Legislative Update

March 10, 2000          A review of current developments from the Georgia Bankers Association
www.gabankers.com
 

The Magic 33rd Day 
Has Passed

  

Wednesday, March 8 marked the 33rd day of the 2000 session of the Georgia General Assembly.  Under a long-standing rule, bills originating in either the House or Senate must have been passed by the body of origin no later than the 33rd day for the bill to be considered by the other body.  Therefore, most of the activity this week was devoted to getting “must-pass” legislation from one body to the other.  Since GBA’s priority bills had already passed the House, there was little formal action taken on these bills this week.  Behind the scenes work continues as we seek to develop compromises on the insurance bill and garner support from key legislators to get our legislation in line for final consideration.

Town of 5,000 Insurance Bill
in Rules Committee

The Senate Rules Committee, chaired by Sen. David Scott (D-Atlanta) is expected to report H.B. 656 next week so the bill will be on the full Senate’s calendar.  The bill is designed to eliminate the “Town of 5,000” restriction so that banks anywhere in Georgia may sell insurance.  The bill will be handled in the Senate by Banking Committee Chairman Don Cheeks (D-Augusta).  The Senate and House versions are somewhat different in their respective title insurance provisions, so a conference committee will be necessary. 


Scott
Cheeks

Subchapter “S” Bill on
Monday’s Senate Calendar


Starr

H.B. 1452 is the bill designed to remove an inequity in the statutes that treats stockholders of Subchapter “S” banks differently from non-bank Subchapter “S” corporation stockholders.  The bill was reported out of the Senate Rules Committee and is slated for a vote in the full Senate on Monday.  Sen. Terrell Starr (D-Forest Park) will be handling the bill in the Senate.
Tuition Incentive Plan Passes


McBee

Congratulations to Rep. Louise McBee (D-Athens) and the other sponsors of H.B. 1189 which passed the House unanimously this week.  The bill establishes a mechanism for tax-advantaged accounts to be opened for individuals pursuing education beyond high school.  As reported in earlier Legislative Updates, Rep. McBee was helpful in accepting amendments GBA felt were necessary to allow banks to continue relationships with customers who were seeking to open these accounts.  The bill allows individuals to contribute up to $5,000 per year into the account up to a maximum of $100,000.  Students may use the funds for a variety of qualified higher education expenses.  The contributions to the accounts would be tax-advantaged to the contributor and the withdrawals would be taxed at the student’s rate.  The contributions are also not counted toward the $10,000 gift tax exemption.  The bill has been assigned to the Senate Higher Education Committee chaired by Sen. Jack Hill (D-Reidsville).

Fraud Bill Passes


Borders

H.B. 1257 by Rep. Ron Borders (D-Valdosta) and others passed the House this week.  The bill is designed to give district attorneys stronger legislative language to pursue fraudulent check prosecutions.  The GBA supports the bill which is now pending in the Senate Banking and Financial Institutions Committee.

Housekeeping Bill Also
on Monday Calendar 		The Banking Department’s annual housekeeping bill has also been placed on Monday’s Senate Calendar.  H.B. 1231 contains a number of provisions needed to update Georgia law to keep state chartered banks competitive with nationally chartered banks due to the passage of the federal Financial Modernization bill.

GBA Keeps You Informed

GBA’s Legislative Update is intended to keep you apprised of the bills that the GBA is tracking on the industry’s behalf.  Subsequent issues will be mailed on alternate Fridays except when the legislature is in recess.  On Fridays that the Update is not mailed, GBA’s LegisFAX will be sent via fax to all CEO’s, Contact Bankers, Bank Counsel Section members and those interested in tracking issues on a weekly basis. The electronic version of both the Legislative Update and the LegisFAX will be sent by e-mail to those on our e-mail list.  The ‘State Issues’ section of GBA Online, GBA’s home page at www.gabankers.com, is linked to the website maintained by the General Assembly and assures that you will have the latest version of any bill being tracked by the GBA.

GBA’s Lobbyists at the Capitol

The lobbying team for the GBA will be at the Capitol full-time throughout the session.  If you need to get in touch with any of them on a particular issue, several ways are available. Call the main number at the GBA, (404) 522-1501, or leave a message on their direct voice mail, or send them an e-mail. They will get back to you at the earliest opportunity.

Joe Brannen, Direct phone, (404) 420-2026

Elizabeth Way, Direct phone, (404) 420-2027

Don Browne, Direct phone, (404) 420-2021

Dan Thomason, Direct phone, (404) 420-2016

The electronic version of GBA's Legislative Update will be published regularly during the 2000 session of the Georgia General Assembly.  Let GBA's Lydia Thomas know of others you would like to add to our distribution list.

State Legislative Issues l Georgia House of Representatives l Georgia State Senate l Governor
Federal Legislative Issues l Georgia Members of Congress