Legislation Assigned to the House Banks and Banking Committee (1)

Date of Last Recorded Action: 5/7/2024

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.
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