summary
Introduced
01/13/2025
01/13/2025
In Committee
02/19/2025
02/19/2025
Crossed Over
02/12/2025
02/12/2025
Passed
04/07/2025
04/07/2025
Dead
Signed/Enacted/Adopted
05/14/2025
05/14/2025
Introduced Session
2025-2026 Regular Session
Bill Summary
AN ACT To amend Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, so as to update terminology; to revise procedures concerning incorporators of credit unions; to revise requirements of articles of incorporation of credit unions; to revise licensure requirements for money transmissions, cashing payment instruments, mortgage lenders and mortgage brokers, foreign banking institutions, and installment loans; to provide for revised auditing procedures for mortgage lenders and mortgage brokers; to provide for corporate governance requirements for mortgage lenders and mortgage brokers; to provide for liquidity requirements for mortgage lenders and mortgage brokers; to revise requirements for applications to relocate for foreign banking institutions; to revise background check procedures for merchant acquirer limited purpose banks; to provide for regulation by the Department of Banking and Finance of installment loans and merchant acquirer limited purpose banks; to revise deposit requirements for merchant acquirer limited purpose banks; to provide for definitions; to revise cross-references; to provide for related matters; to repeal conflicting laws; and for other purposes.
AI Summary
This bill updates various provisions in Georgia's banking and finance laws, covering a wide range of financial institutions and practices. The bill introduces several key changes, including updating terminology, revising procedures for credit unions, modifying licensure requirements for money transmitters and mortgage lenders, and establishing new corporate governance and liquidity standards. Specifically, the bill adds definitions for terms like "disqualifying crime" (which includes various financial felonies), introduces new requirements for mortgage brokers and lenders to maintain capital and net worth, mandates the establishment of boards of directors with specific oversight responsibilities, and modifies background check procedures for various financial institutions. The bill also updates regulations for foreign banking institutions, merchant acquirer limited purpose banks, and adds provisions for administrative withdrawal of license applications. These changes aim to enhance financial regulatory oversight, improve institutional transparency, and establish more robust standards for financial service providers operating in Georgia.
Committee Categories
Business and Industry
Sponsors (7)
Robert Dickey (R)*,
Demetrius Douglas (D)*,
Jaclyn Ford (R)*,
Jason Ridley (R)*,
Noel Williams (R)*,
Bruce Williamson (R)*,
John Kennedy (R),
Last Action
Effective Date 2025-07-01 (on 05/14/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/69295 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/235747 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/229789 |
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