HB 781 was introduced by Representative Bruce Williamson (R), Monroe. This is the Department of Banking and Finance’s annual housekeeping bill. In regards to banks, the bill is truly clean-up in nature.
Changes relate to approval of dividend payments under certain conditions; waiver of residency requirements for directors in certain circumstances; authorization of trust company and bank mergers; authorize certain activities at representative offices outside of Georgia; change registration requirements for a bank or bank holding company with a representative office; reduce the number of days the department has to approve or disapprove applications for branch offices; eliminate the department’s authority to waive publication requirement for certain procedures; add night depository to list of extensions not requiring approval; update restrictions on location of extensions; and, remove notification requirement for out-of-state banks establishing or acquiring additional branches.
CBA supports this bill and will continue to monitor activity as the bill progresses.
EVP, Chief of Staff, Government & Regulatory Relations