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Bill

Bill

LC 3486

Generally revise banking and credit union laws

2025 Regular Session

LC 3486 aimed to broadly revise banking/credit union laws; no text released and the draft died May 27, 2025, so no enacted changes for banks, unions, or consumers.

(LC) Draft Died in Process
#financialinstitutions(seealso:credittransactions)
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WeVote Research Nonpartisan
Bill Summary · LC 3486

Overview

Bill LC 3486, titled "Generally revise banking and credit union laws," was introduced on December 14, 2024. According to available records, the bill remained a draft and did not progress, ultimately dying in process as of May 27, 2025.

  • Bill Number: LC 3486
  • Title: Generally revise banking and credit union laws
  • Status: Draft; Died in Process
  • Introduced: December 14, 2024
  • Classification: Bill
  • Subject: Financial Institutions (including Credit Transactions)

Purpose and Intent

Based on the title, LC 3486 was intended to generally revise the legal framework governing banks and credit unions. No full text or official summary of the bill’s objectives is provided in the available records, so the specific aims (e.g., updating regulatory structures, aligning statutes with modern banking practices, enhancing consumer protections, or reorganizing licensing and supervision) are not discernible from the published information.

Key Provisions (Text Not Available)

No enacted provisions or bill text are publicly available in the provided materials. As a result, there are no concrete, bill-specific changes to summarize. If text becomes available, a section outlining precise changes to banking and credit union statutes (e.g., licensing/chartering rules, capital requirements, supervision, consumer disclosures, enforcement mechanisms, privacy and data handling, merger procedures, or deposit/loan protections) would be added.

Typical topics in broad banking/credit union revisions (for context, not claims about this bill):
- Licensing, charters, branches, and mergers
- Capital adequacy and financial stability provisions
- Regulator structure, authority, and examination processes
- Consumer protection and disclosures
- Privacy, data security, and cybersecurity requirements
- Government reporting and compliance duties
- Deposit insurance and soundness standards

Affected Parties

  • Banks and other financial institutions
  • Credit unions and their members/customers
  • State financial regulators and examiners
  • Consumers who use banking and credit union services
  • Industry trade associations and legal counsel advising financial institutions

Procedural and Timeline Aspects

  • Introduced: December 14, 2024
  • Drafter Assigned: December 14, 2024 (LC designation)
  • Status Change: Draft Died in Process on May 27, 2025
  • Implication: The bill did not advance past the drafting stage and was not enacted into law.

Status History

  • 2024-12-14: Drafter Assigned
  • 2025-05-27: (LC) Draft Died in Process

Additional Notes

  • Until the text (if any) or a formal committee report becomes available, the bill’s concrete provisions cannot be assessed.
  • For readers seeking the latest information, check the official legislative docket for LC 3486 to see whether any text, amendments, or committee actions have been posted since this summary was prepared.

If you’d like, I can monitor for any updated text or related amendments and refresh the summary accordingly.

Compiled from official sources — confirm details with the bill’s official record.

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