Legislation Introduced This Week
Each week when we publish the Legislative Update we will include bills and resolutions introduced that we will be monitoring on behalf of the industry. We’ll highlight those that we’ll prioritize and keep you abreast of our actions. We’ll update the State Issues Page
on our website daily, so be sure to check that page to follow issues of interest to you. We added several newly introduced bills this week.
Banking Department Housekeeping Bill. HB 781 by Rep. Bruce Williamson (R-Monroe) is the annual bill crafted by the Banking Department with input from GBA’s Bank Counsel Section and other stakeholders. Among the major provisions are those that would allow a de novo bank to pay a dividend before becoming cumulatively profitable in certain circumstances; allow the Department to waive director residency requirements; revise the requirements to acquire a trust company; clarify that representative offices may exercise the same powers as other bank offices; and add night depositories as an extension of a bank location. The bill has been assigned to the House Banks and Banking Committee. GBA supports as a priority bill of this session.
Electronic and Remote Online Notarization. HB 785 by Rep. Joseph Gullett (R-Dallas) creates additional ways to notarize documents by electronic means. The Georgia Superior Courts Clerks Authority will be empowered to develop and maintain rules and standards. The bill has been assigned to the House Judiciary Committee. GBA is monitoring.
Tax Credits, Deductions and Exemptions. SB 302
by Sen. John Albers
(R-Roswell) creates a process to review various state tax credits, deductions and exemptions. GBA has provided Sen. Albers an analysis of the Bank Tax Credit developed by GBA’s Tax Advisory Committee explaining the background of the credit and that it is neither an incentive nor transferable credit. The bill is expected to be assigned to the Senate Finance Committee. GBA is monitoring as a priority bill of the session.
FinTech Regulatory Sandbox. HB 763
by Rep. Todd Jones
(R-Cumming) empowers the Attorney General to designate a developing financial product or service as innovative and in so doing, that would allow a person, without being licensed or registered as would otherwise be required, to test the products or services for a limited time and on a limited basis. The bill has been assigned to the Banks and Banking Committee. GBA is monitoring.
Installment Land Contracts. HB 729
by Rep. Debra Bazemore
(D-South Fulton) creates a filing process with the Clerk of Superior Court of a new type of document related to the sale of land over a period of five or more years. The bill is pending in the House Judiciary Committee. GBA is monitoring.
FDIC Insurance Premium Deductibility. HB 762
by Rep. John Carson
(R-Marietta) would restore the deductibility of FDIC insurance premiums from state income tax liability for banks that lost the deductibility when legislation was adopted to conform with recent federal tax reform legislation. The bill is pending in the House Ways and Means Committee. GBA is monitoring.
Cannabis. HR 875
by Rep. Dar’Shun Kendrick
(D-Lithonia) would create the House Study Committee on Financing Options for Cannabis-based Businesses. GBA is monitoring.
Special Recognition. HR 826 by Rep. Alan Powell (R-Hartwell) was introduced and unanimously adopted recognizing Margaret Ayers for her 75 years of service to Northeast Georgia Bank in Lavonia. GBA presented Margaret a service award last year and attended a celebration at the bank in her honor. We are aware of no other Georgia banker who has served one institution for so many years. Thank you, Margaret!
Special Recognition. HR 912 by Rep. Ron Stephens (R-Savannah) recognizes former GBA Chairman Jimmy Burnsed for his leadership to the State of Georgia and especially Bryan County. The resolution also calls for an interchange on I-95 to be named in his honor. HR 913 also by Rep. Stevens recognizes Jimmy and another local leader, Harold Fowler, and calls for a bridge to be named in their honor. Congratulations, Jimmy!