New Legislation We Are Following
Each week we publish a list of new bills of interest to the banking industry we will be following. We add these bills daily to the State Issues page
on the GBA website, so bookmark that if you’re interested in staying in the know. Following are the bills added to our tracking list this week:
Financial Institution Data Match
. SB 201
was introduced at the request of the Georgia Department of Revenue by Sen. Chuck Hufstetler
(R-Rome). The bill requires financial institutions to provide certain information related to delinquent taxpayers to the Department of Revenue. A data match program would be set up like the child support payments recovery system currently used by financial institutions to report on those accounts. However, this legislation differs in the areas such as penalties for failure to report, and other liability is created for the institution. The bill is pending in the Senate Finance Committee.
State CRA. HB 522
by Rep. Marvin Lim
(D-Norcross) requires the Georgia Department of Banking and Finance to conduct community reinvestment evaluations on state-chartered banks and savings institutions. The bill is pending in the House Banks and Banking Committee. GBA is opposed.
Georgia Agribusiness & Rural Jobs Act. HB 500
by Rep. James Burchett
(R-Waycross) extends the Act by providing for a second round of funding. HB 504
by Rep. Bruce Williamson
(R-Monroe) also extends the Act with a second round of funding and additionally authorizes tax credits for medical equipment and supplies manufacturers and pharmaceutical and medicine manufacturers. GBA is monitoring.
Property Association Assessments. SB 154
by Sen. Donzella James
(D-Atlanta) restricts property association assessments to no more than 20% of mortgage costs. The bill is pending in the Senate Judiciary Committee. GBA is monitoring.
Equitable Gender and Diversity Representation. SR 125
by Sen. Lester Jackson
(R-Savannah) encourages equitable and diverse gender representation on the boards and in the senior management of Georgia companies and institutions. GBA is monitoring.
Interior Design Liens
. HB 480
by Rep. Dale Washburn
(R-Macon) adds to the mechanics and materialman lien statute a new category of liens for labor, services, or materials performed or furnished by registered interior designers. The bill is pending in the House Judiciary Committee. GBA is monitoring.
Real Estate Transfer Tax. HB 416
and HB 417
by Rep. Shaw Blackmon
(R-Bonaire) are related to the imposition and collection of the real estate transfer tax. The bills are pending in the House Ways and Means Committee.