- Joined
- Dec 17, 2020
- Messages
- 119
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- #1
A
BILL
TO
Protect Private Banks and their Clients
The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the “Protection of Banks and Clients Act” or as the “PBC Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) This Bill was authored by Representative Icypenguin79.
2 - Reasons
(1) There are no regulations or insurance on banking. This can lead to loss of funds for both the bank and the clients of said bank if a debtor does not repay his loan.
(2) CorbinJc’s CBPI Act was rejected due to Congress being in Caretaker mode at the time. This act is inspired by the previous bill.
3 - Terms
(1) Banks can register for “Federal Private Bank Insurance” or “FPBI” by commenting on their business registration thread.
(2) Private banks must pay a $2000 one-time fee to register for FPBI coverage.
(3) FPBI coverage provides banks with an expedited solution to recovering funds from debtors that do not repay, or if the debtor does not have enough assets to repay, this debt will be repaid by the DEC.
(4) If the private bank is covered by FPBI, the maximum /cm account balance and any corporate taxes are waived.
(5) The DEC will conduct monthly audits of banks to ensure that
(a) The bank has active leadership and is actively loaning money to players and companies
(b) The bank is not a front for tax evasion
(c) The bank is keeping an active ledger of all transactions.
(6) The DEC has the right to disqualify any private bank from the FPBI program if there is any suspicion of tax fraud.
(7) Banks must submit all account-related transactions to the DEC on the last day of the month.
(8) The DEC reserves the right to suspend the FPBI program at any time.
BILL
TO
Protect Private Banks and their Clients
The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the “Protection of Banks and Clients Act” or as the “PBC Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) This Bill was authored by Representative Icypenguin79.
2 - Reasons
(1) There are no regulations or insurance on banking. This can lead to loss of funds for both the bank and the clients of said bank if a debtor does not repay his loan.
(2) CorbinJc’s CBPI Act was rejected due to Congress being in Caretaker mode at the time. This act is inspired by the previous bill.
3 - Terms
(1) Banks can register for “Federal Private Bank Insurance” or “FPBI” by commenting on their business registration thread.
(2) Private banks must pay a $2000 one-time fee to register for FPBI coverage.
(3) FPBI coverage provides banks with an expedited solution to recovering funds from debtors that do not repay, or if the debtor does not have enough assets to repay, this debt will be repaid by the DEC.
(4) If the private bank is covered by FPBI, the maximum /cm account balance and any corporate taxes are waived.
(5) The DEC will conduct monthly audits of banks to ensure that
(a) The bank has active leadership and is actively loaning money to players and companies
(b) The bank is not a front for tax evasion
(c) The bank is keeping an active ledger of all transactions.
(6) The DEC has the right to disqualify any private bank from the FPBI program if there is any suspicion of tax fraud.
(7) Banks must submit all account-related transactions to the DEC on the last day of the month.
(8) The DEC reserves the right to suspend the FPBI program at any time.