A 4797
Requires Department of Banking and Insurance to examine and rate lending institutions with regards to lending, investments, and services provided to low- and moderate-income consumers.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires the Department of Banking and Insurance to examine and rate lending institutions based on their lending, investments, and services provided to low- and moderate-income consumers and communities. The department will assess whether institutions are meeting the needs of their communities, considering factors like affordable housing, small business development, and services for underserved populations. Institutions receiving a ‘low satisfactory’ rating will be required to develop an improvement plan, and the department will publicly disseminate examination results and a disparity study to identify underserved areas.
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