HAPPENINGS AT THE STATE CAPITOL

General Assembly Convenes for 2026 Session

The Georgia General Assembly began the second session of its biennial when it was gaveled to order Monday by House Speaker Jon Burns (R-Newington) and Lt. Gov. Burt Jones (R-Jackson) in his role as Senate President. Legislators heard Gov. Brian Kemp’s final State of the State address Thursday, during which he, among other things, announced another one-time tax rebate worth $1 billion and his plan to reduce the state’s personal and corporate income tax rates by 20 basis points to 4.99%. The General Assembly will be in recess next week for Martin Luther King Jr. Day on Monday and will hold budget hearings the rest of the week. Legislators will reconvene for regular business and committee meetings Monday, Jan. 26.  An adjournment resolution, HR 998, was introduced and passed this week. Crossover Day is scheduled for Friday, March 6, and Sine Die is set for Thursday, April 2.

GBA Legislative & Economic Forum and Reception is Jan. 28

There’s still time to make your plans and join fellow bankers and state leaders for timely insights about Georgia’s economic and legislative environment, plus valuable networking with elected officials at the GBA Legislative & Economic Forum and Reception Jan. 28.

A big thank-you to our event sponsors: Burke Stelling; Centrant Community Capital; CRS Data; EBS Strategies; FHLBank Atlanta; McNair, McLemore, Middlebrooks & Co.; Olsen Palmer; Point to Point Environmental; and ServisFirst Bank.

Special Elections Fill Vacant Seats, with More to Come

As the 2026 legislative session opens, several special election winners were sworn in this week, reshaping the General Assembly.

Changes in the House include Rep. Bill Fincher (R-Canton), who won a runoff in House District 23 to succeed Mandi Ballinger, who died in October after a battle with cancer. Rep. Akbar Ali (D-Gwinnett) will replace Shelly Hutchinson in House District 106, who stepped down to care for a family member. At 21 years old, Ali also becomes Georgia’s youngest current legislator. Rep. Eric Gisler (D-Watkinsville) successfully flipped the seat in House District 121 and succeeds Marcus Wiedower, who resigned to focus on his private sector work. Two House seats remain unfilled with no special election yet scheduled. Rep. Karen Bennett (D-Stone Mountain) and Rep. Lynn Heffner (D-Augusta) resigned from their seats earlier in January.

In the Senate, Sen. Jason Dickerson (R-Canton) will fill the vacancy left in Senate District 21 by Brandon Beach, who resigned after his appointment as U.S. Treasurer by President Trump. Sen. Jaha Howard (D-Smyrna) succeeds Jason Esteves in Senate District 35, after Esteves resigned to focus on his gubernatorial campaign. Voters will select a successor for Lt. Governor candidate John Kennedy in Senate District 18 on Jan. 20. If necessary, a runoff will be held Feb. 17.

New Faces on the Senate Banking and Financial Institutions Committee

Some changes to the Senate Banking and Financial Institutions Committee were made this session in response to the special elections mentioned above. The committee will still be chaired by Sen. Carden Summers (R-Cordele), with Sen. Mike Hodges (R-Brunswick) continuing to serve as Vice Chair. New Sen. Jason Dickerson (R-Canton) will be stepping into the role of Secretary, replacing John Kennedy. Senate Minority Leader Sen. Harold Jones (D-Augusta) will also be new to the committee. Our thanks for the service of those senators leaving the committee, Sen. Tim Bearden (R-Carrollton) and Sen. Sonya Halpern (D-Atlanta).

Banking Department Housekeeping Bill Introduced

The Banking Department’s annual housekeeping bill HB 945 by Rep. Bruce Williamson (R-Monroe) has been filed and assigned to the House Banks & Banking Committee, chaired by Rep. Noel Williams (R-Cordele). The bill is scheduled to be heard at the first committee meeting Jan. 26 at 8 a.m. We’ll be closely monitoring progress on this important piece of legislation. As a reminder, the bill is the annual update to language in Title 7 of the Official Code of Georgia related to all the entities regulated by the Georgia Department of Banking and Finance.

Rep. Bruce Williamson
(R-Monroe)

Of interest to bankers are the provisions in this year’s bill authorizing banks and other institutions to place temporary holds on transactions involving elderly or disabled customers when financial exploitation is reasonably suspected. It establishes procedures for notice, review, documentation, training and record retention, and provides strong civil, criminal and administrative immunity when institutions act in good faith, giving banks clearer authority and protection to intervene in fraud scenarios. The bill also creates a comprehensive regulatory framework for virtual currency kiosks (crypto ATMs). The bill imposes strict disclosures, fee caps, transaction limits, refund rights for fraud victims, customer identification, monitoring requirements and live support obligations on kiosk operators, helping to reduce losses and customer harm. Additionally, the bill clarifies bank merger notification requirements and the Department's objection authority, updates corporate governance rules applicable to banks, modernizes merchant acquirer limited-purpose bank rules and expands regulatory oversight of litigation finance.

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. This week, we added the following:

Unclaimed Virtual Currency

SB 403 by Sen. Kay Kirkpatrick (R-Marietta) amends unclaimed property laws to address new categories such as virtual currency. It defines key terms, establishes conditions for when property is considered abandoned and outlines procedures for liquidations, claims and payments. The bill has been assigned to the Senate Finance Committee.

Property Owners Associations

SB 406 by Sen. Matt Brass (R-Newnan) requires property owners' associations in Georgia to register with the Secretary of State to operate legally, including submitting financial statements and paying annual fees. It prohibits associations from collecting dues, issuing assessments, fines, liens or initiating foreclosure proceedings unless registered. Additionally, the bill increases the minimum lien amount for foreclosure from $2,000 to $4,000 and prohibits associations and related individuals/entities from bidding at foreclosure sales. The bill has been assigned to the Senate Judiciary Committee.

Residential Property Insurance

SB 409 by Sen. Larry Walker (R-Perry) regulates how insurance companies use aerial and satellite images for residential property coverage, underwriting and pricing decisions. It establishes homeowner protections by requiring insurers to provide date-stamped images and specific corrective steps for adverse underwriting decisions, such as cancellations or premium increases. Homeowners must be given at least 60 days to address issues, with an appeal process and the opportunity to submit proof of corrections. The bill also mandates that insurers offer policy renewals or rescind adverse decisions if the conditions are resolved. The bill has been assigned to the Senate Insurance and Labor Committee.

Securities and Commodities Regulation

HB 934 by Rep. Noel Williams (R-Cordele) transfers regulatory authority over securities and commodities from the Secretary of State to the Department of Banking and Finance. It would establish an advisory board of up to 12 members with expertise in securities and commodities to advise the Banking Commissioner. All existing rules, regulations and contracts related to securities regulation would be continued under the Department of Banking and Finance and employees of the Secretary of State currently engaged in securities regulation would be transferred to the Department. The bill has been assigned to the House Banks & Banking Committee.

Foreclosure Notices

HB 948 by Rep. Beth Camp (R-Concord) requires foreclosure notices to include contact information for entities authorized to negotiate mortgage terms with debtors. It would mandate that notices clearly disclose debtors’ rights to surplus funds following a foreclosure sale, and require deadlines for claiming excess funds to be prominently displayed in bold type and accompanied by the necessary claim forms. It would also extend these notice requirements to tax sale proceedings. The bill has been assigned to 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. It allows independent contractors to voluntarily opt into withholding funds from their compensation to contribute to portable benefit accounts, which can be used for benefits like health insurance, retirement, or disability coverage. 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 has been assigned to the House Industry and Labor Committee.

Timber

HR 1000 by Rep. Chuck Efstration (R-Mulberry) eliminates ad valorem taxation on standing timber harvested from forest land designated for conservation use. It would require property owners to enter into a 10-year covenant to maintain forest land conservation use. Imposes recapture of prior tax savings, plus penalties, if the covenant is breached within the 10-year period. The resolution has been assigned to the House Ways & Means Committee.

GBA Represented at the Capitol

The association’s advocacy team is already 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.