Bill Summary for H 628 (2019-2020)

Summary date: 

Jun 27 2019

Bill Information:

View NCGA Bill Details2019-2020 Session
House Bill 628 (Public) Filed Monday, April 8, 2019
AN ACT TO ELIMINATE AN OUTDATED REQUIREMENT FOR SAVINGS BANKS AND SAVINGS AND LOAN ASSOCIATIONS TO PUBLISH ABSTRACTS OF STATEMENTS OF FINANCIAL CONDITION; TO ALLOW COMMERCIAL BANKS, SAVINGS AND LOAN ASSOCIATIONS, AND SAVINGS BANKS TO OFFER SAVINGS PROMOTION RAFFLES; AND TO ADD TO THE NORTH CAROLINA BANKING COMMISSION A MEMBER WHO IS, OR IS EMPLOYED BY A PERSON THAT IS, LICENSED UNDER THE NORTH CAROLINA SECURE AND FAIR ENFORCEMENT (S.A.F.E.) MORTGAGE LICENSING ACT.
Intro. by Grange, Hardister, Conrad, Hunter.

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Bill summary

Senate committee substitute to the 2nd edition makes the following changes. 

Amends GS 53C-2-1(a) to maintain the membership of the Banking Commission at 15 members, with 12 appointed by the Governor and three appointed by the General Assembly. Now requires the Governor's appointees to consist of seven rather than eight public members, and one member licensed or employed by someone licensed under Article 19B of GS Chapter 53, The Secure and Fair Enforcement Mortgage Licensing Act (previously, increased membership to 16 members to accommodate a new member to be licensed or employed by someone licensed as provided). Changes the effective date of the proposed changes to March 31, 2021 (was, the date the act becomes law). Directs the Governor to make an appointment, as required, to replace one of the current public members whose term expires on March 31, 2021 (previously, provided for the initial term of the new member to begin on October 1, 2019).

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