O.C.G.A. § 7-1-153 — GA Code / Title 7 / Chapter 1 / Section 7-1-153
Georgia Code Title 7. Banking and Finance § 7-1-153
Status: in_force

The department, upon taking possession of the business and property of a financial institution as receiver, shall post notice of such fact on the front door of all offices of the institution open to the public for the transaction of business in person.
O.C.G.A. § 7-1-949 — GA Code / Title 7 / Chapter 1 / Section 7-1-949
Georgia Code Title 7. Banking and Finance § 7-1-949
Status: in_force

(a) The shareholders and the members of the corporation shall have the following powers of the corporation: (1) To determine the number of and elect directors as provided in Code Section 7-1-951 ; (2) To amend its articles as provided in Code Section 7-1-950 ; (3) To dissolve the corporation as provided in Code Section 7-1-956 ; and (4) To exercise such other of the powers of the corporation, consistent with this article, as may be conferred on the shareholders and the members by the bylaws.

(a) The shareholders and the members of the corporation shall have the following powers of the corporation:

(1) To determine the number of and elect directors as provided in Code Section 7-1-951 ;

(1) To determine the number of and elect directors as provided in Code Section 7-1-951 ;

(2) To amend its articles as provided in Code Section 7-1-950 ;

(2) To amend its articles as provided in Code Section 7-1-950 ;

(3) To dissolve the corporation as provided in Code Section 7-1-956 ; and

(3) To dissolve the corporation as provided in Code Section 7-1-956 ; and

(4) To exercise such other of the powers of the corporation, consistent with this article, as may be conferred on the shareholders and the members by the bylaws.

(4) To exercise such other of the powers of the corporation, consistent with this article, as may be conferred on the shareholders and the members by the bylaws.

(b) As to all matters requiring action by the shareholders and the members of the corporation, said shareholders and said members shall vote separately thereon by classes; and, except as otherwise provided in this article, such matters shall require the affirmative vote of a majority of the votes to which the shareholders present or represented at the meeting shall be entitled and the affirmative vote of a majority of the votes to which the members present or represented at the meeting shall be entitled.

(b) As to all matters requiring action by the shareholders and the members of the corporation, said shareholders and said members shall vote separately thereon by classes; and, except as otherwise provided in this article, such matters shall require the affirmative vote of a majority of the votes to which the shareholders present or represented at the meeting shall be entitled and the affirmative vote of a majority of the votes to which the members present or represented at the meeting shall be entitled.

(c) Each shareholder shall have one vote, in person or by proxy, for each share of stock held by him; and each member shall have one vote, in person or by proxy, except that any member having a loan limit of more than $1,000.00 shall have one additional vote, in person or by proxy, for each additional $1,000.00 which such member is authorized to have outstanding on loans to the corporation at any one time, as determined under subsection (c) of Code Section 7-1-947 .

(c) Each shareholder shall have one vote, in person or by proxy, for each share of stock held by him; and each member shall have one vote, in person or by proxy, except that any member having a loan limit of more than $1,000.00 shall have one additional vote, in person or by proxy, for each additional $1,000.00 which such member is authorized to have outstanding on loans to the corporation at any one time, as determined under subsection (c) of Code Section 7-1-947 .

(d) A holder of or subscriber to shares of the corporation or a member of the corporation shall be under no obligation to the corporation or its creditors with respect to such shares, subscriptions, or membership except in the circumstances set forth in Code Section 14-2-622 , except that this subsection does not affect the obligation of a member to lend funds to the corporation pursuant to valid call.

(d) A holder of or subscriber to shares of the corporation or a member of the corporation shall be under no obligation to the corporation or its creditors with respect to such shares, subscriptions, or membership except in the circumstances set forth in Code Section 14-2-622 , except that this subsection does not affect the obligation of a member to lend funds to the corporation pursuant to valid call.
O.C.G.A. § 7-1-818 — GA Code / Title 7 / Chapter 1 / Section 7-1-818
Georgia Code Title 7. Banking and Finance § 7-1-818
Status: in_force

Any P.O.D. account may be paid, on request, to any original party to the account. Payment may be made, on request, to the P.O.D. payee or to the personal representative or heirs of a deceased P.O.D. payee upon presentation to the financial institution of proof of death showing that the P.O.D. payee survived all persons named as original payees. Payment may be made to the personal representative or heirs of a deceased original payee if proof of death is presented to the financial institution showing that his or their decedent was the survivor of all other persons named on the account either as an original payee or as P.O.D. payee.
O.C.G.A. § 7-3-16 — GA Code / Title 7 / Chapter 3 / Section 7-3-16
Georgia Code Title 7. Banking and Finance § 7-3-16
Status: in_force

(a) On and after July 1, 2022, in addition to all other fees, license fees, fines, or other charges now or hereafter levied or assessed, there is imposed on each loan made pursuant to this chapter a fee of 0.125 percent of the gross loan amount. Such per loan fee shall become due on the making of any such loan, including, but not limited to, the closing of a loan, the renewal or refinancing of a loan, or a modification of a loan which results in the execution of a new or amended loan agreement.

(a) On and after July 1, 2022, in addition to all other fees, license fees, fines, or other charges now or hereafter levied or assessed, there is imposed on each loan made pursuant to this chapter a fee of 0.125 percent of the gross loan amount. Such per loan fee shall become due on the making of any such loan, including, but not limited to, the closing of a loan, the renewal or refinancing of a loan, or a modification of a loan which results in the execution of a new or amended loan agreement.

(b) Such per loan fee is levied and assessed against the person so licensed and shall be paid by such person and shall not be added in any manner as an additional fee or charge against the borrower. Such per loan fee shall be remitted to the department at the time and in the manner specified by rules and regulations of the department.

(b) Such per loan fee is levied and assessed against the person so licensed and shall be paid by such person and shall not be added in any manner as an additional fee or charge against the borrower. Such per loan fee shall be remitted to the department at the time and in the manner specified by rules and regulations of the department.

(c) In the event any person fails or refuses to remit the fees required by this Code section within the time prescribed, the fees shall bear interest at the rate of 1 percent per month. Interest shall begin to accrue from the date the fees are due until the date the fees are paid. For purposes of this Code section, any period of less than one month shall be considered to be one month.

(c) In the event any person fails or refuses to remit the fees required by this Code section within the time prescribed, the fees shall bear interest at the rate of 1 percent per month. Interest shall begin to accrue from the date the fees are due until the date the fees are paid. For purposes of this Code section, any period of less than one month shall be considered to be one month.

(d) In the event any person fails or refuses to remit the per loan fees required by this Code section within the time prescribed, there shall be added to the fees a penalty equivalent to 25 percent of the fees due, but in no case shall the penalty so added be less than $5.00. In the event any person fraudulently remits the incorrect fees, there shall be added to the fees a penalty equivalent to 50 percent of the fees due, but in no case shall the penalty so added be less than $5.00.

(d) In the event any person fails or refuses to remit the per loan fees required by this Code section within the time prescribed, there shall be added to the fees a penalty equivalent to 25 percent of the fees due, but in no case shall the penalty so added be less than $5.00. In the event any person fraudulently remits the incorrect fees, there shall be added to the fees a penalty equivalent to 50 percent of the fees due, but in no case shall the penalty so added be less than $5.00.

(e) The 2022 revisions of Code Sections 7-3-16 , 7-3-17 , and 7-3-18 shall not affect the fees, taxes, and related interest and penalties owed pursuant to the earlier versions of such Code sections for any time prior to July 1, 2022.

(e) The 2022 revisions of Code Sections 7-3-16 , 7-3-17 , and 7-3-18 shall not affect the fees, taxes, and related interest and penalties owed pursuant to the earlier versions of such Code sections for any time prior to July 1, 2022.

(f) The department and its authorized examiners and employees shall have the right to inspect all records of any person licensed pursuant to this chapter, and the department is authorized to promulgate rules and regulations relative to the enforcement of this Code section.

(f) The department and its authorized examiners and employees shall have the right to inspect all records of any person licensed pursuant to this chapter, and the department is authorized to promulgate rules and regulations relative to the enforcement of this Code section.
O.C.G.A. § 7-1-601 — GA Code / Title 7 / Chapter 1 / Section 7-1-601
Georgia Code Title 7. Banking and Finance § 7-1-601
Status: in_force

(a) Branch offices may be established by banks doing a lawful banking business in Georgia with the prior approval of the department as follows: (1) New or additional branch offices may be established de novo in the manner provided in Code Section 7-1-602 ; (2) New or additional branch offices may be established through merger, share exchange, consolidation, or sale of assets pursuant to Part 14, 15, 16, 19, or 20 of this article; (3) A bank may acquire a branch office from another bank without acquisition of the entire bank; or (4) A bank with two or more existing banking offices in Georgia may redesignate its existing main office as a branch office in accordance with the procedures established by the department.

(a) Branch offices may be established by banks doing a lawful banking business in Georgia with the prior approval of the department as follows:

(1) New or additional branch offices may be established de novo in the manner provided in Code Section 7-1-602 ;

(1) New or additional branch offices may be established de novo in the manner provided in Code Section 7-1-602 ;

(2) New or additional branch offices may be established through merger, share exchange, consolidation, or sale of assets pursuant to Part 14, 15, 16, 19, or 20 of this article;

(2) New or additional branch offices may be established through merger, share exchange, consolidation, or sale of assets pursuant to Part 14, 15, 16, 19, or 20 of this article;

(3) A bank may acquire a branch office from another bank without acquisition of the entire bank; or

(3) A bank may acquire a branch office from another bank without acquisition of the entire bank; or

(4) A bank with two or more existing banking offices in Georgia may redesignate its existing main office as a branch office in accordance with the procedures established by the department.

(4) A bank with two or more existing banking offices in Georgia may redesignate its existing main office as a branch office in accordance with the procedures established by the department.

(b) A bank not doing a lawful banking business in Georgia may become the owner of a branch office in Georgia provided such transaction is consummated under Section 12 or 13 of the Federal Deposit Insurance Act, 12 U.S.C. Section 1811, et seq., as amended.

(b) A bank not doing a lawful banking business in Georgia may become the owner of a branch office in Georgia provided such transaction is consummated under Section 12 or 13 of the Federal Deposit Insurance Act, 12 U.S.C. Section 1811, et seq., as amended.

(c) Taxation of all banks shall be in the manner provided in Chapter 6 of Title 48.

(c) Taxation of all banks shall be in the manner provided in Chapter 6 of Title 48.

(d) Each branch office will operate under the control and direction of the board of directors and executive officers of the bank, and the bank shall be responsible for adequately staffing the branch office to conduct the business of the branch office in accordance with this chapter, federal law, and the rules and regulations of the department.

(d) Each branch office will operate under the control and direction of the board of directors and executive officers of the bank, and the bank shall be responsible for adequately staffing the branch office to conduct the business of the branch office in accordance with this chapter, federal law, and the rules and regulations of the department.
O.C.G.A. § 7-1-1000 — GA Code / Title 7 / Chapter 1 / Section 7-1-1000
Georgia Code Title 7. Banking and Finance § 7-1-1000
Status: in_force

As used in this article, the term:

(1) “ Affiliate ” or “ person affiliated with ” means, when used with reference to a specified person, a person who directly, indirectly, or through one or more intermediaries controls, is controlled by, or is under common control with the person specified. Any beneficial owner of 10 percent or more of the securities of a person or any executive officer, director, trustee, joint venturer, or general partner of a person is an affiliate of such person unless the shareholder, executive officer, director, trustee, joint venturer, or general partner shall prove that he or she in fact does not control, is not controlled by, or is not under common control with such person.

(1) “ Affiliate ” or “ person affiliated with ” means, when used with reference to a specified person, a person who directly, indirectly, or through one or more intermediaries controls, is controlled by, or is under common control with the person specified. Any beneficial owner of 10 percent or more of the securities of a person or any executive officer, director, trustee, joint venturer, or general partner of a person is an affiliate of such person unless the shareholder, executive officer, director, trustee, joint venturer, or general partner shall prove that he or she in fact does not control, is not controlled by, or is not under common control with such person.

(2) “ Audited financial statement ” means the product of the examination of financial statements in accordance with generally accepted auditing standards by an independent certified public accountant, which product consists of an opinion on the financial statements indicating their conformity with generally accepted accounting principles.

(2) “ Audited financial statement ” means the product of the examination of financial statements in accordance with generally accepted auditing standards by an independent certified public accountant, which product consists of an opinion on the financial statements indicating their conformity with generally accepted accounting principles.

(3) “ Commissioner ” means the commissioner of banking and finance.

(3) “ Commissioner ” means the commissioner of banking and finance.

(4) “ Commitment ” or “ commitment agreement ” means a statement by a lender required to be licensed or registered under this article that sets forth the terms and conditions upon which the lender is willing to make a particular mortgage loan to a particular borrower.

(4) “ Commitment ” or “ commitment agreement ” means a statement by a lender required to be licensed or registered under this article that sets forth the terms and conditions upon which the lender is willing to make a particular mortgage loan to a particular borrower.

(5) “ Control ,” including “ controlling ,” “ controlled by ,” and “ under common control with ,” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting or nonvoting securities, by contract, or otherwise.

(5) “ Control ,” including “ controlling ,” “ controlled by ,” and “ under common control with ,” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting or nonvoting securities, by contract, or otherwise.

(5.1) “ Covered employee ” means any employee of a mortgage lender or mortgage broker who is involved in residential mortgage loan related activities for property located in Georgia and includes, but is not limited to, a mortgage loan originator, processor, or underwriter, or other employee who has access to residential mortgage loan origination, processing, or underwriting information.

(5.1) “ Covered employee ” means any employee of a mortgage lender or mortgage broker who is involved in residential mortgage loan related activities for property located in Georgia and includes, but is not limited to, a mortgage loan originator, processor, or underwriter, or other employee who has access to residential mortgage loan origination, processing, or underwriting information.

(6) “ Department ” means the Department of Banking and Finance.

(6) “ Department ” means the Department of Banking and Finance.

(7) “ Depository institution ” has the same meaning as in Section 3 of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(c) , and includes any credit union.

(7) “ Depository institution ” has the same meaning as in Section 3 of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(c) , and includes any credit union.

(8) “ Dwelling ” means a residential structure that contains one to four units, whether or not that structure is attached to real property pursuant to Regulation Z Section 226.2(a)(19) . The term includes an individual condominium unit, cooperative unit, mobile home, and trailer if it is used as a residence.

(8) “ Dwelling ” means a residential structure that contains one to four units, whether or not that structure is attached to real property pursuant to Regulation Z Section 226.2(a)(19) . The term includes an individual condominium unit, cooperative unit, mobile home, and trailer if it is used as a residence.

(9) “ Executive officer ” means the chief executive officer, the president, the principal financial officer, the principal operating officer, each vice president with responsibility involving policy-making functions for a significant aspect of a person's business, the secretary, the treasurer, or any other person performing similar managerial or supervisory functions with respect to any organization whether incorporated or unincorporated.

(9) “ Executive officer ” means the chief executive officer, the president, the principal financial officer, the principal operating officer, each vice president with responsibility involving policy-making functions for a significant aspect of a person's business, the secretary, the treasurer, or any other person performing similar managerial or supervisory functions with respect to any organization whether incorporated or unincorporated.

(10) “ Extortionate means ” means the use or the threat of violence or other criminal means to cause harm to the person, reputation of the person, or property of the person.

(10) “ Extortionate means ” means the use or the threat of violence or other criminal means to cause harm to the person, reputation of the person, or property of the person.

(11) “ Federal banking agencies ” means the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit Insurance Corporation. Such term shall also include the Board of Governors of the Federal Reserve System.

(11) “ Federal banking agencies ” means the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit Insurance Corporation. Such term shall also include the Board of Governors of the Federal Reserve System.

(12) “ Georgia Residential Mortgage Act ” means this article, which also includes certain provisions in order to implement the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.

(12) “ Georgia Residential Mortgage Act ” means this article, which also includes certain provisions in order to implement the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.

(13) “ Individual ” means a natural person.

(13) “ Individual ” means a natural person.

(14) “ License ” means a license issued by the department under this article to act as a mortgage loan originator, mortgage lender, or mortgage broker.

(14) “ License ” means a license issued by the department under this article to act as a mortgage loan originator, mortgage lender, or mortgage broker.

(15) “ Loan processor or underwriter ” means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing. For purposes of this paragraph, “ clerical or support duties ” may include, subsequent to the receipt of an application, the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan; and communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms or counseling consumers about residential mortgage loan rates or terms. An individual engaging solely in loan processor or underwriter activities shall not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such individual can or will perform any of the activities of a mortgage loan originator.

(15) “ Loan processor or underwriter ” means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing. For purposes of this paragraph, “ clerical or support duties ” may include, subsequent to the receipt of an application, the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan; and communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms or counseling consumers about residential mortgage loan rates or terms. An individual engaging solely in loan processor or underwriter activities shall not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such individual can or will perform any of the activities of a mortgage loan originator.

(16) “ Lock-in agreement ” means a written agreement whereby a lender or a broker required to be licensed or registered under this article guarantees for a specified number of days or until a specified date the availability of a specified rate of interest for a mortgage loan, a specified formula by which the rate of interest will be determined, or a specific number of discount points if the mortgage loan is approved and closed within the stated period of time.

(16) “ Lock-in agreement ” means a written agreement whereby a lender or a broker required to be licensed or registered under this article guarantees for a specified number of days or until a specified date the availability of a specified rate of interest for a mortgage loan, a specified formula by which the rate of interest will be determined, or a specific number of discount points if the mortgage loan is approved and closed within the stated period of time.

(17) “ Makes a mortgage loan ” means to advance funds, offer to advance funds, or make a commitment to advance funds to an applicant for a mortgage loan.

(17) “ Makes a mortgage loan ” means to advance funds, offer to advance funds, or make a commitment to advance funds to an applicant for a mortgage loan.

(18) “ Misrepresent ” means to make a false statement of a substantive fact. Misrepresent may also mean to intentionally engage in any conduct which leads to a false belief which is material to the transaction.

(18) “ Misrepresent ” means to make a false statement of a substantive fact. Misrepresent may also mean to intentionally engage in any conduct which leads to a false belief which is material to the transaction.

(19)(A) “ Mortgage broker ” means any person who directly or indirectly solicits, processes, places, or negotiates mortgage loans for others; offers to solicit, process, place, or negotiate mortgage loans for others; or closes mortgage loans which may be in the mortgage broker's own name with funds provided by others, and which loans are assigned to the mortgage lenders providing the funding of such loans within 24 hours of the funding. (B) The term does not include a retailer or retail broker of a manufactured or mobile home as defined in Code Section 8-2-131 or a residential industrialized building as defined in Code Section 8-2-111 : (i) Whose residential mortgage loan activities are limited to compiling and transmitting residential mortgage loan applications along with related supporting documentation to mortgage lenders who are licensed or exempt from the licensing provisions of this article or communicating with residential mortgage loan applicants as necessary to obtain additional documents that complete the residential mortgage loan application to those licensed or exempt mortgage lenders; and (ii) Who does not receive any payment or fee from any person for assisting the applicant to apply for or obtain financing to purchase the manufactured home, mobile home, or residential industrialized building. (C) The term does not include an employee of a retailer or retail broker of a manufactured or mobile home as defined in Code Section 8-2-131 or a residential industrialized building as defined in Code Section 8-2-111 who: (i) Satisfies the requirements set forth in paragraph (B) of this paragraph; (ii) Is acting within the scope of employment and under the supervision of the retailer or retail broker as an employee and not as an independent contractor; (iii) Is employed by only one such retailer or retail broker and shall be at all times eligible for employment in compliance with the provisions and prohibitions of Code Section 7-1-1004 ; (iv) Has not been issued a cease and desist order in the past five years if such order was based on a violation of Code Section 7-1-1002 or 7-1-1013 ; and (v) Has not had a mortgage lender, mortgage broker, or mortgage loan originator license revoked within the past five years.

(19)(A) “ Mortgage broker ” means any person who directly or indirectly solicits, processes, places, or negotiates mortgage loans for others; offers to solicit, process, place, or negotiate mortgage loans for others; or closes mortgage loans which may be in the mortgage broker's own name with funds provided by others, and which loans are assigned to the mortgage lenders providing the funding of such loans within 24 hours of the funding.

(19)(A) “ Mortgage broker ” means any person who directly or indirectly solicits, processes, places, or negotiates mortgage loans for others; offers to solicit, process, place, or negotiate mortgage loans for others; or closes mortgage loans which may be in the mortgage broker's own name with funds provided by others, and which loans are assigned to the mortgage lenders providing the funding of such loans within 24 hours of the funding.

(B) The term does not include a retailer or retail broker of a manufactured or mobile home as defined in Code Section 8-2-131 or a residential industrialized building as defined in Code Section 8-2-111 : (i) Whose residential mortgage loan activities are limited to compiling and transmitting residential mortgage loan applications along with related supporting documentation to mortgage lenders who are licensed or exempt from the licensing provisions of this article or communicating with residential mortgage loan applicants as necessary to obtain additional documents that complete the residential mortgage loan application to those licensed or exempt mortgage lenders; and (ii) Who does not receive any payment or fee from any person for assisting the applicant to apply for or obtain financing to purchase the manufactured home, mobile home, or residential industrialized building.

(B) The term does not include a retailer or retail broker of a manufactured or mobile home as defined in Code Section 8-2-131 or a residential industrialized building as defined in Code Section 8-2-111 :

(i) Whose residential mortgage loan activities are limited to compiling and transmitting residential mortgage loan applications along with related supporting documentation to mortgage lenders who are licensed or exempt from the licensing provisions of this article or communicating with residential mortgage loan applicants as necessary to obtain additional documents that complete the residential mortgage loan application to those licensed or exempt mortgage lenders; and

(i) Whose residential mortgage loan activities are limited to compiling and transmitting residential mortgage loan applications along with related supporting documentation to mortgage lenders who are licensed or exempt from the licensing provisions of this article or communicating with residential mortgage loan applicants as necessary to obtain additional documents that complete the residential mortgage loan application to those licensed or exempt mortgage lenders; and

(ii) Who does not receive any payment or fee from any person for assisting the applicant to apply for or obtain financing to purchase the manufactured home, mobile home, or residential industrialized building.

(ii) Who does not receive any payment or fee from any person for assisting the applicant to apply for or obtain financing to purchase the manufactured home, mobile home, or residential industrialized building.

(C) The term does not include an employee of a retailer or retail broker of a manufactured or mobile home as defined in Code Section 8-2-131 or a residential industrialized building as defined in Code Section 8-2-111 who: (i) Satisfies the requirements set forth in paragraph (B) of this paragraph; (ii) Is acting within the scope of employment and under the supervision of the retailer or retail broker as an employee and not as an independent contractor; (iii) Is employed by only one such retailer or retail broker and shall be at all times eligible for employment in compliance with the provisions and prohibitions of Code Section 7-1-1004 ; (iv) Has not been issued a cease and desist order in the past five years if such order was based on a violation of Code Section 7-1-1002 or 7-1-1013 ; and (v) Has not had a mortgage lender, mortgage broker, or mortgage loan originator license revoked within the past five years.

(C) The term does not include an employee of a retailer or retail broker of a manufactured or mobile home as defined in Code Section 8-2-131 or a residential industrialized building as defined in Code Section 8-2-111 who:

(i) Satisfies the requirements set forth in paragraph (B) of this paragraph;

(i) Satisfies the requirements set forth in paragraph (B) of this paragraph;

(ii) Is acting within the scope of employment and under the supervision of the retailer or retail broker as an employee and not as an independent contractor;

(ii) Is acting within the scope of employment and under the supervision of the retailer or retail broker as an employee and not as an independent contractor;

(iii) Is employed by only one such retailer or retail broker and shall be at all times eligible for employment in compliance with the provisions and prohibitions of Code Section 7-1-1004 ;

(iii) Is employed by only one such retailer or retail broker and shall be at all times eligible for employment in compliance with the provisions and prohibitions of Code Section 7-1-1004 ;

(iv) Has not been issued a cease and desist order in the past five years if such order was based on a violation of Code Section 7-1-1002 or 7-1-1013 ; and

(iv) Has not been issued a cease and desist order in the past five years if such order was based on a violation of Code Section 7-1-1002 or 7-1-1013 ; and

(v) Has not had a mortgage lender, mortgage broker, or mortgage loan originator license revoked within the past five years.

(v) Has not had a mortgage lender, mortgage broker, or mortgage loan originator license revoked within the past five years.

(20) “ Mortgage lender ” means any person who directly or indirectly makes, originates, underwrites, holds, or purchases mortgage loans or who services mortgage loans.

(20) “ Mortgage lender ” means any person who directly or indirectly makes, originates, underwrites, holds, or purchases mortgage loans or who services mortgage loans.

(21) “ Mortgage loan ” means a loan or agreement to extend credit made to a natural person, which loan is secured by a deed to secure debt, security deed, mortgage, security instrument, deed of trust, or other document representing a security interest or lien upon any interest in one-to-four family residential property located in Georgia, regardless of where made, including the renewal or refinancing of any such loan.

(21) “ Mortgage loan ” means a loan or agreement to extend credit made to a natural person, which loan is secured by a deed to secure debt, security deed, mortgage, security instrument, deed of trust, or other document representing a security interest or lien upon any interest in one-to-four family residential property located in Georgia, regardless of where made, including the renewal or refinancing of any such loan.

(22) “ Mortgage loan originator ” means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. Generally, this does not include an individual engaged solely as a loan processor or underwriter except as otherwise provided in subsection (a.1) of Code Section 7-1-1002 ; a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with Georgia law unless the person or entity is compensated by a mortgage lender, mortgage broker, or other mortgage loan originator or by any agent of such mortgage lender, mortgage broker, or other mortgage loan originator; and does not include a person or entity solely involved in extensions of credit relating to time-share plans, as that term is defined in 11 U.S.C. Section 101(53D) .

(22) “ Mortgage loan originator ” means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. Generally, this does not include an individual engaged solely as a loan processor or underwriter except as otherwise provided in subsection (a.1) of Code Section 7-1-1002 ; a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with Georgia law unless the person or entity is compensated by a mortgage lender, mortgage broker, or other mortgage loan originator or by any agent of such mortgage lender, mortgage broker, or other mortgage loan originator; and does not include a person or entity solely involved in extensions of credit relating to time-share plans, as that term is defined in 11 U.S.C. Section 101(53D) .

(23) “ Nationwide Multistate Licensing System and Registry ” means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators, mortgage loan brokers, and mortgage loan lenders, or its successor.

(23) “ Nationwide Multistate Licensing System and Registry ” means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators, mortgage loan brokers, and mortgage loan lenders, or its successor.

(24) “ Nontraditional mortgage product ” means any mortgage product other than a 30 year fixed rate mortgage.

(24) “ Nontraditional mortgage product ” means any mortgage product other than a 30 year fixed rate mortgage.

(25) “ Person ” means any individual, sole proprietorship, corporation, limited liability company, partnership, trust, or any other group of individuals, however organized.

(25) “ Person ” means any individual, sole proprietorship, corporation, limited liability company, partnership, trust, or any other group of individuals, however organized.

(26) “ Real estate brokerage activity ” means any activity that involves offering or providing real estate brokerage services to the public, including acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property; bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property; negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property, other than in connection with providing financing with respect to any such transaction; engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under any applicable law; and offering to engage in any activity or act in any capacity described herein.

(26) “ Real estate brokerage activity ” means any activity that involves offering or providing real estate brokerage services to the public, including acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property; bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property; negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property, other than in connection with providing financing with respect to any such transaction; engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under any applicable law; and offering to engage in any activity or act in any capacity described herein.

(27) “ Registered mortgage loan originator ” means any individual who meets the definition of mortgage loan originator, is registered with and maintains a unique identifier through the Nationwide Multistate Licensing System and Registry, and is an employee of: (A) A depository institution; (B) A subsidiary that is: (i) Owned and controlled by a depository institution; and (ii) Regulated by a federal banking agency; or (C) An institution regulated by the Farm Credit Administration.

(27) “ Registered mortgage loan originator ” means any individual who meets the definition of mortgage loan originator, is registered with and maintains a unique identifier through the Nationwide Multistate Licensing System and Registry, and is an employee of:

(A) A depository institution;

(A) A depository institution;

(B) A subsidiary that is: (i) Owned and controlled by a depository institution; and (ii) Regulated by a federal banking agency; or

(B) A subsidiary that is:

(i) Owned and controlled by a depository institution; and

(i) Owned and controlled by a depository institution; and

(ii) Regulated by a federal banking agency; or

(ii) Regulated by a federal banking agency; or

(C) An institution regulated by the Farm Credit Administration.

(C) An institution regulated by the Farm Credit Administration.

(28) “ Registrant ” means any person required to register pursuant to Code Sections 7-1-1001 and 7-1-1003.2 .

(28) “ Registrant ” means any person required to register pursuant to Code Sections 7-1-1001 and 7-1-1003.2 .

(29) “ Residential property ” means improved real property used or occupied, or intended to be used or occupied, as the primary residence of a natural person. Such term does not include rental property or second homes. A natural person can have only one primary residence.

(29) “ Residential property ” means improved real property used or occupied, or intended to be used or occupied, as the primary residence of a natural person. Such term does not include rental property or second homes. A natural person can have only one primary residence.

(30) “ Residential mortgage loan ” means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in 15 U.S.C. Section 1602 of the Truth in Lending Act, or residential real estate upon which is constructed or intended to be constructed a dwelling.

(30) “ Residential mortgage loan ” means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in 15 U.S.C. Section 1602 of the Truth in Lending Act, or residential real estate upon which is constructed or intended to be constructed a dwelling.

(31) “ Residential real estate ” means any real property located in Georgia upon which is constructed or intended to be constructed a dwelling.

(31) “ Residential real estate ” means any real property located in Georgia upon which is constructed or intended to be constructed a dwelling.

(32) “ Service a mortgage loan ” means the collection or remittance or the right to collect or remit payments of principal, interest, trust items such as insurance and taxes, and any other payments pursuant to a mortgage loan.

(32) “ Service a mortgage loan ” means the collection or remittance or the right to collect or remit payments of principal, interest, trust items such as insurance and taxes, and any other payments pursuant to a mortgage loan.

(33) “ Ultimate equitable owner ” means a natural person who, directly or indirectly, owns or controls an ownership interest in a corporation or any other form of business organization, regardless of whether such natural person owns or controls such ownership interest through one or more natural persons or one or more proxies, powers of attorney, nominees, corporations, associations, limited liability companies, partnerships, trusts, joint-stock companies, other entities or devices, or any combination thereof.

(33) “ Ultimate equitable owner ” means a natural person who, directly or indirectly, owns or controls an ownership interest in a corporation or any other form of business organization, regardless of whether such natural person owns or controls such ownership interest through one or more natural persons or one or more proxies, powers of attorney, nominees, corporations, associations, limited liability companies, partnerships, trusts, joint-stock companies, other entities or devices, or any combination thereof.

(34) “ Unique identifier ” means a number or other identifier assigned by protocols established by the Nationwide Multistate Licensing System and Registry.

(34) “ Unique identifier ” means a number or other identifier assigned by protocols established by the Nationwide Multistate Licensing System and Registry.
O.C.G.A. § 7-1-1113 — GA Code / Title 7 / Chapter 1 / Section 7-1-1113
Georgia Code Title 7. Banking and Finance § 7-1-1113
Status: in_force

(a) The department shall not issue a license to a foreign bank to establish and maintain a Georgia state branch or Georgia state agency unless the department determines that: (1) The foreign bank engages directly in the business of banking outside of the United States and the Board of Governors of the Federal Reserve System has concluded the foreign bank is subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in its home country or determined that comprehensive supervision or regulation is not required but the foreign bank's application is otherwise subject to approval; (2) The foreign bank has furnished to the department the information it needs to act on the application; (3) The appropriate authorities in the home country of the foreign bank have consented to the proposed establishment of a branch or agency in the United States by the foreign bank; (4) The managerial resources of the foreign bank, including the foreign bank's experience and capacity to engage in international banking, are sufficient to enable the Georgia state branch or Georgia state agency to operate in accordance with safe and sound banking practices; (5) The foreign bank has provided the department with adequate assurances that the bank will make available to the department such information on the operations or activities of the foreign bank and any affiliate of the bank that the department deems necessary to determine and enforce compliance with state law, the International Banking Act, and other applicable federal law; (6) The foreign bank is in compliance with applicable federal and state law; (7) The financial resources of the foreign bank, including the foreign bank's capital position, projected capital position, profitability, level of indebtedness, and future prospects, are sufficient to enable the Georgia state branch or Georgia state agency to operate in accordance with safe and sound banking practices; (8) The directors, executive officers, and principal shareholders of the foreign bank are qualified by reason of their financial ability, reputation, and integrity and have sufficient banking and other business experience to indicate that they will manage and direct the affairs of the foreign bank in accordance with safe and sound banking practices; (9) The natural person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency is of sufficient banking experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the Georgia state branch or Georgia state agency will operate in compliance with state law, the International Banking Act, and other applicable federal law; (10) Federal law permits the appropriate bank supervisory agency to issue a comparable license to the foreign bank; (11) The foreign bank has sufficient standing to justify a belief that the Georgia state branch or Georgia state agency will be free from improper or unlawful influence or interference with respect to the operation of the Georgia state branch or Georgia state agency in compliance with state law; and (12) The foreign bank is acting in good faith and the application does not contain a material misrepresentation.

(a) The department shall not issue a license to a foreign bank to establish and maintain a Georgia state branch or Georgia state agency unless the department determines that:

(1) The foreign bank engages directly in the business of banking outside of the United States and the Board of Governors of the Federal Reserve System has concluded the foreign bank is subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in its home country or determined that comprehensive supervision or regulation is not required but the foreign bank's application is otherwise subject to approval;

(1) The foreign bank engages directly in the business of banking outside of the United States and the Board of Governors of the Federal Reserve System has concluded the foreign bank is subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in its home country or determined that comprehensive supervision or regulation is not required but the foreign bank's application is otherwise subject to approval;

(2) The foreign bank has furnished to the department the information it needs to act on the application;

(2) The foreign bank has furnished to the department the information it needs to act on the application;

(3) The appropriate authorities in the home country of the foreign bank have consented to the proposed establishment of a branch or agency in the United States by the foreign bank;

(3) The appropriate authorities in the home country of the foreign bank have consented to the proposed establishment of a branch or agency in the United States by the foreign bank;

(4) The managerial resources of the foreign bank, including the foreign bank's experience and capacity to engage in international banking, are sufficient to enable the Georgia state branch or Georgia state agency to operate in accordance with safe and sound banking practices;

(4) The managerial resources of the foreign bank, including the foreign bank's experience and capacity to engage in international banking, are sufficient to enable the Georgia state branch or Georgia state agency to operate in accordance with safe and sound banking practices;

(5) The foreign bank has provided the department with adequate assurances that the bank will make available to the department such information on the operations or activities of the foreign bank and any affiliate of the bank that the department deems necessary to determine and enforce compliance with state law, the International Banking Act, and other applicable federal law;

(5) The foreign bank has provided the department with adequate assurances that the bank will make available to the department such information on the operations or activities of the foreign bank and any affiliate of the bank that the department deems necessary to determine and enforce compliance with state law, the International Banking Act, and other applicable federal law;

(6) The foreign bank is in compliance with applicable federal and state law;

(6) The foreign bank is in compliance with applicable federal and state law;

(7) The financial resources of the foreign bank, including the foreign bank's capital position, projected capital position, profitability, level of indebtedness, and future prospects, are sufficient to enable the Georgia state branch or Georgia state agency to operate in accordance with safe and sound banking practices;

(7) The financial resources of the foreign bank, including the foreign bank's capital position, projected capital position, profitability, level of indebtedness, and future prospects, are sufficient to enable the Georgia state branch or Georgia state agency to operate in accordance with safe and sound banking practices;

(8) The directors, executive officers, and principal shareholders of the foreign bank are qualified by reason of their financial ability, reputation, and integrity and have sufficient banking and other business experience to indicate that they will manage and direct the affairs of the foreign bank in accordance with safe and sound banking practices;

(8) The directors, executive officers, and principal shareholders of the foreign bank are qualified by reason of their financial ability, reputation, and integrity and have sufficient banking and other business experience to indicate that they will manage and direct the affairs of the foreign bank in accordance with safe and sound banking practices;

(9) The natural person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency is of sufficient banking experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the Georgia state branch or Georgia state agency will operate in compliance with state law, the International Banking Act, and other applicable federal law;

(9) The natural person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency is of sufficient banking experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the Georgia state branch or Georgia state agency will operate in compliance with state law, the International Banking Act, and other applicable federal law;

(10) Federal law permits the appropriate bank supervisory agency to issue a comparable license to the foreign bank;

(10) Federal law permits the appropriate bank supervisory agency to issue a comparable license to the foreign bank;

(11) The foreign bank has sufficient standing to justify a belief that the Georgia state branch or Georgia state agency will be free from improper or unlawful influence or interference with respect to the operation of the Georgia state branch or Georgia state agency in compliance with state law; and

(11) The foreign bank has sufficient standing to justify a belief that the Georgia state branch or Georgia state agency will be free from improper or unlawful influence or interference with respect to the operation of the Georgia state branch or Georgia state agency in compliance with state law; and

(12) The foreign bank is acting in good faith and the application does not contain a material misrepresentation.

(12) The foreign bank is acting in good faith and the application does not contain a material misrepresentation.

(b) A license issued under this article is not transferable or assignable.

(b) A license issued under this article is not transferable or assignable.
O.C.G.A. § 7-9-6 — GA Code / Title 7 / Chapter 9 / Section 7-9-6
Georgia Code Title 7. Banking and Finance § 7-9-6
Status: reserved

(a) An application to the department to charter a merchant acquirer limited purpose bank shall include: (1) Any information desired by the department in order to evaluate the proposed institution which shall be made available in the form specified by the department; (2) A certificate of the Secretary of State showing that the proposed name of the merchant acquirer limited purpose bank has been reserved pursuant to Code Section 7-1-131 ; and (3) Applicable fees established by regulation of the department to defray the expense of the investigation required by Code Section 7-9-7 .

(a) An application to the department to charter a merchant acquirer limited purpose bank shall include:

(1) Any information desired by the department in order to evaluate the proposed institution which shall be made available in the form specified by the department;

(1) Any information desired by the department in order to evaluate the proposed institution which shall be made available in the form specified by the department;

(2) A certificate of the Secretary of State showing that the proposed name of the merchant acquirer limited purpose bank has been reserved pursuant to Code Section 7-1-131 ; and

(2) A certificate of the Secretary of State showing that the proposed name of the merchant acquirer limited purpose bank has been reserved pursuant to Code Section 7-1-131 ; and

(3) Applicable fees established by regulation of the department to defray the expense of the investigation required by Code Section 7-9-7 .

(3) Applicable fees established by regulation of the department to defray the expense of the investigation required by Code Section 7-9-7 .

(b) An application to the department to own or control a merchant acquirer limited purpose bank shall include: (1) Any information desired by the department in order to evaluate the proposed transaction which shall be made available in the form specified by the department; and (2) Applicable fees established by regulation of the department to defray the expense of the investigation.

(b) An application to the department to own or control a merchant acquirer limited purpose bank shall include:

(1) Any information desired by the department in order to evaluate the proposed transaction which shall be made available in the form specified by the department; and

(1) Any information desired by the department in order to evaluate the proposed transaction which shall be made available in the form specified by the department; and

(2) Applicable fees established by regulation of the department to defray the expense of the investigation.

(2) Applicable fees established by regulation of the department to defray the expense of the investigation.
O.C.G.A. § 7-1-572 — GA Code / Title 7 / Chapter 1 / Section 7-1-572
Georgia Code Title 7. Banking and Finance § 7-1-572
Status: in_force

A shareholder of a bank or trust company shall have the right to dissent from any sale, lease, exchange, or other disposition of all, or substantially all, the property and assets of a bank or trust company pursuant to Code Section 7-1-571 , except for a sale wholly for cash pursuant to a plan by which all, or substantially all, of the net proceeds of the sale will be distributed to the shareholders in accordance with their respective interests within one year after the date of the sale. The shareholders' right of dissent shall be exercised as provided in Chapter 2 of Title 14, known as the “Georgia Business Corporation Code.”
O.C.G.A. § 7-1-680 — GA Code / Title 7 / Chapter 1 / Section 7-1-680
Georgia Code Title 7. Banking and Finance § 7-1-680
Status: in_force

As used in this article, the term:

(1) “ Acting in concert ” means knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement.

(1) “ Acting in concert ” means knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement.

(2) “ Authorized agent ” means a person designated by a licensee pursuant to Code Section 7-1-683.1 to engage in money transmission.

(2) “ Authorized agent ” means a person designated by a licensee pursuant to Code Section 7-1-683.1 to engage in money transmission.

(3) “ Average daily money transmission liability ” means the amount of the licensee's outstanding money transmission obligations in this state at the end of each day in a given calendar quarter ending March 31, June 30, September 30, or December 31, added together and divided by the total number of days in the quarter.

(3) “ Average daily money transmission liability ” means the amount of the licensee's outstanding money transmission obligations in this state at the end of each day in a given calendar quarter ending March 31, June 30, September 30, or December 31, added together and divided by the total number of days in the quarter.

(4) “ Closed-loop transaction ” means a transaction where the value or credit is primarily intended to be redeemed for a limited universe of goods, intangibles, services, or other items provided by the issuer of the payment instrument, its affiliates or agents, or others involved in the transaction functionally related to the issuer or its affiliates or agents.

(4) “ Closed-loop transaction ” means a transaction where the value or credit is primarily intended to be redeemed for a limited universe of goods, intangibles, services, or other items provided by the issuer of the payment instrument, its affiliates or agents, or others involved in the transaction functionally related to the issuer or its affiliates or agents.

(5) “ Commissioner ” means the commissioner of banking and finance.

(5) “ Commissioner ” means the commissioner of banking and finance.

(6) “ Control ” means the direct or indirect possession of power to direct or cause the direction of the management and policies of a person or the direct or indirect possession of power to elect or appoint a majority of executive officers or other persons exercising managerial authority of a person.

(6) “ Control ” means the direct or indirect possession of power to direct or cause the direction of the management and policies of a person or the direct or indirect possession of power to elect or appoint a majority of executive officers or other persons exercising managerial authority of a person.

(7) “ Covered employee ” means any employee of a licensee or an authorized agent engaged in any function related to money transmission.

(7) “ Covered employee ” means any employee of a licensee or an authorized agent engaged in any function related to money transmission.

(8) “ Department ” means the Department of Banking and Finance.

(8) “ Department ” means the Department of Banking and Finance.

(9) “ Executive officer ” means the chief executive officer, president, chief financial officer, chief operating officer, each officer with responsibility involving policy-making functions for a significant aspect of a person's business, or any other individual performing similar managerial or supervisory functions with respect to any organization, whether incorporated or unincorporated.

(9) “ Executive officer ” means the chief executive officer, president, chief financial officer, chief operating officer, each officer with responsibility involving policy-making functions for a significant aspect of a person's business, or any other individual performing similar managerial or supervisory functions with respect to any organization, whether incorporated or unincorporated.

(10) “ Individual ” means a natural person.

(10) “ Individual ” means a natural person.

(11) “ Licensee ” means a person duly licensed by the department pursuant to this article.

(11) “ Licensee ” means a person duly licensed by the department pursuant to this article.

(12) “ Misrepresent ” means to make a false statement of a substantive fact. Such term may also mean to engage in any conduct which leads to a false belief which is material to the transaction.

(12) “ Misrepresent ” means to make a false statement of a substantive fact. Such term may also mean to engage in any conduct which leads to a false belief which is material to the transaction.

(13) “ Monetary value ” means a medium of exchange, whether or not redeemable in money.

(13) “ Monetary value ” means a medium of exchange, whether or not redeemable in money.

(14) “ Money transmission ,” “ transmit money ,” or “ transmission of money ” means engaging in the business of: (A) Receiving money or monetary value for transmission or transmitting money or monetary value within the United States or to locations abroad by any and all means, including, but not limited to: (i) An order; (ii) A wire; (iii) A facsimile; and (iv) An electronic transfer; (B) Selling or issuing payment instruments, including the creation, issuance, or sale of a payment instrument that is redeemable in cash or monetary value; and (C) Payroll processing services.

(14) “ Money transmission ,” “ transmit money ,” or “ transmission of money ” means engaging in the business of:

(A) Receiving money or monetary value for transmission or transmitting money or monetary value within the United States or to locations abroad by any and all means, including, but not limited to: (i) An order; (ii) A wire; (iii) A facsimile; and (iv) An electronic transfer;

(A) Receiving money or monetary value for transmission or transmitting money or monetary value within the United States or to locations abroad by any and all means, including, but not limited to:

(i) An order;

(i) An order;

(ii) A wire;

(ii) A wire;

(iii) A facsimile; and

(iii) A facsimile; and

(iv) An electronic transfer;

(iv) An electronic transfer;

(B) Selling or issuing payment instruments, including the creation, issuance, or sale of a payment instrument that is redeemable in cash or monetary value; and

(B) Selling or issuing payment instruments, including the creation, issuance, or sale of a payment instrument that is redeemable in cash or monetary value; and

(C) Payroll processing services.

(C) Payroll processing services.

Such term shall not include closed-loop transactions.

(15) “ Money transmitter ” means a person licensed under this article to transmit money.

(15) “ Money transmitter ” means a person licensed under this article to transmit money.

(16) “ Multistate licensing process ” means any licensing agreement entered into by and among state agencies that regulate money transmitters.

(16) “ Multistate licensing process ” means any licensing agreement entered into by and among state agencies that regulate money transmitters.

(17) “ Nationwide Multistate Licensing System and Registry ” means a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of certain persons engaged in nondepository activities.

(17) “ Nationwide Multistate Licensing System and Registry ” means a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of certain persons engaged in nondepository activities.

(18) “ Open-loop transaction ” means a transaction using a payment instrument to redeem for goods or services at any location that accepts such payment instrument.

(18) “ Open-loop transaction ” means a transaction using a payment instrument to redeem for goods or services at any location that accepts such payment instrument.

(19) “ Passive investor ” means a person that: (A) Owns, directly or indirectly, at least 10 percent but less than 25 percent interest in or voting shares of a licensee or person in control of a licensee; (B) Does not have the power to elect a majority of the members of the board of directors of a licensee; (C) Is not employed by and does not perform any managerial duties for the licensee or person in control of a licensee; and (D) Does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee.

(19) “ Passive investor ” means a person that:

(A) Owns, directly or indirectly, at least 10 percent but less than 25 percent interest in or voting shares of a licensee or person in control of a licensee;

(A) Owns, directly or indirectly, at least 10 percent but less than 25 percent interest in or voting shares of a licensee or person in control of a licensee;

(B) Does not have the power to elect a majority of the members of the board of directors of a licensee;

(B) Does not have the power to elect a majority of the members of the board of directors of a licensee;

(C) Is not employed by and does not perform any managerial duties for the licensee or person in control of a licensee; and

(C) Is not employed by and does not perform any managerial duties for the licensee or person in control of a licensee; and

(D) Does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee.

(D) Does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee.

(20) “ Payment instrument ” means any instrument, order, or device for the payment or transmission of money or monetary value, whether or not it is a negotiable instrument under the terms of Article 3 of Title 11, relating to negotiable instruments. Such term includes, but is not limited to, checks, money orders, drafts, stored value and open-loop transactions. Such term shall not include closed-loop transactions, credit card vouchers, letters of credit, or any instrument that is redeemable by the issuer only in specific goods or services of the issuer.

(20) “ Payment instrument ” means any instrument, order, or device for the payment or transmission of money or monetary value, whether or not it is a negotiable instrument under the terms of Article 3 of Title 11, relating to negotiable instruments. Such term includes, but is not limited to, checks, money orders, drafts, stored value and open-loop transactions. Such term shall not include closed-loop transactions, credit card vouchers, letters of credit, or any instrument that is redeemable by the issuer only in specific goods or services of the issuer.

(21) “ Payment instrument holder ” means a person that has purchased a payment instrument from a money transmitter or who has had monetary value transmitted by a money transmitter.

(21) “ Payment instrument holder ” means a person that has purchased a payment instrument from a money transmitter or who has had monetary value transmitted by a money transmitter.

(22) “ Payroll processing services ” means receiving money for transmission pursuant to a contract with a person to deliver wages or salaries, make payment of payroll taxes to state and federal agencies, make payments relating to employee benefit plans, or make distributions of other authorized deductions from wages or salaries. Such term shall not include an employer performing payroll processing services on its own behalf or on behalf of its affiliate.

(22) “ Payroll processing services ” means receiving money for transmission pursuant to a contract with a person to deliver wages or salaries, make payment of payroll taxes to state and federal agencies, make payments relating to employee benefit plans, or make distributions of other authorized deductions from wages or salaries. Such term shall not include an employer performing payroll processing services on its own behalf or on behalf of its affiliate.

(23) “ Person ” means any individual, sole proprietorship, corporation, limited liability company, partnership, trust, or any other group of individuals, however organized.

(23) “ Person ” means any individual, sole proprietorship, corporation, limited liability company, partnership, trust, or any other group of individuals, however organized.

(24) “ Sale ” and “ selling ” mean the passing of title from the money transmitter or the money transmitter's agent to a payment instrument holder or remitter or an agreement to transfer money or monetary value.

(24) “ Sale ” and “ selling ” mean the passing of title from the money transmitter or the money transmitter's agent to a payment instrument holder or remitter or an agreement to transfer money or monetary value.

(25) “Signed” shall have the same meaning as provided in Code Section 11-1-201 .

(25) “Signed” shall have the same meaning as provided in Code Section 11-1-201 .

(26) “ Stored value ” means monetary value that represents a claim against the issuer evidenced by an electronic or digital record and is intended and accepted for use as a means of redemption for money or monetary value or payment for goods or services. Such term includes, but is not limited to, prepaid access as defined by 31 C.F.R. Section 1010.100 . Such term shall not include closed-loop stored value that is not sold to the public but is issued and distributed as part of a loyalty, rewards, or promotional program.

(26) “ Stored value ” means monetary value that represents a claim against the issuer evidenced by an electronic or digital record and is intended and accepted for use as a means of redemption for money or monetary value or payment for goods or services. Such term includes, but is not limited to, prepaid access as defined by 31 C.F.R. Section 1010.100 . Such term shall not include closed-loop stored value that is not sold to the public but is issued and distributed as part of a loyalty, rewards, or promotional program.

(27) “ Tangible net worth ” means the aggregate assets of a person, excluding all intangible assets, less liabilities, as determined in accordance with generally accepted accounting principles in the United States.

(27) “ Tangible net worth ” means the aggregate assets of a person, excluding all intangible assets, less liabilities, as determined in accordance with generally accepted accounting principles in the United States.

(28) “ Ultimate equitable owner ” means a person that: (A) Owns, directly or indirectly, a 10 percent or more interest in a corporation or any other form of business organization; (B) Owns, directly or indirectly, 10 percent or more of the voting shares of any corporation or any other form of business organization; or (C) Exerts control, directly or indirectly, over a corporation or any other form of business organization, regardless of whether such person owns or controls such interest through one or more natural persons or one or more proxies, powers of attorney, nominees, corporations, associations, limited liability companies, partnerships, trusts, joint stock companies, other entities or devices, or any combination thereof.

(28) “ Ultimate equitable owner ” means a person that:

(A) Owns, directly or indirectly, a 10 percent or more interest in a corporation or any other form of business organization;

(A) Owns, directly or indirectly, a 10 percent or more interest in a corporation or any other form of business organization;

(B) Owns, directly or indirectly, 10 percent or more of the voting shares of any corporation or any other form of business organization; or

(B) Owns, directly or indirectly, 10 percent or more of the voting shares of any corporation or any other form of business organization; or

(C) Exerts control, directly or indirectly, over a corporation or any other form of business organization, regardless of whether such person owns or controls such interest through one or more natural persons or one or more proxies, powers of attorney, nominees, corporations, associations, limited liability companies, partnerships, trusts, joint stock companies, other entities or devices, or any combination thereof.

(C) Exerts control, directly or indirectly, over a corporation or any other form of business organization, regardless of whether such person owns or controls such interest through one or more natural persons or one or more proxies, powers of attorney, nominees, corporations, associations, limited liability companies, partnerships, trusts, joint stock companies, other entities or devices, or any combination thereof.

For purposes of determining ultimate equitable ownership by an individual, the individual's interest shall be aggregated with the interest of any other immediate family member, including the individual's spouse, parents, children, siblings, mothers- and fathers-in-law, sons- and daughters-in-law, brothers- and sisters-in-law, and any other individual who shares such individual's home.

(29) “ Unique identifier ” means a number or other identifier assigned by protocols established by the Nationwide Multistate Licensing System and Registry.

(29) “ Unique identifier ” means a number or other identifier assigned by protocols established by the Nationwide Multistate Licensing System and Registry.

(30) “ Virtual currency ” means a digital representation of monetary value that does not have legal tender status as recognized by the United States government. Such term shall not include the software or protocols governing the transfer of the digital representation of monetary value; units of value that are issued in an affinity or rewards program and that cannot be redeemed for money or virtual currencies; or an affinity or rewards program tied to a credit, debit, or prepaid card that awards points for purchases or other transactions, which points can be redeemed for dollar denominated credit to a checking, credit card, or prepaid account, or for a gift card, goods, travel, or services.

(30) “ Virtual currency ” means a digital representation of monetary value that does not have legal tender status as recognized by the United States government. Such term shall not include the software or protocols governing the transfer of the digital representation of monetary value; units of value that are issued in an affinity or rewards program and that cannot be redeemed for money or virtual currencies; or an affinity or rewards program tied to a credit, debit, or prepaid card that awards points for purchases or other transactions, which points can be redeemed for dollar denominated credit to a checking, credit card, or prepaid account, or for a gift card, goods, travel, or services.
O.C.G.A. § 7-1-628-15 — GA Code / Title 7 / Chapter 1 / Section 7-1-628-15
Georgia Code Title 7. Banking and Finance § 7-1-628.15
Status: in_force

(a) All banks engaged in interstate banking and branching in this state shall be obliged to adhere to the tax laws and regulations of Title 48 which pertain to such activities.

(a) All banks engaged in interstate banking and branching in this state shall be obliged to adhere to the tax laws and regulations of Title 48 which pertain to such activities.

(b) The Department of Revenue shall address the tax treatment of financial organizations before June 1, 1997, in order to provide timely and appropriate taxation of banks which have adjusted their corporate structures according to this part and federal law.

(b) The Department of Revenue shall address the tax treatment of financial organizations before June 1, 1997, in order to provide timely and appropriate taxation of banks which have adjusted their corporate structures according to this part and federal law.
O.C.G.A. § 7-1-1108 — GA Code / Title 7 / Chapter 1 / Section 7-1-1108
Georgia Code Title 7. Banking and Finance § 7-1-1108
Status: in_force

(a) The department may issue an order requiring a foreign bank to cease and desist immediately from unauthorized activities whenever it shall appear to the department that: (1) A foreign bank is operating outside the scope of the authority granted by its license or registration; (2) The foreign bank is operating in an unsafe or unsound manner; (3) The foreign bank has violated any law of this state or any order or regulation of the department; or (4) The foreign bank is directly or indirectly engaged in activities in violation of any law of this state or any order or regulation of the department. Such cease and desist order shall be final 20 days after it is issued unless the foreign bank to whom it is issued makes a written request within such 20 day period for a hearing.

(a) The department may issue an order requiring a foreign bank to cease and desist immediately from unauthorized activities whenever it shall appear to the department that:

(1) A foreign bank is operating outside the scope of the authority granted by its license or registration;

(1) A foreign bank is operating outside the scope of the authority granted by its license or registration;

(2) The foreign bank is operating in an unsafe or unsound manner;

(2) The foreign bank is operating in an unsafe or unsound manner;

(3) The foreign bank has violated any law of this state or any order or regulation of the department; or

(3) The foreign bank has violated any law of this state or any order or regulation of the department; or

(4) The foreign bank is directly or indirectly engaged in activities in violation of any law of this state or any order or regulation of the department.

(4) The foreign bank is directly or indirectly engaged in activities in violation of any law of this state or any order or regulation of the department.

Such cease and desist order shall be final 20 days after it is issued unless the foreign bank to whom it is issued makes a written request within such 20 day period for a hearing.

(b) Such cease and desist order shall be in writing, sent via email to the foreign bank at the email address provided to the department by such foreign bank for receipt of notifications and as is on record with the department. Any cease and desist order sent to a foreign bank at its email address that is returned to the department as “undeliverable” or to a foreign bank that has not provided an email address to the department shall be served by the department under any other method of lawful service.

(b) Such cease and desist order shall be in writing, sent via email to the foreign bank at the email address provided to the department by such foreign bank for receipt of notifications and as is on record with the department. Any cease and desist order sent to a foreign bank at its email address that is returned to the department as “undeliverable” or to a foreign bank that has not provided an email address to the department shall be served by the department under any other method of lawful service.

(c) Any hearing authorized under subsection (a) of this Code section shall be conducted in accordance with Chapter 13 of Title 50, the “Georgia Administrative Procedure Act.”

(c) Any hearing authorized under subsection (a) of this Code section shall be conducted in accordance with Chapter 13 of Title 50, the “Georgia Administrative Procedure Act.”

(d) If a foreign bank shall fail to comply with the terms of a final order or decision of the department issued pursuant to this article, the department may, through the Attorney General and upon notice of three days to such foreign bank, petition the court of the county in which the foreign bank has conducted operations for an order directing such foreign bank to obey the order of the department within the period of time as shall be fixed by the court. Upon the filing of such petition, the court shall allow a motion to show cause why it should not be granted. After a hearing upon the merits or after failure of such foreign bank to appear when ordered, the court shall grant the petition of the department upon a finding that the order of the department was properly issued.

(d) If a foreign bank shall fail to comply with the terms of a final order or decision of the department issued pursuant to this article, the department may, through the Attorney General and upon notice of three days to such foreign bank, petition the court of the county in which the foreign bank has conducted operations for an order directing such foreign bank to obey the order of the department within the period of time as shall be fixed by the court. Upon the filing of such petition, the court shall allow a motion to show cause why it should not be granted. After a hearing upon the merits or after failure of such foreign bank to appear when ordered, the court shall grant the petition of the department upon a finding that the order of the department was properly issued.

(e) Any foreign bank that violates the terms of any final order or decision issued pursuant to this article shall be liable for a civil penalty not to exceed $10,000.00. Each day the violation continues shall constitute a separate offense. In determining the amount of penalty, the department shall take into account the appropriateness of the penalty relative to the size of the financial resources of such foreign bank, the good faith efforts of such foreign bank to comply with the order, the gravity of the violation, the history of previous violations by such foreign bank, and such other factors or circumstances that contributed to the violation. The department may at its discretion compromise or modify any penalty which is subject to imposition or has been imposed pursuant to this Code section. Any foreign bank assessed as provided in this subsection shall have the right to request a hearing into the matter within ten days after notification of the assessment has been served upon the licensee involved; otherwise, such penalty shall be final except as to judicial review as provided in Code Section 7-1-90 .

(e) Any foreign bank that violates the terms of any final order or decision issued pursuant to this article shall be liable for a civil penalty not to exceed $10,000.00. Each day the violation continues shall constitute a separate offense. In determining the amount of penalty, the department shall take into account the appropriateness of the penalty relative to the size of the financial resources of such foreign bank, the good faith efforts of such foreign bank to comply with the order, the gravity of the violation, the history of previous violations by such foreign bank, and such other factors or circumstances that contributed to the violation. The department may at its discretion compromise or modify any penalty which is subject to imposition or has been imposed pursuant to this Code section. Any foreign bank assessed as provided in this subsection shall have the right to request a hearing into the matter within ten days after notification of the assessment has been served upon the licensee involved; otherwise, such penalty shall be final except as to judicial review as provided in Code Section 7-1-90 .

(f) Judicial review of any final order or decision of the department entered pursuant to this article shall be available solely in the Superior Court of DeKalb County, where the department's main office is located.

(f) Judicial review of any final order or decision of the department entered pursuant to this article shall be available solely in the Superior Court of DeKalb County, where the department's main office is located.

(g) In addition to any other administrative penalties authorized by this article, the department may, by rule or regulation, prescribe administrative fines for violations of this article and any rules and regulations promulgated by the department pursuant to this article.

(g) In addition to any other administrative penalties authorized by this article, the department may, by rule or regulation, prescribe administrative fines for violations of this article and any rules and regulations promulgated by the department pursuant to this article.
O.C.G.A. § 7-1-393 — GA Code / Title 7 / Chapter 1 / Section 7-1-393
Georgia Code Title 7. Banking and Finance § 7-1-393
Status: reserved

The incorporators shall also file with the department:

(1) Information desired by the department in order to evaluate the proposed institution which shall be made available in the form specified by the department;

(1) Information desired by the department in order to evaluate the proposed institution which shall be made available in the form specified by the department;

(2) The affidavit required by Code Section 7-1-391 ;

(2) The affidavit required by Code Section 7-1-391 ;

(3) A certificate of the Secretary of State showing that the proposed name of the bank or trust company has been reserved pursuant to Code Section 7-1-131 ; and

(3) A certificate of the Secretary of State showing that the proposed name of the bank or trust company has been reserved pursuant to Code Section 7-1-131 ; and

(4) Applicable fees established by regulation of the department to defray the expense of the investigation required by Code Section 7-1-394 .

(4) Applicable fees established by regulation of the department to defray the expense of the investigation required by Code Section 7-1-394 .
O.C.G.A. § 7-1-334 — GA Code / Title 7 / Chapter 1 / Section 7-1-334
Georgia Code Title 7. Banking and Finance § 7-1-334
Status: in_force

Every fiduciary investment company in which a trust institution or foreign trust institution is authorized by this part to own and hold corporate stock or shares, in order to qualify for such investments, shall have such corporate powers as may be granted by Chapter 2 of Title 14 by virtue of its incorporation under those chapters and shall, in addition, have the following corporate powers under its articles of incorporation and, by its articles of incorporation or its bylaws, be subject to the limitations and restrictions set forth in this Code section:

(1) The stock of any such fiduciary investment company shall be owned and held only by trust institutions and foreign trust institutions acting as fiduciaries or cofiduciaries but may be registered in the name of the nominee or nominees of any such trust institution or foreign trust institution. Such stock shall not be subject to transfer or assignment except to the trust institution or foreign trust institution on whose behalf the stock is held by any such nominee or nominees or to a fiduciary or cofiduciary which becomes successor to the shareholder and which is also a trust institution or foreign trust institution qualified to hold such stock.

(1) The stock of any such fiduciary investment company shall be owned and held only by trust institutions and foreign trust institutions acting as fiduciaries or cofiduciaries but may be registered in the name of the nominee or nominees of any such trust institution or foreign trust institution. Such stock shall not be subject to transfer or assignment except to the trust institution or foreign trust institution on whose behalf the stock is held by any such nominee or nominees or to a fiduciary or cofiduciary which becomes successor to the shareholder and which is also a trust institution or foreign trust institution qualified to hold such stock.

(2) A fiduciary investment company shall have no less than five directors, who need not be shareholders but shall be officers or directors of trust institutions or foreign trust institutions holding stock in such fiduciary investment company; provided, however, that no more than two directors shall be officers or directors of any one trust institution or foreign trust institution if the fiduciary investment company has been organized and incorporated by three or more trust institutions.

(2) A fiduciary investment company shall have no less than five directors, who need not be shareholders but shall be officers or directors of trust institutions or foreign trust institutions holding stock in such fiduciary investment company; provided, however, that no more than two directors shall be officers or directors of any one trust institution or foreign trust institution if the fiduciary investment company has been organized and incorporated by three or more trust institutions.

(3) In acquiring, investing, reinvesting, exchanging, selling, and managing its assets, every fiduciary investment company shall exercise the judgment and care under the circumstances then existing which men of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the safety of their capital. Within the foregoing limitations, a fiduciary investment company may acquire and retain every kind of investment, specifically including (but not by way of limitation) bonds, debentures, and other corporate obligations and corporate stocks, preferred or common, which men of prudence, discretion, and intelligence acquire or retain for their own account, provided that a fiduciary investment company shall not at any time: (A) Invest in real estate, commodities, or commodity contracts; (B) Participate on a joint or joint and several basis in any securities trading account; (C) Invest in companies for the purpose of exercising control or management; (D) Make loans to any person or persons, except that the purchase of a portion of an issue of debt securities, convertible debt securities, debt securities with warrants, rights, or options attached, or other similar securities when originally issued or thereafter, of a character commonly distributed publicly, shall not be considered the making of a loan; (E) Purchase or retain the securities of any issuer if immediately after such acquisition and as a result thereof the following requirements would not be met: at least 75 percent of the total assets in the fiduciary investment company taken at market value are represented by cash and cash items, securities issued or guaranteed by the United States or an instrumentality thereof, and other securities which, as to any one issuer, do not represent more than 10 percent of the value of the total assets of the fiduciary investment company; (F) Purchase or otherwise acquire the securities of any other investment company as that term is defined in the act of Congress entitled “Investment Company Act of 1940”; 1 (G) Act as underwriter of the securities of other issuers; (H) Borrow money; or (I) Engage in margin transactions or short sales or write put or call options for the purchase or sale of securities.

(3) In acquiring, investing, reinvesting, exchanging, selling, and managing its assets, every fiduciary investment company shall exercise the judgment and care under the circumstances then existing which men of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the safety of their capital. Within the foregoing limitations, a fiduciary investment company may acquire and retain every kind of investment, specifically including (but not by way of limitation) bonds, debentures, and other corporate obligations and corporate stocks, preferred or common, which men of prudence, discretion, and intelligence acquire or retain for their own account, provided that a fiduciary investment company shall not at any time:

(A) Invest in real estate, commodities, or commodity contracts;

(A) Invest in real estate, commodities, or commodity contracts;

(B) Participate on a joint or joint and several basis in any securities trading account;

(B) Participate on a joint or joint and several basis in any securities trading account;

(C) Invest in companies for the purpose of exercising control or management;

(C) Invest in companies for the purpose of exercising control or management;

(D) Make loans to any person or persons, except that the purchase of a portion of an issue of debt securities, convertible debt securities, debt securities with warrants, rights, or options attached, or other similar securities when originally issued or thereafter, of a character commonly distributed publicly, shall not be considered the making of a loan;

(D) Make loans to any person or persons, except that the purchase of a portion of an issue of debt securities, convertible debt securities, debt securities with warrants, rights, or options attached, or other similar securities when originally issued or thereafter, of a character commonly distributed publicly, shall not be considered the making of a loan;

(E) Purchase or retain the securities of any issuer if immediately after such acquisition and as a result thereof the following requirements would not be met: at least 75 percent of the total assets in the fiduciary investment company taken at market value are represented by cash and cash items, securities issued or guaranteed by the United States or an instrumentality thereof, and other securities which, as to any one issuer, do not represent more than 10 percent of the value of the total assets of the fiduciary investment company;

(E) Purchase or retain the securities of any issuer if immediately after such acquisition and as a result thereof the following requirements would not be met: at least 75 percent of the total assets in the fiduciary investment company taken at market value are represented by cash and cash items, securities issued or guaranteed by the United States or an instrumentality thereof, and other securities which, as to any one issuer, do not represent more than 10 percent of the value of the total assets of the fiduciary investment company;

(F) Purchase or otherwise acquire the securities of any other investment company as that term is defined in the act of Congress entitled “Investment Company Act of 1940”; 1

(F) Purchase or otherwise acquire the securities of any other investment company as that term is defined in the act of Congress entitled “Investment Company Act of 1940”; 1

(G) Act as underwriter of the securities of other issuers;

(G) Act as underwriter of the securities of other issuers;

(H) Borrow money; or

(H) Borrow money; or

(I) Engage in margin transactions or short sales or write put or call options for the purchase or sale of securities.

(I) Engage in margin transactions or short sales or write put or call options for the purchase or sale of securities.

(4) A fiduciary investment company may acquire, purchase, or redeem its own stock and may, by means of contract or by its bylaws, bind itself to acquire, purchase, or redeem its own stock; but it shall not vote shares of its own stock theretofore redeemed.

(4) A fiduciary investment company may acquire, purchase, or redeem its own stock and may, by means of contract or by its bylaws, bind itself to acquire, purchase, or redeem its own stock; but it shall not vote shares of its own stock theretofore redeemed.

(5) A fiduciary investment company shall not be responsible for ascertaining the investment powers of any fiduciary who may purchase its stock, shall not be liable for accepting funds from a fiduciary in violation of restrictions of the will, trust indenture, or other instrument under which such fiduciary is acting in absence of actual knowledge of such violation, and shall be accountable only to the department and the fiduciaries who are the owners of its stock.

(5) A fiduciary investment company shall not be responsible for ascertaining the investment powers of any fiduciary who may purchase its stock, shall not be liable for accepting funds from a fiduciary in violation of restrictions of the will, trust indenture, or other instrument under which such fiduciary is acting in absence of actual knowledge of such violation, and shall be accountable only to the department and the fiduciaries who are the owners of its stock.

(6) Every fiduciary investment company subject to the supervision and regulation of the comptroller of the currency of the United States shall comply with all applicable rules and regulations of that agency to the extent that such rules and regulations are in addition to or in conflict with rules and regulations promulgated by the department.

(6) Every fiduciary investment company subject to the supervision and regulation of the comptroller of the currency of the United States shall comply with all applicable rules and regulations of that agency to the extent that such rules and regulations are in addition to or in conflict with rules and regulations promulgated by the department.

1 15 U.S.C.A. § 80a-1 et seq.
O.C.G.A. § 7-1-593 — GA Code / Title 7 / Chapter 1 / Section 7-1-593
Georgia Code Title 7. Banking and Finance § 7-1-593
Status: in_force

(a) Prior to closing a representative office, a bank, bank holding company, or a subsidiary of a bank or bank holding company shall post notice of the closing as required by Code Section 7-1-110.1 .

(a) Prior to closing a representative office, a bank, bank holding company, or a subsidiary of a bank or bank holding company shall post notice of the closing as required by Code Section 7-1-110.1 .

(b) The department may review the operations of any representative office annually or at such greater frequency as it deems necessary to assure that the office does not transact a banking business.

(b) The department may review the operations of any representative office annually or at such greater frequency as it deems necessary to assure that the office does not transact a banking business.
O.C.G.A. § 7-1-295 — GA Code / Title 7 / Chapter 1 / Section 7-1-295
Georgia Code Title 7. Banking and Finance § 7-1-295
Status: in_force

An operator of an automated teller machine in this state may charge a transaction fee to the customer using the machine. An agreement to share automated teller machines may not prohibit, limit, or restrict the right to charge such transaction fees and no such agreement may prohibit, limit, or restrict the right of one or more financial institutions to enter into an agreement not to charge such transaction fees to their common customers.
O.C.G.A. § 7-1-114 — GA Code / Title 7 / Chapter 1 / Section 7-1-114
Georgia Code Title 7. Banking and Finance § 7-1-114
Status: in_force

(a) A financial institution which has commenced business may elect to dissolve voluntarily upon: (1) Adoption by the vote required of its shareholders under subsection (b) of this Code section of: (A) A plan of dissolution involving both a provision for assumption of its liabilities by another financial institution and a provision for continuance of its business if such assumption of its liabilities is not effected; or (B) Any other plan of dissolution providing for full payment of its liabilities; and (2) Approval by the department of the plan of dissolution after application for approval thereof in a manner prescribed by the department.

(a) A financial institution which has commenced business may elect to dissolve voluntarily upon:

(1) Adoption by the vote required of its shareholders under subsection (b) of this Code section of: (A) A plan of dissolution involving both a provision for assumption of its liabilities by another financial institution and a provision for continuance of its business if such assumption of its liabilities is not effected; or (B) Any other plan of dissolution providing for full payment of its liabilities; and

(1) Adoption by the vote required of its shareholders under subsection (b) of this Code section of:

(A) A plan of dissolution involving both a provision for assumption of its liabilities by another financial institution and a provision for continuance of its business if such assumption of its liabilities is not effected; or

(A) A plan of dissolution involving both a provision for assumption of its liabilities by another financial institution and a provision for continuance of its business if such assumption of its liabilities is not effected; or

(B) Any other plan of dissolution providing for full payment of its liabilities; and

(B) Any other plan of dissolution providing for full payment of its liabilities; and

(2) Approval by the department of the plan of dissolution after application for approval thereof in a manner prescribed by the department.

(2) Approval by the department of the plan of dissolution after application for approval thereof in a manner prescribed by the department.

(b) Adoption of the plan by the shareholders of the financial institution shall require the affirmative vote of the shareholders entitled to cast at least two-thirds of the votes which all shareholders are entitled to cast on the plan and, if any class of shareholders is entitled to vote on the plan as a class, of the holders of at least two-thirds of the outstanding shares of such class, provided that, in the case of a credit union, adoption of the plan may be made by the affirmative vote of at least two-thirds of the members present and entitled to vote at a meeting duly called for that purpose.

(b) Adoption of the plan by the shareholders of the financial institution shall require the affirmative vote of the shareholders entitled to cast at least two-thirds of the votes which all shareholders are entitled to cast on the plan and, if any class of shareholders is entitled to vote on the plan as a class, of the holders of at least two-thirds of the outstanding shares of such class, provided that, in the case of a credit union, adoption of the plan may be made by the affirmative vote of at least two-thirds of the members present and entitled to vote at a meeting duly called for that purpose.

(c) Upon receipt of an application for approval of a plan of dissolution, the department shall conduct such investigation as it may deem necessary to determine whether: (1) The plan satisfies the requirements of this chapter; (2) The plan adequately protects the interests of depositors, other creditors, and shareholders; and (3) If the plan involves an assumption of liabilities by another financial institution, such assumption would be consistent with adequate and sound banking and in the public interest on the basis of factors substantially similar to those set forth in Code Section 7-1-534 .

(c) Upon receipt of an application for approval of a plan of dissolution, the department shall conduct such investigation as it may deem necessary to determine whether:

(1) The plan satisfies the requirements of this chapter;

(1) The plan satisfies the requirements of this chapter;

(2) The plan adequately protects the interests of depositors, other creditors, and shareholders; and

(2) The plan adequately protects the interests of depositors, other creditors, and shareholders; and

(3) If the plan involves an assumption of liabilities by another financial institution, such assumption would be consistent with adequate and sound banking and in the public interest on the basis of factors substantially similar to those set forth in Code Section 7-1-534 .

(3) If the plan involves an assumption of liabilities by another financial institution, such assumption would be consistent with adequate and sound banking and in the public interest on the basis of factors substantially similar to those set forth in Code Section 7-1-534 .

(d) Within 90 days after receipt of the application, the department shall approve or disapprove the application on the basis of its investigation and shall immediately give to the financial institution written notice of its decision and, in the event of disapproval, a general statement of the reasons for its decision. The decision of the department shall be conclusive, except as it may be subject to judicial review under Code Section 7-1-90 .

(d) Within 90 days after receipt of the application, the department shall approve or disapprove the application on the basis of its investigation and shall immediately give to the financial institution written notice of its decision and, in the event of disapproval, a general statement of the reasons for its decision. The decision of the department shall be conclusive, except as it may be subject to judicial review under Code Section 7-1-90 .
O.C.G.A. § 7-1-70 — GA Code / Title 7 / Chapter 1 / Section 7-1-70
Georgia Code Title 7. Banking and Finance § 7-1-70
Status: in_force

(a) Records of the department, regardless of the medium by which stored, are confidential. Except as otherwise provided in this Code section, this chapter, or departmental rule or regulation, and, notwithstanding the provisions of Article 4 of Chapter 18 of Title 50, such records shall not be open to inspection by or made available to the public. The commissioner and all other officials and employees of the department shall not disclose facts and information obtained in the course of their duties, including information obtained from examinations, investigations, and reports as required or authorized in this part. The department may, however, provide by rule, regulation, or order for public access to certain records which, in the opinion of the commissioner, do not contain sensitive information and from which disclosure the public would benefit.

(a) Records of the department, regardless of the medium by which stored, are confidential. Except as otherwise provided in this Code section, this chapter, or departmental rule or regulation, and, notwithstanding the provisions of Article 4 of Chapter 18 of Title 50, such records shall not be open to inspection by or made available to the public. The commissioner and all other officials and employees of the department shall not disclose facts and information obtained in the course of their duties, including information obtained from examinations, investigations, and reports as required or authorized in this part. The department may, however, provide by rule, regulation, or order for public access to certain records which, in the opinion of the commissioner, do not contain sensitive information and from which disclosure the public would benefit.

(b) Subject to the exceptions, safeguards, and limitations contained in subsection (c) of this Code section, the restrictions of subsection (a) of this Code section shall not apply to disclosures: (1) Within the department or made to the Governor in the course of official duties; (2) Required by law, including disclosures required by subpoena or other legal process of a court or administrative agency having competent jurisdiction in legal proceedings and, where applicable, when the financial institution is a party or where the information is not otherwise available upon direct subpoena of a financial institution; (3) In prosecutions or other court actions to which the department or the commissioner is a party; (4) Made to federal or state financial institution supervisory agencies, other federal or state regulatory agencies with legal authority over such institution, the United States Department of Justice (including the Federal Bureau of Investigation), the United States Department of the Treasury, the Georgia Bureau of Investigation, or state or local law enforcement authorities; (5) Made to any officer, attorney, or director of the involved financial institution, made to any officer, attorney, or director of the involved financial institution's holding company, or with the written consent of said financial institution or holding company; (6) Made in a publication of the department which is available to the general public; (7) Of general economic and similar data considered by the department in regard to requests for new articles, new branches, changes in the location of facilities, or similar matters made to parties interested in the department's action in regard thereto; and (8) Made to a financial institution concerning the past job performance of a prospective employee with the written consent of such prospective employee, provided such written consent shall not be required in circumstances provided for in Code Section 7-1-840 .

(b) Subject to the exceptions, safeguards, and limitations contained in subsection (c) of this Code section, the restrictions of subsection (a) of this Code section shall not apply to disclosures:

(1) Within the department or made to the Governor in the course of official duties;

(1) Within the department or made to the Governor in the course of official duties;

(2) Required by law, including disclosures required by subpoena or other legal process of a court or administrative agency having competent jurisdiction in legal proceedings and, where applicable, when the financial institution is a party or where the information is not otherwise available upon direct subpoena of a financial institution;

(2) Required by law, including disclosures required by subpoena or other legal process of a court or administrative agency having competent jurisdiction in legal proceedings and, where applicable, when the financial institution is a party or where the information is not otherwise available upon direct subpoena of a financial institution;

(3) In prosecutions or other court actions to which the department or the commissioner is a party;

(3) In prosecutions or other court actions to which the department or the commissioner is a party;

(4) Made to federal or state financial institution supervisory agencies, other federal or state regulatory agencies with legal authority over such institution, the United States Department of Justice (including the Federal Bureau of Investigation), the United States Department of the Treasury, the Georgia Bureau of Investigation, or state or local law enforcement authorities;

(4) Made to federal or state financial institution supervisory agencies, other federal or state regulatory agencies with legal authority over such institution, the United States Department of Justice (including the Federal Bureau of Investigation), the United States Department of the Treasury, the Georgia Bureau of Investigation, or state or local law enforcement authorities;

(5) Made to any officer, attorney, or director of the involved financial institution, made to any officer, attorney, or director of the involved financial institution's holding company, or with the written consent of said financial institution or holding company;

(5) Made to any officer, attorney, or director of the involved financial institution, made to any officer, attorney, or director of the involved financial institution's holding company, or with the written consent of said financial institution or holding company;

(6) Made in a publication of the department which is available to the general public;

(6) Made in a publication of the department which is available to the general public;

(7) Of general economic and similar data considered by the department in regard to requests for new articles, new branches, changes in the location of facilities, or similar matters made to parties interested in the department's action in regard thereto; and

(7) Of general economic and similar data considered by the department in regard to requests for new articles, new branches, changes in the location of facilities, or similar matters made to parties interested in the department's action in regard thereto; and

(8) Made to a financial institution concerning the past job performance of a prospective employee with the written consent of such prospective employee, provided such written consent shall not be required in circumstances provided for in Code Section 7-1-840 .

(8) Made to a financial institution concerning the past job performance of a prospective employee with the written consent of such prospective employee, provided such written consent shall not be required in circumstances provided for in Code Section 7-1-840 .

(c) The following exceptions, safeguards, and limitations shall apply: (1) Disclosures made under subsection (b) of this Code section shall be made, where appropriate, under safeguards designed to prevent further dissemination of confidential data; provided, however, that for disclosures of suspected criminal activity made under paragraph (4) of subsection (b) of this Code section, the confidentiality safeguards already in place within those agencies shall be considered adequate. Except for disclosures under paragraph (2) of subsection (b) of this Code section, the department shall not be required to make authorized disclosures where it deems such disclosures undesirable; (2) All disclosures shall be limited to only those documents directly relevant to the inquiry or legal dispute at issue; and (3) The documents listed below shall be considered absolutely privileged and confidential and shall be exempt from open inspection and not subject to disclosure by the department without a specific order of court pursuant to Code Section 7-1-90 , which order specifically holds the public interest in the safety and soundness of the banking system and its regulation to be outweighed by other interests of justice. Such exempt documents shall include: (A) Departmental internal investigations, documents, and notes which reflect the deliberative processes of employees; (B) Opinions provided in confidence to the department regarding proposed new banks; (C) Informal notes and memos of the department that are not purely factual in nature; (D) Advisory opinions; (E) Recommendations, summaries, and analyses that are utilized for departmental internal purposes and are not final orders or reports; and (F) Other similar materials or notes.

(c) The following exceptions, safeguards, and limitations shall apply:

(1) Disclosures made under subsection (b) of this Code section shall be made, where appropriate, under safeguards designed to prevent further dissemination of confidential data; provided, however, that for disclosures of suspected criminal activity made under paragraph (4) of subsection (b) of this Code section, the confidentiality safeguards already in place within those agencies shall be considered adequate. Except for disclosures under paragraph (2) of subsection (b) of this Code section, the department shall not be required to make authorized disclosures where it deems such disclosures undesirable;

(1) Disclosures made under subsection (b) of this Code section shall be made, where appropriate, under safeguards designed to prevent further dissemination of confidential data; provided, however, that for disclosures of suspected criminal activity made under paragraph (4) of subsection (b) of this Code section, the confidentiality safeguards already in place within those agencies shall be considered adequate. Except for disclosures under paragraph (2) of subsection (b) of this Code section, the department shall not be required to make authorized disclosures where it deems such disclosures undesirable;

(2) All disclosures shall be limited to only those documents directly relevant to the inquiry or legal dispute at issue; and

(2) All disclosures shall be limited to only those documents directly relevant to the inquiry or legal dispute at issue; and

(3) The documents listed below shall be considered absolutely privileged and confidential and shall be exempt from open inspection and not subject to disclosure by the department without a specific order of court pursuant to Code Section 7-1-90 , which order specifically holds the public interest in the safety and soundness of the banking system and its regulation to be outweighed by other interests of justice. Such exempt documents shall include: (A) Departmental internal investigations, documents, and notes which reflect the deliberative processes of employees; (B) Opinions provided in confidence to the department regarding proposed new banks; (C) Informal notes and memos of the department that are not purely factual in nature; (D) Advisory opinions; (E) Recommendations, summaries, and analyses that are utilized for departmental internal purposes and are not final orders or reports; and (F) Other similar materials or notes.

(3) The documents listed below shall be considered absolutely privileged and confidential and shall be exempt from open inspection and not subject to disclosure by the department without a specific order of court pursuant to Code Section 7-1-90 , which order specifically holds the public interest in the safety and soundness of the banking system and its regulation to be outweighed by other interests of justice. Such exempt documents shall include:

(A) Departmental internal investigations, documents, and notes which reflect the deliberative processes of employees;

(A) Departmental internal investigations, documents, and notes which reflect the deliberative processes of employees;

(B) Opinions provided in confidence to the department regarding proposed new banks;

(B) Opinions provided in confidence to the department regarding proposed new banks;

(C) Informal notes and memos of the department that are not purely factual in nature;

(C) Informal notes and memos of the department that are not purely factual in nature;

(D) Advisory opinions;

(D) Advisory opinions;

(E) Recommendations, summaries, and analyses that are utilized for departmental internal purposes and are not final orders or reports; and

(E) Recommendations, summaries, and analyses that are utilized for departmental internal purposes and are not final orders or reports; and

(F) Other similar materials or notes.

(F) Other similar materials or notes.

(d) Notwithstanding any other provision of this Code section, the commissioner may, without waiving any privilege, authorize access to confidential supervisory information for any appropriate governmental, law enforcement, or other public purpose.

(d) Notwithstanding any other provision of this Code section, the commissioner may, without waiving any privilege, authorize access to confidential supervisory information for any appropriate governmental, law enforcement, or other public purpose.

(e) Violation of this Code section shall be grounds for removal from office.

(e) Violation of this Code section shall be grounds for removal from office.
O.C.G.A. § 7-1-810 — GA Code / Title 7 / Chapter 1 / Section 7-1-810
Georgia Code Title 7. Banking and Finance § 7-1-810
Status: in_force

As used in this article, the term:

(1) “Account” means a contract of deposit of funds between a depositor and a financial institution and includes a checking account, savings account, certificate of deposit, share account, and other like arrangements.

(1) “Account” means a contract of deposit of funds between a depositor and a financial institution and includes a checking account, savings account, certificate of deposit, share account, and other like arrangements.

(2) “Beneficiary” means a person named in a trust account as one for whom a party to the account is named as trustee.

(2) “Beneficiary” means a person named in a trust account as one for whom a party to the account is named as trustee.

(3) “Financial institution” means a savings and loan association as defined in paragraph (31) of Code Section 7-1-4 or any financial institution as defined in paragraph (21) of Code Section 7-1-4 .

(3) “Financial institution” means a savings and loan association as defined in paragraph (31) of Code Section 7-1-4 or any financial institution as defined in paragraph (21) of Code Section 7-1-4 .

(4) “Joint account” means an account payable on request to one or more of two or more parties, whether or not mention is made of any right of survivorship.

(4) “Joint account” means an account payable on request to one or more of two or more parties, whether or not mention is made of any right of survivorship.

(5) “Multiple-party account” means any of the following types of account: (A) A joint account; (B) A P.O.D. account; or (C) A trust account. It does not include accounts established for deposit of funds of a partnership, joint venture, or other association for business purposes; accounts controlled by one or more persons as the duly authorized agent or trustee for a corporation, unincorporated association, or charitable or civic organization; or a regular fiduciary or trust account where the relationship is established other than by deposit agreement.

(5) “Multiple-party account” means any of the following types of account:

(A) A joint account;

(A) A joint account;

(B) A P.O.D. account; or

(B) A P.O.D. account; or

(C) A trust account.

(C) A trust account.

It does not include accounts established for deposit of funds of a partnership, joint venture, or other association for business purposes; accounts controlled by one or more persons as the duly authorized agent or trustee for a corporation, unincorporated association, or charitable or civic organization; or a regular fiduciary or trust account where the relationship is established other than by deposit agreement.

(6) “Net contribution” of a party to a multiple-party account as of any given time means the sum of all deposits thereto made by or for him, less all withdrawals made by or for him which have not been paid to or applied to the use of any other party, plus a pro rata share of any interest or dividends included in the current balance. The term includes, in addition, any proceeds of deposit life insurance added to the account by reason of the death of the party whose net contribution is in question.

(6) “Net contribution” of a party to a multiple-party account as of any given time means the sum of all deposits thereto made by or for him, less all withdrawals made by or for him which have not been paid to or applied to the use of any other party, plus a pro rata share of any interest or dividends included in the current balance. The term includes, in addition, any proceeds of deposit life insurance added to the account by reason of the death of the party whose net contribution is in question.

(7) “Party” means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple-party account. A P.O.D. payee or beneficiary of a trust account is a party only after the account becomes payable to him by reason of his surviving the original payee or trustee. Unless the context otherwise requires, it includes a guardian, conservator, personal representative, or assignee, including an attaching creditor, of a party. It also includes a person identified as a trustee of an account for another, whether or not a beneficiary is named; but it does not include any named beneficiary unless he has a present right of withdrawal.

(7) “Party” means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple-party account. A P.O.D. payee or beneficiary of a trust account is a party only after the account becomes payable to him by reason of his surviving the original payee or trustee. Unless the context otherwise requires, it includes a guardian, conservator, personal representative, or assignee, including an attaching creditor, of a party. It also includes a person identified as a trustee of an account for another, whether or not a beneficiary is named; but it does not include any named beneficiary unless he has a present right of withdrawal.

(8) “Payment” of sums on deposit includes withdrawal, payment on check or other directive of a party, and any pledge of sums on deposit by a party and any setoff or reduction or other disposition of all or part of an account pursuant to a pledge.

(8) “Payment” of sums on deposit includes withdrawal, payment on check or other directive of a party, and any pledge of sums on deposit by a party and any setoff or reduction or other disposition of all or part of an account pursuant to a pledge.

(9) “Proof of death” includes a death certificate or official record which is prima-facie proof of death.

(9) “Proof of death” includes a death certificate or official record which is prima-facie proof of death.

(10) “ P.O.D. account ” means an account payable on request to one person during his or her lifetime or to an incorporated entity and on such person's death to one or more P.O.D. payees or to one or more persons during their lifetimes or to an incorporated entity and on the death of all of them or the dissolution of the incorporated entity to one or more P.O.D. payees.

(10) “ P.O.D. account ” means an account payable on request to one person during his or her lifetime or to an incorporated entity and on such person's death to one or more P.O.D. payees or to one or more persons during their lifetimes or to an incorporated entity and on the death of all of them or the dissolution of the incorporated entity to one or more P.O.D. payees.

(11) “ P.O.D. payee ” means a person or an incorporated entity designated on a P.O.D. account as one to whom the account is payable on request after the death of one or more persons.

(11) “ P.O.D. payee ” means a person or an incorporated entity designated on a P.O.D. account as one to whom the account is payable on request after the death of one or more persons.

(12) “Request” means a proper request for withdrawal or a check or order for payment which complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the financial institution; but, if the financial institution conditions withdrawal or payment on advance notice, for purposes of this article the request for withdrawal or payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for withdrawal.

(12) “Request” means a proper request for withdrawal or a check or order for payment which complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the financial institution; but, if the financial institution conditions withdrawal or payment on advance notice, for purposes of this article the request for withdrawal or payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for withdrawal.

(13) “Sums on deposit” means the balance payable on a multiple-party account, including interest, dividends, and, in addition, any deposit life insurance proceeds added to the account by reason of the death of a party.

(13) “Sums on deposit” means the balance payable on a multiple-party account, including interest, dividends, and, in addition, any deposit life insurance proceeds added to the account by reason of the death of a party.

(14) “Trust account” means an account in the name of one or more parties as trustee for one or more beneficiaries where the relationship is established by the form of the account and the deposit agreement with the financial institution and there is no subject of the trust other than the sums on deposit in the account; it is not essential that payment to the beneficiary be mentioned in the deposit agreement. A trust account does not include a regular trust account under a testamentary trust or a trust agreement which has significance apart from the account or a fiduciary account arising from a fiduciary relation such as attorney-client.

(14) “Trust account” means an account in the name of one or more parties as trustee for one or more beneficiaries where the relationship is established by the form of the account and the deposit agreement with the financial institution and there is no subject of the trust other than the sums on deposit in the account; it is not essential that payment to the beneficiary be mentioned in the deposit agreement. A trust account does not include a regular trust account under a testamentary trust or a trust agreement which has significance apart from the account or a fiduciary account arising from a fiduciary relation such as attorney-client.

(15) “Withdrawal” includes payment to a third person pursuant to check or other directive of a party.

(15) “Withdrawal” includes payment to a third person pursuant to check or other directive of a party.
O.C.G.A. § 7-1-1119 — GA Code / Title 7 / Chapter 1 / Section 7-1-1119
Georgia Code Title 7. Banking and Finance § 7-1-1119
Status: in_force

(a) For purposes of this Code section, the term “ relocation ” means the location of an existing Georgia state branch or Georgia state agency is to be moved to a new location which is to be constructed, purchased, or leased within the State of Georgia.

(a) For purposes of this Code section, the term “ relocation ” means the location of an existing Georgia state branch or Georgia state agency is to be moved to a new location which is to be constructed, purchased, or leased within the State of Georgia.

(b) A foreign bank may submit a letter form application to the department to relocate an existing Georgia state branch or Georgia state agency. Unless the department denies the application, the approval to relocate an existing Georgia state branch or Georgia state agency under this Code section shall be effective at the earlier of: (1) The date of an approval letter from the department; or (2) Ten business days following the date of the department's acknowledged receipt of the application.

(b) A foreign bank may submit a letter form application to the department to relocate an existing Georgia state branch or Georgia state agency. Unless the department denies the application, the approval to relocate an existing Georgia state branch or Georgia state agency under this Code section shall be effective at the earlier of:

(1) The date of an approval letter from the department; or

(1) The date of an approval letter from the department; or

(2) Ten business days following the date of the department's acknowledged receipt of the application.

(2) Ten business days following the date of the department's acknowledged receipt of the application.

(c) At least 30 days before the relocation, a foreign bank shall post a notice to consumers of such proposed relocation in a conspicuous location at the affected Georgia state branch or Georgia state agency and on its website.

(c) At least 30 days before the relocation, a foreign bank shall post a notice to consumers of such proposed relocation in a conspicuous location at the affected Georgia state branch or Georgia state agency and on its website.
O.C.G.A. § 7-2-7 — GA Code / Title 7 / Chapter 2 / Section 7-2-7
Georgia Code Title 7. Banking and Finance § 7-2-7
Status: in_force

(a) Each financial institution accepted for membership shall be required to pay a membership fee of 1 percent of the deposits and shares of the financial institution up to $1 million, plus one-half of 1 percent of the deposits and shares from $1 million to $5 million, plus one-fourth of 1 percent of the deposits and shares over $5 million. Payment of the membership fee may be made in three equal installments, the first installment being due upon the approval of the application of the member financial institution and being in an amount of not less than $10.00 and the remaining two installments being due annually thereafter in amounts of not less than $10.00 each year.

(a) Each financial institution accepted for membership shall be required to pay a membership fee of 1 percent of the deposits and shares of the financial institution up to $1 million, plus one-half of 1 percent of the deposits and shares from $1 million to $5 million, plus one-fourth of 1 percent of the deposits and shares over $5 million. Payment of the membership fee may be made in three equal installments, the first installment being due upon the approval of the application of the member financial institution and being in an amount of not less than $10.00 and the remaining two installments being due annually thereafter in amounts of not less than $10.00 each year.

(b) The membership fee shall be maintained on an annual basis in the same ratio to deposits and shares as the original membership fee bore to the total of deposits and shares at the time the financial institution initially joined the corporation. Such annual adjustments to the membership fee shall be paid or refunded concurrently with the payment of the annual insurance premium and shall be calculated upon the same deposit and share base as is used in the calculation of the annual premium. The board of directors of the corporation with the approval of the department may authorize a different membership fee structure from that set forth in this Code section.

(b) The membership fee shall be maintained on an annual basis in the same ratio to deposits and shares as the original membership fee bore to the total of deposits and shares at the time the financial institution initially joined the corporation. Such annual adjustments to the membership fee shall be paid or refunded concurrently with the payment of the annual insurance premium and shall be calculated upon the same deposit and share base as is used in the calculation of the annual premium. The board of directors of the corporation with the approval of the department may authorize a different membership fee structure from that set forth in this Code section.

(c) Membership fees, when paid by the individual member financial institution, may be charged to its regular reserve account or undivided earnings or may be established as an asset or charged in such other manner as may be approved by the department.

(c) Membership fees, when paid by the individual member financial institution, may be charged to its regular reserve account or undivided earnings or may be established as an asset or charged in such other manner as may be approved by the department.

(d) The membership fee of each member financial institution may be refunded in whole or in part to the extent that the unencumbered funds of the corporation exceed 2 percent of the aggregate total deposits and shares of the member financial institutions as determined by the most recent call report of condition submitted to the department. Special assessments levied pursuant to subsection (b) of Code Section 7-2-8 may be repaid in such manner as may be approved by the directors of the corporation with approval by the department. Refunds may be paid only to members of the corporation at the time of declaration by the directors of the corporation in proportion to their paid-in membership fees.

(d) The membership fee of each member financial institution may be refunded in whole or in part to the extent that the unencumbered funds of the corporation exceed 2 percent of the aggregate total deposits and shares of the member financial institutions as determined by the most recent call report of condition submitted to the department. Special assessments levied pursuant to subsection (b) of Code Section 7-2-8 may be repaid in such manner as may be approved by the directors of the corporation with approval by the department. Refunds may be paid only to members of the corporation at the time of declaration by the directors of the corporation in proportion to their paid-in membership fees.

(e) Upon termination or revocation of membership, other than through involuntary liquidation, the financial institution shall be entitled to refunds as follows: (1) Membership fees in full within 30 days; (2) Pro rata portion of annual premium which is unearned by the corporation in full within 30 days; and (3) Any special assessment in accordance with its terms, provided that the department may direct that such refunds be disbursed over a period of not more than 24 months at the request of the corporation where such disbursement will not cause an undue financial burden for the member financial institution.

(e) Upon termination or revocation of membership, other than through involuntary liquidation, the financial institution shall be entitled to refunds as follows:

(1) Membership fees in full within 30 days;

(1) Membership fees in full within 30 days;

(2) Pro rata portion of annual premium which is unearned by the corporation in full within 30 days; and

(2) Pro rata portion of annual premium which is unearned by the corporation in full within 30 days; and

(3) Any special assessment in accordance with its terms, provided that the department may direct that such refunds be disbursed over a period of not more than 24 months at the request of the corporation where such disbursement will not cause an undue financial burden for the member financial institution.

(3) Any special assessment in accordance with its terms, provided that the department may direct that such refunds be disbursed over a period of not more than 24 months at the request of the corporation where such disbursement will not cause an undue financial burden for the member financial institution.

(f) Any financial institution which terminates its membership voluntarily within the 24 months immediately preceding any voluntary cessation of business by the corporation shall be entitled to a pro rata distribution of the undivided earnings of the corporation. Such distribution shall be the lesser of an amount equal to that portion of the retained earnings at the end of the fiscal year immediately preceding the termination of membership determined by the proportion of the terminating members' membership fees to the total membership fees at the end of such fiscal year or the amount which would have been distributed had membership been retained until the final distribution.

(f) Any financial institution which terminates its membership voluntarily within the 24 months immediately preceding any voluntary cessation of business by the corporation shall be entitled to a pro rata distribution of the undivided earnings of the corporation. Such distribution shall be the lesser of an amount equal to that portion of the retained earnings at the end of the fiscal year immediately preceding the termination of membership determined by the proportion of the terminating members' membership fees to the total membership fees at the end of such fiscal year or the amount which would have been distributed had membership been retained until the final distribution.
O.C.G.A. § 7-1-814 — GA Code / Title 7 / Chapter 1 / Section 7-1-814
Georgia Code Title 7. Banking and Finance § 7-1-814
Status: in_force

The provisions of Code Section 7-1-813 as to rights of survivorship are determined by the form of the account at the death of a party. Once established, the terms of a multiple-party account can be changed only:

(1) By closing the account and reopening it under different terms; or

(1) By closing the account and reopening it under different terms; or

(2) By presentation to the financial institution of a modification agreement in a form satisfactory to the financial institution and signed by all parties with a present right of withdrawal.

(2) By presentation to the financial institution of a modification agreement in a form satisfactory to the financial institution and signed by all parties with a present right of withdrawal.
O.C.G.A. § 7-1-707-1 — GA Code / Title 7 / Chapter 1 / Section 7-1-707-1
Georgia Code Title 7. Banking and Finance § 7-1-707.1
Status: in_force

In every location operated by a licensee, there shall be conspicuously posted and at all times displayed a notice stating the charges for cashing payment instruments.
O.C.G.A. § 7-1-230 — GA Code / Title 7 / Chapter 1 / Section 7-1-230
Georgia Code Title 7. Banking and Finance § 7-1-230
Status: in_force

As used in this part, the term:

(1) “ Concert with one or more persons ” includes, but is not limited to, the following persons and relationships: (A) A company and any controlling shareholder, partner, trustee, or management official of the company if both the company and the individual own voting securities of the financial institution; (B) An individual and the individual's immediate family; (C) Companies under common control; (D) Persons that are parties to any agreement, contract, understanding, or other arrangement, whether written or otherwise, regarding the acquisition, voting, or transfer of control of voting securities of a financial institution; (E) Persons that have made, or propose to make, a joint filing under Section 13 or 14 of the Securities Exchange Act of 1934 1 and the rules promulgated thereunder by the United States Securities and Exchange Commission; and (F) A person and any trust for which the person serves as trustee.

(1) “ Concert with one or more persons ” includes, but is not limited to, the following persons and relationships:

(A) A company and any controlling shareholder, partner, trustee, or management official of the company if both the company and the individual own voting securities of the financial institution;

(A) A company and any controlling shareholder, partner, trustee, or management official of the company if both the company and the individual own voting securities of the financial institution;

(B) An individual and the individual's immediate family;

(B) An individual and the individual's immediate family;

(C) Companies under common control;

(C) Companies under common control;

(D) Persons that are parties to any agreement, contract, understanding, or other arrangement, whether written or otherwise, regarding the acquisition, voting, or transfer of control of voting securities of a financial institution;

(D) Persons that are parties to any agreement, contract, understanding, or other arrangement, whether written or otherwise, regarding the acquisition, voting, or transfer of control of voting securities of a financial institution;

(E) Persons that have made, or propose to make, a joint filing under Section 13 or 14 of the Securities Exchange Act of 1934 1 and the rules promulgated thereunder by the United States Securities and Exchange Commission; and

(E) Persons that have made, or propose to make, a joint filing under Section 13 or 14 of the Securities Exchange Act of 1934 1 and the rules promulgated thereunder by the United States Securities and Exchange Commission; and

(F) A person and any trust for which the person serves as trustee.

(F) A person and any trust for which the person serves as trustee.

(2) “ Control ” means the power directly or indirectly to direct the management or policies of a financial institution or to vote 25 percent or more of any class of voting securities of a financial institution.

(2) “ Control ” means the power directly or indirectly to direct the management or policies of a financial institution or to vote 25 percent or more of any class of voting securities of a financial institution.

(3) “ Person ” means an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed in this paragraph.

(3) “ Person ” means an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed in this paragraph.

(4) “ Presumption of control ” means a person which directly or indirectly owns, controls, or has the power to vote more than 10 percent but less than 25 percent of any class of voting securities of a financial institution if no other persons will own, control, or hold the power to vote a greater percentage of that class of voting securities immediately after the transaction.

(4) “ Presumption of control ” means a person which directly or indirectly owns, controls, or has the power to vote more than 10 percent but less than 25 percent of any class of voting securities of a financial institution if no other persons will own, control, or hold the power to vote a greater percentage of that class of voting securities immediately after the transaction.

1 15 U.S.C.A. §§ 78m and 78n.
O.C.G.A. § 7-1-815 — GA Code / Title 7 / Chapter 1 / Section 7-1-815
Georgia Code Title 7. Banking and Finance § 7-1-815
Status: in_force

Any transfers resulting from the application of Code Section 7-1-813 are effective by reason of the account contracts involved in this article and are not to be considered as testamentary.
O.C.G.A. § 7-1-1010 — GA Code / Title 7 / Chapter 1 / Section 7-1-1010
Georgia Code Title 7. Banking and Finance § 7-1-1010
Status: in_force

(a) If a mortgage broker is a United States Department of Housing and Urban Development loan correspondent, such broker shall also submit to the department the audit that is required for the United States Department of Housing and Urban Development. The department may require the mortgage broker to have made an audit of the books and affairs of the licensed or registered business and submit to the department an audited financial statement if the department finds that such an audit is necessary to determine whether the mortgage broker is complying with the provisions of this article and the rules and regulations adopted in furtherance of this article.

(a) If a mortgage broker is a United States Department of Housing and Urban Development loan correspondent, such broker shall also submit to the department the audit that is required for the United States Department of Housing and Urban Development. The department may require the mortgage broker to have made an audit of the books and affairs of the licensed or registered business and submit to the department an audited financial statement if the department finds that such an audit is necessary to determine whether the mortgage broker is complying with the provisions of this article and the rules and regulations adopted in furtherance of this article.

(b) Each mortgage lender licensed or registered under this article shall at least once each year have made an audit of the books and affairs of the licensed or registered business and submit to the department at renewal an audited financial statement, except that a mortgage lender licensed or registered under this article which is a subsidiary shall comply with this provision by annually providing a consolidated audited financial statement of its parent company and a financial statement, which may be unaudited, of the licensee or registrant which is prepared in accordance with generally accepted accounting principles. A lender who utilizes a bond in lieu of an audit need not supply such audit, unless specially required by the department. An audit shall be less than 15 months old to be acceptable. The department may by regulation establish additional minimum standards for audits and reports under this Code section.

(b) Each mortgage lender licensed or registered under this article shall at least once each year have made an audit of the books and affairs of the licensed or registered business and submit to the department at renewal an audited financial statement, except that a mortgage lender licensed or registered under this article which is a subsidiary shall comply with this provision by annually providing a consolidated audited financial statement of its parent company and a financial statement, which may be unaudited, of the licensee or registrant which is prepared in accordance with generally accepted accounting principles. A lender who utilizes a bond in lieu of an audit need not supply such audit, unless specially required by the department. An audit shall be less than 15 months old to be acceptable. The department may by regulation establish additional minimum standards for audits and reports under this Code section.
O.C.G.A. § 7-1-793 — GA Code / Title 7 / Chapter 1 / Section 7-1-793
Georgia Code Title 7. Banking and Finance § 7-1-793
Status: in_force

Administrators, executors, guardians, trustees, and other fiduciaries of every kind and nature; insurance companies; charitable, educational, eleemosynary, and public corporations and organizations; municipalities and other public corporations and bodies; and public officials are authorized to invest funds held by them, without any order of any court, in deposits in savings and loan associations which are insured under a federal deposit insurance program; and, to the extent of such insurance, such investments shall be deemed and held to be legal investments for such funds.
O.C.G.A. § 7-1-165 — GA Code / Title 7 / Chapter 1 / Section 7-1-165
Georgia Code Title 7. Banking and Finance § 7-1-165
Status: in_force

The department may, with leave of court, surrender to the financial institution real or personal property which it finds to be burdensome and of no advantage to the depositors or other creditors of the institution. It may likewise, with leave of court, convey title to any holder of a mortgage, security deed, security interest, or a lien against property in its possession, where it shall appear that to continue to hold such property is burdensome and of no advantage to the financial institution, its depositors, or other creditors.
O.C.G.A. § 7-1-436 — GA Code / Title 7 / Chapter 1 / Section 7-1-436
Georgia Code Title 7. Banking and Finance § 7-1-436
Status: in_force

(a) Unless otherwise provided in the articles, each outstanding share entitled to vote, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of shareholders. A subscriber shall not be entitled to vote the share subscribed for until such shares have been fully paid.

(a) Unless otherwise provided in the articles, each outstanding share entitled to vote, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of shareholders. A subscriber shall not be entitled to vote the share subscribed for until such shares have been fully paid.

(b) Treasury shares shall not be voted at any meeting nor counted in determining the total number of outstanding shares at any given time.

(b) Treasury shares shall not be voted at any meeting nor counted in determining the total number of outstanding shares at any given time.

(c) The chairman of the board, chief executive officer, president, any vice-president, the secretary, or the treasurer of a corporation which is the holder of record of shares of a bank or trust company shall be deemed by the bank or trust company to have authority to vote such shares and to execute proxies and written waivers and consents in relation thereto, whether such shares are held in a fiduciary capacity or otherwise, unless, before a vote is taken or a waiver of consent is acted upon, it is made to appear by a certified copy of the bylaws or resolution of the board of directors or executive committee of the corporation holding such shares that such authority does not exist or is vested in some other officer or person. In the absence of such certification, a person executing any such proxies, waivers, or consents or presenting himself or herself at a meeting as one of such officers of a corporate shareholder shall, for the purposes of this Code section, be prima facie deemed to be duly elected, qualified, and acting as such officer and to be fully authorized; and, in the case of conflicting representation, the corporate shareholder shall be deemed to be represented by its senior officer in the order first stated in this subsection.

(c) The chairman of the board, chief executive officer, president, any vice-president, the secretary, or the treasurer of a corporation which is the holder of record of shares of a bank or trust company shall be deemed by the bank or trust company to have authority to vote such shares and to execute proxies and written waivers and consents in relation thereto, whether such shares are held in a fiduciary capacity or otherwise, unless, before a vote is taken or a waiver of consent is acted upon, it is made to appear by a certified copy of the bylaws or resolution of the board of directors or executive committee of the corporation holding such shares that such authority does not exist or is vested in some other officer or person. In the absence of such certification, a person executing any such proxies, waivers, or consents or presenting himself or herself at a meeting as one of such officers of a corporate shareholder shall, for the purposes of this Code section, be prima facie deemed to be duly elected, qualified, and acting as such officer and to be fully authorized; and, in the case of conflicting representation, the corporate shareholder shall be deemed to be represented by its senior officer in the order first stated in this subsection.

(d) Shares held by an administrator, executor, guardian, or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy; but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name or the name of his nominee. Shares standing in the name of a person as life tenant may be voted by him, either in person or by proxy, unless the record of shareholders shows that he is not entitled to vote such shares.

(d) Shares held by an administrator, executor, guardian, or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy; but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name or the name of his nominee. Shares standing in the name of a person as life tenant may be voted by him, either in person or by proxy, unless the record of shareholders shows that he is not entitled to vote such shares.

(e) Shares standing in the name of a receiver may be voted by such receiver; and shares held by or under the control of a receiver may be voted by such receiver without a transfer thereof into his name if authority to do so is contained in an order of the court by which such receiver was appointed.

(e) Shares standing in the name of a receiver may be voted by such receiver; and shares held by or under the control of a receiver may be voted by such receiver without a transfer thereof into his name if authority to do so is contained in an order of the court by which such receiver was appointed.

(f) If a share or shares stand of record in the names of two or more persons, whether fiduciaries, joint tenants, tenants in common, tenants in partnership, or otherwise, or if two or more persons have the same fiduciary relationship respecting the same share or shares, then unless the instrument or order appointing them or creating the tenancy otherwise directs and such instrument or order or a copy thereof is filed with the secretary of the bank or trust company, their acts with respect to voting shall have the following effect: (1) If only one votes, in person or by proxy, his act binds all; (2) If more than one votes, in person or by proxy, the act of the majority so voting binds all; (3) If more than one votes in person or by proxy but the votes are evenly split on any particular matter, each faction is entitled to vote the share or shares in question proportionally; (4) If the instrument or order so filed shows that any such tenancy is held in unequal interest, a majority or even-split for purposes of this subsection shall be a majority or even-split in interest; (5) The principles of this subsection shall apply, insofar as possible, to execution of proxies, waivers, consents, or objections and for the purpose of ascertaining the presence of a quorum.

(f) If a share or shares stand of record in the names of two or more persons, whether fiduciaries, joint tenants, tenants in common, tenants in partnership, or otherwise, or if two or more persons have the same fiduciary relationship respecting the same share or shares, then unless the instrument or order appointing them or creating the tenancy otherwise directs and such instrument or order or a copy thereof is filed with the secretary of the bank or trust company, their acts with respect to voting shall have the following effect:

(1) If only one votes, in person or by proxy, his act binds all;

(1) If only one votes, in person or by proxy, his act binds all;

(2) If more than one votes, in person or by proxy, the act of the majority so voting binds all;

(2) If more than one votes, in person or by proxy, the act of the majority so voting binds all;

(3) If more than one votes in person or by proxy but the votes are evenly split on any particular matter, each faction is entitled to vote the share or shares in question proportionally;

(3) If more than one votes in person or by proxy but the votes are evenly split on any particular matter, each faction is entitled to vote the share or shares in question proportionally;

(4) If the instrument or order so filed shows that any such tenancy is held in unequal interest, a majority or even-split for purposes of this subsection shall be a majority or even-split in interest;

(4) If the instrument or order so filed shows that any such tenancy is held in unequal interest, a majority or even-split for purposes of this subsection shall be a majority or even-split in interest;

(5) The principles of this subsection shall apply, insofar as possible, to execution of proxies, waivers, consents, or objections and for the purpose of ascertaining the presence of a quorum.

(5) The principles of this subsection shall apply, insofar as possible, to execution of proxies, waivers, consents, or objections and for the purpose of ascertaining the presence of a quorum.

(g) A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, or a nominee of the pledgee; and thereafter the pledgee or his nominee shall be entitled to vote the shares so transferred.

(g) A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, or a nominee of the pledgee; and thereafter the pledgee or his nominee shall be entitled to vote the shares so transferred.

(h) Notwithstanding subsections (a) through (g) of this Code section, a corporation shall be protected from liability in relying on and treating the persons in whose names shares stand on the record of shareholders as the owners thereof for all purposes.

(h) Notwithstanding subsections (a) through (g) of this Code section, a corporation shall be protected from liability in relying on and treating the persons in whose names shares stand on the record of shareholders as the owners thereof for all purposes.

(i) When notice of redemption of redeemable shares has been mailed to the holders thereof and a sum sufficient to redeem such shares has been set aside to pay the redemption price to shareholders, such shares shall not be entitled to vote in any manner and shall not be deemed to be outstanding shares.

(i) When notice of redemption of redeemable shares has been mailed to the holders thereof and a sum sufficient to redeem such shares has been set aside to pay the redemption price to shareholders, such shares shall not be entitled to vote in any manner and shall not be deemed to be outstanding shares.
O.C.G.A. § 7-1-396 — GA Code / Title 7 / Chapter 1 / Section 7-1-396
Georgia Code Title 7. Banking and Finance § 7-1-396
Status: in_force

(a) As of the issuance of the certificate of incorporation by the Secretary of State, the corporate existence of the bank or trust company shall begin and those persons who subscribed for shares prior to filing of the articles, or their assignees, shall be shareholders in the bank or trust company; provided, nevertheless, that the department shall have full authority to regulate and supervise the activities of promoters, incorporators, initially named directors, subscribers for shares, and all persons soliciting offers to subscribe for shares in any bank in formation under this chapter even though the corporate existence of the bank may not have officially begun and the bank in formation shall be considered a “bank” for those purposes. Persons named in the articles of incorporation and approved by the department as initial directors of the bank in formation shall not be considered agents or broker-dealers within the meaning of paragraphs (1) and (3) of Code Section 10-5-2 .

(a) As of the issuance of the certificate of incorporation by the Secretary of State, the corporate existence of the bank or trust company shall begin and those persons who subscribed for shares prior to filing of the articles, or their assignees, shall be shareholders in the bank or trust company; provided, nevertheless, that the department shall have full authority to regulate and supervise the activities of promoters, incorporators, initially named directors, subscribers for shares, and all persons soliciting offers to subscribe for shares in any bank in formation under this chapter even though the corporate existence of the bank may not have officially begun and the bank in formation shall be considered a “bank” for those purposes. Persons named in the articles of incorporation and approved by the department as initial directors of the bank in formation shall not be considered agents or broker-dealers within the meaning of paragraphs (1) and (3) of Code Section 10-5-2 .

(b) The certificate of incorporation shall be conclusive evidence of the fact that the bank or trust company has been incorporated; but proceedings may be instituted by the state to dissolve, wind up, and terminate a bank or trust company in accordance with Code Section 7-1-92 and other applicable provisions of this chapter.

(b) The certificate of incorporation shall be conclusive evidence of the fact that the bank or trust company has been incorporated; but proceedings may be instituted by the state to dissolve, wind up, and terminate a bank or trust company in accordance with Code Section 7-1-92 and other applicable provisions of this chapter.

(c) Until receipt of a permit to begin business issued by the department, a bank or trust company shall not transact any business except such business as is incident to its organization or to the obtaining of subscriptions and payment for its shares and other securities.

(c) Until receipt of a permit to begin business issued by the department, a bank or trust company shall not transact any business except such business as is incident to its organization or to the obtaining of subscriptions and payment for its shares and other securities.

(d) The department shall issue to a bank or trust company a permit to begin business when: (1) Capital stock of the bank or trust company shall have been fully paid in, in cash, and in no event in an amount less than the minimum capital stock for banks or trust companies under Code Section 7-1-410 , and, in addition, there shall have been paid in: (A) Paid-in capital in an amount not less than 20 percent of the capital stock; and (B) The proceeds of subordinated securities, if any, which were considered part of the capital structure of the bank or trust company by the department under Code Section 7-1-419 in giving its approval of the proposed institution; (2) All of the directors have taken the oath or affirmation required by Code Section 7-1-484 ; (3) The bylaws of the bank or trust company have been filed with the department; (4) The bank or trust company has designated its registered agent and registered office pursuant to Code Section 7-1-132 ; (5) The bank or trust company has been organized and is ready to begin the business for which it was incorporated; (6) All conditions imposed by the department in giving its approval of the proposed bank or trust company under Code Section 7-1-394 have been satisfied; and (7) The department has received an affidavit signed by the president or secretary and by at least a majority of the directors of the bank or trust company to the effect that all of the foregoing requirements of this subsection have been satisfied.

(d) The department shall issue to a bank or trust company a permit to begin business when:

(1) Capital stock of the bank or trust company shall have been fully paid in, in cash, and in no event in an amount less than the minimum capital stock for banks or trust companies under Code Section 7-1-410 , and, in addition, there shall have been paid in: (A) Paid-in capital in an amount not less than 20 percent of the capital stock; and (B) The proceeds of subordinated securities, if any, which were considered part of the capital structure of the bank or trust company by the department under Code Section 7-1-419 in giving its approval of the proposed institution;

(1) Capital stock of the bank or trust company shall have been fully paid in, in cash, and in no event in an amount less than the minimum capital stock for banks or trust companies under Code Section 7-1-410 , and, in addition, there shall have been paid in:

(A) Paid-in capital in an amount not less than 20 percent of the capital stock; and

(A) Paid-in capital in an amount not less than 20 percent of the capital stock; and

(B) The proceeds of subordinated securities, if any, which were considered part of the capital structure of the bank or trust company by the department under Code Section 7-1-419 in giving its approval of the proposed institution;

(B) The proceeds of subordinated securities, if any, which were considered part of the capital structure of the bank or trust company by the department under Code Section 7-1-419 in giving its approval of the proposed institution;

(2) All of the directors have taken the oath or affirmation required by Code Section 7-1-484 ;

(2) All of the directors have taken the oath or affirmation required by Code Section 7-1-484 ;

(3) The bylaws of the bank or trust company have been filed with the department;

(3) The bylaws of the bank or trust company have been filed with the department;

(4) The bank or trust company has designated its registered agent and registered office pursuant to Code Section 7-1-132 ;

(4) The bank or trust company has designated its registered agent and registered office pursuant to Code Section 7-1-132 ;

(5) The bank or trust company has been organized and is ready to begin the business for which it was incorporated;

(5) The bank or trust company has been organized and is ready to begin the business for which it was incorporated;

(6) All conditions imposed by the department in giving its approval of the proposed bank or trust company under Code Section 7-1-394 have been satisfied; and

(6) All conditions imposed by the department in giving its approval of the proposed bank or trust company under Code Section 7-1-394 have been satisfied; and

(7) The department has received an affidavit signed by the president or secretary and by at least a majority of the directors of the bank or trust company to the effect that all of the foregoing requirements of this subsection have been satisfied.

(7) The department has received an affidavit signed by the president or secretary and by at least a majority of the directors of the bank or trust company to the effect that all of the foregoing requirements of this subsection have been satisfied.
O.C.G.A. § 7-1-743 — GA Code / Title 7 / Chapter 1 / Section 7-1-743
Georgia Code Title 7. Banking and Finance § 7-1-743
Status: in_force

(a) Upon receipt of an application for approval of articles from a corporation organized pursuant to this article, the department shall exercise its discretion in its consideration of the application; but the department shall not approve the application until it has ascertained to its satisfaction: (1) That the public need and advantage will be promoted by the establishment of the corporation; (2) That conditions in the locality in which the corporation will transact business afford reasonable promise of a successful operation; (3) That the applicants may legally invest in the stock of the corporation and that such investment would not be to the detriment of the applicants; (4) That the proposed members are in good standing with their respective supervisory authorities; and (5) That the proposed officers and directors have sufficient experience, ability, and standing to afford reasonable promise of a successful operation.

(a) Upon receipt of an application for approval of articles from a corporation organized pursuant to this article, the department shall exercise its discretion in its consideration of the application; but the department shall not approve the application until it has ascertained to its satisfaction:

(1) That the public need and advantage will be promoted by the establishment of the corporation;

(1) That the public need and advantage will be promoted by the establishment of the corporation;

(2) That conditions in the locality in which the corporation will transact business afford reasonable promise of a successful operation;

(2) That conditions in the locality in which the corporation will transact business afford reasonable promise of a successful operation;

(3) That the applicants may legally invest in the stock of the corporation and that such investment would not be to the detriment of the applicants;

(3) That the applicants may legally invest in the stock of the corporation and that such investment would not be to the detriment of the applicants;

(4) That the proposed members are in good standing with their respective supervisory authorities; and

(4) That the proposed members are in good standing with their respective supervisory authorities; and

(5) That the proposed officers and directors have sufficient experience, ability, and standing to afford reasonable promise of a successful operation.

(5) That the proposed officers and directors have sufficient experience, ability, and standing to afford reasonable promise of a successful operation.

(b) Within 90 days after receipt of an application for approval of the articles, the department shall issue a certificate either granting or denying permission for the corporation to commence business, provided that in no instance shall the department grant such permission until it has ascertained to its satisfaction that the above conditions and circumstances have been met and that the articles are in accordance with this article.

(b) Within 90 days after receipt of an application for approval of the articles, the department shall issue a certificate either granting or denying permission for the corporation to commence business, provided that in no instance shall the department grant such permission until it has ascertained to its satisfaction that the above conditions and circumstances have been met and that the articles are in accordance with this article.
O.C.G.A. § 7-1-1003 — GA Code / Title 7 / Chapter 1 / Section 7-1-1003
Georgia Code Title 7. Banking and Finance § 7-1-1003
Status: in_force

(a) An application for a license under this article shall be made in writing, under oath, and in such form as the department may prescribe. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the department and may be changed or updated as necessary by the department in order to carry out the purposes of this article. The department, by regulation, may prescribe different classes of licenses for mortgage loan originators, mortgage brokers, and mortgage lenders.

(a) An application for a license under this article shall be made in writing, under oath, and in such form as the department may prescribe. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the department and may be changed or updated as necessary by the department in order to carry out the purposes of this article. The department, by regulation, may prescribe different classes of licenses for mortgage loan originators, mortgage brokers, and mortgage lenders.

(b) The application shall include the following: (1) The legal name and address of the applicant and, if the applicant is a partnership, association, corporation, or other business entity, of every member, officer, and director thereof; (2) All names, including, but not limited to, website domain names (URLs), under which the applicant will conduct business in Georgia; (3) For mortgage brokers and mortgage lenders, the address of the main office or principal place of business where books and records are located and any other locations at which the applicant will engage in any business activity covered by the provisions of this article, together with the mailing address where the department shall send all correspondence, orders, or notices. Any changes in this mailing address shall be delivered in writing to the department before the change is effective; (4) For mortgage brokers and mortgage lenders, the complete name and address of the applicant's initial registered agent and registered office for service of process in Georgia. If the applicant is a Georgia corporation, this registered agent shall be the same as the agent recorded with the Secretary of State. Any changes in the registered agent or registered office shall be delivered in writing to the department and the Secretary of State, if applicable, before the change is effective. The registered agent may, but is not required to, be an officer of the applicant, and the registered office shall be a Georgia location where the registered agent may be served; (5) For mortgage brokers and mortgage lenders, the general plan and character of the business; (6) For mortgage brokers and mortgage lenders, a financial statement of the applicant; (7) For mortgage brokers and mortgage lenders, such other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, trustees, officers, members, agents, or ultimate equitable owners of 10 percent or more of the applicant; and (8) For mortgage brokers and mortgage loan originators, evidence of satisfaction of experience or education requirements, as required by regulations of the department.

(b) The application shall include the following:

(1) The legal name and address of the applicant and, if the applicant is a partnership, association, corporation, or other business entity, of every member, officer, and director thereof;

(1) The legal name and address of the applicant and, if the applicant is a partnership, association, corporation, or other business entity, of every member, officer, and director thereof;

(2) All names, including, but not limited to, website domain names (URLs), under which the applicant will conduct business in Georgia;

(2) All names, including, but not limited to, website domain names (URLs), under which the applicant will conduct business in Georgia;

(3) For mortgage brokers and mortgage lenders, the address of the main office or principal place of business where books and records are located and any other locations at which the applicant will engage in any business activity covered by the provisions of this article, together with the mailing address where the department shall send all correspondence, orders, or notices. Any changes in this mailing address shall be delivered in writing to the department before the change is effective;

(3) For mortgage brokers and mortgage lenders, the address of the main office or principal place of business where books and records are located and any other locations at which the applicant will engage in any business activity covered by the provisions of this article, together with the mailing address where the department shall send all correspondence, orders, or notices. Any changes in this mailing address shall be delivered in writing to the department before the change is effective;

(4) For mortgage brokers and mortgage lenders, the complete name and address of the applicant's initial registered agent and registered office for service of process in Georgia. If the applicant is a Georgia corporation, this registered agent shall be the same as the agent recorded with the Secretary of State. Any changes in the registered agent or registered office shall be delivered in writing to the department and the Secretary of State, if applicable, before the change is effective. The registered agent may, but is not required to, be an officer of the applicant, and the registered office shall be a Georgia location where the registered agent may be served;

(4) For mortgage brokers and mortgage lenders, the complete name and address of the applicant's initial registered agent and registered office for service of process in Georgia. If the applicant is a Georgia corporation, this registered agent shall be the same as the agent recorded with the Secretary of State. Any changes in the registered agent or registered office shall be delivered in writing to the department and the Secretary of State, if applicable, before the change is effective. The registered agent may, but is not required to, be an officer of the applicant, and the registered office shall be a Georgia location where the registered agent may be served;

(5) For mortgage brokers and mortgage lenders, the general plan and character of the business;

(5) For mortgage brokers and mortgage lenders, the general plan and character of the business;

(6) For mortgage brokers and mortgage lenders, a financial statement of the applicant;

(6) For mortgage brokers and mortgage lenders, a financial statement of the applicant;

(7) For mortgage brokers and mortgage lenders, such other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, trustees, officers, members, agents, or ultimate equitable owners of 10 percent or more of the applicant; and

(7) For mortgage brokers and mortgage lenders, such other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, trustees, officers, members, agents, or ultimate equitable owners of 10 percent or more of the applicant; and

(8) For mortgage brokers and mortgage loan originators, evidence of satisfaction of experience or education requirements, as required by regulations of the department.

(8) For mortgage brokers and mortgage loan originators, evidence of satisfaction of experience or education requirements, as required by regulations of the department.

(c) All applications filed under this Code section shall be filed together with: (1) Investigation and supervision fees established by regulation; (2) The items required by Code Section 7-1-1003.2 ; and (3) Other information as may be required by the department.

(c) All applications filed under this Code section shall be filed together with:

(1) Investigation and supervision fees established by regulation;

(1) Investigation and supervision fees established by regulation;

(2) The items required by Code Section 7-1-1003.2 ; and

(2) The items required by Code Section 7-1-1003.2 ; and

(3) Other information as may be required by the department.

(3) Other information as may be required by the department.
O.C.G.A. § 7-1-486 — GA Code / Title 7 / Chapter 1 / Section 7-1-486
Georgia Code Title 7. Banking and Finance § 7-1-486
Status: in_force

The board of directors of any bank or trust company may appoint an individual as an honorary director or director emeritus or member of an advisory board. An individual so appointed may be compensated but may not vote at any meeting of the board of directors or be counted in determining a quorum and shall not have any responsibility or be subject to any liability imposed upon a director, or otherwise be deemed a director.
O.C.G.A. § 7-1-657 — GA Code / Title 7 / Chapter 1 / Section 7-1-657
Georgia Code Title 7. Banking and Finance § 7-1-657
Status: in_force

(a) The audit committee shall be responsible for securing a comprehensive audit of the credit union at least once each year unless such time period is modified pursuant to the rules and regulations of the department. Except as provided for in subsection (c) of this Code section, the committee shall employ the services of a licensed, independent certified public accountant or firm of such accountants to make such comprehensive audit. The results of the audit shall be submitted to the board, and the committee shall present a summary of the results of the audit to the membership. The committee shall make recommendations to the board for the correction of any deficiencies disclosed by the audit. The annual audit shall include a confirmation of the share, deposit, and loan accounts of the members and such other procedures as the department might require. The annual audit shall be preserved with the records of the credit union, and a copy of such audit shall be filed with the department upon request by the department.

(a) The audit committee shall be responsible for securing a comprehensive audit of the credit union at least once each year unless such time period is modified pursuant to the rules and regulations of the department. Except as provided for in subsection (c) of this Code section, the committee shall employ the services of a licensed, independent certified public accountant or firm of such accountants to make such comprehensive audit. The results of the audit shall be submitted to the board, and the committee shall present a summary of the results of the audit to the membership. The committee shall make recommendations to the board for the correction of any deficiencies disclosed by the audit. The annual audit shall include a confirmation of the share, deposit, and loan accounts of the members and such other procedures as the department might require. The annual audit shall be preserved with the records of the credit union, and a copy of such audit shall be filed with the department upon request by the department.

(b) The audit committee, from time to time, may conduct or cause to be conducted other audit functions or reviews of operations or may make or cause to be made an inspection of the assets and the liabilities of the credit union. The committee shall report the results of any such reviews to the board of directors and shall be responsible for making specific recommendations to the board regarding any unsafe, unsound, or unauthorized activities discovered.

(b) The audit committee, from time to time, may conduct or cause to be conducted other audit functions or reviews of operations or may make or cause to be made an inspection of the assets and the liabilities of the credit union. The committee shall report the results of any such reviews to the board of directors and shall be responsible for making specific recommendations to the board regarding any unsafe, unsound, or unauthorized activities discovered.

(c) Based upon the total assets of a credit union, the complexity of a credit union, or other factors, the department may enact rules and regulations authorizing certain credit unions to obtain the required comprehensive audit from an individual or entity that is not a licensed, independent certified public accountant or firm of such accountants so long as the individual or entity is independent or otherwise qualified.

(c) Based upon the total assets of a credit union, the complexity of a credit union, or other factors, the department may enact rules and regulations authorizing certain credit unions to obtain the required comprehensive audit from an individual or entity that is not a licensed, independent certified public accountant or firm of such accountants so long as the individual or entity is independent or otherwise qualified.
O.C.G.A. § 7-1-623 — GA Code / Title 7 / Chapter 1 / Section 7-1-623
Georgia Code Title 7. Banking and Finance § 7-1-623
Status: in_force

(a) Subject to any applicable restrictions an out-of-state bank holding company having a bank subsidiary with banking offices in Georgia may acquire a bank that does not have banking offices in this state, and an out-of-state bank holding company may acquire an out-of-state bank with branch offices in Georgia without the approval of the department.

(a) Subject to any applicable restrictions an out-of-state bank holding company having a bank subsidiary with banking offices in Georgia may acquire a bank that does not have banking offices in this state, and an out-of-state bank holding company may acquire an out-of-state bank with branch offices in Georgia without the approval of the department.

(b) A bank holding company may engage in the transactions described in paragraphs (1) and (2) of this subsection without the necessity of complying with Code Section 7-1-622 , provided that it notifies the department not less than 30 days following the consummation of the transaction. (1) The acquisition of a Georgia bank, if such acquisition has been consummated with assistance from the Federal Deposit Insurance Corporation under Section 13(c) of the Federal Deposit Insurance Act, as amended, 12 U.S.C. Section 1823(c) ; or (2) The acquisition of a Georgia bank, if such acquisition has been consummated in the regular course of securing or collecting a debt previously contracted in good faith, as provided in and subject to the requirements of Section 3(a) of the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. Section 1842(a) . The bank or bank holding company must divest the securities or assets acquired within two years of the date of acquisition. The department may, in its discretion, permit the bank or bank holding company to retain such interest for up to three additional periods of one year each.

(b) A bank holding company may engage in the transactions described in paragraphs (1) and (2) of this subsection without the necessity of complying with Code Section 7-1-622 , provided that it notifies the department not less than 30 days following the consummation of the transaction.

(1) The acquisition of a Georgia bank, if such acquisition has been consummated with assistance from the Federal Deposit Insurance Corporation under Section 13(c) of the Federal Deposit Insurance Act, as amended, 12 U.S.C. Section 1823(c) ; or

(1) The acquisition of a Georgia bank, if such acquisition has been consummated with assistance from the Federal Deposit Insurance Corporation under Section 13(c) of the Federal Deposit Insurance Act, as amended, 12 U.S.C. Section 1823(c) ; or

(2) The acquisition of a Georgia bank, if such acquisition has been consummated in the regular course of securing or collecting a debt previously contracted in good faith, as provided in and subject to the requirements of Section 3(a) of the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. Section 1842(a) . The bank or bank holding company must divest the securities or assets acquired within two years of the date of acquisition. The department may, in its discretion, permit the bank or bank holding company to retain such interest for up to three additional periods of one year each.

(2) The acquisition of a Georgia bank, if such acquisition has been consummated in the regular course of securing or collecting a debt previously contracted in good faith, as provided in and subject to the requirements of Section 3(a) of the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. Section 1842(a) . The bank or bank holding company must divest the securities or assets acquired within two years of the date of acquisition. The department may, in its discretion, permit the bank or bank holding company to retain such interest for up to three additional periods of one year each.

(c) An out-of-state bank holding company acquiring a Georgia bank holding company or Georgia state bank shall notify the department upon filing an application with the appropriate federal or state financial regulator. The notification requirements of this subsection shall be satisfied by furnishing the department with a copy of the application or applications filed with applicable bank supervisory agencies seeking approval for the proposed transaction and such other information as the department shall request. In addition, the parties shall file with the department and the Secretary of State a certificate of approval of the acquisition by the appropriate supervisory agencies prior to consummation of the transaction. The department may, for good cause shown, object to the transaction by letter to the out-of-state bank holding company, the Georgia bank holding company, and to the appropriate federal or state financial regulator before consummation of the transaction. In the event of such objection, the acquisition cannot be consummated without the parties obtaining the approval of the department.

(c) An out-of-state bank holding company acquiring a Georgia bank holding company or Georgia state bank shall notify the department upon filing an application with the appropriate federal or state financial regulator. The notification requirements of this subsection shall be satisfied by furnishing the department with a copy of the application or applications filed with applicable bank supervisory agencies seeking approval for the proposed transaction and such other information as the department shall request. In addition, the parties shall file with the department and the Secretary of State a certificate of approval of the acquisition by the appropriate supervisory agencies prior to consummation of the transaction. The department may, for good cause shown, object to the transaction by letter to the out-of-state bank holding company, the Georgia bank holding company, and to the appropriate federal or state financial regulator before consummation of the transaction. In the event of such objection, the acquisition cannot be consummated without the parties obtaining the approval of the department.