Gov. Kemp Signs GA Department of Banking & Finance's Housekeeping Bill

HB 876, the Georgia Department of Banking’s Housekeeping bill was signed into law on April 23, 2024 and becomes effective July 1, 2024. Since July 2023, the Association worked closely with the Department to make non-controversial statutory changes to modernize and streamline Georgia’s banking code.

As it relates to community banks, the bill changes code sections relating to bank formations, notices and filings with the Secretary of State, the definition of “subsidiary”, and the Merchant Acquirer Limited Purpose Bank Act.

These statutory changes are accompanied by regulatory changes that are vetting through the rulemaking process.  The Department generally aims to initiate the rulemaking process in early June with an effective date of early July to coincide with the July 1 effective date of HB 876.

In a world of chaos, the Department’s annual housekeeping bill is as close to a sure thing as you can get.  CBA is grateful for the strong leadership and steadfast approach of Commissioner Kevin Hagler and Deputy Commissioner Bo Fears.  We also appreciate legislative sponsors Rep. Bruce Williamson and Sen. John Kennedy for shepherding the measure through the process.