Governor Sonny Perdue has signed into law his first bill of this session. He says the new law gives banks more flexibility to weather this economy.

It lets them renew loans with existing customers even if financial strain has made that loan above the normal lending limit.

Current state law restricts banks from lending more than 15 percent of their capital to any one borrower.

The bill's sponsor Banks and Banking Committee Chairman James Mills says, "This needed change will allow some of the bank's very best customers to renew performing loans. Without this change, a constituent who has made every payment would be denied a loan renewal even at no fault of their own."

The Senate passed the bill Thursday by a 52-0 vote. The measure passed in the House last week by a 165-1 vote.

Tags: lawmakers, governor, Sonny Perdue, banking law