WeVote
Log In

Bill

Bill

LC 3622

Generally revise financial institutions laws

2025 Regular Session

LC 3622 aimed to comprehensively rewrite state financial institutions laws, but the bill died in process by May 2025 with no text released.

(LC) Draft Died in Process
#financialinstitutions(seealso:credittransactions)
0
WeVote Research Nonpartisan
Bill Summary · LC 3622

LC 3622 — Generally revise financial institutions laws

A concise summary of the bill known as LC 3622, titled “Generally revise financial institutions laws.” The available information indicates the bill is a broad, structural revision of financial institutions statutes. No full text is provided in the materials, so the summary focuses on status, purpose, and likely areas of impact based on the title and typical scope of such revisions.

Overview

  • Bill number / title: LC 3622 — Generally revise financial institutions laws
  • Subject: Financial Institutions (with relevance to Credit Transactions)
  • Purpose (as inferred from title): A broad revision of the statutes governing financial institutions, potentially updating regulatory framework, licensing, consumer protections, and supervisory provisions to reflect current market practices and policy priorities.
  • Classification: bill
  • Status: Draft Died in Process (as of May 23, 2025)

Status and timeline

  • Introduced: December 14, 2024
  • Drafter Assigned: December 14, 2024
  • Draft On Hold: December 14, 2024
  • Status update: Draft Died in Process on May 23, 2025

Note: “Died in Process” indicates the bill did not advance through the legislative process and is not expected to become law. The exact text and provisions are not provided in the available information.

Purpose and scope (as inferred)

  • The bill appears intended to comprehensively revise the framework governing financial institutions. Such revisions typically aim to modernize regulatory structures, align state laws with evolving financial products and services, and strengthen oversight and consumer protections. Specifics would determine which institutions are covered (e.g., banks, credit unions, non-bank lenders) and how they interact with regulators.

Potential key provisions (typical topics in broad revisions)

Because the actual text is not provided, the following are common areas such bills may address:
- Licensing and supervision of financial institutions
- Capital and liquidity requirements
- Consumer protection and disclosure requirements
- Privacy, data security, and cyber risk management
- Lending practices, interest rate caps, and usury protections
- Enforcement, penalties, and administrative procedures
- Consumer finance for credit transactions, including disclosures and model forms
- Transitional provisions and effective dates

These are not asserted provisions of LC 3622 but illustrate typical content of comprehensive financial institutions revisions.

Who is affected

  • Financial institutions regulated under state law (e.g., banks, credit unions, non-bank lenders)
  • Regulators responsible for supervising these institutions
  • Consumers and borrowers protected under financial services and credit transaction rules
  • Legal and compliance professionals implementing regulatory requirements

Procedural and timeline considerations

  • With the bill now dead in process, there is no anticipated movement toward enactment.
  • If a legislative sponsor reintroduces a similar measure, it would require drafting, committee hearings, potential amendments, and votes in both chambers, followed by the governor’s approval (as applicable). The absence of text makes it impossible to identify specific committee references or deadlines.

Bottom line

LC 3622 represents a proposed broad overhaul of financial institutions laws introduced in December 2024 but subsequently died in process by May 2025. The lack of bill text means readers should monitor for any reintroduction or related legislative proposals for concrete provisions and impacts. If new information or the bill text becomes available, a more precise, provision-by-provision summary can be prepared.

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

Sign in to ask a question.