O.C.G.A. § 7-1-650 — GA Code / Title 7 / Chapter 1 / Section 7-1-650
Georgia Code Title 7. Banking and Finance § 7-1-650
Status: reserved

A credit union shall have, in addition to the powers common to all corporations under the laws of this state, the power to:

(1) Receive funds from its members or other financial institutions in the form of shares and deposits on accounts or as evidenced by certificates of deposit issued by the credit union;

(1) Receive funds from its members or other financial institutions in the form of shares and deposits on accounts or as evidenced by certificates of deposit issued by the credit union;

(2) Receive savings deposits from nonmembers, provided that such deposits are: (A) Insured by or through a federal public body or are expressly authorized by state or federal law; (B) Made in such a manner as expressly authorized by the bylaws; (C) Not deposited in a share draft account; and (D) Not bearing a greater rate of interest than the rate of interest paid to members for the same class of deposit;

(2) Receive savings deposits from nonmembers, provided that such deposits are:

(A) Insured by or through a federal public body or are expressly authorized by state or federal law;

(A) Insured by or through a federal public body or are expressly authorized by state or federal law;

(B) Made in such a manner as expressly authorized by the bylaws;

(B) Made in such a manner as expressly authorized by the bylaws;

(C) Not deposited in a share draft account; and

(C) Not deposited in a share draft account; and

(D) Not bearing a greater rate of interest than the rate of interest paid to members for the same class of deposit;

(D) Not bearing a greater rate of interest than the rate of interest paid to members for the same class of deposit;

(3) Make loans to members subject to approval by its credit committee or authorized employees pursuant to Code Section 7-1-658 ;

(3) Make loans to members subject to approval by its credit committee or authorized employees pursuant to Code Section 7-1-658 ;

(4) On the authority of its board of directors or by employees authorized by the board of directors, invest: (A) In general and direct obligations of the United States, including bonds and securities upon which payment of principal and interest is fully guaranteed by the United States; in general and direct obligations of any state or territorial government of the United States upon which payment of principal and interest is fully guaranteed by the state or territory; in general and direct obligations of counties, districts, and municipalities of any state or territorial government of the United States upon which payment of principal and interest is fully guaranteed by the issuing county, district, or municipality; obligations issued by banks for cooperatives, federal land banks, federal intermediate credit banks, federal home loan banks, the Federal Home Loan Bank Board, or any corporation designated in Section 846 of Title 31 of the United States Code as a wholly owned government corporation; or in obligations, participations, or other instruments of or issued by or fully guaranteed as to principal and interest by the Federal National Mortgage Association or the Government National Mortgage Association; (B) Reserved; (C) In loans to other credit unions, provided that the loans in the aggregate do not exceed 50 percent of the net worth of the lending credit union; (D) By depositing its funds in banks, savings and loan associations, and credit unions; by purchasing certificates of deposit and savings certificates which such financial institutions are authorized to issue; by selling or purchasing federal or correspondent (daily) funds through such financial institutions; and by selling or purchasing whole loans or loan participations. The authorizations in this subparagraph shall be subject to limitations prescribed in regulations issued by the department; and (E) In any other types of investments authorized by the department, provided that such investments shall not, in the aggregate, exceed 25 percent of its net worth;

(4) On the authority of its board of directors or by employees authorized by the board of directors, invest:

(A) In general and direct obligations of the United States, including bonds and securities upon which payment of principal and interest is fully guaranteed by the United States; in general and direct obligations of any state or territorial government of the United States upon which payment of principal and interest is fully guaranteed by the state or territory; in general and direct obligations of counties, districts, and municipalities of any state or territorial government of the United States upon which payment of principal and interest is fully guaranteed by the issuing county, district, or municipality; obligations issued by banks for cooperatives, federal land banks, federal intermediate credit banks, federal home loan banks, the Federal Home Loan Bank Board, or any corporation designated in Section 846 of Title 31 of the United States Code as a wholly owned government corporation; or in obligations, participations, or other instruments of or issued by or fully guaranteed as to principal and interest by the Federal National Mortgage Association or the Government National Mortgage Association;

(A) In general and direct obligations of the United States, including bonds and securities upon which payment of principal and interest is fully guaranteed by the United States; in general and direct obligations of any state or territorial government of the United States upon which payment of principal and interest is fully guaranteed by the state or territory; in general and direct obligations of counties, districts, and municipalities of any state or territorial government of the United States upon which payment of principal and interest is fully guaranteed by the issuing county, district, or municipality; obligations issued by banks for cooperatives, federal land banks, federal intermediate credit banks, federal home loan banks, the Federal Home Loan Bank Board, or any corporation designated in Section 846 of Title 31 of the United States Code as a wholly owned government corporation; or in obligations, participations, or other instruments of or issued by or fully guaranteed as to principal and interest by the Federal National Mortgage Association or the Government National Mortgage Association;

(B) Reserved;

(B) Reserved;

(C) In loans to other credit unions, provided that the loans in the aggregate do not exceed 50 percent of the net worth of the lending credit union;

(C) In loans to other credit unions, provided that the loans in the aggregate do not exceed 50 percent of the net worth of the lending credit union;

(D) By depositing its funds in banks, savings and loan associations, and credit unions; by purchasing certificates of deposit and savings certificates which such financial institutions are authorized to issue; by selling or purchasing federal or correspondent (daily) funds through such financial institutions; and by selling or purchasing whole loans or loan participations. The authorizations in this subparagraph shall be subject to limitations prescribed in regulations issued by the department; and

(D) By depositing its funds in banks, savings and loan associations, and credit unions; by purchasing certificates of deposit and savings certificates which such financial institutions are authorized to issue; by selling or purchasing federal or correspondent (daily) funds through such financial institutions; and by selling or purchasing whole loans or loan participations. The authorizations in this subparagraph shall be subject to limitations prescribed in regulations issued by the department; and

(E) In any other types of investments authorized by the department, provided that such investments shall not, in the aggregate, exceed 25 percent of its net worth;

(E) In any other types of investments authorized by the department, provided that such investments shall not, in the aggregate, exceed 25 percent of its net worth;

(5) Borrow from any source, provided that the total of such funded borrowings shall at no time exceed 200 percent of its net worth. The department may, notwithstanding the other provisions of this Code section, waive the requirements of this paragraph to permit an individual credit union to borrow for authorized purposes;

(5) Borrow from any source, provided that the total of such funded borrowings shall at no time exceed 200 percent of its net worth. The department may, notwithstanding the other provisions of this Code section, waive the requirements of this paragraph to permit an individual credit union to borrow for authorized purposes;

(6) Undertake, with the approval of the department, other activities which are not inconsistent with this chapter or regulations adopted pursuant thereto; provided, however, that no such approval shall be granted unless the commissioner determines the activities do not present undue safety and soundness risks to the credit union involved;

(6) Undertake, with the approval of the department, other activities which are not inconsistent with this chapter or regulations adopted pursuant thereto; provided, however, that no such approval shall be granted unless the commissioner determines the activities do not present undue safety and soundness risks to the credit union involved;

(7) Organize and engage in business without having any stated amount of capital subscribed or paid in other than that derived from the subscribers' qualifying shares, commence business with only such capital authorized and paid in as may be provided in its bylaws, and provide for the payment and withdrawal thereof as and in the manner provided by its bylaws;

(7) Organize and engage in business without having any stated amount of capital subscribed or paid in other than that derived from the subscribers' qualifying shares, commence business with only such capital authorized and paid in as may be provided in its bylaws, and provide for the payment and withdrawal thereof as and in the manner provided by its bylaws;

(8) Purchase, hold, and convey real estate for the following purposes only: (A) Such real estate as the credit union occupies or intends to occupy primarily for the transaction of its business, subject to the prior approval of the department except to the extent authorized by regulation; (B) Such real estate as shall be conveyed to it in satisfaction of debt previously contracted in the course of its business; and (C) Such real estate as it shall purchase at sales under judgments, decrees, or mortgage foreclosures pursuant to mortgages or security deeds held by it;

(8) Purchase, hold, and convey real estate for the following purposes only:

(A) Such real estate as the credit union occupies or intends to occupy primarily for the transaction of its business, subject to the prior approval of the department except to the extent authorized by regulation;

(A) Such real estate as the credit union occupies or intends to occupy primarily for the transaction of its business, subject to the prior approval of the department except to the extent authorized by regulation;

(B) Such real estate as shall be conveyed to it in satisfaction of debt previously contracted in the course of its business; and

(B) Such real estate as shall be conveyed to it in satisfaction of debt previously contracted in the course of its business; and

(C) Such real estate as it shall purchase at sales under judgments, decrees, or mortgage foreclosures pursuant to mortgages or security deeds held by it;

(C) Such real estate as it shall purchase at sales under judgments, decrees, or mortgage foreclosures pursuant to mortgages or security deeds held by it;

(9) Hold real estate acquired in the cases provided for by subparagraphs (B) and (C) of paragraph (8) of this Code section and real estate which has ceased to be used primarily as credit union premises, subject to a determination by a majority vote of its directors at least once each year as to the advisability of retaining any such property and provided that no such property is held for more than five years without the prior written approval of the department;

(9) Hold real estate acquired in the cases provided for by subparagraphs (B) and (C) of paragraph (8) of this Code section and real estate which has ceased to be used primarily as credit union premises, subject to a determination by a majority vote of its directors at least once each year as to the advisability of retaining any such property and provided that no such property is held for more than five years without the prior written approval of the department;

(10) Hold property other than real estate, which is acquired in satisfaction of debts previously contracted and which a credit union is not otherwise authorized to own, for no longer than six months unless such time period is extended by the department;

(10) Hold property other than real estate, which is acquired in satisfaction of debts previously contracted and which a credit union is not otherwise authorized to own, for no longer than six months unless such time period is extended by the department;

(11) Dispose of property held pursuant to paragraphs (9) and (10) of this subsection through financing by the credit union without the advance of additional funds irrespective of the purchasers' membership in the credit union and of ordinarily applicable collateral margin requirements;

(11) Dispose of property held pursuant to paragraphs (9) and (10) of this subsection through financing by the credit union without the advance of additional funds irrespective of the purchasers' membership in the credit union and of ordinarily applicable collateral margin requirements;

(12) Provide, in its articles of incorporation approved by a majority of its membership present and voting, for the elimination or limitation of personal liability of a director to the credit union or its members in their capacity as shareholders of the credit union to the same extent as a bank or trust company operating under the provisions of this chapter;

(12) Provide, in its articles of incorporation approved by a majority of its membership present and voting, for the elimination or limitation of personal liability of a director to the credit union or its members in their capacity as shareholders of the credit union to the same extent as a bank or trust company operating under the provisions of this chapter;

(13) Subject to any rules and regulations enacted by the department and in compliance with federal law and applicable provisions regarding insurable interests in Chapter 24 of Title 33, purchase, hold, or fund insurance on the life of any of its directors, officers, or employees, or any other person whose death might cause financial loss to the credit union, or, pursuant to any contract lawfully obligating the credit union as guarantor or surety, on the life of the principal obligor;

(13) Subject to any rules and regulations enacted by the department and in compliance with federal law and applicable provisions regarding insurable interests in Chapter 24 of Title 33, purchase, hold, or fund insurance on the life of any of its directors, officers, or employees, or any other person whose death might cause financial loss to the credit union, or, pursuant to any contract lawfully obligating the credit union as guarantor or surety, on the life of the principal obligor;

(14) Provide third-party payment services to its members;

(14) Provide third-party payment services to its members;

(15) Provide check-cashing services, sale of payment instruments, or sale of international remittances to those consumers eligible for membership; and

(15) Provide check-cashing services, sale of payment instruments, or sale of international remittances to those consumers eligible for membership; and

(16) Enter into an agency relationship, as defined in Code Section 7-1-4 , subject to restrictions and qualifications prescribed by rules and regulations of the department.

(16) Enter into an agency relationship, as defined in Code Section 7-1-4 , subject to restrictions and qualifications prescribed by rules and regulations of the department.
O.C.G.A. § 7-1-233 — GA Code / Title 7 / Chapter 1 / Section 7-1-233
Georgia Code Title 7. Banking and Finance § 7-1-233
Status: in_force

Except as otherwise provided by regulation of the department, a notice filed pursuant to Code Section 7-1-232 shall contain the following information:

(1) The identity, personal history, business background, and experience of each person by whom or on whose behalf the acquisition is to be made, including his material business activities and affiliations during the past five years and a description of any material pending legal or administrative proceedings in which he is a party and any criminal indictment or conviction of such person by a state or federal court;

(1) The identity, personal history, business background, and experience of each person by whom or on whose behalf the acquisition is to be made, including his material business activities and affiliations during the past five years and a description of any material pending legal or administrative proceedings in which he is a party and any criminal indictment or conviction of such person by a state or federal court;

(2) A statement of the assets and liabilities of each person by whom or on whose behalf the acquisition is to be made, as of the end of the fiscal year for each of the five fiscal years immediately preceding the date of the notice, together with related statements of income and source and application of funds for each of the fiscal years then concluded, all prepared in accordance with generally accepted accounting principles consistently applied, and an interim statement of the assets and liabilities for each such person, together with related statements of income and source and application of funds, as of a date not more than 90 days prior to the date of the filing of the notice;

(2) A statement of the assets and liabilities of each person by whom or on whose behalf the acquisition is to be made, as of the end of the fiscal year for each of the five fiscal years immediately preceding the date of the notice, together with related statements of income and source and application of funds for each of the fiscal years then concluded, all prepared in accordance with generally accepted accounting principles consistently applied, and an interim statement of the assets and liabilities for each such person, together with related statements of income and source and application of funds, as of a date not more than 90 days prior to the date of the filing of the notice;

(3) The terms and conditions of the proposed acquisition and the manner in which the acquisition is to be made;

(3) The terms and conditions of the proposed acquisition and the manner in which the acquisition is to be made;

(4) The identity, source, and amount of the funds or other considerations used or to be used in making the acquisition and, if any part of these funds or other considerations has been or is to be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction, the names of the parties, and any arrangements, agreements, or understandings with such persons;

(4) The identity, source, and amount of the funds or other considerations used or to be used in making the acquisition and, if any part of these funds or other considerations has been or is to be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction, the names of the parties, and any arrangements, agreements, or understandings with such persons;

(5) Any plans or proposals which any acquiring party making the acquisition may have to liquidate the financial institution, to sell its assets or merge it with any company, or to make any other major change in its business or corporate structure or management;

(5) Any plans or proposals which any acquiring party making the acquisition may have to liquidate the financial institution, to sell its assets or merge it with any company, or to make any other major change in its business or corporate structure or management;

(6) The identification of any person employed, retained, or to be compensated by the acquiring party or by any person on his behalf to make solicitations or recommendations to stockholders for the purpose of assisting in the acquisition and a brief description of the terms of such employment, retainer, or arrangement for compensation;

(6) The identification of any person employed, retained, or to be compensated by the acquiring party or by any person on his behalf to make solicitations or recommendations to stockholders for the purpose of assisting in the acquisition and a brief description of the terms of such employment, retainer, or arrangement for compensation;

(7) Copies of all invitations or tenders or advertisements making a tender offer to stockholders for purchase of their stock to be used in connection with the proposed acquisition; and

(7) Copies of all invitations or tenders or advertisements making a tender offer to stockholders for purchase of their stock to be used in connection with the proposed acquisition; and

(8) Any additional relevant information in such forms as the department may require by regulation or by specific request in connection with any particular notice.

(8) Any additional relevant information in such forms as the department may require by regulation or by specific request in connection with any particular notice.
O.C.G.A. § 7-1-113 — GA Code / Title 7 / Chapter 1 / Section 7-1-113
Georgia Code Title 7. Banking and Finance § 7-1-113
Status: in_force

(a) A financial institution which has not transacted any business as a financial institution other than organizational business may propose to dissolve by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes which all shareholders are entitled to cast on the plan and by delivering to the department articles of dissolution which shall be executed by two duly authorized officers or shareholders under the seal of the financial institution and which shall contain: (1) The date of incorporation of the financial institution; (2) A statement that it has not transacted any business as a financial institution other than organizational business; (3) A statement that all liabilities of the financial institution have been paid or provided for; (4) A statement that all amounts received on account of capital stock and paid-in capital, less amounts disbursed for expenses, have been returned to the persons entitled thereto; and (5) The number of shares entitled to vote on the dissolution and the number of shares voted for and against it, respectively.

(a) A financial institution which has not transacted any business as a financial institution other than organizational business may propose to dissolve by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes which all shareholders are entitled to cast on the plan and by delivering to the department articles of dissolution which shall be executed by two duly authorized officers or shareholders under the seal of the financial institution and which shall contain:

(1) The date of incorporation of the financial institution;

(1) The date of incorporation of the financial institution;

(2) A statement that it has not transacted any business as a financial institution other than organizational business;

(2) A statement that it has not transacted any business as a financial institution other than organizational business;

(3) A statement that all liabilities of the financial institution have been paid or provided for;

(3) A statement that all liabilities of the financial institution have been paid or provided for;

(4) A statement that all amounts received on account of capital stock and paid-in capital, less amounts disbursed for expenses, have been returned to the persons entitled thereto; and

(4) A statement that all amounts received on account of capital stock and paid-in capital, less amounts disbursed for expenses, have been returned to the persons entitled thereto; and

(5) The number of shares entitled to vote on the dissolution and the number of shares voted for and against it, respectively.

(5) The number of shares entitled to vote on the dissolution and the number of shares voted for and against it, respectively.

(b) The articles of dissolution shall be delivered to the department together with the filing fee required by Code Section 7-1-862 . If the department is satisfied that the financial institution has not conducted any business other than organizational business and if it finds that the articles of dissolution satisfy the requirements of this chapter, it shall deliver them with its written approval to the Secretary of State and notify the financial institution of its action. If the department shall disapprove the articles of dissolution, it shall give written notice to the financial institution of its disapproval and 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 .

(b) The articles of dissolution shall be delivered to the department together with the filing fee required by Code Section 7-1-862 . If the department is satisfied that the financial institution has not conducted any business other than organizational business and if it finds that the articles of dissolution satisfy the requirements of this chapter, it shall deliver them with its written approval to the Secretary of State and notify the financial institution of its action. If the department shall disapprove the articles of dissolution, it shall give written notice to the financial institution of its disapproval and 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 .

(c) If the department determines that a financial institution has not conducted any business other than organizational business and if articles of dissolution satisfying the requirements of this chapter are not delivered to the department together with the filing fee as required by Code Section 7-1-862 , the department may make written demand upon the financial institution to immediately provide articles of dissolution or to provide cause why such dissolution should not be pursued directly by the department. If the financial institution fails to provide articles of dissolution as required within 60 days from the date of demand by the department, the department may seek dissolution of the financial institution in organization directly from the Secretary of State's office.

(c) If the department determines that a financial institution has not conducted any business other than organizational business and if articles of dissolution satisfying the requirements of this chapter are not delivered to the department together with the filing fee as required by Code Section 7-1-862 , the department may make written demand upon the financial institution to immediately provide articles of dissolution or to provide cause why such dissolution should not be pursued directly by the department. If the financial institution fails to provide articles of dissolution as required within 60 days from the date of demand by the department, the department may seek dissolution of the financial institution in organization directly from the Secretary of State's office.
O.C.G.A. § 7-1-628-6 — GA Code / Title 7 / Chapter 1 / Section 7-1-628-6
Georgia Code Title 7. Banking and Finance § 7-1-628.6
Status: in_force

(a) An out-of-state state bank which establishes and maintains one or more branches in Georgia under this part may conduct any activities at such branch or branches that are authorized under the law of this state for Georgia state banks.

(a) An out-of-state state bank which establishes and maintains one or more branches in Georgia under this part may conduct any activities at such branch or branches that are authorized under the law of this state for Georgia state banks.

(b) A Georgia state bank may conduct any activities at any branch outside Georgia that are authorized by Georgia law or that are permissible for a bank chartered by the host state where the branch is located, except to the extent such activities are expressly prohibited by the laws of this state or by any regulation or order of the commissioner applicable to the Georgia state bank and except where the activity is one that requires approval from the department, in which case such approval must be secured; provided, however, that the commissioner may waive any prohibition or requirement for approval if he or she determines, by order or regulation, that the involvement of out-of-state branches of the Georgia state bank in particular activities would not threaten the safety or soundness of such bank.

(b) A Georgia state bank may conduct any activities at any branch outside Georgia that are authorized by Georgia law or that are permissible for a bank chartered by the host state where the branch is located, except to the extent such activities are expressly prohibited by the laws of this state or by any regulation or order of the commissioner applicable to the Georgia state bank and except where the activity is one that requires approval from the department, in which case such approval must be secured; provided, however, that the commissioner may waive any prohibition or requirement for approval if he or she determines, by order or regulation, that the involvement of out-of-state branches of the Georgia state bank in particular activities would not threaten the safety or soundness of such bank.

(c) An out-of-state bank that has established or acquired a branch in Georgia under this part may establish or acquire additional branches in Georgia to the same extent, but to no greater extent, that any Georgia bank may establish or acquire a branch in Georgia under applicable federal and state law.

(c) An out-of-state bank that has established or acquired a branch in Georgia under this part may establish or acquire additional branches in Georgia to the same extent, but to no greater extent, that any Georgia bank may establish or acquire a branch in Georgia under applicable federal and state law.
O.C.G.A. § 7-1-651-1 — GA Code / Title 7 / Chapter 1 / Section 7-1-651-1
Georgia Code Title 7. Banking and Finance § 7-1-651.1
Status: in_force

(a) Except as provided in subsection (c) of this Code section, the annual meeting of the members shall be held in person.

(a) Except as provided in subsection (c) of this Code section, the annual meeting of the members shall be held in person.

(b) Members may participate and vote remotely at the meetings of the members if the bylaws of the credit union explicitly provide an option for remote participation and voting. If the bylaws so provide, the board of directors shall: (1) Implement reasonable measures to: (A) Provide members a reasonable opportunity to remotely participate in such meetings. Such measures may include, but are not limited to, audio webcast or other broadcast of the meeting but, in every instance, shall provide members the ability to communicate substantially concurrently with the proceedings; (B) Enable members to vote at such meetings by means of electronic communication. Such measures may include, but are not limited to, telephonic or internet voting; and (C) Verify that each person deemed present and permitted to vote remotely is a member in order to ensure the integrity of the vote; (2) Provide the option for remote participation and voting at no cost to members; and (3) Keep a record of remote attendance by members and any vote or other action taken by a member participating remotely.

(b) Members may participate and vote remotely at the meetings of the members if the bylaws of the credit union explicitly provide an option for remote participation and voting. If the bylaws so provide, the board of directors shall:

(1) Implement reasonable measures to: (A) Provide members a reasonable opportunity to remotely participate in such meetings. Such measures may include, but are not limited to, audio webcast or other broadcast of the meeting but, in every instance, shall provide members the ability to communicate substantially concurrently with the proceedings; (B) Enable members to vote at such meetings by means of electronic communication. Such measures may include, but are not limited to, telephonic or internet voting; and (C) Verify that each person deemed present and permitted to vote remotely is a member in order to ensure the integrity of the vote;

(1) Implement reasonable measures to:

(A) Provide members a reasonable opportunity to remotely participate in such meetings. Such measures may include, but are not limited to, audio webcast or other broadcast of the meeting but, in every instance, shall provide members the ability to communicate substantially concurrently with the proceedings;

(A) Provide members a reasonable opportunity to remotely participate in such meetings. Such measures may include, but are not limited to, audio webcast or other broadcast of the meeting but, in every instance, shall provide members the ability to communicate substantially concurrently with the proceedings;

(B) Enable members to vote at such meetings by means of electronic communication. Such measures may include, but are not limited to, telephonic or internet voting; and

(B) Enable members to vote at such meetings by means of electronic communication. Such measures may include, but are not limited to, telephonic or internet voting; and

(C) Verify that each person deemed present and permitted to vote remotely is a member in order to ensure the integrity of the vote;

(C) Verify that each person deemed present and permitted to vote remotely is a member in order to ensure the integrity of the vote;

(2) Provide the option for remote participation and voting at no cost to members; and

(2) Provide the option for remote participation and voting at no cost to members; and

(3) Keep a record of remote attendance by members and any vote or other action taken by a member participating remotely.

(3) Keep a record of remote attendance by members and any vote or other action taken by a member participating remotely.

(c) In the event of a proclaimed emergency pursuant to Code Section 7-1-111 , the board of directors may apply to the department for authorization to conduct a meeting of the members solely through remote participation. If such application is approved by the department, the board of directors shall comply with the requirements of subsection (b) of this Code section.

(c) In the event of a proclaimed emergency pursuant to Code Section 7-1-111 , the board of directors may apply to the department for authorization to conduct a meeting of the members solely through remote participation. If such application is approved by the department, the board of directors shall comply with the requirements of subsection (b) of this Code section.
O.C.G.A. § 7-9-5 — GA Code / Title 7 / Chapter 9 / Section 7-9-5
Georgia Code Title 7. Banking and Finance § 7-9-5
Status: in_force

(a) A merchant acquirer limited purpose bank shall have articles of incorporation signed by the incorporator and shall set forth in the English language: (1) The name of the merchant acquirer limited purpose bank; (2) The street address and county where the main office will be located; (3) The name of the initial registered agent; (4) The street address where its initial registered office will be located; (5) A statement that “This corporation is subject to the ‘Georgia Merchant Acquirer Limited Purpose Bank Act' ”; (6) The aggregate number of shares which the merchant acquirer limited purpose bank shall have authority to issue, and: (A) If the shares are to consist of one class only, the par value of each of the shares; or (B) If the shares are to be divided into classes, the number of shares of each class, the par value of each share of each class, a description of each class, and a statement of the preferences, redemption provisions, qualifications, limitations, restrictions, and the special or relative rights granted to or imposed upon the shares of each class; (7) The term for which the merchant acquirer limited purpose bank is to exist, which shall be perpetual unless otherwise limited; and (8) Any provision not inconsistent with law which the incorporators may choose to include for the regulation of the internal affairs and business of the merchant acquirer limited purpose bank.

(a) A merchant acquirer limited purpose bank shall have articles of incorporation signed by the incorporator and shall set forth in the English language:

(1) The name of the merchant acquirer limited purpose bank;

(1) The name of the merchant acquirer limited purpose bank;

(2) The street address and county where the main office will be located;

(2) The street address and county where the main office will be located;

(3) The name of the initial registered agent;

(3) The name of the initial registered agent;

(4) The street address where its initial registered office will be located;

(4) The street address where its initial registered office will be located;

(5) A statement that “This corporation is subject to the ‘Georgia Merchant Acquirer Limited Purpose Bank Act' ”;

(5) A statement that “This corporation is subject to the ‘Georgia Merchant Acquirer Limited Purpose Bank Act' ”;

(6) The aggregate number of shares which the merchant acquirer limited purpose bank shall have authority to issue, and: (A) If the shares are to consist of one class only, the par value of each of the shares; or (B) If the shares are to be divided into classes, the number of shares of each class, the par value of each share of each class, a description of each class, and a statement of the preferences, redemption provisions, qualifications, limitations, restrictions, and the special or relative rights granted to or imposed upon the shares of each class;

(6) The aggregate number of shares which the merchant acquirer limited purpose bank shall have authority to issue, and:

(A) If the shares are to consist of one class only, the par value of each of the shares; or

(A) If the shares are to consist of one class only, the par value of each of the shares; or

(B) If the shares are to be divided into classes, the number of shares of each class, the par value of each share of each class, a description of each class, and a statement of the preferences, redemption provisions, qualifications, limitations, restrictions, and the special or relative rights granted to or imposed upon the shares of each class;

(B) If the shares are to be divided into classes, the number of shares of each class, the par value of each share of each class, a description of each class, and a statement of the preferences, redemption provisions, qualifications, limitations, restrictions, and the special or relative rights granted to or imposed upon the shares of each class;

(7) The term for which the merchant acquirer limited purpose bank is to exist, which shall be perpetual unless otherwise limited; and

(7) The term for which the merchant acquirer limited purpose bank is to exist, which shall be perpetual unless otherwise limited; and

(8) Any provision not inconsistent with law which the incorporators may choose to include for the regulation of the internal affairs and business of the merchant acquirer limited purpose bank.

(8) Any provision not inconsistent with law which the incorporators may choose to include for the regulation of the internal affairs and business of the merchant acquirer limited purpose bank.

(b) It shall not be necessary to set forth in the articles of incorporation any of the corporate or operational powers set forth in this chapter.

(b) It shall not be necessary to set forth in the articles of incorporation any of the corporate or operational powers set forth in this chapter.

(c) The applicant shall file with the department the articles of incorporation, together with any fee required by the department. Such filing shall constitute an application for a charter and approval to operate as a merchant acquirer limited purpose bank. Immediately upon the filing of the articles of incorporation, the department shall certify a copy of the articles and return it to the applicant, who shall, in conformity with Code Section 7-1-7 and on the next business day following the filing of the articles, transmit for publication in the newspaper which is the official organ of the county where the merchant acquirer limited purpose bank will be located a copy of the articles or, in lieu thereof, a statement that reads substantially as follows: “An application for a charter to operate as a merchant acquirer limited purpose bank to be known as the __________ and to be located at __________ in __________ County, Georgia, will be made to the Secretary of State of Georgia in accordance with Chapter 9 of Title 7 of the Official Code of Georgia Annotated , the ‘Georgia Merchant Acquirer Limited Purpose Bank Act.' A copy of the articles of incorporation of the proposed merchant acquirer limited purpose bank and the application have been filed with the Department of Banking and Finance.” The articles of incorporation or the statement must be published once a week for two consecutive weeks with the first publication occurring within ten days of receipt by the newspaper of the articles of incorporation or statement.

(c) The applicant shall file with the department the articles of incorporation, together with any fee required by the department. Such filing shall constitute an application for a charter and approval to operate as a merchant acquirer limited purpose bank. Immediately upon the filing of the articles of incorporation, the department shall certify a copy of the articles and return it to the applicant, who shall, in conformity with Code Section 7-1-7 and on the next business day following the filing of the articles, transmit for publication in the newspaper which is the official organ of the county where the merchant acquirer limited purpose bank will be located a copy of the articles or, in lieu thereof, a statement that reads substantially as follows:

“An application for a charter to operate as a merchant acquirer limited purpose bank to be known as the __________ and to be located at __________ in __________ County, Georgia, will be made to the Secretary of State of Georgia in accordance with Chapter 9 of Title 7 of the Official Code of Georgia Annotated , the ‘Georgia Merchant Acquirer Limited Purpose Bank Act.' A copy of the articles of incorporation of the proposed merchant acquirer limited purpose bank and the application have been filed with the Department of Banking and Finance.”

The articles of incorporation or the statement must be published once a week for two consecutive weeks with the first publication occurring within ten days of receipt by the newspaper of the articles of incorporation or statement.

(d) Each merchant acquirer limited purpose bank shall name a registered agent and inform the department and the Secretary of State of its current registered agent.

(d) Each merchant acquirer limited purpose bank shall name a registered agent and inform the department and the Secretary of State of its current registered agent.

(e) The administration of business and affairs of a merchant acquirer limited purpose bank shall be the responsibility of a board of directors consisting of at least three directors, a majority of whom shall be residents of this state.

(e) The administration of business and affairs of a merchant acquirer limited purpose bank shall be the responsibility of a board of directors consisting of at least three directors, a majority of whom shall be residents of this state.
O.C.G.A. § 7-1-79 — GA Code / Title 7 / Chapter 1 / Section 7-1-79
Georgia Code Title 7. Banking and Finance § 7-1-79
Status: in_force

(a) The department may determine that formal approvals for certain transactions or activities to be conducted by its regulated entities are not necessary but may be replaced by a discretionary expedited approval process to begin with written notice to the department by the entity which describes the transaction or activity in a form and with a specificity acceptable to the department. For such instances, the department shall promulgate rules and regulations consistent with the authority provided to it in this chapter.

(a) The department may determine that formal approvals for certain transactions or activities to be conducted by its regulated entities are not necessary but may be replaced by a discretionary expedited approval process to begin with written notice to the department by the entity which describes the transaction or activity in a form and with a specificity acceptable to the department. For such instances, the department shall promulgate rules and regulations consistent with the authority provided to it in this chapter.

(b) In the exercise of the discretion permitted by this Code section, the commissioner shall consider: (1) Whether the transaction or activity poses unacceptable safety and soundness risks; (2) Whether the transaction or activity is warranted only for financially strong and well-managed institutions, as such institutions are further defined in department regulations; (3) Whether the transaction or activity is necessary to reduce the burden on financial institutions or other entities which the department regulates; (4) Whether the transaction or activity will assist regulated entities in remaining competitive and responsive to both economic and consumer demands; and (5) Whether the transaction or activity is consistent with the objectives of this Code section.

(b) In the exercise of the discretion permitted by this Code section, the commissioner shall consider:

(1) Whether the transaction or activity poses unacceptable safety and soundness risks;

(1) Whether the transaction or activity poses unacceptable safety and soundness risks;

(2) Whether the transaction or activity is warranted only for financially strong and well-managed institutions, as such institutions are further defined in department regulations;

(2) Whether the transaction or activity is warranted only for financially strong and well-managed institutions, as such institutions are further defined in department regulations;

(3) Whether the transaction or activity is necessary to reduce the burden on financial institutions or other entities which the department regulates;

(3) Whether the transaction or activity is necessary to reduce the burden on financial institutions or other entities which the department regulates;

(4) Whether the transaction or activity will assist regulated entities in remaining competitive and responsive to both economic and consumer demands; and

(4) Whether the transaction or activity will assist regulated entities in remaining competitive and responsive to both economic and consumer demands; and

(5) Whether the transaction or activity is consistent with the objectives of this Code section.

(5) Whether the transaction or activity is consistent with the objectives of this Code section.
O.C.G.A. § 7-1-592 — GA Code / Title 7 / Chapter 1 / Section 7-1-592
Georgia Code Title 7. Banking and Finance § 7-1-592
Status: in_force

A bank or bank holding company domiciled in this state and operating under the laws of the United States or domiciled outside this state and operating under the laws of such other state or territory or of the United States, or its subsidiary, may establish representative offices anywhere in this state, provided that such bank or bank holding company conforms to the requirements of its primary regulator. The permissible activities conducted at such a representative office are governed by federal law if the bank is a national bank or by the law of the state or territory where the bank is domiciled if chartered by another state, except to the extent such activities are expressly prohibited by the laws of this state or by any regulation of the commissioner.
O.C.G.A. § 7-1-201 — GA Code / Title 7 / Chapter 1 / Section 7-1-201
Georgia Code Title 7. Banking and Finance § 7-1-201
Status: in_force

Whenever a dividend remains unclaimed six months after it has been declared and the department is unable to locate the depositor or other claimant to whom said dividend was payable, the dividend shall become a part of the general assets of the financial institution and be distributed as other assets.
O.C.G.A. § 7-1-628-2 — GA Code / Title 7 / Chapter 1 / Section 7-1-628-2
Georgia Code Title 7. Banking and Finance § 7-1-628.2
Status: in_force

Interstate merger transactions between out-of-state banks and Georgia banks including Georgia state banks shall be permitted provided that the applicable conditions, approvals, and filing requirements are met by participating banks and bank holding companies. The approval procedure for mergers involving banks having offices located only in this state are governed by Part 14 of this article. To the extent a bank participating in a merger is owned or controlled by a bank holding company, the provisions of Part 19 of this article shall also apply to the transaction.
O.C.G.A. § 7-7-2 — GA Code / Title 7 / Chapter 7 / Section 7-7-2
Georgia Code Title 7. Banking and Finance § 7-7-2
Status: in_force

No loan broker shall:

(1) Engage in unfair or deceptive acts or practices that are declared to be unlawful by Part 2 of Article 15 of Chapter 1 of Title 10, the “Fair Business Practices Act of 1975”;

(1) Engage in unfair or deceptive acts or practices that are declared to be unlawful by Part 2 of Article 15 of Chapter 1 of Title 10, the “Fair Business Practices Act of 1975”;

(2) Assess, collect, or solicit an advance fee from a borrower to provide services as a loan broker; provided, however, that nothing contained in this paragraph shall preclude a loan broker from soliciting a potential borrower to pay for or preclude a potential borrower from paying for actual services necessary to apply for a loan, including but not limited to a credit check or an appraisal of security where such payment is made by check or money order payable to a party independent of the loan broker;

(2) Assess, collect, or solicit an advance fee from a borrower to provide services as a loan broker; provided, however, that nothing contained in this paragraph shall preclude a loan broker from soliciting a potential borrower to pay for or preclude a potential borrower from paying for actual services necessary to apply for a loan, including but not limited to a credit check or an appraisal of security where such payment is made by check or money order payable to a party independent of the loan broker;

(3) Make or use any false or misleading representations or omit any material fact in the offer or sale of the services of a loan broker or engage, directly or indirectly, in any act that operates or would operate as fraud or deception upon any person in connection with the offer or sale of the services of a loan broker, notwithstanding the absence of reliance by the buyer;

(3) Make or use any false or misleading representations or omit any material fact in the offer or sale of the services of a loan broker or engage, directly or indirectly, in any act that operates or would operate as fraud or deception upon any person in connection with the offer or sale of the services of a loan broker, notwithstanding the absence of reliance by the buyer;

(4) Make or use any false or deceptive representation in its business dealings or to the department or conceal a material fact from the department; or

(4) Make or use any false or deceptive representation in its business dealings or to the department or conceal a material fact from the department; or

(5) Offer the services of a loan broker by making, publishing, disseminating, circulating, or placing before the public within this state an advertisement in a newspaper or other publication or an advertisement in the form of a book, notice, handbill, poster, sign, billboard, bill, circular, pamphlet, letter, photograph, or motion picture or an advertisement circulated by radio, loud-speaker, telephone, television, telegraph, or in any other way, where said offer or advertisement does not disclose the name, business address, and telephone number of the loan broker. For purposes of this Code section, the loan broker shall disclose the actual address and telephone number of the business of the loan broker in addition to the address and telephone number of any forwarding service that the loan broker may use.

(5) Offer the services of a loan broker by making, publishing, disseminating, circulating, or placing before the public within this state an advertisement in a newspaper or other publication or an advertisement in the form of a book, notice, handbill, poster, sign, billboard, bill, circular, pamphlet, letter, photograph, or motion picture or an advertisement circulated by radio, loud-speaker, telephone, television, telegraph, or in any other way, where said offer or advertisement does not disclose the name, business address, and telephone number of the loan broker. For purposes of this Code section, the loan broker shall disclose the actual address and telephone number of the business of the loan broker in addition to the address and telephone number of any forwarding service that the loan broker may use.
O.C.G.A. § 7-1-200 — GA Code / Title 7 / Chapter 1 / Section 7-1-200
Georgia Code Title 7. Banking and Finance § 7-1-200
Status: in_force

(a) If the department has approved all depositors' claims, as proved by them pursuant to this chapter or if not proved as they appear upon the books or other records of the financial institution and if no exception has been filed to an account or to any item thereof within 30 days after the filing of such account by the department, the principal court shall confirm the account absolutely. If any funds are available for distribution, the department shall then declare and pay out of such funds a partial or a final dividend, according to the priorities established by law. If the department has rejected any deposit or claim or if any exception has been filed, the court shall confirm the account as to all other matters and claims. The department may then declare and pay out of the funds available for distribution, if any, a dividend, according to the priorities established by law. The dividend shall be calculated as if all deposits and other claims were valid and approved. The department, before paying any such dividend, shall set apart funds or assets sufficient to pay required distribution on any claim still being asserted which has been rejected or reduced in priority by the department or to which an exception has been filed if the amount and the priority claimed were sustained by the court. If any such claim shall be determined by the court to be valid, the department shall pay to the corporation or person entitled thereto the dividend which has been set apart in the manner provided by this Code section. If any such claim shall be determined by the court to be invalid, the dividend which has been set apart in the manner provided by this Code section shall be distributed in the order of the priorities established by law to those whose claims have been approved by the court; provided, however, that any final determination as to disputed claims may be appealed as provided by law and payments may be withheld pending the results of the appeal.

(a) If the department has approved all depositors' claims, as proved by them pursuant to this chapter or if not proved as they appear upon the books or other records of the financial institution and if no exception has been filed to an account or to any item thereof within 30 days after the filing of such account by the department, the principal court shall confirm the account absolutely. If any funds are available for distribution, the department shall then declare and pay out of such funds a partial or a final dividend, according to the priorities established by law. If the department has rejected any deposit or claim or if any exception has been filed, the court shall confirm the account as to all other matters and claims. The department may then declare and pay out of the funds available for distribution, if any, a dividend, according to the priorities established by law. The dividend shall be calculated as if all deposits and other claims were valid and approved. The department, before paying any such dividend, shall set apart funds or assets sufficient to pay required distribution on any claim still being asserted which has been rejected or reduced in priority by the department or to which an exception has been filed if the amount and the priority claimed were sustained by the court. If any such claim shall be determined by the court to be valid, the department shall pay to the corporation or person entitled thereto the dividend which has been set apart in the manner provided by this Code section. If any such claim shall be determined by the court to be invalid, the dividend which has been set apart in the manner provided by this Code section shall be distributed in the order of the priorities established by law to those whose claims have been approved by the court; provided, however, that any final determination as to disputed claims may be appealed as provided by law and payments may be withheld pending the results of the appeal.

(b) The confirmation of any account after the adjudication of all claims therein which have been rejected or reduced in priority by the department or to which exceptions have been filed and of all other exceptions to such account shall be conclusive as to all matters therein. Except as otherwise provided in this chapter, no claim of any depositor or other creditor shall be valid if not listed and approved in the first account which has been filed. The confirmation of the final account and distribution thereunder shall discharge the department, the commissioner, the deputy receiver, any other employee, and the legal counsel, as well as the surety for any of them, from all further civil liability for any act done in an official capacity with respect to the receivership.

(b) The confirmation of any account after the adjudication of all claims therein which have been rejected or reduced in priority by the department or to which exceptions have been filed and of all other exceptions to such account shall be conclusive as to all matters therein. Except as otherwise provided in this chapter, no claim of any depositor or other creditor shall be valid if not listed and approved in the first account which has been filed. The confirmation of the final account and distribution thereunder shall discharge the department, the commissioner, the deputy receiver, any other employee, and the legal counsel, as well as the surety for any of them, from all further civil liability for any act done in an official capacity with respect to the receivership.

(c) Upon confirmation of the final account the department may impound the balance of the assets, including real property, remaining in its hands and shall not be obligated to sell such assets or actively to collect on the impounded assets. With regard to said assets, including real estate and including after-discovered assets, it shall, however, retain all of its powers to receive payment for them or, with leave of court, to adjust or compromise them. After its final accounting and discharge, the department shall have power to make further distribution to the creditors, depositors, and shareholders when, in its opinion, sufficient funds are realized to justify such distribution after deducting reasonable costs for collection, preservation, and distribution. If the department is of the opinion that the funds collected or probably to be collected will be insufficient to make a distribution practicable and that all interested claimants will not in the future have their claims satisfied, it shall, after deducting reasonable costs for collection and preservation, hold the remainder of such property subject to Article 5 of Chapter 12 of Title 44. Thereafter, the articles of incorporation or charter shall no longer be valid and the department shall notify the Secretary of State that the receivership has been concluded. The Secretary of State shall promptly cancel such articles or charter of record in that office.

(c) Upon confirmation of the final account the department may impound the balance of the assets, including real property, remaining in its hands and shall not be obligated to sell such assets or actively to collect on the impounded assets. With regard to said assets, including real estate and including after-discovered assets, it shall, however, retain all of its powers to receive payment for them or, with leave of court, to adjust or compromise them. After its final accounting and discharge, the department shall have power to make further distribution to the creditors, depositors, and shareholders when, in its opinion, sufficient funds are realized to justify such distribution after deducting reasonable costs for collection, preservation, and distribution. If the department is of the opinion that the funds collected or probably to be collected will be insufficient to make a distribution practicable and that all interested claimants will not in the future have their claims satisfied, it shall, after deducting reasonable costs for collection and preservation, hold the remainder of such property subject to Article 5 of Chapter 12 of Title 44. Thereafter, the articles of incorporation or charter shall no longer be valid and the department shall notify the Secretary of State that the receivership has been concluded. The Secretary of State shall promptly cancel such articles or charter of record in that office.
O.C.G.A. § 7-1-687 — GA Code / Title 7 / Chapter 1 / Section 7-1-687
Georgia Code Title 7. Banking and Finance § 7-1-687
Status: in_force

(a) A licensee shall give written notice to the department of any action which may be brought against it by any creditor or claimant where such action relates to the activities authorized under this article or involves a claim against the bond filed with the department under Code Section 7-1-683.2 . The notice shall provide details sufficient to identify the action and shall be sent within 30 days after the commencement of any such action. The licensee shall also give written notice to the department within 30 days of the entry of any judgment entered against the licensee.

(a) A licensee shall give written notice to the department of any action which may be brought against it by any creditor or claimant where such action relates to the activities authorized under this article or involves a claim against the bond filed with the department under Code Section 7-1-683.2 . The notice shall provide details sufficient to identify the action and shall be sent within 30 days after the commencement of any such action. The licensee shall also give written notice to the department within 30 days of the entry of any judgment entered against the licensee.

(b) The corporate surety shall, within ten days after it pays any claim to any creditor or claimant, give notice to the department by registered or certified mail of such payment with details sufficient to identify the claimant or creditor and the claim or judgment so paid. Whenever the principal sum of such bond is reduced by one or more recoveries or payments thereon, the licensee shall furnish a new or additional bond so that the total or aggregate principal sum of such bond or bonds shall equal the sum required under Code Section 7-1-683.2 or shall furnish an endorsement duly executed by the corporate surety reinstating the bond to the required principal sum thereof.

(b) The corporate surety shall, within ten days after it pays any claim to any creditor or claimant, give notice to the department by registered or certified mail of such payment with details sufficient to identify the claimant or creditor and the claim or judgment so paid. Whenever the principal sum of such bond is reduced by one or more recoveries or payments thereon, the licensee shall furnish a new or additional bond so that the total or aggregate principal sum of such bond or bonds shall equal the sum required under Code Section 7-1-683.2 or shall furnish an endorsement duly executed by the corporate surety reinstating the bond to the required principal sum thereof.

(c) A bond filed with the department for the purpose of compliance with Code Section 7-1-683.2 shall not be canceled by either the licensee or the corporate surety except upon notice to the department electronically through the Nationwide Multistate Licensing System and Registry, and such cancellation shall be effective no sooner than 30 days after receipt by the department of such notice and only with respect to any breach of condition occurring after the effective date of such cancellation.

(c) A bond filed with the department for the purpose of compliance with Code Section 7-1-683.2 shall not be canceled by either the licensee or the corporate surety except upon notice to the department electronically through the Nationwide Multistate Licensing System and Registry, and such cancellation shall be effective no sooner than 30 days after receipt by the department of such notice and only with respect to any breach of condition occurring after the effective date of such cancellation.

(d) A licensee shall give written notice to the department within ten days of the following: (1) Any knowledge or discovery of an act prohibited by Code Section 7-1-684 or 7-1-691 or subsection (a) of Code Section 7-1-692 ; (2) The discharge of any employee for actual or suspected misrepresentations, dishonest acts, or fraudulent acts; (3) Any knowledge or discovery of the discharge of a covered employee or an authorized agent for actual or suspected misrepresentations, dishonest acts, or fraudulent acts; (4) Any knowledge or discovery of an administrative, civil, or criminal action initiated by any government entity against the licensee or an authorized agent; any director, officer, partner, or ultimate equitable owner of the licensee or authorized agent; or any individual who directs the affairs of or controls or establishes policy for the licensee or authorized agent; or (5) The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. Sections 101 through 110 , for bankruptcy reorganization or the filing of a petition by or against the licensee for receivership or the making of a general assignment for the benefit of its creditors.

(d) A licensee shall give written notice to the department within ten days of the following:

(1) Any knowledge or discovery of an act prohibited by Code Section 7-1-684 or 7-1-691 or subsection (a) of Code Section 7-1-692 ;

(1) Any knowledge or discovery of an act prohibited by Code Section 7-1-684 or 7-1-691 or subsection (a) of Code Section 7-1-692 ;

(2) The discharge of any employee for actual or suspected misrepresentations, dishonest acts, or fraudulent acts;

(2) The discharge of any employee for actual or suspected misrepresentations, dishonest acts, or fraudulent acts;

(3) Any knowledge or discovery of the discharge of a covered employee or an authorized agent for actual or suspected misrepresentations, dishonest acts, or fraudulent acts;

(3) Any knowledge or discovery of the discharge of a covered employee or an authorized agent for actual or suspected misrepresentations, dishonest acts, or fraudulent acts;

(4) Any knowledge or discovery of an administrative, civil, or criminal action initiated by any government entity against the licensee or an authorized agent; any director, officer, partner, or ultimate equitable owner of the licensee or authorized agent; or any individual who directs the affairs of or controls or establishes policy for the licensee or authorized agent; or

(4) Any knowledge or discovery of an administrative, civil, or criminal action initiated by any government entity against the licensee or an authorized agent; any director, officer, partner, or ultimate equitable owner of the licensee or authorized agent; or any individual who directs the affairs of or controls or establishes policy for the licensee or authorized agent; or

(5) The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. Sections 101 through 110 , for bankruptcy reorganization or the filing of a petition by or against the licensee for receivership or the making of a general assignment for the benefit of its creditors.

(5) The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. Sections 101 through 110 , for bankruptcy reorganization or the filing of a petition by or against the licensee for receivership or the making of a general assignment for the benefit of its creditors.

(e) Unless prior approval of a change in executive officer is required under Code Section 7-1-688 and notwithstanding subsection (f) of Code Section 7-1-684 requiring a criminal background check prior to the initial date of hire, a licensee shall notify the department in writing of any change of executive officer in such a manner that the notice is received by the department no later than ten business days after the effective date of the change. In the event of such change, the licensee shall initiate a criminal background check no later than ten business days after the effective date of the change. If the department determines that an executive officer does not meet the requirements of subsection (b) or (c) of Code Section 7-1-684 , the department may disapprove the notice of change, and the licensee shall remove the individual from the executive officer position upon receipt of the disapproval.

(e) Unless prior approval of a change in executive officer is required under Code Section 7-1-688 and notwithstanding subsection (f) of Code Section 7-1-684 requiring a criminal background check prior to the initial date of hire, a licensee shall notify the department in writing of any change of executive officer in such a manner that the notice is received by the department no later than ten business days after the effective date of the change. In the event of such change, the licensee shall initiate a criminal background check no later than ten business days after the effective date of the change. If the department determines that an executive officer does not meet the requirements of subsection (b) or (c) of Code Section 7-1-684 , the department may disapprove the notice of change, and the licensee shall remove the individual from the executive officer position upon receipt of the disapproval.
O.C.G.A. § 7-1-157 — GA Code / Title 7 / Chapter 1 / Section 7-1-157
Georgia Code Title 7. Banking and Finance § 7-1-157
Status: in_force

(a) The department in possession shall be vested with all the rights, powers, and duties of such financial institution; with the title or the right to possession of all property to which the financial institution has title or the right to possession, including debts due, and liens and other security therefor; and with the financial institution's rights of action or redemption. This shall be so whether such property and debts due, such liens or other security therefor, or such rights of action or redemption are held in the name of such financial institution or in the name of some other corporation or person.

(a) The department in possession shall be vested with all the rights, powers, and duties of such financial institution; with the title or the right to possession of all property to which the financial institution has title or the right to possession, including debts due, and liens and other security therefor; and with the financial institution's rights of action or redemption. This shall be so whether such property and debts due, such liens or other security therefor, or such rights of action or redemption are held in the name of such financial institution or in the name of some other corporation or person.

(b) The department shall be the representative of the creditors of the financial institution and shall be entitled, as such, to have vacated and set aside, for the benefit of the creditors, any judgment, execution, attachment, sequestration, payment, security interest, assignment, transfer, conveyance, or encumbrance which could have been avoided by any of the creditors or by which one creditor is given a preference over another. As used in this subsection, the term “preference” means all transfers of the assets of a financial institution made or suffered, either after or in contemplation of insolvency, for the purpose of allowing a creditor to gain more than his ratable share of the assets of the institution as determined by Code Section 7-1-202 .

(b) The department shall be the representative of the creditors of the financial institution and shall be entitled, as such, to have vacated and set aside, for the benefit of the creditors, any judgment, execution, attachment, sequestration, payment, security interest, assignment, transfer, conveyance, or encumbrance which could have been avoided by any of the creditors or by which one creditor is given a preference over another. As used in this subsection, the term “preference” means all transfers of the assets of a financial institution made or suffered, either after or in contemplation of insolvency, for the purpose of allowing a creditor to gain more than his ratable share of the assets of the institution as determined by Code Section 7-1-202 .

(c) The department is authorized to collect all moneys due to the financial institution and to do such other acts as are necessary to conserve its assets and business. In exercising its power as receiver, the department shall give first consideration to the interests of depositors and other creditors as a whole and shall give consideration to the interests of shareholders and other owners only when depositors and other creditors have received or are assured of full payment of their claims.

(c) The department is authorized to collect all moneys due to the financial institution and to do such other acts as are necessary to conserve its assets and business. In exercising its power as receiver, the department shall give first consideration to the interests of depositors and other creditors as a whole and shall give consideration to the interests of shareholders and other owners only when depositors and other creditors have received or are assured of full payment of their claims.

(d) The department as receiver shall have the power to execute in its name or in the name of the financial institution any instrument necessary or proper to effectuate its powers or perform its duties as receiver. Any instrument executed in the name of the institution pursuant to the authority given by this subsection shall be valid and effectual for all purposes as though executed by proper officers of the institution by authority of its board of directors or other governing body.

(d) The department as receiver shall have the power to execute in its name or in the name of the financial institution any instrument necessary or proper to effectuate its powers or perform its duties as receiver. Any instrument executed in the name of the institution pursuant to the authority given by this subsection shall be valid and effectual for all purposes as though executed by proper officers of the institution by authority of its board of directors or other governing body.
O.C.G.A. § 7-1-202 — GA Code / Title 7 / Chapter 1 / Section 7-1-202
Georgia Code Title 7. Banking and Finance § 7-1-202
Status: in_force

(a) In the distribution of the assets of a financial institution which is liquidated or dissolved, whether under this chapter or by any other method, the order of payment of liabilities of the financial institution in the event that its assets are insufficient to pay in full all its liabilities for which claims are duly made shall be: (1) First, the payment of costs and expenses of administration of the liquidation or dissolution; (2) Second, the payment of debts due depositors; (3) Third, the payment of all state taxes; (4) Fourth, judgments; (5) Fifth, contractual obligations; (6) Sixth, unliquidated claims for damages and the like; (7) Seventh, capital securities.

(a) In the distribution of the assets of a financial institution which is liquidated or dissolved, whether under this chapter or by any other method, the order of payment of liabilities of the financial institution in the event that its assets are insufficient to pay in full all its liabilities for which claims are duly made shall be:

(1) First, the payment of costs and expenses of administration of the liquidation or dissolution;

(1) First, the payment of costs and expenses of administration of the liquidation or dissolution;

(2) Second, the payment of debts due depositors;

(2) Second, the payment of debts due depositors;

(3) Third, the payment of all state taxes;

(3) Third, the payment of all state taxes;

(4) Fourth, judgments;

(4) Fourth, judgments;

(5) Fifth, contractual obligations;

(5) Fifth, contractual obligations;

(6) Sixth, unliquidated claims for damages and the like;

(6) Sixth, unliquidated claims for damages and the like;

(7) Seventh, capital securities.

(7) Seventh, capital securities.

(b) Nothing in this chapter shall impair the validity or the priority otherwise accorded by law to any security interest, security title, preferred claim arising under Code Section 11-4-214 , or any lien arising by force of law; provided, however, any of the foregoing may be delayed in payment by the principal court until costs of administration including loans or interest payments under Code Section 7-1-164 or the costs of selling or otherwise disposing of assets under this chapter have been met in any case where the principal court determines that the claimant of the security interest, security title, preferred claim, or lien has expressly or impliedly consented to the administrative activities involved or has benefited from such activities.

(b) Nothing in this chapter shall impair the validity or the priority otherwise accorded by law to any security interest, security title, preferred claim arising under Code Section 11-4-214 , or any lien arising by force of law; provided, however, any of the foregoing may be delayed in payment by the principal court until costs of administration including loans or interest payments under Code Section 7-1-164 or the costs of selling or otherwise disposing of assets under this chapter have been met in any case where the principal court determines that the claimant of the security interest, security title, preferred claim, or lien has expressly or impliedly consented to the administrative activities involved or has benefited from such activities.
O.C.G.A. § 7-3-22 — GA Code / Title 7 / Chapter 3 / Section 7-3-22
Georgia Code Title 7. Banking and Finance § 7-3-22
Status: in_force

(a) The department shall conduct an investigation of every applicant for licensure to determine the financial responsibility, experience, character, general fitness, and eligibility for licensure of such applicant. The department may issue the applicant a license if the department determines to its general satisfaction that: (1) The applicant is financially sound and responsible and able to engage in the business of making installment loans in an honest, fair, and efficient manner and with the confidence and trust of the community; (2) Approval of the application will promote the convenience and advantage of the community in which the applicant proposes to operate; and (3) All conditions for licensure set forth in this chapter and in the rules and regulations of the department have been satisfied.

(a) The department shall conduct an investigation of every applicant for licensure to determine the financial responsibility, experience, character, general fitness, and eligibility for licensure of such applicant. The department may issue the applicant a license if the department determines to its general satisfaction that:

(1) The applicant is financially sound and responsible and able to engage in the business of making installment loans in an honest, fair, and efficient manner and with the confidence and trust of the community;

(1) The applicant is financially sound and responsible and able to engage in the business of making installment loans in an honest, fair, and efficient manner and with the confidence and trust of the community;

(2) Approval of the application will promote the convenience and advantage of the community in which the applicant proposes to operate; and

(2) Approval of the application will promote the convenience and advantage of the community in which the applicant proposes to operate; and

(3) All conditions for licensure set forth in this chapter and in the rules and regulations of the department have been satisfied.

(3) All conditions for licensure set forth in this chapter and in the rules and regulations of the department have been satisfied.

(b) No license shall be transferable or assignable.

(b) No license shall be transferable or assignable.

(c) Each license shall expire on December 31 of each year, and application for renewal shall be made annually on or before December 1 of each year.

(c) Each license shall expire on December 31 of each year, and application for renewal shall be made annually on or before December 1 of each year.
O.C.G.A. § 7-1-175 — GA Code / Title 7 / Chapter 1 / Section 7-1-175
Georgia Code Title 7. Banking and Finance § 7-1-175
Status: in_force

Within 180 days after the department takes possession of a financial institution, the department, as receiver, may at its election reject any executory contract to which the financial institution is party without further liability to the financial institution or the receiver or may reject any obligation of the financial institution as a lessee of real or personal property. The department's election to reject a lease creates no claim for rent other than rent accrued to the date of termination or for actual damages, if any, for such termination, not to exceed the equivalent of six months' payment.
O.C.G.A. § 7-1-461 — GA Code / Title 7 / Chapter 1 / Section 7-1-461
Georgia Code Title 7. Banking and Finance § 7-1-461
Status: in_force

(a) Upon the decrease of capital stock of a bank or trust company pursuant to amendment of its articles as provided in this chapter, the board of directors, subject to restrictions of the articles, may distribute to the shareholders of the bank or trust company an amount in cash equal to all or part of the amount of the decrease in capital stock, if immediately after such distribution the bank or trust company would have the capital stock required by this chapter.

(a) Upon the decrease of capital stock of a bank or trust company pursuant to amendment of its articles as provided in this chapter, the board of directors, subject to restrictions of the articles, may distribute to the shareholders of the bank or trust company an amount in cash equal to all or part of the amount of the decrease in capital stock, if immediately after such distribution the bank or trust company would have the capital stock required by this chapter.

(b) Any portion of the amount of a decrease in capital stock which is not distributed to shareholders in accordance with this Code section shall be transferred to paid-in capital.

(b) Any portion of the amount of a decrease in capital stock which is not distributed to shareholders in accordance with this Code section shall be transferred to paid-in capital.

(c) A bank or trust company, by resolution of its board of directors, may distribute to its shareholders amounts representing a reduction in its paid-in capital, provided that such distribution shall first be approved in writing by the department.

(c) A bank or trust company, by resolution of its board of directors, may distribute to its shareholders amounts representing a reduction in its paid-in capital, provided that such distribution shall first be approved in writing by the department.
O.C.G.A. § 7-1-196 — GA Code / Title 7 / Chapter 1 / Section 7-1-196
Georgia Code Title 7. Banking and Finance § 7-1-196
Status: in_force

(a) After filing a supplement to the certificate of possession setting forth its determination to liquidate the affairs of the financial institution, the department may, without leave of court and without filing an account, make an advance payment of a dividend to all depositors the amounts of whose claims, as they appear upon the books or other records of the financial institution, are undisputed. The dividend shall be calculated as if the claims of all other depositors, as they appear upon the books or other records of the financial institution, and the claims of all creditors or other corporations or persons who assert priority over or parity with depositors in the order of distribution of the assets, were valid and uncontested.

(a) After filing a supplement to the certificate of possession setting forth its determination to liquidate the affairs of the financial institution, the department may, without leave of court and without filing an account, make an advance payment of a dividend to all depositors the amounts of whose claims, as they appear upon the books or other records of the financial institution, are undisputed. The dividend shall be calculated as if the claims of all other depositors, as they appear upon the books or other records of the financial institution, and the claims of all creditors or other corporations or persons who assert priority over or parity with depositors in the order of distribution of the assets, were valid and uncontested.

(b) However, the department shall not make such an advance payment of a dividend to any depositor until it shall have set aside an amount sufficient to pay in full the claims of all creditors or other corporations or persons asserting or entitled to priority over depositors in the order of distribution and to pay the proportionate dividend on the amounts claimed by the other depositors and by any creditors or other corporations or persons who are entitled to or who claim parity with depositors in the order of distribution provided for by law. The department shall likewise set aside, before making such advance payment, such amount as it shall deem necessary for the expenses of administration of the receivership.

(b) However, the department shall not make such an advance payment of a dividend to any depositor until it shall have set aside an amount sufficient to pay in full the claims of all creditors or other corporations or persons asserting or entitled to priority over depositors in the order of distribution and to pay the proportionate dividend on the amounts claimed by the other depositors and by any creditors or other corporations or persons who are entitled to or who claim parity with depositors in the order of distribution provided for by law. The department shall likewise set aside, before making such advance payment, such amount as it shall deem necessary for the expenses of administration of the receivership.
O.C.G.A. § 7-1-1001-1 — GA Code / Title 7 / Chapter 1 / Section 7-1-1001-1
Georgia Code Title 7. Banking and Finance § 7-1-1001.1
Status: in_force

(a) It shall be prohibited for any person to engage in the activities of a mortgage loan originator without first obtaining and maintaining a mortgage loan originator license as set forth in this article.

(a) It shall be prohibited for any person to engage in the activities of a mortgage loan originator without first obtaining and maintaining a mortgage loan originator license as set forth in this article.

(b) The department shall have the broad administrative authority to administer, interpret, and enforce this article and the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, and promulgate rules or regulations implementing it, in order to carry out the intentions of the federal legislation. Such administrative authority of the department shall include, but shall not be limited to, the authority to promulgate rules and regulations to implement the provisions of such federal legislation related to the temporary authority of mortgage loan originators.

(b) The department shall have the broad administrative authority to administer, interpret, and enforce this article and the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, and promulgate rules or regulations implementing it, in order to carry out the intentions of the federal legislation. Such administrative authority of the department shall include, but shall not be limited to, the authority to promulgate rules and regulations to implement the provisions of such federal legislation related to the temporary authority of mortgage loan originators.

(c) The provisions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 shall apply to the activities of retail sellers of manufactured homes to the extent determined by the United States Department of Housing and Urban Development through written guidelines, rules, regulations, or interpretive letters.

(c) The provisions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 shall apply to the activities of retail sellers of manufactured homes to the extent determined by the United States Department of Housing and Urban Development through written guidelines, rules, regulations, or interpretive letters.
O.C.G.A. § 7-1-239-10 — GA Code / Title 7 / Chapter 1 / Section 7-1-239-10
Georgia Code Title 7. Banking and Finance § 7-1-239.10
Status: in_force

(a) As used in this Code section, the term: (1) “ Bank ” means a national bank or a state chartered bank, regardless of which state issued the charter, that has federal deposit insurance. (2) “ Credit union ” means a federally chartered credit union or a state chartered credit union, regardless of which state issued the charter, that has federal deposit insurance. (3) “ Savings promotion raffle ” means a contest in which the sole consideration required for a chance of winning a designated prize is obtained by the deposit of a specified amount of money in a savings account or other savings program offered by a bank or credit union, where each ticket or entry has an equal chance of being drawn.

(a) As used in this Code section, the term:

(1) “ Bank ” means a national bank or a state chartered bank, regardless of which state issued the charter, that has federal deposit insurance.

(1) “ Bank ” means a national bank or a state chartered bank, regardless of which state issued the charter, that has federal deposit insurance.

(2) “ Credit union ” means a federally chartered credit union or a state chartered credit union, regardless of which state issued the charter, that has federal deposit insurance.

(2) “ Credit union ” means a federally chartered credit union or a state chartered credit union, regardless of which state issued the charter, that has federal deposit insurance.

(3) “ Savings promotion raffle ” means a contest in which the sole consideration required for a chance of winning a designated prize is obtained by the deposit of a specified amount of money in a savings account or other savings program offered by a bank or credit union, where each ticket or entry has an equal chance of being drawn.

(3) “ Savings promotion raffle ” means a contest in which the sole consideration required for a chance of winning a designated prize is obtained by the deposit of a specified amount of money in a savings account or other savings program offered by a bank or credit union, where each ticket or entry has an equal chance of being drawn.

(b) A bank or credit union may conduct a savings promotion raffle, provided that the raffle is conducted in a manner that does not: (1) Jeopardize the ability of the bank or credit union conducting the savings promotion raffle to operate in a safe and sound manner; or (2) Mislead depositors about the chances of winning.

(b) A bank or credit union may conduct a savings promotion raffle, provided that the raffle is conducted in a manner that does not:

(1) Jeopardize the ability of the bank or credit union conducting the savings promotion raffle to operate in a safe and sound manner; or

(1) Jeopardize the ability of the bank or credit union conducting the savings promotion raffle to operate in a safe and sound manner; or

(2) Mislead depositors about the chances of winning.

(2) Mislead depositors about the chances of winning.

(c) A bank or credit union conducting a savings promotion raffle: (1) Shall provide each person making a deposit in a savings promotion raffle account with information regarding: (A) The terms of the raffle; (B) The verifiable retail value of each prize that a depositor has a chance of winning; (C) The odds of a depositor winning a prize; and (D) Any fees or penalties associated with such account; (2) Shall not charge any fees associated with the underlying savings account or other savings program in excess of the fees charged for the savings account or other savings program offered by the bank or credit union that is the most similar to such savings promotion raffle account; (3) May contract for and use the services of a third-party service provider to handle the administrative details of conducting a savings promotion raffle; and (4) Shall maintain all records the department determines are necessary to conduct an examination or audit of a savings promotion raffle.

(c) A bank or credit union conducting a savings promotion raffle:

(1) Shall provide each person making a deposit in a savings promotion raffle account with information regarding: (A) The terms of the raffle; (B) The verifiable retail value of each prize that a depositor has a chance of winning; (C) The odds of a depositor winning a prize; and (D) Any fees or penalties associated with such account;

(1) Shall provide each person making a deposit in a savings promotion raffle account with information regarding:

(A) The terms of the raffle;

(A) The terms of the raffle;

(B) The verifiable retail value of each prize that a depositor has a chance of winning;

(B) The verifiable retail value of each prize that a depositor has a chance of winning;

(C) The odds of a depositor winning a prize; and

(C) The odds of a depositor winning a prize; and

(D) Any fees or penalties associated with such account;

(D) Any fees or penalties associated with such account;

(2) Shall not charge any fees associated with the underlying savings account or other savings program in excess of the fees charged for the savings account or other savings program offered by the bank or credit union that is the most similar to such savings promotion raffle account;

(2) Shall not charge any fees associated with the underlying savings account or other savings program in excess of the fees charged for the savings account or other savings program offered by the bank or credit union that is the most similar to such savings promotion raffle account;

(3) May contract for and use the services of a third-party service provider to handle the administrative details of conducting a savings promotion raffle; and

(3) May contract for and use the services of a third-party service provider to handle the administrative details of conducting a savings promotion raffle; and

(4) Shall maintain all records the department determines are necessary to conduct an examination or audit of a savings promotion raffle.

(4) Shall maintain all records the department determines are necessary to conduct an examination or audit of a savings promotion raffle.

(d) The provisions of this Code section applicable to credit unions shall apply to an organization composed primarily of credit unions and the provisions of this Code section applicable to banks shall apply to an organization composed primarily of banks.

(d) The provisions of this Code section applicable to credit unions shall apply to an organization composed primarily of credit unions and the provisions of this Code section applicable to banks shall apply to an organization composed primarily of banks.
O.C.G.A. § 7-3-1 — GA Code / Title 7 / Chapter 3 / Section 7-3-1
Georgia Code Title 7. Banking and Finance § 7-3-1
Status: in_force

This chapter shall be known and may be cited as the “Georgia Installment Loan Act.”
O.C.G.A. § 7-1-433 — GA Code / Title 7 / Chapter 1 / Section 7-1-433
Georgia Code Title 7. Banking and Finance § 7-1-433
Status: in_force

(a) For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the board of directors of a bank or trust company may provide that the stock transfer books shall be closed for a stated period not to exceed, in any case, 70 days. If the stock transfer books shall be closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting.

(a) For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the board of directors of a bank or trust company may provide that the stock transfer books shall be closed for a stated period not to exceed, in any case, 70 days. If the stock transfer books shall be closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting.

(b) In lieu of closing the stock transfer books, the bylaws or, in the absence of an applicable bylaw, the board of directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than 70 days and, in case of a meeting of shareholders, not less than ten days prior to the date on which the particular action requiring such determination of shareholders is to be taken.

(b) In lieu of closing the stock transfer books, the bylaws or, in the absence of an applicable bylaw, the board of directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than 70 days and, in case of a meeting of shareholders, not less than ten days prior to the date on which the particular action requiring such determination of shareholders is to be taken.

(c) If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders or shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed, or the date on which the resolution of the board of directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of stockholders.

(c) If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders or shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed, or the date on which the resolution of the board of directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of stockholders.

(d) When a determination of shareholders entitled to vote at any meeting of shareholders has been made, as provided in this Code section, such determination shall apply to any adjournment thereof, unless the board of directors fixes a new record date under this Code section for the adjourned meeting.

(d) When a determination of shareholders entitled to vote at any meeting of shareholders has been made, as provided in this Code section, such determination shall apply to any adjournment thereof, unless the board of directors fixes a new record date under this Code section for the adjourned meeting.
O.C.G.A. § 7-1-756 — GA Code / Title 7 / Chapter 1 / Section 7-1-756
Georgia Code Title 7. Banking and Finance § 7-1-756
Status: in_force

(a) The period of duration of a corporation organized under this article shall be 35 years, subject, however, to the right of its shareholders and the members to dissolve the corporation prior to the expiration of said period as provided in subsection (b) of this Code section, and further subject to any longer period of duration as may be specified in the articles of incorporation as originally filed and approved or as thereafter amended pursuant to Code Section 7-1-750 .

(a) The period of duration of a corporation organized under this article shall be 35 years, subject, however, to the right of its shareholders and the members to dissolve the corporation prior to the expiration of said period as provided in subsection (b) of this Code section, and further subject to any longer period of duration as may be specified in the articles of incorporation as originally filed and approved or as thereafter amended pursuant to Code Section 7-1-750 .

(b) The corporation may, upon the votes of the shareholders and the members of the corporation, voting separately by classes, dissolve said corporation; and such dissolution shall require approval by the affirmative vote of two-thirds of the votes to which the shareholders shall be entitled. Upon any dissolution of the corporation, none of the corporation's assets shall be distributed to the shareholders until all sums due the members of the corporation as creditors thereof have been paid in full.

(b) The corporation may, upon the votes of the shareholders and the members of the corporation, voting separately by classes, dissolve said corporation; and such dissolution shall require approval by the affirmative vote of two-thirds of the votes to which the shareholders shall be entitled. Upon any dissolution of the corporation, none of the corporation's assets shall be distributed to the shareholders until all sums due the members of the corporation as creditors thereof have been paid in full.
O.C.G.A. § 7-1-783 — GA Code / Title 7 / Chapter 1 / Section 7-1-783
Georgia Code Title 7. Banking and Finance § 7-1-783
Status: in_force

Any corporation which has converted itself prior to April 1, 1975, into a savings and loan association under the Home Owners' Loan Act and has received a charter from the Federal Home Loan Bank Board shall be recognized as a savings and loan association, and its federal charter shall be given full credence by the courts of this state to the same extent as if such conversion had taken place under this article.
O.C.G.A. § 7-1-419 — GA Code / Title 7 / Chapter 1 / Section 7-1-419
Georgia Code Title 7. Banking and Finance § 7-1-419
Status: in_force

(a) A bank or trust company may issue notes, debentures, or other obligations in the form of “subordinated securities,” provided that they: (1) Are subordinated in right of payment, in the event of insolvency or liquidation of the bank or trust company, to the prior payment of all deposits of the bank or trust company and of all claims of other creditors of the bank or trust company except the holders of securities on a parity therewith and the holders of securities expressly subordinated thereto; (2) Are authorized by the same votes of directors as those required for authorization of an increase in capital stock or any instrument convertible into capital stock of the bank or trust company; (3) Contain provisions for amortization, serial maturities, transfers to a sinking fund, allocation of reserves, or other provisions sufficient to pay or to have paid at maturity all amounts due thereon; (4) Furnish disclosures to investors of the risks associated with the subordinated securities prior to investment; and (5) Include notice that, if the bank or trust company becomes subject to a regulatory action, then the bank or trust company may be prohibited from paying or retiring the subordinated securities.

(a) A bank or trust company may issue notes, debentures, or other obligations in the form of “subordinated securities,” provided that they:

(1) Are subordinated in right of payment, in the event of insolvency or liquidation of the bank or trust company, to the prior payment of all deposits of the bank or trust company and of all claims of other creditors of the bank or trust company except the holders of securities on a parity therewith and the holders of securities expressly subordinated thereto;

(1) Are subordinated in right of payment, in the event of insolvency or liquidation of the bank or trust company, to the prior payment of all deposits of the bank or trust company and of all claims of other creditors of the bank or trust company except the holders of securities on a parity therewith and the holders of securities expressly subordinated thereto;

(2) Are authorized by the same votes of directors as those required for authorization of an increase in capital stock or any instrument convertible into capital stock of the bank or trust company;

(2) Are authorized by the same votes of directors as those required for authorization of an increase in capital stock or any instrument convertible into capital stock of the bank or trust company;

(3) Contain provisions for amortization, serial maturities, transfers to a sinking fund, allocation of reserves, or other provisions sufficient to pay or to have paid at maturity all amounts due thereon;

(3) Contain provisions for amortization, serial maturities, transfers to a sinking fund, allocation of reserves, or other provisions sufficient to pay or to have paid at maturity all amounts due thereon;

(4) Furnish disclosures to investors of the risks associated with the subordinated securities prior to investment; and

(4) Furnish disclosures to investors of the risks associated with the subordinated securities prior to investment; and

(5) Include notice that, if the bank or trust company becomes subject to a regulatory action, then the bank or trust company may be prohibited from paying or retiring the subordinated securities.

(5) Include notice that, if the bank or trust company becomes subject to a regulatory action, then the bank or trust company may be prohibited from paying or retiring the subordinated securities.

(b) The aggregate amount of the obligations of a bank or trust company in the form of subordinated securities shall at no time exceed 50 percent of the sum of the unimpaired capital stock and unimpaired paid-in capital of the bank or the trust company.

(b) The aggregate amount of the obligations of a bank or trust company in the form of subordinated securities shall at no time exceed 50 percent of the sum of the unimpaired capital stock and unimpaired paid-in capital of the bank or the trust company.

(c) If at or after the payment or retirement of the subordinated securities of a bank or trust company there is or would be a deficiency in the capital stock of the bank or trust company, such fact shall be reported to the department in advance of the payment or retirement. The department may, upon receipt of such report, order a restoration of capital stock or take other appropriate remedial measures under this chapter.

(c) If at or after the payment or retirement of the subordinated securities of a bank or trust company there is or would be a deficiency in the capital stock of the bank or trust company, such fact shall be reported to the department in advance of the payment or retirement. The department may, upon receipt of such report, order a restoration of capital stock or take other appropriate remedial measures under this chapter.

(d) Subordinated securities shall not be considered in determining the amount of ad valorem taxes payable by the bank or trust company.

(d) Subordinated securities shall not be considered in determining the amount of ad valorem taxes payable by the bank or trust company.
O.C.G.A. § 7-1-262 — GA Code / Title 7 / Chapter 1 / Section 7-1-262
Georgia Code Title 7. Banking and Finance § 7-1-262
Status: in_force

(a) A bank or trust company may solely or jointly with other persons or corporations acquire and hold such real property as it: (1) Occupies or intends to occupy primarily for the transaction of its business, the business of any subsidiary or affiliate, or the recreational use of its employees or partly so occupies and partly leases; (2) Acquires for the purpose of providing parking or other facilities primarily for the use of its tenants, customers, officers, and employees; or (3) Acquires with others for the purpose of providing data processing facilities or other support services for the bank or trust company or any subsidiary solely or in cooperation with others, subject to the limitation that the investment of the bank or trust company in all such real property, in all furniture, fixtures, and equipment acquired in connection with any real property owned or leased by the bank or trust company, in all alterations of buildings on real property owned or leased by the bank or trust company, in all shares of corporations organized for the purpose of holding real estate in the categories described above where the bank or trust company or a subsidiary of the bank or trust company owns 25 percent or more of such shares outstanding, in obligations of or for the benefit of such corporations or loans upon the security of the shares of such corporations or, to the extent of the bank's or trust company's pro rata interest, the security of the real estate itself, and in all real estate, furniture, fixtures, or equipment held beyond the limits specified in Code Section 7-1-263 shall not exceed 60 percent of the statutory capital base of the bank or trust company, or such larger amount as may be approved by the department.

(a) A bank or trust company may solely or jointly with other persons or corporations acquire and hold such real property as it:

(1) Occupies or intends to occupy primarily for the transaction of its business, the business of any subsidiary or affiliate, or the recreational use of its employees or partly so occupies and partly leases;

(1) Occupies or intends to occupy primarily for the transaction of its business, the business of any subsidiary or affiliate, or the recreational use of its employees or partly so occupies and partly leases;

(2) Acquires for the purpose of providing parking or other facilities primarily for the use of its tenants, customers, officers, and employees; or

(2) Acquires for the purpose of providing parking or other facilities primarily for the use of its tenants, customers, officers, and employees; or

(3) Acquires with others for the purpose of providing data processing facilities or other support services for the bank or trust company or any subsidiary solely or in cooperation with others,

(3) Acquires with others for the purpose of providing data processing facilities or other support services for the bank or trust company or any subsidiary solely or in cooperation with others,

subject to the limitation that the investment of the bank or trust company in all such real property, in all furniture, fixtures, and equipment acquired in connection with any real property owned or leased by the bank or trust company, in all alterations of buildings on real property owned or leased by the bank or trust company, in all shares of corporations organized for the purpose of holding real estate in the categories described above where the bank or trust company or a subsidiary of the bank or trust company owns 25 percent or more of such shares outstanding, in obligations of or for the benefit of such corporations or loans upon the security of the shares of such corporations or, to the extent of the bank's or trust company's pro rata interest, the security of the real estate itself, and in all real estate, furniture, fixtures, or equipment held beyond the limits specified in Code Section 7-1-263 shall not exceed 60 percent of the statutory capital base of the bank or trust company, or such larger amount as may be approved by the department.

(b) All acquisitions of real property for purposes authorized above must be accorded prior written approval by the department in advance of the acquisition except to the extent authorized by regulation.

(b) All acquisitions of real property for purposes authorized above must be accorded prior written approval by the department in advance of the acquisition except to the extent authorized by regulation.
O.C.G.A. § 7-1-221 — GA Code / Title 7 / Chapter 1 / Section 7-1-221
Georgia Code Title 7. Banking and Finance § 7-1-221
Status: in_force

(a) Upon taking possession of a financial institution, the department shall hold trust and pooled assets separate from the assets of the financial institution itself. Trust and pooled assets shall not be available for distribution to depositors, other creditors, or shareholders.

(a) Upon taking possession of a financial institution, the department shall hold trust and pooled assets separate from the assets of the financial institution itself. Trust and pooled assets shall not be available for distribution to depositors, other creditors, or shareholders.

(b) The department as receiver shall have all rights, powers, and duties of the financial institution in regard to trust and pooled assets, including title to the assets and the right to administer them.

(b) The department as receiver shall have all rights, powers, and duties of the financial institution in regard to trust and pooled assets, including title to the assets and the right to administer them.
O.C.G.A. § 7-8-4 — GA Code / Title 7 / Chapter 8 / Section 7-8-4
Georgia Code Title 7. Banking and Finance § 7-8-4
Status: in_force

Customers receiving access devices shall be furnished by the respective issuers thereof with notices of basic safety precautions which customers should employ while using a remote service terminal. This information shall be furnished by personally delivering or mailing the information to each customer whose mailing address as to the account to which the access device relates is in this state. This information shall be furnished with respect to access devices issued on or after July 1, 1994, at or before the time the customer is furnished with his or her access device. With respect to a customer to whom an access device has been issued prior to July 1, 1993, the information shall be delivered on or before July 1, 1994. Only one notice need be furnished per household, and if access devices are furnished to more than one customer for a single account or set of accounts or on the basis of a single application or other request for access devices, only a single notice need be furnished in satisfaction of the notification responsibilities as to those customers. The information may be included with other disclosures related to the access device furnished to the customer, such as with any initial or periodic disclosure statement furnished pursuant to the federal Electronic Fund Transfer Act. 1

1 15 U.S.C.A. § 1693 et seq.
O.C.G.A. § 7-1-311 — GA Code / Title 7 / Chapter 1 / Section 7-1-311
Georgia Code Title 7. Banking and Finance § 7-1-311
Status: in_force

Except as otherwise permitted by Code Section 7-1-315 , a trust company in its capacity as fiduciary shall:

(1) Segregate all property (other than items in the course of collection) held as a fiduciary from its nonfiduciary assets and keep separate records of all such fiduciary property for each account for which such property is held;

(1) Segregate all property (other than items in the course of collection) held as a fiduciary from its nonfiduciary assets and keep separate records of all such fiduciary property for each account for which such property is held;

(2) Hold property held as fiduciary in a form complying with applicable law;

(2) Hold property held as fiduciary in a form complying with applicable law;

(3) Keep fiduciary funds awaiting investment or distribution in deposits in an authorized financial institution (including, in the case of a trust company which is also a bank, its own commercial department or the commercial department of an affiliate as provided in Code Section 7-1-289 ) which is insured or, to the extent of any deficiencies in insurance coverage, fully secured by a pledge or assignment of bonds or obligations of the United States, this state, or a public body of either or other obligations guaranteed as to principal and interest by the United States, this state, or a public body of either or real estate loans secured by a first lien or security title to improved realty and insured pursuant to any title of the National Housing Act. 1 The beneficial owners of such uninvested funds shall have a first and prior lien on such security;

(3) Keep fiduciary funds awaiting investment or distribution in deposits in an authorized financial institution (including, in the case of a trust company which is also a bank, its own commercial department or the commercial department of an affiliate as provided in Code Section 7-1-289 ) which is insured or, to the extent of any deficiencies in insurance coverage, fully secured by a pledge or assignment of bonds or obligations of the United States, this state, or a public body of either or other obligations guaranteed as to principal and interest by the United States, this state, or a public body of either or real estate loans secured by a first lien or security title to improved realty and insured pursuant to any title of the National Housing Act. 1 The beneficial owners of such uninvested funds shall have a first and prior lien on such security;

(4) Not be required to execute a bond or give any security required by the law of fiduciaries but may give its own bond and pledge or otherwise grant security interests in its assets as security for the faithful performance of its duties as fiduciary or as surety for such faithful performance by any cofiduciary where such is requested or otherwise required; and

(4) Not be required to execute a bond or give any security required by the law of fiduciaries but may give its own bond and pledge or otherwise grant security interests in its assets as security for the faithful performance of its duties as fiduciary or as surety for such faithful performance by any cofiduciary where such is requested or otherwise required; and

(5) Provide any oath or affirmation or any affidavit required of the trust company through an officer thereof acting on behalf of the trust company.

(5) Provide any oath or affirmation or any affidavit required of the trust company through an officer thereof acting on behalf of the trust company.

1 12 U.S.C.A. § 1701 et seq.
O.C.G.A. § 7-1-338 — GA Code / Title 7 / Chapter 1 / Section 7-1-338
Georgia Code Title 7. Banking and Finance § 7-1-338
Status: in_force

No fiduciary investment company shall refuse participation to any trust institution or foreign trust institution, as defined in this part, which is otherwise qualified to engage in a fiduciary investment program.
O.C.G.A. § 7-1-753 — GA Code / Title 7 / Chapter 1 / Section 7-1-753
Georgia Code Title 7. Banking and Finance § 7-1-753
Status: in_force

The corporation shall not deposit any of its funds in any bank or other financial institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated. The corporation shall not receive money on deposit.
O.C.G.A. § 7-1-1103 — GA Code / Title 7 / Chapter 1 / Section 7-1-1103
Georgia Code Title 7. Banking and Finance § 7-1-1103
Status: in_force

(a) The department may make examinations of a Georgia state branch, Georgia state agency, or Georgia state representative office as the department considers necessary to determine whether the office of the foreign bank is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. Such examinations shall be conducted in the same manner as examinations for financial institutions pursuant to Code Section 7-1-64 .

(a) The department may make examinations of a Georgia state branch, Georgia state agency, or Georgia state representative office as the department considers necessary to determine whether the office of the foreign bank is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. Such examinations shall be conducted in the same manner as examinations for financial institutions pursuant to Code Section 7-1-64 .

(b) A foreign bank that maintains a Georgia state branch, Georgia state agency, or Georgia state representative office shall pay fees for licensing, registration, assessment, and examination to the department in accordance with this article and rules or regulations adopted pursuant to this article.

(b) A foreign bank that maintains a Georgia state branch, Georgia state agency, or Georgia state representative office shall pay fees for licensing, registration, assessment, and examination to the department in accordance with this article and rules or regulations adopted pursuant to this article.
O.C.G.A. § 7-2-13 — GA Code / Title 7 / Chapter 2 / Section 7-2-13
Georgia Code Title 7. Banking and Finance § 7-2-13
Status: in_force

(a) If a financial institution is aggrieved by a decision or order of the corporation or if the corporation is aggrieved by a decision or order of the department, the financial institution or the corporation, as the case may be, shall, upon appropriate petition and after due notice, be entitled to a hearing and administrative review of the action before the department, which may stay enforcement of such actions pending the administrative review.

(a) If a financial institution is aggrieved by a decision or order of the corporation or if the corporation is aggrieved by a decision or order of the department, the financial institution or the corporation, as the case may be, shall, upon appropriate petition and after due notice, be entitled to a hearing and administrative review of the action before the department, which may stay enforcement of such actions pending the administrative review.

(b) Judicial review of such decisions or orders, other than decisions or orders to revoke the membership of a financial institution, shall not be available unless the aggrieved party has sought administrative review under this Code section.

(b) Judicial review of such decisions or orders, other than decisions or orders to revoke the membership of a financial institution, shall not be available unless the aggrieved party has sought administrative review under this Code section.
O.C.G.A. § 7-3-2 — GA Code / Title 7 / Chapter 3 / Section 7-3-2
Georgia Code Title 7. Banking and Finance § 7-3-2
Status: repealed

(a) The powers, functions, and duties of the office of the Commissioner of Insurance relative to this chapter are transferred to the Department of Banking and Finance effective July 1, 2020. All action taken by the office of the Commissioner of Insurance prior to that date shall be considered valid, and the department shall, as of July 1, 2020, assume all ongoing and continuing obligations pursuant to this chapter. All personnel, supplies, records, materials, furniture, furnishings, books, equipment, motor vehicles, and services of the office of the Commissioner of Insurance utilized pursuant to the authority granted under this chapter shall be transferred to the department on July 1, 2020. Any action or investigation pending pursuant to this chapter shall remain in full force and effect and any powers relating to such action or investigation shall be transferred to the department on July 1, 2020.

(a) The powers, functions, and duties of the office of the Commissioner of Insurance relative to this chapter are transferred to the Department of Banking and Finance effective July 1, 2020. All action taken by the office of the Commissioner of Insurance prior to that date shall be considered valid, and the department shall, as of July 1, 2020, assume all ongoing and continuing obligations pursuant to this chapter. All personnel, supplies, records, materials, furniture, furnishings, books, equipment, motor vehicles, and services of the office of the Commissioner of Insurance utilized pursuant to the authority granted under this chapter shall be transferred to the department on July 1, 2020. Any action or investigation pending pursuant to this chapter shall remain in full force and effect and any powers relating to such action or investigation shall be transferred to the department on July 1, 2020.

(b) All rules, orders, and actions adopted by the Commissioner of Insurance pursuant to this chapter shall remain in full force and effect as rules, orders, and actions of the department unless amended, repealed, or superseded by rule, order, or action of the department.

(b) All rules, orders, and actions adopted by the Commissioner of Insurance pursuant to this chapter shall remain in full force and effect as rules, orders, and actions of the department unless amended, repealed, or superseded by rule, order, or action of the department.

(c) All property, real and personal, funds, accounts receivable, contracts, liabilities, and obligations of the office of the Commissioner of Insurance for effectuating this chapter shall become the property, funds, accounts receivable, contracts, liabilities, and obligations of the department on July 1, 2020. Appropriations to the Commissioner of Insurance for functions transferred to the department pursuant to this Code section shall be transferred as provided in Code Section 45-12-90 .

(c) All property, real and personal, funds, accounts receivable, contracts, liabilities, and obligations of the office of the Commissioner of Insurance for effectuating this chapter shall become the property, funds, accounts receivable, contracts, liabilities, and obligations of the department on July 1, 2020. Appropriations to the Commissioner of Insurance for functions transferred to the department pursuant to this Code section shall be transferred as provided in Code Section 45-12-90 .
O.C.G.A. § 7-1-628-14 — GA Code / Title 7 / Chapter 1 / Section 7-1-628-14
Georgia Code Title 7. Banking and Finance § 7-1-628.14
Status: in_force

(a) If any provision of this part or the application of such provision is found by any court of competent jurisdiction in the United States to be invalid as it pertains to any bank, bank holding company, foreign bank, or other person or circumstances, or is found to be superseded explicitly by federal law, the remaining provisions of this part shall not be affected and shall continue to apply to any bank, bank holding company, foreign bank, or other person or circumstance.

(a) If any provision of this part or the application of such provision is found by any court of competent jurisdiction in the United States to be invalid as it pertains to any bank, bank holding company, foreign bank, or other person or circumstances, or is found to be superseded explicitly by federal law, the remaining provisions of this part shall not be affected and shall continue to apply to any bank, bank holding company, foreign bank, or other person or circumstance.

(b) Nothing contained in this part shall be construed to amend or modify the provisions of any other part of this chapter governing the supervision or regulation of banks and bank holding companies, as defined in this chapter, or with respect to the organization and powers of the department and the commissioner as provided in such other parts.

(b) Nothing contained in this part shall be construed to amend or modify the provisions of any other part of this chapter governing the supervision or regulation of banks and bank holding companies, as defined in this chapter, or with respect to the organization and powers of the department and the commissioner as provided in such other parts.
O.C.G.A. § 7-1-816 — GA Code / Title 7 / Chapter 1 / Section 7-1-816
Georgia Code Title 7. Banking and Finance § 7-1-816
Status: in_force

Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. For purposes of establishing net contributions, a financial institution shall not be required to inquire as to the source of funds received for deposit to a multiple-party account or to inquire as to the proposed application of any sum withdrawn from an account.
O.C.G.A. § 7-1-434 — GA Code / Title 7 / Chapter 1 / Section 7-1-434
Georgia Code Title 7. Banking and Finance § 7-1-434
Status: in_force

(a) The officer or agent having charge of the stock transfer books for shares of a bank or trust company shall make a complete list of the shareholders entitled to vote at a meeting of shareholders or any adjournment thereof, arranged in alphabetical order, showing the address of each shareholder and the number and class, if any, of shares held by each shareholder. Such list shall be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting for the purposes thereof. Such list shall be prima-facie evidence of who is a shareholder of record; but, in the event of challenge, the record of shareholders required by Code Section 7-1-439 shall control.

(a) The officer or agent having charge of the stock transfer books for shares of a bank or trust company shall make a complete list of the shareholders entitled to vote at a meeting of shareholders or any adjournment thereof, arranged in alphabetical order, showing the address of each shareholder and the number and class, if any, of shares held by each shareholder. Such list shall be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting for the purposes thereof. Such list shall be prima-facie evidence of who is a shareholder of record; but, in the event of challenge, the record of shareholders required by Code Section 7-1-439 shall control.

(b) If the requirements of this Code section have not been substantially complied with, the meeting shall, on the demand of any shareholder in person or by proxy, be adjourned until the requirements are complied with.

(b) If the requirements of this Code section have not been substantially complied with, the meeting shall, on the demand of any shareholder in person or by proxy, be adjourned until the requirements are complied with.

(c) If no such demand is made, failure to comply with the requirements of this Code section shall not affect the validity of any action taken at such meeting.

(c) If no such demand is made, failure to comply with the requirements of this Code section shall not affect the validity of any action taken at such meeting.

(d) Notwithstanding subsections (a) through (c) of this Code section, it shall not be necessary to prepare or produce a list of shareholders in any case where the record of shareholders is presented and readily shows, in alphabetical order or by alphabetical index and by classes, if any, the names of the shareholders entitled to vote, with the address of and the number of shares held by each.

(d) Notwithstanding subsections (a) through (c) of this Code section, it shall not be necessary to prepare or produce a list of shareholders in any case where the record of shareholders is presented and readily shows, in alphabetical order or by alphabetical index and by classes, if any, the names of the shareholders entitled to vote, with the address of and the number of shares held by each.
O.C.G.A. § 7-1-740 — GA Code / Title 7 / Chapter 1 / Section 7-1-740
Georgia Code Title 7. Banking and Finance § 7-1-740
Status: in_force

As used in this article, the term:

(1) “Board of directors” means any board of directors of a corporation created under this article.

(1) “Board of directors” means any board of directors of a corporation created under this article.

(2) “Corporation” means a Georgia business development corporation created under this article or existing on April 1, 1975, pursuant to the former “Georgia Business Development Corporation Act of 1972,” approved April 3, 1972 (Ga. L. 1972, p. 798).

(2) “Corporation” means a Georgia business development corporation created under this article or existing on April 1, 1975, pursuant to the former “Georgia Business Development Corporation Act of 1972,” approved April 3, 1972 (Ga. L. 1972, p. 798).

(3) “Lending institution” means any bank or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, pension fund, or other institution engaged primarily in lending or investing funds.

(3) “Lending institution” means any bank or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, pension fund, or other institution engaged primarily in lending or investing funds.

(4) “Loan limit” means, for any member, the maximum amount permitted to be outstanding at any one time on member loans made by such member to the corporation, as determined under this article.

(4) “Loan limit” means, for any member, the maximum amount permitted to be outstanding at any one time on member loans made by such member to the corporation, as determined under this article.

(5) “Member” means any lending institution authorized to do business in this state which shall undertake to make member loans to a corporation created under this article, upon its call, and in accordance with this article.

(5) “Member” means any lending institution authorized to do business in this state which shall undertake to make member loans to a corporation created under this article, upon its call, and in accordance with this article.

(6) “Member loan” means a loan made by a member upon the call of the corporation pursuant to Code Section 7-1-747 .

(6) “Member loan” means a loan made by a member upon the call of the corporation pursuant to Code Section 7-1-747 .
O.C.G.A. § 7-1-398 — GA Code / Title 7 / Chapter 1 / Section 7-1-398
Georgia Code Title 7. Banking and Finance § 7-1-398
Status: in_force

Incorporators and other persons who organize a bank or trust company which transacts business before its capital stock and paid-in capital have been paid in shall be jointly and severally liable to depositors and other creditors to make good the amounts not paid in by subscribers or otherwise deficient. Such liability shall be deemed as an asset of the bank or trust company and may be enforced by it, its successors or assignees, or by a shareholder suing derivatively, or by a receiver appointed under this chapter.
O.C.G.A. § 7-1-840 — GA Code / Title 7 / Chapter 1 / Section 7-1-840
Georgia Code Title 7. Banking and Finance § 7-1-840
Status: in_force

(a) Upon discovery, by report or otherwise, of any apparent violation of any state or federal criminal law which is perpetrated through a deposit or loan account maintained at or which utilizes a monetary instrument issued by a financial institution located in this state or of any state or federal criminal law which relates to a financial institution, the department shall refer the matter to an appropriate law enforcement or prosecuting authority for further action. The appropriate state prosecuting authority shall have the right to submit to the grand juries of the respective counties of the state, or otherwise seek an indictment of, any criminal violations of the laws of Georgia known by it to have occurred in such counties. Similarly, any United States attorney may likewise submit to a grand jury, or otherwise seek an indictment of, any criminal violations of the laws of Georgia which also constitute violations of the laws of the United States applicable to such financial institution. Nothing herein shall be so construed as to prevent the appropriate state prosecuting authority or other persons from proceeding in such cases by affidavit and warrant.

(a) Upon discovery, by report or otherwise, of any apparent violation of any state or federal criminal law which is perpetrated through a deposit or loan account maintained at or which utilizes a monetary instrument issued by a financial institution located in this state or of any state or federal criminal law which relates to a financial institution, the department shall refer the matter to an appropriate law enforcement or prosecuting authority for further action. The appropriate state prosecuting authority shall have the right to submit to the grand juries of the respective counties of the state, or otherwise seek an indictment of, any criminal violations of the laws of Georgia known by it to have occurred in such counties. Similarly, any United States attorney may likewise submit to a grand jury, or otherwise seek an indictment of, any criminal violations of the laws of Georgia which also constitute violations of the laws of the United States applicable to such financial institution. Nothing herein shall be so construed as to prevent the appropriate state prosecuting authority or other persons from proceeding in such cases by affidavit and warrant.

(b) The department may assist state and federal law enforcement agencies in further investigation of apparent violations of state or federal criminal statutes referred to in subsection (a) of this Code section.

(b) The department may assist state and federal law enforcement agencies in further investigation of apparent violations of state or federal criminal statutes referred to in subsection (a) of this Code section.

(c) Without incurring civil liability or, in the case of the department, violating the provisions of Code Section 7-1-70 , any financial institution that is the employer or former employer of a person or the department, whether in its regulatory capacity or as the employer or former employer of a person, may provide information to a financial institution which has employed or is considering employment of such person concerning the known or suspected involvement of such person in an apparent violation of a state or federal law or regulation which has been reported to the state or federal law enforcement or regulatory agency having jurisdiction of the violation unless the information is false and such employer, former employer, or the department knows that it is false and provides it with actual malice. For purposes of this Code section, the terms “financial institution” and “department” shall mean any duly elected or appointed official of such entities.

(c) Without incurring civil liability or, in the case of the department, violating the provisions of Code Section 7-1-70 , any financial institution that is the employer or former employer of a person or the department, whether in its regulatory capacity or as the employer or former employer of a person, may provide information to a financial institution which has employed or is considering employment of such person concerning the known or suspected involvement of such person in an apparent violation of a state or federal law or regulation which has been reported to the state or federal law enforcement or regulatory agency having jurisdiction of the violation unless the information is false and such employer, former employer, or the department knows that it is false and provides it with actual malice. For purposes of this Code section, the terms “financial institution” and “department” shall mean any duly elected or appointed official of such entities.

(d) If any board of directors, director, or officer of any financial institution is required by the department, the Federal Deposit Insurance Corporation, the National Credit Union Administration, or any other federal financial institution supervisory agency to provide any such regulatory entity or the fidelity bond carrier with any information regarding the appearance or suspicion of criminal activity involving any director, officer, agent, employee, or customer of such financial institution, such board of directors, director, or officer shall not incur any civil liability for providing such information unless the information is false and such board of directors, director, or officer knows that it is false and provides it with actual malice.

(d) If any board of directors, director, or officer of any financial institution is required by the department, the Federal Deposit Insurance Corporation, the National Credit Union Administration, or any other federal financial institution supervisory agency to provide any such regulatory entity or the fidelity bond carrier with any information regarding the appearance or suspicion of criminal activity involving any director, officer, agent, employee, or customer of such financial institution, such board of directors, director, or officer shall not incur any civil liability for providing such information unless the information is false and such board of directors, director, or officer knows that it is false and provides it with actual malice.
O.C.G.A. § 7-1-1133 — GA Code / Title 7 / Chapter 1 / Section 7-1-1133
Georgia Code Title 7. Banking and Finance § 7-1-1133
Status: in_force

A registered Georgia state representative office of a foreign bank may engage in:

(1) Representational and administrative functions in connection with the banking activities of the foreign bank that: (A) May include soliciting new business for the foreign bank, conducting research, acting as liaison between the foreign bank's head office and customers in the United States, performing preliminary and servicing steps in connection with lending, or performing back-office functions; (B) May include such other activities as are permitted for representative offices of foreign banks under 12 C.F.R. 211.24(d) ; and (C) May include such other activities as are permitted for representative offices of foreign banks pursuant to federal law or regulation, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section 7-1-296 ; but (D) Do not include contracting for any deposit or deposit-like liability, lending money, or engaging in any other banking activity for the foreign bank;

(1) Representational and administrative functions in connection with the banking activities of the foreign bank that:

(A) May include soliciting new business for the foreign bank, conducting research, acting as liaison between the foreign bank's head office and customers in the United States, performing preliminary and servicing steps in connection with lending, or performing back-office functions;

(A) May include soliciting new business for the foreign bank, conducting research, acting as liaison between the foreign bank's head office and customers in the United States, performing preliminary and servicing steps in connection with lending, or performing back-office functions;

(B) May include such other activities as are permitted for representative offices of foreign banks under 12 C.F.R. 211.24(d) ; and

(B) May include such other activities as are permitted for representative offices of foreign banks under 12 C.F.R. 211.24(d) ; and

(C) May include such other activities as are permitted for representative offices of foreign banks pursuant to federal law or regulation, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section 7-1-296 ; but

(C) May include such other activities as are permitted for representative offices of foreign banks pursuant to federal law or regulation, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section 7-1-296 ; but

(D) Do not include contracting for any deposit or deposit-like liability, lending money, or engaging in any other banking activity for the foreign bank;

(D) Do not include contracting for any deposit or deposit-like liability, lending money, or engaging in any other banking activity for the foreign bank;

(2) Making credit decisions if: (A) The foreign bank also operates one or more branches or agencies in the United States; (B) The loans approved at the representative office are made by a branch or agency of the foreign bank; (C) The loan proceeds are not disbursed in the representative offices; and (D) Authorized for representative offices of foreign banks pursuant to federal law or regulation, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section 7-1-296 ; and

(2) Making credit decisions if:

(A) The foreign bank also operates one or more branches or agencies in the United States;

(A) The foreign bank also operates one or more branches or agencies in the United States;

(B) The loans approved at the representative office are made by a branch or agency of the foreign bank;

(B) The loans approved at the representative office are made by a branch or agency of the foreign bank;

(C) The loan proceeds are not disbursed in the representative offices; and

(C) The loan proceeds are not disbursed in the representative offices; and

(D) Authorized for representative offices of foreign banks pursuant to federal law or regulation, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section 7-1-296 ; and

(D) Authorized for representative offices of foreign banks pursuant to federal law or regulation, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section 7-1-296 ; and

(3) Other functions for or on behalf of the foreign bank or its affiliates, including operating as a regional administrative office of the foreign bank, but only to the extent that the functions are not banking activities and are not prohibited by applicable federal or state law.

(3) Other functions for or on behalf of the foreign bank or its affiliates, including operating as a regional administrative office of the foreign bank, but only to the extent that the functions are not banking activities and are not prohibited by applicable federal or state law.
O.C.G.A. § 7-1-281 — GA Code / Title 7 / Chapter 1 / Section 7-1-281
Georgia Code Title 7. Banking and Finance § 7-1-281
Status: in_force

Any bank may:

(1) Become a member of the Federal Reserve System and conform to the rules and regulations of that system and the federal reserve bank of which it is a member;

(1) Become a member of the Federal Reserve System and conform to the rules and regulations of that system and the federal reserve bank of which it is a member;

(2) Become an insured bank pursuant to the Federal Deposit Insurance Act 1 and take all action necessary to the maintenance of insured status thereunder;

(2) Become an insured bank pursuant to the Federal Deposit Insurance Act 1 and take all action necessary to the maintenance of insured status thereunder;

(3) Apply for and obtain insurance on loans pursuant to national housing legislation.

(3) Apply for and obtain insurance on loans pursuant to national housing legislation.

1 12 U.S.C.A. § 1811 et seq.
O.C.G.A. § 7-1-813 — GA Code / Title 7 / Chapter 1 / Section 7-1-813
Georgia Code Title 7. Banking and Finance § 7-1-813
Status: in_force

(a) Sums remaining on deposit at the death of a party to a joint account belong to the surviving party or parties as against the estate of the decedent, unless there is clear and convincing evidence of a different intention at the time the account is created. If there are two or more surviving parties, the respective ownership of each during his lifetime shall be in proportion to his previous ownership interests under Code Section 7-1-812 , augmented by an equal share for each survivor of any interest the decedent may have owned in the account immediately before his death; and the right of survivorship continues between the surviving parties.

(a) Sums remaining on deposit at the death of a party to a joint account belong to the surviving party or parties as against the estate of the decedent, unless there is clear and convincing evidence of a different intention at the time the account is created. If there are two or more surviving parties, the respective ownership of each during his lifetime shall be in proportion to his previous ownership interests under Code Section 7-1-812 , augmented by an equal share for each survivor of any interest the decedent may have owned in the account immediately before his death; and the right of survivorship continues between the surviving parties.

(b) If the account is a P.O.D. account, on death of the original payee or of the survivor of two or more original payees, any sums remaining on deposit belong to the P.O.D. payee or to the P.O.D. payees in equal portions if surviving or to the survivor of them if one or more die before the original payee; if two or more P.O.D. payees survive, there is no right of survivorship in event of death of a P.O.D. payee thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.

(b) If the account is a P.O.D. account, on death of the original payee or of the survivor of two or more original payees, any sums remaining on deposit belong to the P.O.D. payee or to the P.O.D. payees in equal portions if surviving or to the survivor of them if one or more die before the original payee; if two or more P.O.D. payees survive, there is no right of survivorship in event of death of a P.O.D. payee thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.

(c) If the account is a trust account, on the death of the trustee or the survivor of two or more trustees, any sums remaining on deposit belong to such person or persons named as beneficiaries who survive the death of the trustee or the survivor of two or more trustees, unless there is clear and convincing evidence of a contrary intent. If two or more beneficiaries survive: (1) They receive equal portions of the sums contained in the trust account; and (2) There is no right of survivorship in event of death of any beneficiary thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.

(c) If the account is a trust account, on the death of the trustee or the survivor of two or more trustees, any sums remaining on deposit belong to such person or persons named as beneficiaries who survive the death of the trustee or the survivor of two or more trustees, unless there is clear and convincing evidence of a contrary intent. If two or more beneficiaries survive:

(1) They receive equal portions of the sums contained in the trust account; and

(1) They receive equal portions of the sums contained in the trust account; and

(2) There is no right of survivorship in event of death of any beneficiary thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.

(2) There is no right of survivorship in event of death of any beneficiary thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.

(d) In other cases, the death of any party to a multiple-party account has no effect on beneficial ownership of the account other than to transfer the rights of the decedent as part of his estate.

(d) In other cases, the death of any party to a multiple-party account has no effect on beneficial ownership of the account other than to transfer the rights of the decedent as part of his estate.

(e) A right of survivorship arising from the express terms of the account or under this Code section, a beneficiary designation in a trust account, or a P.O.D. payee designation cannot be changed by will.

(e) A right of survivorship arising from the express terms of the account or under this Code section, a beneficiary designation in a trust account, or a P.O.D. payee designation cannot be changed by will.
O.C.G.A. § 7-1-333 — GA Code / Title 7 / Chapter 1 / Section 7-1-333
Georgia Code Title 7. Banking and Finance § 7-1-333
Status: in_force

Trust institutions and foreign trust institutions, as defined by this part, acting in a fiduciary capacity and for fiduciary purposes, if exercising due care as a prudent investor, and with the consent of any cofiduciary, may invest and reinvest funds held in such fiduciary capacity in the shares of stock of one or more fiduciary investment companies, except where the will, trust indenture, or other instrument under which such trust institution or foreign trust institution acts prohibits such investment, provided that the fiduciary investment company, by its articles of incorporation issued and granted in conformity with Chapter 2 of Title 14, shall have and possess the corporate powers required by this part and be subject to the limitations set forth by this part; provided, further, that no such trust institution or foreign trust institution shall invest in the stock of a fiduciary investment company on behalf of any estate, trust, or fund administered by such trust institution or foreign trust institution a sum or amount which would result in such estate, trust, or fund having a total investment in such stock in excess of the maximum amount or percentage that might be invested by such estate, trust, or fund, under the regulations of the department in effect at the time of such investment, in any common trust fund having total assets equal to the total assets of the fiduciary investment company as increased by the proposed investment; and no trust institution or foreign trust institution shall invest in the stock of a fiduciary investment company if, immediately after such investment and as a consequence thereof, it would own more than 25 percent of the voting securities of such fiduciary investment company which would then be outstanding.
O.C.G.A. § 7-1-683-3 — GA Code / Title 7 / Chapter 1 / Section 7-1-683-3
Georgia Code Title 7. Banking and Finance § 7-1-683.3
Status: in_force

(a) The department is authorized to: (1) Participate in the Nationwide Multistate Licensing System and Registry in order to facilitate the sharing of information and standardization of the licensing and application processes for persons subject to this article; (2) Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and other contracts necessary for the department's participation in the Nationwide Multistate Licensing System and Registry; (3) Disclose or cause to be disclosed without liability, via the Nationwide Multistate Licensing System and Registry, applicant and licensee information, including, but not limited to, violations of this article and enforcement actions, to facilitate regulatory oversight across state jurisdictional lines; (4) Request that the Nationwide Multistate Licensing System and Registry adopt an appropriate privacy, data security, and security breach notification policy that is in full compliance with existing state and federal law; and (5) Establish and adopt, by rule or regulation, requirements for participation by applicants and licensees in the Nationwide Multistate Licensing System and Registry upon the department's determination that each requirement is consistent with both the public interest and the purposes of this article.

(a) The department is authorized to:

(1) Participate in the Nationwide Multistate Licensing System and Registry in order to facilitate the sharing of information and standardization of the licensing and application processes for persons subject to this article;

(1) Participate in the Nationwide Multistate Licensing System and Registry in order to facilitate the sharing of information and standardization of the licensing and application processes for persons subject to this article;

(2) Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and other contracts necessary for the department's participation in the Nationwide Multistate Licensing System and Registry;

(2) Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and other contracts necessary for the department's participation in the Nationwide Multistate Licensing System and Registry;

(3) Disclose or cause to be disclosed without liability, via the Nationwide Multistate Licensing System and Registry, applicant and licensee information, including, but not limited to, violations of this article and enforcement actions, to facilitate regulatory oversight across state jurisdictional lines;

(3) Disclose or cause to be disclosed without liability, via the Nationwide Multistate Licensing System and Registry, applicant and licensee information, including, but not limited to, violations of this article and enforcement actions, to facilitate regulatory oversight across state jurisdictional lines;

(4) Request that the Nationwide Multistate Licensing System and Registry adopt an appropriate privacy, data security, and security breach notification policy that is in full compliance with existing state and federal law; and

(4) Request that the Nationwide Multistate Licensing System and Registry adopt an appropriate privacy, data security, and security breach notification policy that is in full compliance with existing state and federal law; and

(5) Establish and adopt, by rule or regulation, requirements for participation by applicants and licensees in the Nationwide Multistate Licensing System and Registry upon the department's determination that each requirement is consistent with both the public interest and the purposes of this article.

(5) Establish and adopt, by rule or regulation, requirements for participation by applicants and licensees in the Nationwide Multistate Licensing System and Registry upon the department's determination that each requirement is consistent with both the public interest and the purposes of this article.

(b) The department shall enact rules and regulations establishing a process whereby licensees may challenge information entered by the department on the Nationwide Multistate Licensing System and Registry.

(b) The department shall enact rules and regulations establishing a process whereby licensees may challenge information entered by the department on the Nationwide Multistate Licensing System and Registry.

(c) Irrespective of its participation in the Nationwide Multistate Licensing System and Registry, the department shall retain full and exclusive authority over determinations of whether to grant, renew, suspend, or revoke licenses issued under this article. Nothing in this Code section shall be construed to reduce or otherwise limit such authority.

(c) Irrespective of its participation in the Nationwide Multistate Licensing System and Registry, the department shall retain full and exclusive authority over determinations of whether to grant, renew, suspend, or revoke licenses issued under this article. Nothing in this Code section shall be construed to reduce or otherwise limit such authority.

(d) Information disclosed through the Nationwide Multistate Licensing System and Registry is deemed to be disclosed directly to the department and subject to Code Section 7-1-70 . Such information shall not be disclosed to the public and shall remain privileged and confidential pursuant to Code Section 7-1-70 .

(d) Information disclosed through the Nationwide Multistate Licensing System and Registry is deemed to be disclosed directly to the department and subject to Code Section 7-1-70 . Such information shall not be disclosed to the public and shall remain privileged and confidential pursuant to Code Section 7-1-70 .
O.C.G.A. § 7-1-604 — GA Code / Title 7 / Chapter 1 / Section 7-1-604
Georgia Code Title 7. Banking and Finance § 7-1-604
Status: in_force

No bank shall carry on or conduct or do a banking business in this state except in accordance with the provisions of this title or federal law directly applicable to the bank. A “banking business” is the business which a bank is authorized to do pursuant to this title.
O.C.G.A. § 7-1-607 — GA Code / Title 7 / Chapter 1 / Section 7-1-607
Georgia Code Title 7. Banking and Finance § 7-1-607
Status: in_force

(a) On an annual basis, each bank holding company that controls a bank chartered by the department shall register with the commissioner on forms provided or prescribed by him or her, which may include such information with respect to the financial condition, operation, management, and intercompany relationships of the bank holding company and its subsidiaries and related matters as the commissioner may deem necessary or appropriate to carry out the purposes of this part.

(a) On an annual basis, each bank holding company that controls a bank chartered by the department shall register with the commissioner on forms provided or prescribed by him or her, which may include such information with respect to the financial condition, operation, management, and intercompany relationships of the bank holding company and its subsidiaries and related matters as the commissioner may deem necessary or appropriate to carry out the purposes of this part.

(b) The commissioner is authorized to issue such regulations and orders as may be necessary to enable him or her to administer and carry out the purposes of this Code section.

(b) The commissioner is authorized to issue such regulations and orders as may be necessary to enable him or her to administer and carry out the purposes of this Code section.

(c) The commissioner from time to time may require reports under oath to keep him or her informed as to whether the provisions of this Code section and such regulations and orders thereunder issued by him or her have been complied with; may make examinations of each bank holding company and each subsidiary thereof, the cost of which may be assessed against and paid by such holding company; and shall, as far as possible, use the reports of examination made by the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System for the purposes of this Code section.

(c) The commissioner from time to time may require reports under oath to keep him or her informed as to whether the provisions of this Code section and such regulations and orders thereunder issued by him or her have been complied with; may make examinations of each bank holding company and each subsidiary thereof, the cost of which may be assessed against and paid by such holding company; and shall, as far as possible, use the reports of examination made by the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System for the purposes of this Code section.

(d) Bank holding companies that control a bank chartered by the department and subsidiaries or affiliates thereof shall be regulated, controlled, and examined by the commissioner to the same extent that he or she regulates, controls, and examines state banks under his or her jurisdiction, which would be in addition to the authority of the Federal Reserve Board as fixed by the laws of the United States. The commissioner is authorized, directed, and required to promulgate, with precision, rules and regulations and investment procedures in the regulation, examination, and control of bank holding companies that control a bank chartered by the department.

(d) Bank holding companies that control a bank chartered by the department and subsidiaries or affiliates thereof shall be regulated, controlled, and examined by the commissioner to the same extent that he or she regulates, controls, and examines state banks under his or her jurisdiction, which would be in addition to the authority of the Federal Reserve Board as fixed by the laws of the United States. The commissioner is authorized, directed, and required to promulgate, with precision, rules and regulations and investment procedures in the regulation, examination, and control of bank holding companies that control a bank chartered by the department.
O.C.G.A. § 7-1-697 — GA Code / Title 7 / Chapter 1 / Section 7-1-697
Georgia Code Title 7. Banking and Finance § 7-1-697
Status: in_force

Nothing in this article shall limit any statutory or common law right of any person to bring any action in any court for any act involved in the transmission of money or the right of the state to punish any person for any violation of any law.
O.C.G.A. § 7-1-332 — GA Code / Title 7 / Chapter 1 / Section 7-1-332
Georgia Code Title 7. Banking and Finance § 7-1-332
Status: in_force

Any such fiduciary investment company shall be incorporated under and subject to Chapter 2 of Title 14. The incorporators shall be persons who are officers or directors of the trust institution or institutions causing such fiduciary investment company to be incorporated; and the articles of incorporation shall set forth the name of each trust institution participating in such incorporation and the amount of stock originally subscribed for by each, together with such other facts as are required by Chapter 2 of Title 14.
O.C.G.A. § 7-9-11 — GA Code / Title 7 / Chapter 9 / Section 7-9-11
Georgia Code Title 7. Banking and Finance § 7-9-11
Status: in_force

A merchant acquirer limited purpose bank shall at all times maintain capital stock and paid-in surplus as required by policies of the department but in no event less than $3 million.
O.C.G.A. § 7-1-635-1 — GA Code / Title 7 / Chapter 1 / Section 7-1-635-1
Georgia Code Title 7. Banking and Finance § 7-1-635.1
Status: in_force

(a) A credit union organized in another state may conduct business and establish a place of business in this state with the approval of the department. The department must find that the out-of-state credit union: (1) Is a credit union organized under laws of a state other than the State of Georgia or of the United States, which state grants similar authority to credit unions organized under the laws of this state; (2) Is financially solvent and operates in conformance with the laws and regulations of its charter jurisdiction; and (3) Has deposit insurance issued by a federal public body that is comparable to that required for credit unions chartered in this state.

(a) A credit union organized in another state may conduct business and establish a place of business in this state with the approval of the department. The department must find that the out-of-state credit union:

(1) Is a credit union organized under laws of a state other than the State of Georgia or of the United States, which state grants similar authority to credit unions organized under the laws of this state;

(1) Is a credit union organized under laws of a state other than the State of Georgia or of the United States, which state grants similar authority to credit unions organized under the laws of this state;

(2) Is financially solvent and operates in conformance with the laws and regulations of its charter jurisdiction; and

(2) Is financially solvent and operates in conformance with the laws and regulations of its charter jurisdiction; and

(3) Has deposit insurance issued by a federal public body that is comparable to that required for credit unions chartered in this state.

(3) Has deposit insurance issued by a federal public body that is comparable to that required for credit unions chartered in this state.

(b) The out-of-state credit union must agree to: (1) Grant loans at rates not in excess of the rates permitted for credit unions incorporated under the laws of Georgia; (2) Comply with the same consumer protection provisions that credit unions incorporated under this chapter must obey; and (3) Designate and maintain an agent for the service of process in this state.

(b) The out-of-state credit union must agree to:

(1) Grant loans at rates not in excess of the rates permitted for credit unions incorporated under the laws of Georgia;

(1) Grant loans at rates not in excess of the rates permitted for credit unions incorporated under the laws of Georgia;

(2) Comply with the same consumer protection provisions that credit unions incorporated under this chapter must obey; and

(2) Comply with the same consumer protection provisions that credit unions incorporated under this chapter must obey; and

(3) Designate and maintain an agent for the service of process in this state.

(3) Designate and maintain an agent for the service of process in this state.

(c) The department may examine the operations of any out-of-state credit union for the purpose of determining that the scope of its activities does not exceed that allowed pursuant to this chapter and that the facility is otherwise operating in compliance with the applicable laws of this state. The department may by regulation establish minimum requirements for the maintenance of books and records in sufficient form to enable the department to carry out its responsibilities under this Code section.

(c) The department may examine the operations of any out-of-state credit union for the purpose of determining that the scope of its activities does not exceed that allowed pursuant to this chapter and that the facility is otherwise operating in compliance with the applicable laws of this state. The department may by regulation establish minimum requirements for the maintenance of books and records in sufficient form to enable the department to carry out its responsibilities under this Code section.

(d) The department may enter into cooperative and reciprocal agreements with the credit union regulatory authority of any government for the periodic examination of credit union offices and facilities of any kind located within this state and may accept reports from such authorities in lieu of conducting its own examination for compliance with the laws of this state.

(d) The department may enter into cooperative and reciprocal agreements with the credit union regulatory authority of any government for the periodic examination of credit union offices and facilities of any kind located within this state and may accept reports from such authorities in lieu of conducting its own examination for compliance with the laws of this state.

(e) A credit union which is approved under this Code section shall be exempt from the requirements of Article 15 of Chapter 2 of Title 14.

(e) A credit union which is approved under this Code section shall be exempt from the requirements of Article 15 of Chapter 2 of Title 14.
O.C.G.A. § 7-1-703-2 — GA Code / Title 7 / Chapter 1 / Section 7-1-703-2
Georgia Code Title 7. Banking and Finance § 7-1-703.2
Status: in_force

The unique identifier of any licensee shall be clearly labeled on all advertisements and any other documents required by rule or regulation of the department.
O.C.G.A. § 7-1-1117 — GA Code / Title 7 / Chapter 1 / Section 7-1-1117
Georgia Code Title 7. Banking and Finance § 7-1-1117
Status: in_force

(a) Except as provided in paragraph (10) of subsection (c) of Code Section 7-1-1116 , a foreign bank may not act as a fiduciary at a Georgia state branch or Georgia state agency except by obtaining approval from the department as provided in this Code section. No Georgia state branch or Georgia state agency shall exercise the powers and privileges of a fiduciary without submitting an application to do so in a manner and form prescribed by the department. At a minimum, the application shall describe in detail: (1) The proposed fiduciary activities; (2) The names and relevant expertise of its officers and employees who will conduct the fiduciary activities; and (3) The manner in which the fiduciary activities will be captured in the books and records of the Georgia state branch or Georgia state agency with due regard for separation of beneficial and legal interests. The department shall evaluate the application in the same manner as for a license as provided in Code Section 7-1-1113 .

(a) Except as provided in paragraph (10) of subsection (c) of Code Section 7-1-1116 , a foreign bank may not act as a fiduciary at a Georgia state branch or Georgia state agency except by obtaining approval from the department as provided in this Code section. No Georgia state branch or Georgia state agency shall exercise the powers and privileges of a fiduciary without submitting an application to do so in a manner and form prescribed by the department. At a minimum, the application shall describe in detail:

(1) The proposed fiduciary activities;

(1) The proposed fiduciary activities;

(2) The names and relevant expertise of its officers and employees who will conduct the fiduciary activities; and

(2) The names and relevant expertise of its officers and employees who will conduct the fiduciary activities; and

(3) The manner in which the fiduciary activities will be captured in the books and records of the Georgia state branch or Georgia state agency with due regard for separation of beneficial and legal interests.

(3) The manner in which the fiduciary activities will be captured in the books and records of the Georgia state branch or Georgia state agency with due regard for separation of beneficial and legal interests.

The department shall evaluate the application in the same manner as for a license as provided in Code Section 7-1-1113 .

(b) The department may approve a foreign bank applicant to engage in fiduciary activities if the commissioner finds that the foreign bank will exercise its fiduciary powers in accordance with the laws of this state and has sufficient fiduciary and accounting expertise and controls to protect beneficial interests under its control. The department may include conditions and limitations in any approval of fiduciary powers. If the approval is conditioned on a written commitment from the applicant offered to and accepted by the commissioner, the commitment is enforceable against the applicant. If the department, in its discretion, disapproves the proposed use of fiduciary powers, it shall notify the foreign bank of its disapproval and state generally the unfavorable factors influencing its decision. The decision of the department shall be conclusive, except that it may be subject to judicial review as provided in Code Section 7-1-90 .

(b) The department may approve a foreign bank applicant to engage in fiduciary activities if the commissioner finds that the foreign bank will exercise its fiduciary powers in accordance with the laws of this state and has sufficient fiduciary and accounting expertise and controls to protect beneficial interests under its control. The department may include conditions and limitations in any approval of fiduciary powers. If the approval is conditioned on a written commitment from the applicant offered to and accepted by the commissioner, the commitment is enforceable against the applicant. If the department, in its discretion, disapproves the proposed use of fiduciary powers, it shall notify the foreign bank of its disapproval and state generally the unfavorable factors influencing its decision. The decision of the department shall be conclusive, except that it may be subject to judicial review as provided in Code Section 7-1-90 .

(c) Notwithstanding the limitations in Article 15 of Chapter 12 of Title 53, a foreign bank that obtains the approval of the department under this Code section may engage in fiduciary activities at its Georgia state branch or Georgia state agency to the same extent and in the same manner as a Georgia state bank could do so at the same location, subject to any conditions or limitations applicable to the approval.

(c) Notwithstanding the limitations in Article 15 of Chapter 12 of Title 53, a foreign bank that obtains the approval of the department under this Code section may engage in fiduciary activities at its Georgia state branch or Georgia state agency to the same extent and in the same manner as a Georgia state bank could do so at the same location, subject to any conditions or limitations applicable to the approval.

(d) The department may initiate an enforcement action or may order a foreign bank to cease engaging in fiduciary activities in this state in the same manner as a cease and desist order under Code Section 7-1-1108 if the department finds in writing that: (1) Conditions exist related to the fiduciary activities of the foreign bank in this state which would authorize the department to revoke its license pursuant to Code Section 7-1-1126 ; or (2) A fact or condition exists which, if it had existed at the time of the foreign bank's original application to engage in fiduciary activities, would have resulted in the department disapproving the foreign bank to engage in fiduciary activities.

(d) The department may initiate an enforcement action or may order a foreign bank to cease engaging in fiduciary activities in this state in the same manner as a cease and desist order under Code Section 7-1-1108 if the department finds in writing that:

(1) Conditions exist related to the fiduciary activities of the foreign bank in this state which would authorize the department to revoke its license pursuant to Code Section 7-1-1126 ; or

(1) Conditions exist related to the fiduciary activities of the foreign bank in this state which would authorize the department to revoke its license pursuant to Code Section 7-1-1126 ; or

(2) A fact or condition exists which, if it had existed at the time of the foreign bank's original application to engage in fiduciary activities, would have resulted in the department disapproving the foreign bank to engage in fiduciary activities.

(2) A fact or condition exists which, if it had existed at the time of the foreign bank's original application to engage in fiduciary activities, would have resulted in the department disapproving the foreign bank to engage in fiduciary activities.
O.C.G.A. § 7-1-112 — GA Code / Title 7 / Chapter 1 / Section 7-1-112
Georgia Code Title 7. Banking and Finance § 7-1-112
Status: in_force

(a) During the period of or as a result of any financial emergency proclaimed by the Governor or declared by the department, or during any impending or existing emergency situation as described in Code Section 7-1-111 , the department, in addition to all of the powers conferred upon it by law, shall have the authority to order any one or more financial institutions to restrict all or any part of their business and to limit or postpone for any length of time the payment of any amount or proportion of the deposits in any of the departments of the financial institutions as it may deem necessary or expedient. The department may further regulate the payments of such financial institutions as to time and amount, as in its opinion the interest of the public or of such financial institutions or the depositors thereof may require.

(a) During the period of or as a result of any financial emergency proclaimed by the Governor or declared by the department, or during any impending or existing emergency situation as described in Code Section 7-1-111 , the department, in addition to all of the powers conferred upon it by law, shall have the authority to order any one or more financial institutions to restrict all or any part of their business and to limit or postpone for any length of time the payment of any amount or proportion of the deposits in any of the departments of the financial institutions as it may deem necessary or expedient. The department may further regulate the payments of such financial institutions as to time and amount, as in its opinion the interest of the public or of such financial institutions or the depositors thereof may require.

(b) No liability or loss of any rights of any kind shall be incurred by any financial institution during any emergency period declared by the Governor or the department by reason of the delay in the payment of any item or by the return or transmission of any item or document if such delay is caused by orders of the Governor or the department, interruption of communication facilities, suspension of payments by another financial institution, war or emergency conditions, or other circumstances beyond the control of the financial institution if it exercises such diligence as the circumstances require.

(b) No liability or loss of any rights of any kind shall be incurred by any financial institution during any emergency period declared by the Governor or the department by reason of the delay in the payment of any item or by the return or transmission of any item or document if such delay is caused by orders of the Governor or the department, interruption of communication facilities, suspension of payments by another financial institution, war or emergency conditions, or other circumstances beyond the control of the financial institution if it exercises such diligence as the circumstances require.
O.C.G.A. § 7-1-316 — GA Code / Title 7 / Chapter 1 / Section 7-1-316
Georgia Code Title 7. Banking and Finance § 7-1-316
Status: in_force

(a)(1) A trust company shall provide an irrevocable letter of credit or pledge securities acceptable to the department to defray the costs of a liquidation of the trust company in the event it should be placed into receivership. (2) The amount of the securities or the letter of credit required in this Code section shall be determined by the department as appropriate to defray the costs associated with receivership, provided that such amount shall be no less than $500,000.00. (3) Any letter of credit shall be: (A) Made payable to the department and issued by a Federal Home Loan Bank or a federally insured financial institution, approved by the department and authorized to do business in this state; (B) In a form and with terms acceptable by the department; and (C) Obtained from an entity in which the trust company has no financial interest. (4) Any pledged securities shall be held at a bank authorized to do business in this state, and any fees associated with holding such securities shall be the responsibility of the trust company.

(a)(1) A trust company shall provide an irrevocable letter of credit or pledge securities acceptable to the department to defray the costs of a liquidation of the trust company in the event it should be placed into receivership.

(a)(1) A trust company shall provide an irrevocable letter of credit or pledge securities acceptable to the department to defray the costs of a liquidation of the trust company in the event it should be placed into receivership.

(2) The amount of the securities or the letter of credit required in this Code section shall be determined by the department as appropriate to defray the costs associated with receivership, provided that such amount shall be no less than $500,000.00.

(2) The amount of the securities or the letter of credit required in this Code section shall be determined by the department as appropriate to defray the costs associated with receivership, provided that such amount shall be no less than $500,000.00.

(3) Any letter of credit shall be: (A) Made payable to the department and issued by a Federal Home Loan Bank or a federally insured financial institution, approved by the department and authorized to do business in this state; (B) In a form and with terms acceptable by the department; and (C) Obtained from an entity in which the trust company has no financial interest.

(3) Any letter of credit shall be:

(A) Made payable to the department and issued by a Federal Home Loan Bank or a federally insured financial institution, approved by the department and authorized to do business in this state;

(A) Made payable to the department and issued by a Federal Home Loan Bank or a federally insured financial institution, approved by the department and authorized to do business in this state;

(B) In a form and with terms acceptable by the department; and

(B) In a form and with terms acceptable by the department; and

(C) Obtained from an entity in which the trust company has no financial interest.

(C) Obtained from an entity in which the trust company has no financial interest.

(4) Any pledged securities shall be held at a bank authorized to do business in this state, and any fees associated with holding such securities shall be the responsibility of the trust company.

(4) Any pledged securities shall be held at a bank authorized to do business in this state, and any fees associated with holding such securities shall be the responsibility of the trust company.

(b) If a trust company is placed in receivership, the department may, without regard to any priorities, preferences, or adverse claims, reduce the pledged securities or the letter of credit provided by a trust company to cash and, as soon as practicable, utilize the cash to defray the costs associated with receivership.

(b) If a trust company is placed in receivership, the department may, without regard to any priorities, preferences, or adverse claims, reduce the pledged securities or the letter of credit provided by a trust company to cash and, as soon as practicable, utilize the cash to defray the costs associated with receivership.
O.C.G.A. § 7-6-2 — GA Code / Title 7 / Chapter 6 / Section 7-6-2
Georgia Code Title 7. Banking and Finance § 7-6-2
Status: in_force

Any person denied a loan or credit solely on the basis of discrimination because of sex, race, religion, national origin, or marital status shall have a right to bring an action for damages in any court of competent jurisdiction in an individual, but not in a representative, capacity against the person, firm, or corporation violating this chapter.
O.C.G.A. § 7-3-51 — GA Code / Title 7 / Chapter 3 / Section 7-3-51
Georgia Code Title 7. Banking and Finance § 7-3-51
Status: in_force

Without limiting the power conferred by Chapter 1 of this title, the department may make reasonable rules and regulations, not inconsistent with law, for the interpretation and enforcement of this chapter.
O.C.G.A. § 7-1-491 — GA Code / Title 7 / Chapter 1 / Section 7-1-491
Georgia Code Title 7. Banking and Finance § 7-1-491
Status: in_force

In addition to other provisions in this chapter and federal law, a bank or trust company shall not make loans or otherwise extend financing to any one of its directors or policy-making officers except on terms, rates, and conditions which are not preferential. Preferential terms, rates, and conditions shall be determined by comparison to those terms, rates, and conditions offered contemporaneously to other borrowers making substantially similar loan requests, having substantially similar credit histories, and offering substantially similar collateral. Such loans shall be made only after the application of prudent loan underwriting criteria normally applied to loan requests of a similar nature from applicants who are not directors and policy-making officers. Approval procedures for such loans should be designed to minimize any potential abuse by bank insiders.
O.C.G.A. § 7-1-1020 — GA Code / Title 7 / Chapter 1 / Section 7-1-1020
Georgia Code Title 7. Banking and Finance § 7-1-1020
Status: in_force

Nothing in this article shall limit any statutory or common law right of any person to bring any action in any court for any act involved in the mortgage business or the right of the state to punish any person for any violation of any law. Without limiting the generality of the foregoing, nothing in this article shall be construed as limiting in any manner the application of Part 2 of Article 15 of Chapter 1 of Title 10, the “Fair Business Practices Act of 1975.”
O.C.G.A. § 7-1-1007 — GA Code / Title 7 / Chapter 1 / Section 7-1-1007
Georgia Code Title 7. Banking and Finance § 7-1-1007
Status: in_force

(a) A licensee shall give written notice to the department of any action which may be brought against it by any creditor or borrower where such action is brought under this article, involves a claim against the bond filed with the department for the purposes of compliance with Code Section 7-1-1003.2 or 7-1-1004 , or involves a claim for damages in excess of $25,000.00 for a mortgage broker or mortgage loan originator and $250,000.00 for a lender and of any judgment which may be entered against it by any creditor or any borrower or prospective borrower, with details sufficient to identify the action or judgment, within 30 days after the commencement of any such action or the entry of any such judgment.

(a) A licensee shall give written notice to the department of any action which may be brought against it by any creditor or borrower where such action is brought under this article, involves a claim against the bond filed with the department for the purposes of compliance with Code Section 7-1-1003.2 or 7-1-1004 , or involves a claim for damages in excess of $25,000.00 for a mortgage broker or mortgage loan originator and $250,000.00 for a lender and of any judgment which may be entered against it by any creditor or any borrower or prospective borrower, with details sufficient to identify the action or judgment, within 30 days after the commencement of any such action or the entry of any such judgment.

(b) A corporate surety shall, within ten days after it pays any claim to any claimant, give notice to the department by registered or certified mail or statutory overnight delivery of such payment with details sufficient to identify the claimant and the claim or judgment so paid. Whenever the principal sum of such bond is reduced by one or more recoveries or payments thereon, the mortgage loan originator, mortgage broker, or mortgage lender shall furnish a new or additional bond so that the total or aggregate principal sum of such bond or bonds shall equal the sum required under Code Section 7-1-1003.2 or 7-1-1004 or shall furnish an endorsement duly executed by the corporate surety reinstating the bond to the required principal sum thereof.

(b) A corporate surety shall, within ten days after it pays any claim to any claimant, give notice to the department by registered or certified mail or statutory overnight delivery of such payment with details sufficient to identify the claimant and the claim or judgment so paid. Whenever the principal sum of such bond is reduced by one or more recoveries or payments thereon, the mortgage loan originator, mortgage broker, or mortgage lender shall furnish a new or additional bond so that the total or aggregate principal sum of such bond or bonds shall equal the sum required under Code Section 7-1-1003.2 or 7-1-1004 or shall furnish an endorsement duly executed by the corporate surety reinstating the bond to the required principal sum thereof.

(c) A bond filed with the department for the purpose of compliance with Code Section 7-1-1003.2 or 7-1-1004 shall not be canceled by either the mortgage loan originator, mortgage broker, or mortgage lender or the corporate surety except upon notice to the department electronically through the Nationwide Multistate Licensing System and Registry, the cancellation to be effective not less than 30 days after receipt by the department of such notice and only with respect to any breach of condition occurring after the effective date of such cancellation.

(c) A bond filed with the department for the purpose of compliance with Code Section 7-1-1003.2 or 7-1-1004 shall not be canceled by either the mortgage loan originator, mortgage broker, or mortgage lender or the corporate surety except upon notice to the department electronically through the Nationwide Multistate Licensing System and Registry, the cancellation to be effective not less than 30 days after receipt by the department of such notice and only with respect to any breach of condition occurring after the effective date of such cancellation.

(d) A licensee or registrant shall, within ten days after knowledge of the event, report in writing to the department: (1) Any knowledge or discovery of an act prohibited by Code Section 7-1-1013 ; (2) The discharge of any employee for dishonest or fraudulent acts; and (3) Any administrative, civil, or criminal action initiated against the licensee, registrant, or any of its control persons by any government entity. Any person reporting such an event shall be protected from civil liability as provided in Code Section 7-1-1009 .

(d) A licensee or registrant shall, within ten days after knowledge of the event, report in writing to the department:

(1) Any knowledge or discovery of an act prohibited by Code Section 7-1-1013 ;

(1) Any knowledge or discovery of an act prohibited by Code Section 7-1-1013 ;

(2) The discharge of any employee for dishonest or fraudulent acts; and

(2) The discharge of any employee for dishonest or fraudulent acts; and

(3) Any administrative, civil, or criminal action initiated against the licensee, registrant, or any of its control persons by any government entity.

(3) Any administrative, civil, or criminal action initiated against the licensee, registrant, or any of its control persons by any government entity.

Any person reporting such an event shall be protected from civil liability as provided in Code Section 7-1-1009 .
O.C.G.A. § 7-1-195 — GA Code / Title 7 / Chapter 1 / Section 7-1-195
Georgia Code Title 7. Banking and Finance § 7-1-195
Status: in_force

For the purposes of the accounting provided for in this chapter, the department shall allow the claims of depositors for the amounts shown to be due to them upon the books or other records of the financial institution (unless it determines such books or records to be in error) or for such other amounts as they shall, within the time and in the manner provided by this chapter, prove to the satisfaction of the department are due to them. It shall likewise allow the claims of all other creditors, when presented within the time and in the manner provided by this chapter, if it shall be satisfied that the amounts claimed are rightfully due. In allowing claims, the department may change their rank to that which it determines to be proper and may reduce them by exercise of the financial institution's right of setoff against the claimant. It shall reject all other claims of depositors and other creditors.
O.C.G.A. § 7-1-9 — GA Code / Title 7 / Chapter 1 / Section 7-1-9
Georgia Code Title 7. Banking and Finance § 7-1-9
Status: in_force

The General Assembly shall at all times have power to prescribe such regulations, provisions, and limitations as it may deem advisable, which regulations, provisions, and limitations shall be binding upon financial institutions that are subject to this chapter. The General Assembly shall have the power to amend, repeal, or modify this chapter at pleasure.
O.C.G.A. § 7-1-791 — GA Code / Title 7 / Chapter 1 / Section 7-1-791
Georgia Code Title 7. Banking and Finance § 7-1-791
Status: in_force

Except as provided in Article 8 of this chapter, upon the death of a depositor of a savings and loan association, such association may pay the amount of his deposit or any portion thereof to an executor, administrator, or other fiduciary duly appointed and qualified pursuant to the last will and testament of the depositor or by any court of competent jurisdiction in this state or any other state.
O.C.G.A. § 7-1-481 — GA Code / Title 7 / Chapter 1 / Section 7-1-481
Georgia Code Title 7. Banking and Finance § 7-1-481
Status: repealed

The board of directors shall have the power to adopt, amend, or repeal bylaws as specified in paragraph (4) of Code Section 7-1-260 unless such power is reserved exclusively to the shareholders by the articles or in bylaws previously adopted by the shareholders; but any bylaws adopted by the board of directors may be altered, amended, or repealed and new bylaws adopted by the shareholders. The shareholders may prescribe that any bylaw or bylaws adopted by them shall not be altered, amended, or repealed by the board of directors. Copies of the bylaws and any change, addition, or amendment thereto shall be filed with the department immediately upon adoption by the directors or the shareholders.