Promotion of Social Financial Services (Legislative Amendments) Bill
Translated from Hebrew: הצעת חוק לקידום שירותים פיננסיים חברתיים (תיקוני חקיקה)
TL;DRA proposal to regulate the activity of social banks and social deposit and credit bodies that provide financial services to populations and niches not served by the commercial banks.
Translated from Hebrew
What does the bill do?
The bill updates existing financial laws to define and regulate the activity of social deposit and credit bodies and social banks. These bodies will be defined as public benefit companies and will be able to accept deposits from the public and grant credit to individuals, households and small and medium-sized businesses whose income is in the low deciles. The bill sets limits on the size of individual deposits and sets that there will be supervision and licensing by the Bank of Israel. In addition, the bill adjusts tax laws (income tax and value-added tax) so that these social bodies will not be considered financial institutions, and sets benefits on interest on deposits.
The votes on this bill
Coalition 64 seats
Opposition 56 seats
Tap an MK for detailsChanged position between readingsOnly MKs who held a seat on the day of the vote are shown