HB 692 by Rep. Butch Taylor (D-New Hope) - “ON US” CHECK CASHING
Rep. Taylor introduced this bill which would require banks to cash checks drawn on an account with their bank for free. I am reasonably assure this bill will not pass this year but will likely keep being filed. I wanted to pass on to our membership that their seems to be some support in the Legislature for the bill.

Bank Department Bills in Committee — HB 643 by Rep. Mike Hill (R-Columbiana), the Banking Department’s Alabama Mortgage Act, which essentially provides for the licensing and registration of mortgage brokers, and HB 642 also by Rep. Hill , which removes mortgage lending from the Consumer Credit Act and the Mini Code as well as alter the licensing provisions. Both bills were brought up in the House Banking and Insurance Committee on Wednesday. Rep. Hill spoke and noted that there were a number of amendments that interested parties addressed with him. He asked that the Banking Department be given copies so that agreed upon amendments could be included in a substitute bill.

ABA attorney Hamp Boles has been working with the Department and provided his final comments. While banks are exempt from the bill, there is still some clarification and other language we would like included.

The Business Associations’ Tax Coalition (BATC) at the Negotiating Table
The Business Associations’ Tax Coalition (BATC), comprised of 30 trade and professional associations including ABA, is at the negotiating table with the Administration and AEA to see if compromise language to HB 350 can be reached.

HB 350 by Rep. Richard Lindsey (D-Centre) was introduced to clarify an earlier corporate tax (add-back statute) law that continues to be the subject of ongoing appeals and interpretations by the courts. However, by 2010, the version of the bill approved by the House Education Appropriations Committee places $96 million in additional taxes but does not include banks.

ABA legislative package
The Alabama Bankers Association has submitted three bills for passage this session:

1. Bank Impersonation bill—HB 478 by Rep. Vance (D-Phenix City) and SB 149 by Sen. Bedford (D-Russellville) - This bill restricts the use of lender information that is publicly available including loan numbers, amounts and trade names in solicitations for services or products without the consent of the lender. HOUSE PASSED THEIR VERSION OF THE BILL.
2. Lost Note bill—HB 399 by Rep. Hill (R-Columbiana) and SB 273 by Sen. Griffith (D-Huntsville) - This bill codifies a Supreme Court decision that an assignee of a creditor may enforce a lost note just as the creditor could. Both bills are out of the banking committees in their house of origin.
3. Commercial Property Redemption bill—HB 272 by Rep. Hill (R-Columbiana) and SB 267 by Sen. Griffith (D-Huntsville) - Currently, all property is subject to a one-year right of redemption to the owner. This bill removes that the redemption period for commercial property. The Senate Banking and Insurance Committee substituted a version of HB 338 by Rep. Ford (D-Gadsden) for Sen. Griffith’s bill this week. SB 267 now reduces the right of redemption on commercial and residential property to six months. We will now push the Griffith and Ford bills. ABA is working with Rep. Buskey and members of the Black Caucus to address their concerns.