GBA Legislative Update

Legislative Update
March 8, 2002 A review of current developments from the Georgia Bankers Association
www.gabankers.com
ID Theft Bill Reported	S.B. 475 by Senators Thompson, Stokes and Tanksley was reported out of the Senate Judiciary Committee this week. The bill was introduced at the request of Governor Roy Barnes and Attorney General Thurbert Baker to enhance the prosecution of criminals who steal individuals’ identity. ID theft is reportedly the fastest growing consumer crime in the country. The bill contains provisions requiring all businesses that maintain records with individuals’ personal identifying information to properly dispose of those records. Financial institutions are required to comply with the provisions of the federal Gramm-Leach-Bliley Act and the regulations that went into effect last July 1. GBA supports the bill and has been working with the Attorney General on a series of Town Hall meetings to inform the public about the seriousness of the problem. The next Town Hall meeting is set for April 11 in Albany.	Sen. Thompson

3-Year Rule	S.B. 532 by Senators Jackson, Tanksley, Smith, Stokes, Stephens and Golden was introduced this week and reported out of the Senate Banking and Financial Institutions Committee. The bill would reduce from five years to three years the time a bank had to have been continuously operating before it could be acquired. The bill now goes to the Senate Rules Committee for scheduling further action on the floor.	Sen. Jackson

Predatory Lending Bill Being Rewritten	The Governor’s staff and his floor leader, Rep. Charlie Smith (D-St. Marys), are continuing to consider changes to H.B. 1361, the bill introduced at the request of Governor Roy Barnes to stop predatory lending. We understand they hope to complete work on the new bill early next week so the House Banks and Banking Committee can consider the substitute bill when the General Assembly reconvenes March 18 after a weeklong recess. The Georgia Bankers Association is coordinating our efforts with the Community Bankers Association of Georgia and we are continuing to work with all parties in hopes of reaching agreement on a bill we can support that would stop predatory lending without impacting traditional lending.	Rep. Smith

Viatical Investments	H.B. 1220 by Representatives Stallings, Parrish, Harbin, Lord, Ray and Hudgens will define viatical investments as a security within Georgia law so these investments will come under regulatory scrutiny by the Secretary of State’s office. The bill has passed the House and was reported out of the Senate Banking and Financial Institutions Committee this week.	Rep. Stallings

UCC 9 & UCC 5 Bill Pending	H.B. 1253 by Rep. Robert Reichert (D-Macon) and others was reported out of the House Judiciary Committee last week and is awaiting further action by the House Rules Committee. The bill simply cleans up language from the UCC 9 bill passed last session and calls for the adoption of the newly revised Article 5 dealing with Letters of Credit. GBA supports.	Rep. Reichert

Department Bill Pending	S.B. 353, the Banking Department's annual housekeeping bill, passed out of the House Banks and Banking Committee last week and is pending in the House Rules Committee. Committee Chairman Rep. Butch Parrish (D-Swainsboro) will be handling the bill when it reaches the floor. The bill addresses a number of areas of interest to bankers such as allowing the Department to assess fees via ACH transactions, share examination information with other regulators of new services banks are offering such as securities, and strengthen the Department’s policy on employee gifts and how employees handle potential conflicts of interest when they own bank stock. GBA supports.	Rep. Parrish

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 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, 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) 522-1501

The electronic version of GBA's Legislative Update will be published regularly during the 2002 session of the Georgia General Assembly. Let GBA's Lydia Thomas know of others you would like to add to our distribution list.

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