HAPPENINGS AT THE STATE CAPITOL

General Assembly Making Steady Progress

The General Assembly was in session four days this week, though Monday was unusual as many legislators remained home due to last weekend’s severe weather. Even so, both chambers gaveled in and out, and when the session adjourned Thursday, lawmakers were nearly a quarter of the way through the 40-day legislative calendar. While the pace has felt slower than in recent years, momentum began to build midweek. A full committee schedule and a surge of new legislation signaled a shift, with 132 bills and resolutions introduced Wednesday, and another 107 Thursday.

The legislature will be in session Monday through Friday next week, and activity is expected to ramp up quickly for the GBA Advocacy team. Notably, the House Banks & Banking Committee will hold its first meeting Monday at 8 a.m. The agenda includes the Banking Department’s Housekeeping Bill HB 945 by Rep. Bruce Williamson (R-Monroe) and HB 934 by Rep. Noel Williams (R-Cordele), which transfers regulation of securities and commodities from the Secretary of State to the Department of Banking and Finance. You can watch online here.

Rep. Bruce Williamson

Rep. Noel Williams

BREAKING NEWS

Trump Nominates Former Fed Governor Kevin Warsh to Succeed Current Chair Jerome Powell

While we typically focus on state-level legislative issues here, there was notable national banking news Friday morning. President Trump announced the nomination of former Federal Reserve Governor Kevin Warsh to serve as the next Federal Reserve chair, succeeding Jerome Powell when his term ends in May. Warsh served on the Federal Reserve Board from 2006 to 2011. The nomination is subject to confirmation by the U.S. Senate. This is a developing story, and we will share additional details as they become available.

Kevin Warsh

Georgia House Unveils Property Tax Relief Plan

Georgia House Speaker Jon Burns (R-Newington) Wednesday unveiled a major property tax relief proposal aimed at homeowners. Attendees at the GBA Legislative & Economic Forum heard Speaker Burns share more about the proposal Wednesday evening. The Homeownership Opportunity and Market Equalization (HOME) Act of 2026, which includes HR 1114 by House Ways & Means Chair Rep. Shaw Blackmon (R-Bonaire), would gradually expand the state’s homestead tax exemption until property taxes on primary residences are fully eliminated by 2032. The plan also would cap revenue growth for non-homestead property taxes at 3% annually and allow local governments to use existing sales taxes or assessments for services in place of property taxes. Supporters say rising property tax bills in Georgia are unsustainable. Critics warn the overhaul could cut more than $5 billion annually from funding for schools and local services. HR 1114 proposes a constitutional amendment, meaning it would require a two-thirds vote in both the House and Senate, followed by approval from voters in a statewide referendum. The enabling legislation is HB 1116 by Rep. Blackmon.

House Speaker Jon Burns at the GBA Legislative & Economic Forum

Rep. Shaw Blackmon

Georgia Senate Introduces “Transactional Gold and Silver Act” Bill

The introduction of SB 424 by Sen. Marty Harbin (R-Tyrone) grabbed our attention this week. Titled the “Transactional Gold and Silver Act,” the bill aims to recognize gold and silver specie as legal tender in the state. The bill has been assigned to Senate Banking and Financial Institutions Committee, and we expect it to be considered by the committee in the coming weeks. The bill proposes amendments to the state code governing the Office of the State Treasurer to allow gold and silver to serve as legal tender for transactions. It would also establish a bullion depository, create an electronic payment system tied to specie, set regulatory guidelines, provide for insured deposits through private insurance coverage and prohibit taxation of transactions involving gold and silver legal tender. We’ll be watching this one closely.

Sen. Marty Harbin

GBA Forum Draws Strong Turnout to Launch Advocacy Season

A strong turnout filled the Georgia Bankers Association’s Legislative & Economic Forum and Legislative Reception on Wednesday in Atlanta. Remarks from Speaker Jon Burns, Senate President Pro Tem Larry Walker, Banking Commissioner Bo Fears and former State Senator and Lt. Gov. candidate John Kennedy highlighted the program. The event concluded with a packed reception with bankers and numerous state leaders. See a complete wrap-up in this week’s GBA Bulletin.

A huge thank you to our event sponsors for their support.

• Platinum Sponsors: Burke Stelling Group, FHLBank Atlanta and Olsen Palmer.
• Silver Sponsors: Centrant Community Capital; CRS Data; EBS Strategies; McNair, McLemore, Middlebrooks & Co.; Point to Point Environmental; and ServisFirst Bank.

Legislation GBA is Tracking

Be sure and set a web browser bookmark for the State Issues page on the GBA website to track details about specific bills during the session. Clicking a bill number link gives you the text of the bill and its current status as it moves through the process. GBA is tracking other bills that appear on the State Issues page that will be reported upon during the session if there is action on the bill and it has relevance to the banking industry. This week, we added the following:

Pawnbrokers

HB 110 by Rep. Josh Bonner (R-Fayetteville) would prohibit title pawn transactions involving a motor vehicle or motor vehicle title with active or reserve duty military personnel and their dependents. The bill was favorably reported by the House Defense and Veterans Affairs Committee.

Veteran’s Housing

SB 429 by Sen. Jason Dickerson (R-Canton) prohibits landlords from requiring disabled veterans to have monthly income exceeding twice the monthly rent to qualify as tenants. It applies an income definition as the federal adjusted gross income from all sources under IRS Code. The bill has been assigned to the Senate Veterans, Military, and Homeland Security Committee.

Frivolous Mechanic’s Liens

HB 676 by Rep. Rob Clifton (R-Evans) adds new penalties to Georgia's mechanic lien statutes targeting frivolous or bad-faith filings. It imposes a $1,500 fine per lien filed without substantial justification, good faith or with malicious intent. The bill applies existing definitions from Georgia tort law to determine what constitutes frivolous filings. The bill was favorably reported by the House Judiciary Committee.

Voluntary Portable Benefit Plans

HB 987 by Rep. Todd Jones (R-South Forsyth) establishes portable benefit plans and accounts for independent contractors. Banks, along with other financial institutions and entities, have the option to serve as portable benefit account providers if they meet certain qualifications. The bill was favorably reported by House Industry and Labor Committee.

529 Savings Plans

HB 962 by Rep. Chuck Martin (R-Alpharetta) remove the fixed $235,000 maximum contribution limit for Georgia Higher Education Savings Plan (529) accounts. Authorizes Georgia Higher Education Savings Plan Board of Directors to set reasonable maximum contribution amounts based on current and anticipated education expenses. Expands Georgia tax deductions starting in 2026 to include contributions to any state's qualified Section 529 education savings plan. The bill has been assigned to the House Ways & Means Committee.

Tax Rate Reduction

HB 1001 by Rep. Will Wade (R-Dawsonville) reduces the 2026 state income tax rate from 5.19 percent to 4.99 percent for businesses and individuals. The bill has been assigned to the House Ways & Means Committee.

Bankruptcy Exemptions

HB 1024 by Rep. Soo Hong (R-Lawrenceville) increases the homestead exemption from $21,500 to $50,000 for individual debtors in bankruptcy and insolvent estate proceedings. It raises the exemption from $43,000 to $100,000 when property is the primary residence of both spouses. The bill has been assigned to the House Judiciary Committee.

Financial Transaction Fraud

HB 1034 by Rep. Sandra Scott (D-Rex) requires all financial institutions to provide free account safety locks that customers can activate to block new payees and transfers. It establishes the Georgia Financial Fraud Victims Relief Fund to reimburse fraud victims up to $10,000 per incident. The bill mandates emergency holds on suspicious transactions for up to 72 hours when fraud indicators are detected. Additionally, the Attorney General must create public awareness campaigns and training programs for law enforcement. The bill has been assigned to the House Banks & Banking Committee.

Real Estate Transactions

HB 1042 by Rep. Matt Reeves (R-Duluth) allows holders of foreclosed security instruments to submit credit bids instead of cash or certified checks at judicial sales. It requires government entities to indicate on official record indices when personally identifiable information has been restricted. The bill provides procedures for protected persons to authorize release of restricted information to themselves or third parties. The bill has been assigned to the House Judiciary Committee.

State Agency Rules

HB 1078 by Rep. Scott Hilton (R-Peachtree Corners) establishes a mandatory four-year review cycle for all Georgia state agency rules with automatic sunset provisions. It requires agencies to analyze regulatory costs, benefits, and alternatives while soliciting public input before rules can be continued. The bill has been assigned to the House Governmental Affairs Committee.

Transaction Rounding

HB 1112 by Rep. Carter Barrett (R-Cumming) requires merchants to round cash transaction totals to the nearest five cents when customers pay with coins or currency. It exempts rounding gains or losses from taxation and applies only to in-person sales exceeding four cents. The bill is awaiting its committee assignment.

Financial Literacy

HB 1114 by Rep. Bill Yearta (R-Sylvester) allows ninth- and tenth-grade students to complete the state’s required high school graduation financial literacy course, expanding the current law, which limits the requirement to eleventh- and twelfth-grade students only. The bill is awaiting its committee assignment.

GBA Represented at the Capitol

The association’s advocacy team is hard at work representing the interests of banking at the State Capitol. Reach out to any of them if you need information about a bill, contact information for your representatives, or tips on where to park if you’re coming for a visit. Here’s their contact information:

• Elizabeth Chander, executive vice president, government relations and advocacy: echandler@gabankers.com, 404.372.7893
• Bo Brannen, senior vice president, member services and advocacy: bbrannen@gabankers.com, 404.731.9886
• Steve Bridges, government relations consultant: sbridges@gabankers.com, 770.789.5605
• Tripp Cofield, president and CEO: tcofield@gabankers.com, 617.909.9530.

We will publish future editions of the Legislative Update after the General Assembly adjourns each week. Please let us know if you have questions or comments on issues of interest to you.