Advocacy Update 2024 - Legislative Days 6-10

Activity Ramps Up

While the House and Senate did not officially gavel in last week, lawmakers were busy working to draft and finalize legislation.  Legislators returning to Atlanta on Monday found a full committee hearing schedule and the launch of real action on policy matters.  More than 200 bills and resolutions were introduced over the five-day workweek.

Next week begins the second quarter of the 2024 session and signals the beginning of the race to Crossover Day and later, Sine Die.  This is a critical phase of the session, as bills that look innocuous can quickly become consequential.  Other initiatives that start troublesome are improved or slowed.  The pressure is on to make the most of the remaining thirty days of the session. 

Active Measures:  Banking and Financial Products

Department’s Housekeeping Bill (HB 876)                                                                           

Rep. Bruce Williamson, R—Monroe 

The bill is the annual housekeeping for the Department of Banking & Finance.  The bill was presented to and approved by the Banks & Banking Committee on Jan 25^th.  The author of the bill gained unanimous approval by the Committee.  The bill now moves to the House Rules Committee for consideration.

Increase in Bankruptcy Exemptions (HB 628)       

Rep. Matt Reeves, R—Duluth

The bill was presented to and approved by the Judiciary Committee on Jan 25^th.  The bill would increase the current homestead exemption allowance from $21,500 to $50,000 for individual and $41,300 to $100,000 for joint owners of aggregate interest in real property or personal property that the owner(s) or a dependent of the owner(s) or dependent of the owner(s) uses as a residence, or in a burial plot.  If the bill passes, lenders should review their collection and underwriting processes to account for the increased bankruptcy exemption and update as needed to the extent this is already taken into consideration.

Bill Highlight: HB 1018 Georgia Firearms Industry Nondiscrimination

Georgia Firearms Industry Nondiscrimination (HB 1018)                                              

Rep. Jason Ridley, R—Chatsworth

Bill assigned to the Banks & Banking Committee on Jan 25^th

The bill relates to the merchant category code or any other indicator that a financial institution assigns to a merchant or to a payment card transaction that identifies whether the merchant is a firearms retailer or whether the payment card transaction involves the purchase of a firearm or ammunition.  The National Rifle Association (NRA) had similar legislation that passed in Mississippi (MS) and the intent of this bill is to mirror what passed in MS.  While a large portion of the bill does in fact mirror the MS legislation, there are several differences that would cause issues for our financial institutions if not corrected.  The financial services trade groups are collectively working with the author of the bill and the NRA to negotiate changes in the language to fix the areas of concern before the bill is presented to the Banks & Banking Committee.

New and Carryover Legislation

All legislation not enacted during the 2023 session remains available for consideration in 2024.  Legislators will also file hundreds of new measures throughout this year’s session.  While this weekly report will not include all carried-over measures of interest, rest assured your government affairs team is carefully tracking those items.  We aim is to keep this report focused on active, priority issues.

Mortgage Trigger Leads (HB 1040)                                                                          

Rep. Scott Hilton, R—Peachtree Corners

Bill assigned to the Banks & Banking Committee on Jan 26^th

The bill prohibits unfair or deceptive practices in consumer transactions related to mortgage trigger leads.

Blockchain Basics Act (HB 1043)                                                                               

Rep. Scott Hilton, R—Peachtree Corners

Bill assigned to the Banks & Banking Committee on Jan 26^th

The bill provides protections relating to the generation and use of virtual currency.  It excludes virtual currency mining activities from money transmission licensure requirements. 

Electronic Wills (HB 901)                                                                                               

Rep. Sandra Scott, D-Rex

Bill assigned to the Judiciary Committee on Jan 12^th

The bill provides for the execution of electronic wills.

Discrimination by Artificial Intelligence (HB 890)                                                   

Rep. Mandisha Thomas, D-South Fulton

Bill assigned to the Technology and Infrastructure Innovation Committee on Jan 10^th

The bill provides for protections against discrimination by artificial intelligence and automated decision tools.

Georgia Child Performer Empowerment and Protection Act (HB 968)               

Rep. Kim Schofield, D-Atlanta

Bill assigned to the Industry and Labor Committee on Jan 23^rd

The bill requires the establishment of blocked trust accounts for minors rendering artistic or creative services. 

Georgia Higher Education Assistance Corporation (HB 985)                                 

Rep. Chuck Martin, R-Alpharetta

Bill assigned to the Higher Education Committee on Jan 23^rd

The bill abolishes the Georgia Higher Education Assistance Corporation. 

Specialized Land Transactions (SB 356)                                                                       

Sen. Donzella James, D—Atlanta

Bill assigned to the Judiciary Committee on Jan 12^th

The bill revises provisions concerning the foreclosure of liens by condominium associations and property owners’ associations. 

Tax Expenditures Transparency Act of 2024 (SB 366)                                             

Sen. Chuck Hufstetler, R—Rome

Bill assigned to the Finance Committee on Jan 23^rd

The bill establishes the Joint Committee on Taxation and Economic Development.

Waive Certain Delinquent Ad Valorem Property Taxes (SR 82)                             

Sen. Carden Summers, R—Cordele

Bill pending in the Senate Banking & Financial Institutions Committee

SR 82 proposes an amendment to the Constitution to authorize the tax commissioner, subject to local governing authority approval, to waive certain delinquent ad valorem property taxes, penalty, and interest for the purpose of placing non-revenue generating and tax delinquent property back to effective utilization status.  The resolution was introduced in 2023 and placed on the Senates debate calendar before Crossover Day last year.  It was ultimately tabled.  It was removed from the table in a procedural move on the first day of the 2024 session and recommitted to the Senate Banking and Financial Institutions Committee. 

Senate Study Committee on Preservation of Georgia’s Farmland (SR 470)         

Sen. Billy Hickman, R—Statesboro

Resolution assigned to the Agriculture and Consumer Affairs Committee on Jan 25^th

Senate Study Committee on Artificial Intelligence (SR 476)                                     

Sen. John Albers, R—Roswell

Resolution assigned to the Science and Technology Committee on Jan 25^th