Legislation Assigned to the Senate Banking and Financial Institutions Committee (2)

Date of Last Recorded Action: 5/13/2022

SB 0213 NeutralBanking Improvement Zones - Location of Financial Institutions in Underserved Areas Joshua McKoon
2/21/2017 Senate Read and Referred -Banking and Financial Institutions -
2017/02/24 - Report Auditing/Budget General County Government Larry Ramsey Revenue & Finance
Upon application by local governments to the state, this legislation would allow for the creation of banking improvement zones in areas that are underserved with finanical institutions. Within such zones, a local government would be authorized to designate a financial institution within a banking improvement zone as the depository for county funds at a rate below published certificate of deposit rates.
SB 0358 SupportBanking Improvement Zones Michael Rhett
3/12/2018 House Committee Favorably Reported Banks and Banking Banking and Financial Institutions -
2018/03/2 Report Econ. Dev. & Transportation General County Government Health and Human Services Larry Ramsey
Revenue & Finance
This bill would create an optional process for counties and cities that are underserved by financial institutions to apply to the state Department of Community Affairs (DCA) for designation as a "banking improvement zone." Upon approval by DCA, the county or city could designate a particular financial institution that locates within the jurisdiction as the depository of public funds. Except as otherwise provided in a written agreement, the county or city would obtain an interest rate at or below the institution's 2-year Certificate of Deposit interest rate.
Green background on status indicates a bill has been acted on the last recorded legislative day.

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