H.B. 76
by Rep. Rick Jasperse
(R-Jasper) makes several changes to legislation passed in the 2016 session creating a more user-friendly system for the filing of maps, plats and plans for real estate. This bill mostly deals with condominium projects and land surveyors. The bill is pending in the House Judiciary Committee. GBA is monitoring.
Bankruptcy Exemptions – HSAs, MSAs
. S.B. 71
by Sen. Jesse Stone
(R-Waynesboro) would add Health Savings Accounts and Medical Savings Accounts to the list of property that is exempt from bankruptcy. The bill is pending in the Senate Judiciary Committee. GBA is monitoring.
Tax Credits – Rural Georgia Revitalization
. H.B. 73
by Rep. Penny Houston
(R-Nashville) provides tax credit incentives to promote the revitalization of vacant rural Georgia downtowns by encouraging investment, job creation, and economic growth in long-established business districts. The bill is pending in the House Ways and Means Committee. GBA is monitoring.
. H.B. 87
by Rep. Brad Raffensperger
(R-Johns Creek) would make the current annual corporate registration requirement good for three years. GBA is monitoring.