HAPPENINGS AT THE STATE CAPITOL

The Pace is Picking Up in the General Assembly, House Passes its Version of 2026 Amended Budget

The Georgia General Assembly completed Day 14 of its 40-day session Friday. Below is a report of the most significant legislative news from the week. In passing their amended 2026 fiscal year budget Thursday, Georgia House lawmakers replaced Gov. Brian Kemp’s proposed income tax rebate, HB 1000 by Rep. Matthew Gambill (R-Cartersville), with a one-time tax break for homeowners. Instead of $1.2 billion for individual rebate checks, the House plan sets aside about $850 million for a homeowner tax relief grant.

Rep. Matthew Gambill

The program is part of House Republican leadership’s broader proposal to eventually eliminate homestead property taxes for homeowners. The House’s version of the budget passed 167–5 and now heads to the Senate. The Legislature will reconvene Monday and will be in session through Thursday next week. Crossover Day is set for Friday, March 6, and Sine Die is scheduled for Thursday, April 2.

Alpharetta Businessman Rick Jackson Enters 2026 Georgia Governor’s Race

It came as a surprise to many political observers this week when Alpharetta health care executive and business owner Rick Jackson entered the race for Georgia governor, becoming the latest candidate to join the contest to succeed Gov. Brian Kemp. A political outsider, Jackson rose from a childhood spent in foster care to build Jackson Healthcare, a multibillion-dollar health care staffing company. His announcement marks a relatively late entry into an already crowded field that includes several high-profile statewide GOP officeholders, including Lt. Gov. Burt Jones, Secretary of State Brad Raffensperger and Attorney General Chris Carr. 

Rick Jackson

Jackson said he plans to commit significant personal resources to his campaign, pledging to spend as much as $50 million of his own money, including tens of millions on early advertising. With primary voting just months away, competition is expected to intensify in what had been viewed as a relatively settled field. Expect to hear a lot more about this race as the legislative session progresses.

Banking Department Housekeeping Bill Passes the House

We’re pleased to report that the Banking Department’s annual housekeeping bill, HB 945, by Rep. Bruce Williamson (R-Monroe) passed the House Friday with a vote of 161-5. The bill now heads to the Senate for further consideration. 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

Of interest to bankers are the provisions in this year’s bill authorizing banks and other financial 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.

House Banks & Banking Committee News, Securities Regulation Moves Forward

The House Banks & Banking Committee  Thursday morning favorably reported HB 934 by Rep. Noel Williams (R-Cordele). The bill proposes transferring oversight of securities and commodities regulation from the Secretary of State’s office to the Department of Banking and Finance on July 1, 2026. The bill also outlines provisions for transferring ongoing office investigations and establishes an advisory board to oversee the transition.

Rep. Noel Williams

The committee heard testimony from Secretary of State Deputy Commissioner of Securities Nuala Zaharis and attorney Christina Herd. Zaharis raised some concerns about the bill and suggested forming a study committee to further evaluate the move, before the committee ultimately voted to advance the bill. HB 934 now heads to the House Rules Committee, which will decide when to schedule it for consideration by the full House.

Updates on 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 many bills on the State Issues page that will be reported on during the session if action is taken on them and they are relevant to the banking industry. This week, we want to note the following:

Homestead Property Tax

SB 382 by Sen. Chuck Hufstetler (R-Rome) mandates that all local governments in Georgia provide the state-wide base year homestead exemption to property owners. It removes certain requirements for special district sales tax referendums and revises property tax relief calculations. The bill passed the Senate and has been referred to the House Ways & Means Committee.

Unclaimed Property

SB 403 by Sen. Kay Kirkpatrick (R-Marietta) amends Georgia's laws on unclaimed property to include new definitions, exceptions for presumed abandonment and updated procedures for claims and payments. It also allows for the waiver of probate court orders for certain heir claims and establishes time limits for filing claims on unclaimed property. The bill passed the Senate and has been referred to the House 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 requires insurers to offer policy renewals or rescind adverse decisions once the conditions are resolved. The bill was favorably reported by the Senate Insurance and Labor Committee.

Rural Incentive Act

SB 453 by Sen. Carden Summers (R-Cordele) exempts all income received by residents of rural counties between the ages of 16 and 35 from Georgia state income tax, applying to tax years beginning Jan. 1, 2027. It requires taxpayers claiming this exemption to submit annual proof of residence within rural counties, including property documents, utility bills or financial statements. The bill has been referred to the Senate Finance Committee.

Institutional Real Estate Investors

SB 463 by Sen. Greg Dolezal (R-Cumming) prohibits business enterprises from owning more than 500 single-family residential properties and bans foreign investment vehicles from owning single-family rental properties. It allows private lawsuits seeking damages of up to $100,000 per violation and requires real estate brokers to disclose these restrictions to business clients. The bill has been assigned to the Senate Economic Development and Tourism Committee.

Foreclosure Notices

HB 948 by Rep. Beth Camp (R-Concord) requires foreclosure 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 was favorably reported by the House Judiciary Committee.

Forestry Manufacturing

HB 1085 by Rep. Jesse Petrea (R-Savannah) creates various tax credits for forestry manufacturing facilities operating in Georgia from 2026 to 2031. It allows forestry manufacturers to transfer or sell unused tax credits to other Georgia taxpayers with specific reporting requirements. The bill has been assigned to the House Ways & Means Committee.

Minimum Wage Requirements

HB 1157 by Rep. Stacey Evans (D-Atlanta) repeals state law provisions that prevent local governments from establishing minimum wage and employment benefit requirements for private employers. It allows local government entities to adopt wage mandates, employment benefit requirements, and employee scheduling regulations. The bill has been assigned to the House Industry and Labor Committee.

Tiny Homes

HB 1166 by Rep. Tangie Herring (D-Macon) exempts residential dwellings of 400 square feet or fewer from local zoning decisions when located on property where residential uses are authorized. It preserves local government authority to enforce building codes, septic regulations, historic district rules, manufactured home standards and flood insurance requirements. The bill has been assigned to the House Governmental Affairs Committee.

Property Taxes

HR 1178 by Rep. Gary Richardson (R-Augusta) proposes a constitutional amendment removing the current $18,000 cap on homeowner's incentive adjustment benefits for property tax relief. It authorizes the General Assembly to establish local grant and adjustment programs through general law. The enabling legislation is HB 1156. The resolution and bill have been assigned to the House Ways & Means Committee.

Georgia Housing and Finance Authority

HB 1180 by Rep. Clint Crowe (R-Jackson) eliminates outstanding bond limits for the Georgia Housing and Finance Authority's single-family residential housing program and other financing programs. It requires all authority bonds to include a statement clarifying they do not constitute state debt or pledge state backing. The bill has been assigned to the House Governmental Affairs Committee.

Property Owners Associations

HB 1222, by Rep. Regina Lewis-Ward (D-McDonough), amends Georgia property law to establish detailed requirements for homeowners association statement-of-account procedures. It requires associations to provide comprehensive financial and property information within 10 business days of written requests from lot owners, lenders, or mortgagees. The bill has been assigned to the House Regulated Industries Committee.

Automatic Service Renewals

HB 1224 By Rep. Carter Barrett (R-Cumming) amends Georgia's automatic renewal provisions to require additional consumer protections for long-term service contracts. It requires sellers to obtain written acknowledgment and affirmative responses from consumers before enforcing renewals for contracts over 24 months or with 50 percent price increases. The bill has been assigned to the House Agriculture & Consumer Affairs Committee.

HB 1225 by Rep. Carter Barrett (R-Cumming) amends Georgia's automatic renewal provisions to provide consumers pro rata refunds when service contracts increase in cost by 50 percent or more. It requires additional consumer acknowledgment and consent for contracts that automatically renew for more than 24 months. The bill has been assigned to the House Agriculture & Consumer Affairs Committee.

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 Chandler, 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.