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Bill

Bill

LC 594

Revise banking laws

2025 Regular Session

Aims to revise banking laws to update regulation of banks, lending, and consumer protections; draft died in May 2025 and was not enacted.

(LC) Draft Died in Process
#financialinstitutions
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WeVote Research Nonpartisan
Bill Summary · LC 594

Summary: LC 594 — Revise Banking Laws

Overview

  • Bill number: LC 594
  • Title: Revise banking laws
  • Subject: Financial Institutions (also related to Credit Transactions)
  • Introduced: October 21, 2024
  • Current status: Draft Died in Process (LC)
    • The designation “Died in Process” indicates the bill did not advance through the legislative process and was not enacted.

Legislative History

  • 2024-10-21: Drafter Assigned (initial drafting assigned to the bill by the Legislative Council or equivalent drafting office)
  • 2025-05-22: Draft Died in Process (the draft bill did not proceed further)

Purpose and Intent

  • Based on the title, the bill aims to “revise banking laws.” While the specific provisions are not provided in the summary, such a bill typically seeks to update, modify, or harmonize statutes governing financial institutions, banking operations, consumer protections, and related credit transactions.

Key Provisions (Notes)

  • The exact text and provisions are not provided here. In general, bills with this scope may address:
    • Licensing, supervision, and regulation of banks, credit unions, and nonbank financial institutions
    • Consumer protections related to deposits, disclosures, fees, and lending practices
    • Rules governing electronic banking, payments, and fintech activities
    • Capital adequacy, risk management, governance, and fiduciary duties
    • Credit transactions, loan disclosures, interest rate and fee structures, and mortgage lending
    • Transition provisions, conformity with federal law, enforcement, and penalties
  • Because the actual language is unavailable, the above are typical areas such bills may cover and should not be assumed to be the bill’s exact contents.

Affected Parties

  • Financial institutions: Banks, credit unions, and possibly nonbank or fintech lenders subject to banking regulation
  • Consumers and small businesses: End users of banking and credit services
  • Regulators: State or regional banking regulators responsible for enforcement and supervision
  • Industry stakeholders: Lenders, payment processors, and other financial service providers

Procedural and Timeline Considerations

  • The bill introduced in late 2024 did not advance and is recorded as having died in process in May 2025.
  • If revived, the bill would typically require reintroduction, committee consideration, public hearings, and potential amendments before any floor vote.

How to Learn More

  • To obtain the exact provisions and current status, consult the official legislative portal or the bill’s text under LC 594. Monitor updates from the relevant legislative body for any revived versions or new drafts.

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

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