Establishes the 14- member Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws (Commission) to determine whether and to what extent to update the state’s banking laws. Provides for the Commission’s membership, filling of vacancies, compensation, and staffing. Allows the Commissioner of Banks to use up to $25,000 of the funds available to the State Banking Commission for 2011-12 to fund the study. Requires the Commission to report to the 2012 Regular Session. Provides that the Commission terminates on the earlier of May 1, 2012, or the filing of the Commission’s report.