Bill Title: Creates the Banking Development District Act. Establishes a banking development district program. Provides that the Department of Financial and Professional Regulation shall, in consultation with the State Treasurer, adopt rules that set forth the criteria, including specified factors, for the establishment of banking development districts. Provides that the governing board of a local government, in conjunction with a depository institution, may submit an application to the Department for the designation of a banking development district. Provides that the boundaries of the proposed banking development district shall include property on which the depository institution plans to make improvements to establish a banking branch. Provides that the application shall include the legal description of the property to be designated. Provides that the Secretary of Financial and Professional Regulation shall, in consultation with the State Treasurer, issue a determination on an application within 60 days after receiving the application. Provides that if an application is approved, the Department shall transmit notification of the approval and a copy of all application materials to the applicants, the Governor, the State Comptroller, the State Treasurer, the Director of Commerce and Economic Opportunity, the President of the Senate, the Speaker of the House of Representatives, and the clerk of the county, the municipal clerk, or the equivalent official in which the property is located. Provides that the Department may adopt rules that define terms, rules that establish fees for applications or other services rendered by the Department, and rules necessary for the enforcement, interpretation, and implementation of the Act. Makes other changes. Effective January 1, 2023.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Passed) 2022-05-13 - Public Act . . . . . . . . . 102-0802 [HB5194 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative LaShawn Ford [D]	Primary	Sponsored Bills	HD-008	FollowTheMoney	Ballotpedia	VoteSmart
Representative Mark Walker [D]	Cosponsor	Sponsored Bills	HD-053	FollowTheMoney	Ballotpedia	VoteSmart
Representative Latoya Greenwood [D]	Cosponsor	Sponsored Bills	HD-114	FollowTheMoney	Ballotpedia	VoteSmart
Representative Dagmara Avelar [D]	Cosponsor	Sponsored Bills	HD-085	FollowTheMoney	Ballotpedia	VoteSmart
Representative Maura Hirschauer [D]	Cosponsor	Sponsored Bills	HD-049	FollowTheMoney	Ballotpedia	VoteSmart
Senator Doris Turner [D]	Primary	Sponsored Bills	SD-048	FollowTheMoney	Ballotpedia	VoteSmart
Senator Mike Simmons [D]	Cosponsor	Sponsored Bills	SD-007	N/A	Ballotpedia	VoteSmart
Senator Mattie Hunter [D]	Cosponsor	Sponsored Bills	SD-003	FollowTheMoney	Ballotpedia	VoteSmart

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