Georgia Legislative Update – Session Report
Legislation Effective July 1, 2025
HB 15 Banking and finance; update terminology; provisions
By: Rep. Bruce Williamson
Through the Banks & Banking Committee (112th)
Final Bill Summary: HB 15 revises provisions related to Georgia banking law. The bill revises filing requirements by requiring counties of residence, rather than addresses, for incorporators, directors, and subscribers of financial institutions such as banks and credit unions. The bill modifies credit union subscriber requirements by setting out procedures related to the application for a certificate of incorporation with the department.
The credit union application review process will examine the public needs as well as the credit union having the adequate capital structure relative to the anticipated business of the credit union and the safety of prospective members. If the approval of a federal public body is also required with respect to a proposed credit union, the department may elect to not act on the application until federal approval is given. The bill defines disqualifying crimes for purposes of applications for licensure with the department, and allows the non-issuance or revocation of a license if the person has been convicted of a Georgia felony within the previous seven years or if that felony at any time was a disqualifying crime.
Provisions related to mortgage lending services and other mortgage lending practices, including definitions, are included in the bill. Mortgage brokers are required to submit an annual unaudited financial statement, but may also elect to submit an audited financial statement. Submitting an unaudited financial statement permits the department to require the submission of an audited financial statement if the department finds an audit to be necessary. Mortgage lenders and mortgage brokers must adhere to sufficient capital, net worth, and liquidity requirements based on the type of mortgage lender or servicer.
Provisions regarding criminal history checks are revised to permit commercial backgrounds in lieu of requiring Georgia Crime Information Center checks and fingerprints. The department is entitled to review the files of any applicant or merchant acquirer limited purpose bank to ensure checks have been conducted and all employees are qualified.