Banking Committee Updates

Both the Senate Banking & Financial Institutions Committee and the House Banks & Banking Committee held meetings this week.
 
SB 37—Statute of Frauds by Sen. William T. Ligon, Jr. (R), Brunswick, was passed by the Senate Banking & Financial Institutions on Tuesday.  The bill was amended in Committee in an effort to address concerns raised at previous hearings on the bill.  The bill was placed on Friday’s Senate Floor Calendar for a vote.
 
HB 193—Banking and Finance, relating to the savings promotion raffles offered by state-charted banks and credit unions was presented by Rep. Emory Dunahoo (R), Gainesville, was passed by the House Banks & Banking Committee on Wednesday.  The bill was placed on Friday’s House Floor Calendar for a vote.  
 
HB 212–Manufactured Homes by Rep. Clay Pirkle (R), Ashburn, was presented to the House Banks & Banking Committee with revisions that were made by the author to satisfy the concerns of the Department of Banking & Finance.  The bill was passed by the Committee on Wednesday.
 
HB 490—Banking & Finance by Rep. Jason Ridley (R), Chatsworth, was introduced in the House.  The bill relates to deposits of deceased depositors, so as to make changes relating to the payment of large deposits of deceased intestate depositors and the deposit of sums held for deceased intestate residents; to provide for and revise certain definitions; to provide for an affidavit for certain claimants to deposits; to provide a statutory form for an affidavit of the providers of services of funeral expenses and expenses of last illnesses of deceased depositors; to change certain provisions relating to payment of checks or instruments payable to decease intestate persons; to provide for related matters; to repeal conflicting laws; and for other purposes.  This bill was introduced in the last legislative session and did not progress.  The author of the bill worked with the industry to reach an agreement on the type of information that is needed on the statutory form prescribed within the bill.  On Thursday, the House Banks & Banking Committee held a hearing on this bill.
 
HB 497—Trusts by Rep. Bonnie Rich (R), Suwanee, was introduced in the House.  The bill relates to trusts, so as to establish qualified self-settled spendthrift trusts; to amend Part 4 of Article 9 of Title 11 of the O.C.G.A., relating to rights of third parties to secured transactions, so as to exclude qualified self-settled spendthrift trusts from restrictions on assignment; to provide for related matters; to repeal conflicting laws; and for other purposes.  This bill has the same language as HB 441 that was passed by both the House and Senate last session, but was vetoed by Governor Nathan Deal.  On Thursday, the House Banks & Banking Committee held a hearing on this bill.  It appears that this bill mirrors SB 186 by Sen. Bill Cowsert (R), Athens.  

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