O.C.G.A. § 7-1-1100 — GA Code / Title 7 / Chapter 1 / Section 7-1-1100
Georgia Code Title 7. Banking and Finance § 7-1-1100
Status: in_force

As used in this article, the term:

(1) “Affiliate” has the meaning assigned by 12 U.S.C. Section 1841(k) of the Bank Holding Company Act.

(1) “Affiliate” has the meaning assigned by 12 U.S.C. Section 1841(k) of the Bank Holding Company Act.

(2) “ Agency ,” when used in reference to an office of a foreign bank, has the meaning assigned by 12 U.S.C. Section 3101(1) of the International Banking Act.

(2) “ Agency ,” when used in reference to an office of a foreign bank, has the meaning assigned by 12 U.S.C. Section 3101(1) of the International Banking Act.

(3) “Bank” has the meaning assigned by 12 U.S.C. Section 1841(c) of the Bank Holding Company Act, except that the term does not include a foreign bank or a branch or agency of a foreign bank.

(3) “Bank” has the meaning assigned by 12 U.S.C. Section 1841(c) of the Bank Holding Company Act, except that the term does not include a foreign bank or a branch or agency of a foreign bank.

(4) “ Bank supervisory agency ” means any of the following: (A) An agency of another state with primary responsibility for chartering and supervising banks; or (B) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System, and any successor to these agencies.

(4) “ Bank supervisory agency ” means any of the following:

(A) An agency of another state with primary responsibility for chartering and supervising banks; or

(A) An agency of another state with primary responsibility for chartering and supervising banks; or

(B) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System, and any successor to these agencies.

(B) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System, and any successor to these agencies.

(5) “ Branch ,” when used in reference to an office of a foreign bank, has the meaning assigned by 12 U.S.C. Section 3101(3) of the International Banking Act.

(5) “ Branch ,” when used in reference to an office of a foreign bank, has the meaning assigned by 12 U.S.C. Section 3101(3) of the International Banking Act.

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

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

(7) “Control” has the meaning assigned by 12 U.S.C. Section 1841(a) of the Bank Holding Company Act, and regulations and interpretive rulings of the Board of Governors of the Federal Reserve System.

(7) “Control” has the meaning assigned by 12 U.S.C. Section 1841(a) of the Bank Holding Company Act, and regulations and interpretive rulings of the Board of Governors of the Federal Reserve System.

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

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

(9) “Deposit” has the meaning assigned by 12 U.S.C. Section 1813(l) of the Federal Deposit Insurance Act.

(9) “Deposit” has the meaning assigned by 12 U.S.C. Section 1813(l) of the Federal Deposit Insurance Act.

(10) “ Depository institution ” means an institution included for any purpose within the definition of insured depository institution as assigned by 12 U.S.C. Section 1813(c)(2) of the Federal Deposit Insurance Act.

(10) “ Depository institution ” means an institution included for any purpose within the definition of insured depository institution as assigned by 12 U.S.C. Section 1813(c)(2) of the Federal Deposit Insurance Act.

(11) “ Federal agency ” means an agency of a foreign bank that is licensed by the Comptroller of the Currency pursuant to 12 U.S.C. Section 3102 of the International Banking Act.

(11) “ Federal agency ” means an agency of a foreign bank that is licensed by the Comptroller of the Currency pursuant to 12 U.S.C. Section 3102 of the International Banking Act.

(12) “ Federal branch ” means a branch of a foreign bank that is licensed by the Comptroller of the Currency pursuant to 12 U.S.C. Section 3102 of the International Banking Act.

(12) “ Federal branch ” means a branch of a foreign bank that is licensed by the Comptroller of the Currency pursuant to 12 U.S.C. Section 3102 of the International Banking Act.

(13) “Foreign bank” has the meaning assigned by 12 U.S.C. Section 3101(7) of the International Banking Act.

(13) “Foreign bank” has the meaning assigned by 12 U.S.C. Section 3101(7) of the International Banking Act.

(14) “ Functional regulatory agency ” means a department or agency of this state, another state, the United States, or a foreign government that regulates and charters, licenses, or registers persons engaged in financial activities or activities incidental or complementary to financial activities, including activities related to banking, insurance, or securities.

(14) “ Functional regulatory agency ” means a department or agency of this state, another state, the United States, or a foreign government that regulates and charters, licenses, or registers persons engaged in financial activities or activities incidental or complementary to financial activities, including activities related to banking, insurance, or securities.

(15) “ Georgia state agency ” means, when used in reference to an office of a foreign bank, an agency of a foreign bank that is located in this state and licensed pursuant to this article.

(15) “ Georgia state agency ” means, when used in reference to an office of a foreign bank, an agency of a foreign bank that is located in this state and licensed pursuant to this article.

(16) “ Georgia state bank ” means a bank that is organized under the laws of the State of Georgia.

(16) “ Georgia state bank ” means a bank that is organized under the laws of the State of Georgia.

(17) “ Georgia state branch ” means, when used in reference to an office of a foreign bank, a branch of a foreign bank that is located in this state and licensed pursuant to this article.

(17) “ Georgia state branch ” means, when used in reference to an office of a foreign bank, a branch of a foreign bank that is located in this state and licensed pursuant to this article.

(18) “ Georgia state representative office ” means, when used in reference to an office of a foreign bank, a representative office that is located in this state and registered pursuant to this article.

(18) “ Georgia state representative office ” means, when used in reference to an office of a foreign bank, a representative office that is located in this state and registered pursuant to this article.

(19) “ Home state ” means the state determined to be the home state of the foreign bank under 12 U.S.C. Section 3103(c) of the International Banking Act.

(19) “ Home state ” means the state determined to be the home state of the foreign bank under 12 U.S.C. Section 3103(c) of the International Banking Act.

(20) “ Insolvency ” means: (A) Inability to meet liabilities as they become due in the regular course of business; or (B) Insufficiency in actual cash market value of assets to pay liabilities to depositors and other creditors.

(20) “ Insolvency ” means:

(A) Inability to meet liabilities as they become due in the regular course of business; or

(A) Inability to meet liabilities as they become due in the regular course of business; or

(B) Insufficiency in actual cash market value of assets to pay liabilities to depositors and other creditors.

(B) Insufficiency in actual cash market value of assets to pay liabilities to depositors and other creditors.

(21) “ International Banking Act ” means the federal International Banking Act of 1978, 12 U.S.C. Section 3101, et seq.

(21) “ International Banking Act ” means the federal International Banking Act of 1978, 12 U.S.C. Section 3101, et seq.

(22) “ Interstate Banking and Branching Efficiency Act ” means the federal Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328 , codified and subsequently amended at various sections of Title 12, United States Code.

(22) “ Interstate Banking and Branching Efficiency Act ” means the federal Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328 , codified and subsequently amended at various sections of Title 12, United States Code.

(23) “ Interstate branch ” means a branch of a bank or a branch of a foreign bank, as the context requires, established, acquired, or retained pursuant to the Interstate Banking and Branching Efficiency Act, outside the home state of the bank or foreign bank.

(23) “ Interstate branch ” means a branch of a bank or a branch of a foreign bank, as the context requires, established, acquired, or retained pursuant to the Interstate Banking and Branching Efficiency Act, outside the home state of the bank or foreign bank.

(24) “ National bank ” means a national banking association organized pursuant to 12 U.S.C. Sections 21 through 215c or a federal savings association organized pursuant to 12 U.S.C. Sections 1461 - 1470 .

(24) “ National bank ” means a national banking association organized pursuant to 12 U.S.C. Sections 21 through 215c or a federal savings association organized pursuant to 12 U.S.C. Sections 1461 - 1470 .

(25) “ Office of a foreign bank ” means a branch, agency, or representative office operated by a foreign bank.

(25) “ Office of a foreign bank ” means a branch, agency, or representative office operated by a foreign bank.

(26) “ Out-of-state foreign bank ” means a foreign bank whose home state is another state.

(26) “ Out-of-state foreign bank ” means a foreign bank whose home state is another state.

(27) “ Representative office ,” when used in reference to an office of a foreign bank, has the meaning assigned by 12 U.S.C. Section 3101(15) of the International Banking Act.

(27) “ Representative office ,” when used in reference to an office of a foreign bank, has the meaning assigned by 12 U.S.C. Section 3101(15) of the International Banking Act.

(28) “ State ” means a state of the United States.

(28) “ State ” means a state of the United States.

(29) “ State bank ” means a Georgia state bank or an out-of-state state bank, including an out-of-state state savings bank.

(29) “ State bank ” means a Georgia state bank or an out-of-state state bank, including an out-of-state state savings bank.

(30) “Subsidiary” has the meaning assigned by 12 U.S.C. Section 1841(d) of the Bank Holding Company Act.

(30) “Subsidiary” has the meaning assigned by 12 U.S.C. Section 1841(d) of the Bank Holding Company Act.

(31) “ United States ” means: (A) When used in a geographical sense, the several states, the District of Columbia, Puerto Rico, Guam, American Samoa, the American Virgin Islands, the Trust Territory of the Pacific Islands, and other territories of the United States; and (B) When used in a political sense, the federal government of the United States.

(31) “ United States ” means:

(A) When used in a geographical sense, the several states, the District of Columbia, Puerto Rico, Guam, American Samoa, the American Virgin Islands, the Trust Territory of the Pacific Islands, and other territories of the United States; and

(A) When used in a geographical sense, the several states, the District of Columbia, Puerto Rico, Guam, American Samoa, the American Virgin Islands, the Trust Territory of the Pacific Islands, and other territories of the United States; and

(B) When used in a political sense, the federal government of the United States.

(B) When used in a political sense, the federal government of the United States.
O.C.G.A. § 7-1-313 — GA Code / Title 7 / Chapter 1 / Section 7-1-313
Georgia Code Title 7. Banking and Finance § 7-1-313
Status: in_force

(a) As used in this Code section, the term “collective investment fund” shall include a common trust fund and any other type of collective investment fund.

(a) As used in this Code section, the term “collective investment fund” shall include a common trust fund and any other type of collective investment fund.

(b) A trust company may establish and maintain collective investment funds for the investment or reinvestment of property which: (1) Is contributed by the trust company in a capacity in which it is authorized to act pursuant to Code Section 7-1-310 ; and (2) Is eligible for contribution to a collective investment fund under this Code section.

(b) A trust company may establish and maintain collective investment funds for the investment or reinvestment of property which:

(1) Is contributed by the trust company in a capacity in which it is authorized to act pursuant to Code Section 7-1-310 ; and

(1) Is contributed by the trust company in a capacity in which it is authorized to act pursuant to Code Section 7-1-310 ; and

(2) Is eligible for contribution to a collective investment fund under this Code section.

(2) Is eligible for contribution to a collective investment fund under this Code section.

(c) Property shall be eligible for contribution whenever the instrument, judgment, decree, or order under which the trust company holds the property does not prohibit investment in the type of collective investment fund involved, provided that, if the trust company holds the property under circumstances limiting it to investing the property in legal investments for fiduciaries, then it may invest the property only in a collective investment fund limited to assets authorized as legal investments for a fiduciary.

(c) Property shall be eligible for contribution whenever the instrument, judgment, decree, or order under which the trust company holds the property does not prohibit investment in the type of collective investment fund involved, provided that, if the trust company holds the property under circumstances limiting it to investing the property in legal investments for fiduciaries, then it may invest the property only in a collective investment fund limited to assets authorized as legal investments for a fiduciary.

(d) The department shall regulate the establishment, operation, and maintenance of collective investment funds. Such regulations of the department shall comply with the general standards for exercise of the regulatory power of the department under this chapter and, in addition, shall be designed to assure: (1) Ratably equal treatment of the participants in a fund by imposing minimum requirements for the method and frequency of valuation of participations in the fund, for the time and method of admission or withdrawals of participations in the fund, and for the determination of interests of participants in the assets and income of the fund; and (2) The competitive equality between trust companies and national banks exercising fiduciary powers with respect to the authority to establish and maintain collective investment funds to the extent compatible with the general purposes of this chapter.

(d) The department shall regulate the establishment, operation, and maintenance of collective investment funds. Such regulations of the department shall comply with the general standards for exercise of the regulatory power of the department under this chapter and, in addition, shall be designed to assure:

(1) Ratably equal treatment of the participants in a fund by imposing minimum requirements for the method and frequency of valuation of participations in the fund, for the time and method of admission or withdrawals of participations in the fund, and for the determination of interests of participants in the assets and income of the fund; and

(1) Ratably equal treatment of the participants in a fund by imposing minimum requirements for the method and frequency of valuation of participations in the fund, for the time and method of admission or withdrawals of participations in the fund, and for the determination of interests of participants in the assets and income of the fund; and

(2) The competitive equality between trust companies and national banks exercising fiduciary powers with respect to the authority to establish and maintain collective investment funds to the extent compatible with the general purposes of this chapter.

(2) The competitive equality between trust companies and national banks exercising fiduciary powers with respect to the authority to establish and maintain collective investment funds to the extent compatible with the general purposes of this chapter.

(e) No mistake made in good faith and in the exercise of due care in connection with the administration of a collective investment fund shall be deemed a violation of this Code section or of any other duty of the trust company if, promptly after discovery of the mistake, the trust company takes whatever action may be practicable in the circumstances to remedy the mistake.

(e) No mistake made in good faith and in the exercise of due care in connection with the administration of a collective investment fund shall be deemed a violation of this Code section or of any other duty of the trust company if, promptly after discovery of the mistake, the trust company takes whatever action may be practicable in the circumstances to remedy the mistake.

(f) Any other trust company or national bank with trust powers which is a member of an affiliated group (as defined in Section 1504 of the Internal Revenue Code ) with a trust company maintaining collective investment funds may participate in one or more such funds as though they were maintained by the participating trust company. Such participation may be made pursuant to agreement providing for reasonable compensation for the trust company maintaining the fund or funds.

(f) Any other trust company or national bank with trust powers which is a member of an affiliated group (as defined in Section 1504 of the Internal Revenue Code ) with a trust company maintaining collective investment funds may participate in one or more such funds as though they were maintained by the participating trust company. Such participation may be made pursuant to agreement providing for reasonable compensation for the trust company maintaining the fund or funds.

(g) A trust company, in any capacity in which it may act under Code Section 7-1-310 , may invest property collectively in accordance with the specific terms upon which it receives such property, without regard to the restrictions of this Code section.

(g) A trust company, in any capacity in which it may act under Code Section 7-1-310 , may invest property collectively in accordance with the specific terms upon which it receives such property, without regard to the restrictions of this Code section.
O.C.G.A. § 7-3-15 — GA Code / Title 7 / Chapter 3 / Section 7-3-15
Georgia Code Title 7. Banking and Finance § 7-3-15
Status: in_force

In addition to any applicable disclosure requirements, at the time the installment loan is made, each licensee under this chapter shall deliver to the borrower or, if there are multiple borrowers, to one of the borrowers a copy of the loan contract or a written itemized statement in the English language showing in clear terms the date and amount of the loan, a schedule of the payments or a description thereof, the type of security for the loan, the licensee's name, unique identifier, business address, the actual amount of cash advanced to or on behalf of the borrower, the amount of each class of insurance carried and the premiums paid thereon, and the amount of interest and fees. Each licensee shall give a receipt for every cash payment made.
O.C.G.A. § 7-1-285 — GA Code / Title 7 / Chapter 1 / Section 7-1-285
Georgia Code Title 7. Banking and Finance § 7-1-285
Status: in_force

(a) As used in this Code section, the term: (1) “ Credit exposure as a counterparty in derivative transactions ” means an amount that the bank reasonably determines, pursuant to a methodology acceptable to the department under the terms of the derivative or otherwise, would be its loss if a counterparty were to default on the date of determination, taking into account any netting and collateral arrangements and any guarantees or other credit enhancements; provided, however, that the bank may elect to determine credit exposure on the basis of such other method of determining credit exposure as may be permitted by the department and the bank's primary federal regulator. (2) “ Derivative transaction ” includes any transaction that is an agreement, contract, note, option, swap, or warrant that is based, in whole or in part, on the value of, any interest in, or any quantitative measure or the occurrence of any event relating to, one or more commodities, securities, currencies, interest or other rates, indices, or other assets. (3) “ Person or corporation ” includes, but is not limited to, an individual, corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, or unincorporated organization. The term “person or corporation” shall not include the affiliates of a bank or a clearing organization registered or exempt from registration with the Commodity Futures Trading Commission, the Securities and Exchange Commission, any other federal agency, or any successor agencies.

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

(1) “ Credit exposure as a counterparty in derivative transactions ” means an amount that the bank reasonably determines, pursuant to a methodology acceptable to the department under the terms of the derivative or otherwise, would be its loss if a counterparty were to default on the date of determination, taking into account any netting and collateral arrangements and any guarantees or other credit enhancements; provided, however, that the bank may elect to determine credit exposure on the basis of such other method of determining credit exposure as may be permitted by the department and the bank's primary federal regulator.

(1) “ Credit exposure as a counterparty in derivative transactions ” means an amount that the bank reasonably determines, pursuant to a methodology acceptable to the department under the terms of the derivative or otherwise, would be its loss if a counterparty were to default on the date of determination, taking into account any netting and collateral arrangements and any guarantees or other credit enhancements; provided, however, that the bank may elect to determine credit exposure on the basis of such other method of determining credit exposure as may be permitted by the department and the bank's primary federal regulator.

(2) “ Derivative transaction ” includes any transaction that is an agreement, contract, note, option, swap, or warrant that is based, in whole or in part, on the value of, any interest in, or any quantitative measure or the occurrence of any event relating to, one or more commodities, securities, currencies, interest or other rates, indices, or other assets.

(2) “ Derivative transaction ” includes any transaction that is an agreement, contract, note, option, swap, or warrant that is based, in whole or in part, on the value of, any interest in, or any quantitative measure or the occurrence of any event relating to, one or more commodities, securities, currencies, interest or other rates, indices, or other assets.

(3) “ Person or corporation ” includes, but is not limited to, an individual, corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, or unincorporated organization. The term “person or corporation” shall not include the affiliates of a bank or a clearing organization registered or exempt from registration with the Commodity Futures Trading Commission, the Securities and Exchange Commission, any other federal agency, or any successor agencies.

(3) “ Person or corporation ” includes, but is not limited to, an individual, corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, or unincorporated organization. The term “person or corporation” shall not include the affiliates of a bank or a clearing organization registered or exempt from registration with the Commodity Futures Trading Commission, the Securities and Exchange Commission, any other federal agency, or any successor agencies.

(a.1) A bank shall not at any time: (1) Make loans to any one person or corporation; (2) Have obligations owing to it from any one person or corporation as a result of purchasing or discounting evidences of indebtedness or agreements for the payment of money; or (3) Have credit exposure as a counterparty in derivative transactions with any one person or corporation, where the aggregate of such loans, obligations, and credit exposure together exceeds 15 percent of the statutory capital base of the bank at the time of issuance of a binding commitment unless each loan, discount, purchase, or derivative transaction in excess of such 15 percent limit is approved in advance by the board of directors or a committee authorized to act for it subject to the provisions set forth in subsections (b) and (c) of this Code section. Approval by the board of directors or authorized committee shall be recorded in the formal minutes of the actions of the board or its committee by name of borrower, amount of loan, maturity of loan, general type of collateral, and such other information as required pursuant to the rules and regulations of the department. Any action required by this subsection may be taken pursuant to Code Section 7-1-483 , provided that the minutes of the proceedings of the board or of the committee reflect such action and each director taking such action signs the minutes reflecting such action by no later than the next regular meeting of the board or committee attended by such director.

(a.1) A bank shall not at any time:

(1) Make loans to any one person or corporation;

(1) Make loans to any one person or corporation;

(2) Have obligations owing to it from any one person or corporation as a result of purchasing or discounting evidences of indebtedness or agreements for the payment of money; or

(2) Have obligations owing to it from any one person or corporation as a result of purchasing or discounting evidences of indebtedness or agreements for the payment of money; or

(3) Have credit exposure as a counterparty in derivative transactions with any one person or corporation,

(3) Have credit exposure as a counterparty in derivative transactions with any one person or corporation,

where the aggregate of such loans, obligations, and credit exposure together exceeds 15 percent of the statutory capital base of the bank at the time of issuance of a binding commitment unless each loan, discount, purchase, or derivative transaction in excess of such 15 percent limit is approved in advance by the board of directors or a committee authorized to act for it subject to the provisions set forth in subsections (b) and (c) of this Code section. Approval by the board of directors or authorized committee shall be recorded in the formal minutes of the actions of the board or its committee by name of borrower, amount of loan, maturity of loan, general type of collateral, and such other information as required pursuant to the rules and regulations of the department. Any action required by this subsection may be taken pursuant to Code Section 7-1-483 , provided that the minutes of the proceedings of the board or of the committee reflect such action and each director taking such action signs the minutes reflecting such action by no later than the next regular meeting of the board or committee attended by such director.

(b) Except as provided in subsection (c) of this Code section, a bank shall not directly or indirectly make loans, have obligations, or have credit exposure as a counterparty in derivative transactions to any one person or corporation which in aggregate exceed 15 percent of the statutory capital base of the bank at the time of issuance of a binding commitment unless the entire amount of such loans, obligations, and credit exposure in derivative transactions is secured by good collateral or other ample security and does not exceed 25 percent of the statutory capital base at the time of issuance of a binding commitment. Except as otherwise indicated in subsection (c) of this Code section, the purchase or discount of agreements for the payment of money or evidences of indebtedness shall be regarded as indirect loans to the person or corporation receiving the proceeds of such transactions. In estimating the legal lending limit for any one person or corporation, loans to related corporations, partnerships, and other entities shall be combined subject to regulations established by the department.

(b) Except as provided in subsection (c) of this Code section, a bank shall not directly or indirectly make loans, have obligations, or have credit exposure as a counterparty in derivative transactions to any one person or corporation which in aggregate exceed 15 percent of the statutory capital base of the bank at the time of issuance of a binding commitment unless the entire amount of such loans, obligations, and credit exposure in derivative transactions is secured by good collateral or other ample security and does not exceed 25 percent of the statutory capital base at the time of issuance of a binding commitment. Except as otherwise indicated in subsection (c) of this Code section, the purchase or discount of agreements for the payment of money or evidences of indebtedness shall be regarded as indirect loans to the person or corporation receiving the proceeds of such transactions. In estimating the legal lending limit for any one person or corporation, loans to related corporations, partnerships, and other entities shall be combined subject to regulations established by the department.

(c) The limitations of subsection (b) of this Code section shall not apply to: (1) Obligations of and obligations guaranteed by: (A) The United States; (B) The State of Georgia or a public body thereof authorized to levy taxes; (C) Any state of the United States or any public body thereof if the obligations or guarantees are general obligations; or (D) Any agency of this state as defined in subparagraph (a)(1)(A) of Code Section 50-14-1 ; (2) Obligations to the extent secured by: (A) Obligations specified in paragraph (3) of this subsection; (B) Obligations which the bank would be authorized to acquire without limit as investment securities pursuant to Code Section 7-1-287 ; (C) Obligations fully guaranteed by the United States; (D) Guaranties or commitments or agreements to take over or purchase made by any public body of the United States or any corporation owned directly or indirectly by the United States; or (E) Loan agreements between a local public agency or a public housing agency and an instrumentality of the United States pursuant to national housing legislation under which funds will be provided for payment of the obligations secured by such loan agreements; (3) Obligations in the form of investment securities acquired pursuant to Code Section 7-1-287 and related regulations; (4) Obligations with respect to the sale of federal or correspondent funds to financial institutions having their deposits insured to the same extent as that required of similar institutions chartered in this state; and (5) A renewal or restructuring of a loan as a new loan or extension of credit following the exercise by the bank of reasonable efforts, consistent with safe and sound banking practices, to bring the loan into conformance with the lending limits of this Code section, unless: (A) New funds are advanced by the bank to the borrower, except as permitted under this Code section; (B) A new borrower replaces the original borrower; or (C) The department determines that a renewal or restructuring was undertaken as a means to evade the bank's lending limit.

(c) The limitations of subsection (b) of this Code section shall not apply to:

(1) Obligations of and obligations guaranteed by: (A) The United States; (B) The State of Georgia or a public body thereof authorized to levy taxes; (C) Any state of the United States or any public body thereof if the obligations or guarantees are general obligations; or (D) Any agency of this state as defined in subparagraph (a)(1)(A) of Code Section 50-14-1 ;

(1) Obligations of and obligations guaranteed by:

(A) The United States;

(A) The United States;

(B) The State of Georgia or a public body thereof authorized to levy taxes;

(B) The State of Georgia or a public body thereof authorized to levy taxes;

(C) Any state of the United States or any public body thereof if the obligations or guarantees are general obligations; or

(C) Any state of the United States or any public body thereof if the obligations or guarantees are general obligations; or

(D) Any agency of this state as defined in subparagraph (a)(1)(A) of Code Section 50-14-1 ;

(D) Any agency of this state as defined in subparagraph (a)(1)(A) of Code Section 50-14-1 ;

(2) Obligations to the extent secured by: (A) Obligations specified in paragraph (3) of this subsection; (B) Obligations which the bank would be authorized to acquire without limit as investment securities pursuant to Code Section 7-1-287 ; (C) Obligations fully guaranteed by the United States; (D) Guaranties or commitments or agreements to take over or purchase made by any public body of the United States or any corporation owned directly or indirectly by the United States; or (E) Loan agreements between a local public agency or a public housing agency and an instrumentality of the United States pursuant to national housing legislation under which funds will be provided for payment of the obligations secured by such loan agreements;

(2) Obligations to the extent secured by:

(A) Obligations specified in paragraph (3) of this subsection;

(A) Obligations specified in paragraph (3) of this subsection;

(B) Obligations which the bank would be authorized to acquire without limit as investment securities pursuant to Code Section 7-1-287 ;

(B) Obligations which the bank would be authorized to acquire without limit as investment securities pursuant to Code Section 7-1-287 ;

(C) Obligations fully guaranteed by the United States;

(C) Obligations fully guaranteed by the United States;

(D) Guaranties or commitments or agreements to take over or purchase made by any public body of the United States or any corporation owned directly or indirectly by the United States; or

(D) Guaranties or commitments or agreements to take over or purchase made by any public body of the United States or any corporation owned directly or indirectly by the United States; or

(E) Loan agreements between a local public agency or a public housing agency and an instrumentality of the United States pursuant to national housing legislation under which funds will be provided for payment of the obligations secured by such loan agreements;

(E) Loan agreements between a local public agency or a public housing agency and an instrumentality of the United States pursuant to national housing legislation under which funds will be provided for payment of the obligations secured by such loan agreements;

(3) Obligations in the form of investment securities acquired pursuant to Code Section 7-1-287 and related regulations;

(3) Obligations in the form of investment securities acquired pursuant to Code Section 7-1-287 and related regulations;

(4) Obligations with respect to the sale of federal or correspondent funds to financial institutions having their deposits insured to the same extent as that required of similar institutions chartered in this state; and

(4) Obligations with respect to the sale of federal or correspondent funds to financial institutions having their deposits insured to the same extent as that required of similar institutions chartered in this state; and

(5) A renewal or restructuring of a loan as a new loan or extension of credit following the exercise by the bank of reasonable efforts, consistent with safe and sound banking practices, to bring the loan into conformance with the lending limits of this Code section, unless: (A) New funds are advanced by the bank to the borrower, except as permitted under this Code section; (B) A new borrower replaces the original borrower; or (C) The department determines that a renewal or restructuring was undertaken as a means to evade the bank's lending limit.

(5) A renewal or restructuring of a loan as a new loan or extension of credit following the exercise by the bank of reasonable efforts, consistent with safe and sound banking practices, to bring the loan into conformance with the lending limits of this Code section, unless:

(A) New funds are advanced by the bank to the borrower, except as permitted under this Code section;

(A) New funds are advanced by the bank to the borrower, except as permitted under this Code section;

(B) A new borrower replaces the original borrower; or

(B) A new borrower replaces the original borrower; or

(C) The department determines that a renewal or restructuring was undertaken as a means to evade the bank's lending limit.

(C) The department determines that a renewal or restructuring was undertaken as a means to evade the bank's lending limit.

(d) In lieu of following the limitations contained in subsections (a) through (c) of this Code section and the related regulations of the department, a bank may petition the department for approval to utilize all of the limitations applicable to national banks regarding obligations of a single person or corporation.

(d) In lieu of following the limitations contained in subsections (a) through (c) of this Code section and the related regulations of the department, a bank may petition the department for approval to utilize all of the limitations applicable to national banks regarding obligations of a single person or corporation.

(e) The department may, by regulation not inconsistent with this Code section, prescribe definitions of and requirements for transactions included in or excluded from the indebtedness to which this Code section applies. The department may also by regulation prescribe less restrictive limitations than those listed in subsections (a) through (c) of this Code section for banks meeting certain financial and management criteria. In addition, the department may, by regulation or otherwise, specify that the liabilities of a group of one or more persons or corporations or both shall be considered as owed by one person or corporation for the purposes of this Code section because the borrowers within the group are related through common control or the group meets other criteria established by the department for the combination of indebtedness for legal lending limitation purposes.

(e) The department may, by regulation not inconsistent with this Code section, prescribe definitions of and requirements for transactions included in or excluded from the indebtedness to which this Code section applies. The department may also by regulation prescribe less restrictive limitations than those listed in subsections (a) through (c) of this Code section for banks meeting certain financial and management criteria. In addition, the department may, by regulation or otherwise, specify that the liabilities of a group of one or more persons or corporations or both shall be considered as owed by one person or corporation for the purposes of this Code section because the borrowers within the group are related through common control or the group meets other criteria established by the department for the combination of indebtedness for legal lending limitation purposes.
O.C.G.A. § 7-9-13 — GA Code / Title 7 / Chapter 9 / Section 7-9-13
Georgia Code Title 7. Banking and Finance § 7-9-13
Status: in_force

(a) All merchant acquirer limited purpose banks chartered by the department shall be subject to supervision, regulation, and examination by the department, including, but not limited to, the examination powers as provided in Code Sections 7-1-64 through 7-1-73 , and the department shall have all enforcement powers provided in this title.

(a) All merchant acquirer limited purpose banks chartered by the department shall be subject to supervision, regulation, and examination by the department, including, but not limited to, the examination powers as provided in Code Sections 7-1-64 through 7-1-73 , and the department shall have all enforcement powers provided in this title.

(b) In the event any chartered merchant acquirer limited purpose bank does not conduct its activities within the limitations provided in Code Section 7-9-12 , the department may require such merchant acquirer limited purpose bank to cease all unauthorized activities. In the event such chartered merchant acquirer limited purpose bank fails to abide by such order, the department may: (1) Impose upon the chartered merchant acquirer limited purpose bank or its parent holding company a penalty of up to $10,000.00 per day for each day such order is violated; and (2) Require divestiture of such chartered merchant acquirer limited purpose bank by any holding company not qualified to acquire such chartered merchant acquirer limited purpose bank on the date it ceased to operate within the limitations imposed by Code Section 7-9-12 and became a bank for purposes of this title.

(b) In the event any chartered merchant acquirer limited purpose bank does not conduct its activities within the limitations provided in Code Section 7-9-12 , the department may require such merchant acquirer limited purpose bank to cease all unauthorized activities. In the event such chartered merchant acquirer limited purpose bank fails to abide by such order, the department may:

(1) Impose upon the chartered merchant acquirer limited purpose bank or its parent holding company a penalty of up to $10,000.00 per day for each day such order is violated; and

(1) Impose upon the chartered merchant acquirer limited purpose bank or its parent holding company a penalty of up to $10,000.00 per day for each day such order is violated; and

(2) Require divestiture of such chartered merchant acquirer limited purpose bank by any holding company not qualified to acquire such chartered merchant acquirer limited purpose bank on the date it ceased to operate within the limitations imposed by Code Section 7-9-12 and became a bank for purposes of this title.

(2) Require divestiture of such chartered merchant acquirer limited purpose bank by any holding company not qualified to acquire such chartered merchant acquirer limited purpose bank on the date it ceased to operate within the limitations imposed by Code Section 7-9-12 and became a bank for purposes of this title.

(c) The department shall have the power to promulgate rules and regulations implementing the provisions of this chapter.

(c) The department shall have the power to promulgate rules and regulations implementing the provisions of this chapter.
O.C.G.A. § 7-1-370 — GA Code / Title 7 / Chapter 1 / Section 7-1-370
Georgia Code Title 7. Banking and Finance § 7-1-370
Status: in_force

(a) Subject to the restrictions of subsection (b) of this Code section and of Code Section 7-1-371 in regard to reserve funds, a financial institution may deposit its funds in any depository which is: (1) Selected by, or in any manner authorized by, its directors; (2) Authorized by law to receive deposits; and (3) In the case of a depository located in the United States, one which has deposit insurance issued by a federal public body to depositories of the type involved.

(a) Subject to the restrictions of subsection (b) of this Code section and of Code Section 7-1-371 in regard to reserve funds, a financial institution may deposit its funds in any depository which is:

(1) Selected by, or in any manner authorized by, its directors;

(1) Selected by, or in any manner authorized by, its directors;

(2) Authorized by law to receive deposits; and

(2) Authorized by law to receive deposits; and

(3) In the case of a depository located in the United States, one which has deposit insurance issued by a federal public body to depositories of the type involved.

(3) In the case of a depository located in the United States, one which has deposit insurance issued by a federal public body to depositories of the type involved.

(b) If a director of the financial institution has a relationship to a depository as either: (1) An officer or director; or (2) An owner of 5 percent or more of the shares of the depository, the depository shall be approved by a majority of the directors other than the director who has such relationship.

(b) If a director of the financial institution has a relationship to a depository as either:

(1) An officer or director; or

(1) An officer or director; or

(2) An owner of 5 percent or more of the shares of the depository,

(2) An owner of 5 percent or more of the shares of the depository,

the depository shall be approved by a majority of the directors other than the director who has such relationship.
O.C.G.A. § 7-4-21 — GA Code / Title 7 / Chapter 4 / Section 7-4-21
Georgia Code Title 7. Banking and Finance § 7-4-21
Status: in_force

A claim of violation on any loan secured by an interest in real estate may be asserted in an individual action only and may not be the subject of a class action under Code Section 9-11-23 or any other provisions of law.

Nothing contained in this Code section shall be construed to affect any class action which was pending in any court of this state, including any United States courts, on February 15, 1983, as to the parties to and subject matter then before such court.
O.C.G.A. § 7-1-1130 — GA Code / Title 7 / Chapter 1 / Section 7-1-1130
Georgia Code Title 7. Banking and Finance § 7-1-1130
Status: in_force

(a) If a foreign bank licensed to maintain a Georgia state branch or Georgia state agency in this state is dissolved, has its authority or existence terminated or canceled in the jurisdiction of its incorporation, or has its authority to maintain a Georgia state branch or Georgia state agency terminated by the Board of Governors of the Federal Reserve System under 12 U.S.C. Section 3105(e) of the International Banking Act, an officer, manager, or agent of the foreign bank shall immediately deliver to the department: (1) A certified copy of: (A) A certificate of the official responsible for records of banking corporations of the foreign bank's jurisdiction of incorporation attesting to the occurrence of dissolution or of termination or cancellation of its authority or existence; (B) An order or decree of a court directing the dissolution of the foreign bank or the termination or cancellation of its authority or existence; or (C) An order of the Board of Governors of the Federal Reserve System terminating its authority under 12 U.S.C. Section 3105(e) of the International Banking Act; and (2) The documents and information required by subsection (c) of Code Section 7-1-1125 .

(a) If a foreign bank licensed to maintain a Georgia state branch or Georgia state agency in this state is dissolved, has its authority or existence terminated or canceled in the jurisdiction of its incorporation, or has its authority to maintain a Georgia state branch or Georgia state agency terminated by the Board of Governors of the Federal Reserve System under 12 U.S.C. Section 3105(e) of the International Banking Act, an officer, manager, or agent of the foreign bank shall immediately deliver to the department:

(1) A certified copy of: (A) A certificate of the official responsible for records of banking corporations of the foreign bank's jurisdiction of incorporation attesting to the occurrence of dissolution or of termination or cancellation of its authority or existence; (B) An order or decree of a court directing the dissolution of the foreign bank or the termination or cancellation of its authority or existence; or (C) An order of the Board of Governors of the Federal Reserve System terminating its authority under 12 U.S.C. Section 3105(e) of the International Banking Act; and

(1) A certified copy of:

(A) A certificate of the official responsible for records of banking corporations of the foreign bank's jurisdiction of incorporation attesting to the occurrence of dissolution or of termination or cancellation of its authority or existence;

(A) A certificate of the official responsible for records of banking corporations of the foreign bank's jurisdiction of incorporation attesting to the occurrence of dissolution or of termination or cancellation of its authority or existence;

(B) An order or decree of a court directing the dissolution of the foreign bank or the termination or cancellation of its authority or existence; or

(B) An order or decree of a court directing the dissolution of the foreign bank or the termination or cancellation of its authority or existence; or

(C) An order of the Board of Governors of the Federal Reserve System terminating its authority under 12 U.S.C. Section 3105(e) of the International Banking Act; and

(C) An order of the Board of Governors of the Federal Reserve System terminating its authority under 12 U.S.C. Section 3105(e) of the International Banking Act; and

(2) The documents and information required by subsection (c) of Code Section 7-1-1125 .

(2) The documents and information required by subsection (c) of Code Section 7-1-1125 .

(b) The filing of the certificate, order, or decree has the same effect provided by Code Section 7-1-1128 as if the license issued under this article were revoked by the department as of the effective date of termination or cancellation specified in the certificate, order, or decree unless the department orders an earlier effective date, subject to the procedural protections of Code Section 7-1-1127 .

(b) The filing of the certificate, order, or decree has the same effect provided by Code Section 7-1-1128 as if the license issued under this article were revoked by the department as of the effective date of termination or cancellation specified in the certificate, order, or decree unless the department orders an earlier effective date, subject to the procedural protections of Code Section 7-1-1127 .
O.C.G.A. § 7-1-1112 — GA Code / Title 7 / Chapter 1 / Section 7-1-1112
Georgia Code Title 7. Banking and Finance § 7-1-1112
Status: in_force

(a) After the application is complete and accepted for filing and all required fees and deposits have been paid, the department shall determine from the application and initial investigation whether the conditions set forth by Code Section 7-1-1113 have been established. The department shall approve the application or give the applicant notice of the department's intention to deny the application pursuant to subsection (c) of this Code section.

(a) After the application is complete and accepted for filing and all required fees and deposits have been paid, the department shall determine from the application and initial investigation whether the conditions set forth by Code Section 7-1-1113 have been established. The department shall approve the application or give the applicant notice of the department's intention to deny the application pursuant to subsection (c) of this Code section.

(b) If the department intends to deny the application, the department shall notify the Board of Governors of the Federal Reserve System that a notice of intent to deny has been issued and the applicant has a right to request a hearing and, if a hearing is requested, the commissioner shall conduct the hearing in accordance with Chapter 13 of Title 50, the “Georgia Administrative Procedure Act.”

(b) If the department intends to deny the application, the department shall notify the Board of Governors of the Federal Reserve System that a notice of intent to deny has been issued and the applicant has a right to request a hearing and, if a hearing is requested, the commissioner shall conduct the hearing in accordance with Chapter 13 of Title 50, the “Georgia Administrative Procedure Act.”

(c) Notice of the department's intention to enter an order denying an application for a license shall be given to the applicant in writing, sent by email to the email address provided on the application or registered or certified mail or statutory overnight delivery addressed to the mailing address provided on the application. Within 20 days of the date of the notice of intention to enter an order of denial under this article, the applicant may request in writing a hearing to contest the order. If a hearing is not requested in writing within 20 days of the date of such notice of intention, the department shall enter a final order regarding the denial. Any final order of the department denying an application shall state the grounds upon which it is based and shall be effective on the date of issuance. The department shall promptly send a copy of such order by email to the foreign bank.

(c) Notice of the department's intention to enter an order denying an application for a license shall be given to the applicant in writing, sent by email to the email address provided on the application or registered or certified mail or statutory overnight delivery addressed to the mailing address provided on the application. Within 20 days of the date of the notice of intention to enter an order of denial under this article, the applicant may request in writing a hearing to contest the order. If a hearing is not requested in writing within 20 days of the date of such notice of intention, the department shall enter a final order regarding the denial. Any final order of the department denying an application shall state the grounds upon which it is based and shall be effective on the date of issuance. The department shall promptly send a copy of such order by email to the foreign bank.

(d) Information relating to the financial condition and business affairs of the foreign bank and financial information relating to its management and shareholders, except for previously published statements and information, is confidential and may not be considered in the public portion of the hearing or disclosed by the commissioner or the department except as provided by Code Section 7-1-70 .

(d) Information relating to the financial condition and business affairs of the foreign bank and financial information relating to its management and shareholders, except for previously published statements and information, is confidential and may not be considered in the public portion of the hearing or disclosed by the commissioner or the department except as provided by Code Section 7-1-70 .

(e) The commissioner shall make a finding from the record of the hearing on each condition listed in Code Section 7-1-1113 and enter an order granting or denying the license. If the license is denied, the commissioner shall inform the Board of Governors of the Federal Reserve System of the order and the reasons the federal application should be denied.

(e) The commissioner shall make a finding from the record of the hearing on each condition listed in Code Section 7-1-1113 and enter an order granting or denying the license. If the license is denied, the commissioner shall inform the Board of Governors of the Federal Reserve System of the order and the reasons the federal application should be denied.

(f) The commissioner may include conditions in the approval of any license application. The commissioner may not issue a license until the Georgia state branch or Georgia state agency has received the approval of the Board of Governors of the Federal Reserve System. 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.

(f) The commissioner may include conditions in the approval of any license application. The commissioner may not issue a license until the Georgia state branch or Georgia state agency has received the approval of the Board of Governors of the Federal Reserve System. 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.

(g) A final decision by the department denying an application for license shall be subject to review in accordance with Code Section 50-13-19 .

(g) A final decision by the department denying an application for license shall be subject to review in accordance with Code Section 50-13-19 .
O.C.G.A. § 7-1-707 — GA Code / Title 7 / Chapter 1 / Section 7-1-707
Georgia Code Title 7. Banking and Finance § 7-1-707
Status: in_force

(a) No licensee shall deposit with any financial institution a payment instrument it has accepted and exchanged for monetary value unless such payment instrument is endorsed by the licensee.

(a) No licensee shall deposit with any financial institution a payment instrument it has accepted and exchanged for monetary value unless such payment instrument is endorsed by the licensee.

(b) No licensee shall receive any payment instrument with payment deferred pending collection. Payment shall be made immediately in cash for every payment instrument accepted by the licensee and exchanged for monetary value for a fee.

(b) No licensee shall receive any payment instrument with payment deferred pending collection. Payment shall be made immediately in cash for every payment instrument accepted by the licensee and exchanged for monetary value for a fee.

(c) Notwithstanding the provisions of subsection (b) of this Code section, checks may be accepted for collection with payment deferred where the licensee has posted a surety bond in the same manner as prescribed for licensed money transmitters under Code Section 7-1-683.2 and under the same conditions as set forth under Code Section 7-1-687 . The surety bond shall be in the aggregate amount of $10,000.00 for each location operated by the licensee, if the licensee operates three or fewer locations, plus $5,000.00 per location for the fourth and fifth locations operated by the licensee, plus $1,000.00 for each location operated by the licensee in excess of the fifth location. The bond shall be in a form satisfactory to the department and shall run to the State of Georgia for the benefit of any claimant against the licensee arising out of the licensee's business of cashing payment instruments with payment deferred in this state. The bond shall not be canceled by either the licensee or the corporate surety except upon notice to the department by registered or certified mail, statutory overnight delivery with return receipt requested, or 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. In no event shall payment of a check be deferred past the time the licensee has collected on the check. Upon collection, payment shall be made immediately to the party from whom the licensee accepted the check.

(c) Notwithstanding the provisions of subsection (b) of this Code section, checks may be accepted for collection with payment deferred where the licensee has posted a surety bond in the same manner as prescribed for licensed money transmitters under Code Section 7-1-683.2 and under the same conditions as set forth under Code Section 7-1-687 . The surety bond shall be in the aggregate amount of $10,000.00 for each location operated by the licensee, if the licensee operates three or fewer locations, plus $5,000.00 per location for the fourth and fifth locations operated by the licensee, plus $1,000.00 for each location operated by the licensee in excess of the fifth location. The bond shall be in a form satisfactory to the department and shall run to the State of Georgia for the benefit of any claimant against the licensee arising out of the licensee's business of cashing payment instruments with payment deferred in this state. The bond shall not be canceled by either the licensee or the corporate surety except upon notice to the department by registered or certified mail, statutory overnight delivery with return receipt requested, or 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. In no event shall payment of a check be deferred past the time the licensee has collected on the check. Upon collection, payment shall be made immediately to the party from whom the licensee accepted the check.

(d) No licensee shall cash payment instruments made payable to a payee other than an individual unless such licensee has previously obtained appropriate documentation from the authorized executive officer of such payee clearly indicating the authority of the individual to cash the payment instrument on behalf of the payee.

(d) No licensee shall cash payment instruments made payable to a payee other than an individual unless such licensee has previously obtained appropriate documentation from the authorized executive officer of such payee clearly indicating the authority of the individual to cash the payment instrument on behalf of the payee.

(e) No licensee shall cash payment instruments without identification of the bearer of such instrument, and any person seeking to cash payment instruments shall be required to submit such reasonable identification as shall be prescribed by the department; provided, however, that the provisions of this subsection shall not prohibit a licensee from cashing payment instruments simultaneously with the verification and establishment of the identity of the presenter by means other than the presentation of identification.

(e) No licensee shall cash payment instruments without identification of the bearer of such instrument, and any person seeking to cash payment instruments shall be required to submit such reasonable identification as shall be prescribed by the department; provided, however, that the provisions of this subsection shall not prohibit a licensee from cashing payment instruments simultaneously with the verification and establishment of the identity of the presenter by means other than the presentation of identification.

(f) No licensee shall: (1) Charge a fee for cashing payment instruments in excess of 5 percent of the face amount of the payment instrument or $5.00, whichever is greater; (2) Charge a fee for cashing payment instruments in excess of 3 percent of the face amount of the payment instrument or $5.00, whichever is greater, if such payment instrument is state public assistance or a federal social security benefit made payable to the bearer of such payment instrument; or (3) Charge a fee for cashing payment instruments in excess of 10 percent of the face amount of the payment instrument or $5.00, whichever is greater, if such payment instrument is a personal check or money order. For purposes of this subsection, “ personal check or money order ” means a payment instrument drawn against the account of an individual.

(f) No licensee shall:

(1) Charge a fee for cashing payment instruments in excess of 5 percent of the face amount of the payment instrument or $5.00, whichever is greater;

(1) Charge a fee for cashing payment instruments in excess of 5 percent of the face amount of the payment instrument or $5.00, whichever is greater;

(2) Charge a fee for cashing payment instruments in excess of 3 percent of the face amount of the payment instrument or $5.00, whichever is greater, if such payment instrument is state public assistance or a federal social security benefit made payable to the bearer of such payment instrument; or

(2) Charge a fee for cashing payment instruments in excess of 3 percent of the face amount of the payment instrument or $5.00, whichever is greater, if such payment instrument is state public assistance or a federal social security benefit made payable to the bearer of such payment instrument; or

(3) Charge a fee for cashing payment instruments in excess of 10 percent of the face amount of the payment instrument or $5.00, whichever is greater, if such payment instrument is a personal check or money order. For purposes of this subsection, “ personal check or money order ” means a payment instrument drawn against the account of an individual.

(3) Charge a fee for cashing payment instruments in excess of 10 percent of the face amount of the payment instrument or $5.00, whichever is greater, if such payment instrument is a personal check or money order. For purposes of this subsection, “ personal check or money order ” means a payment instrument drawn against the account of an individual.

(g) No licensee shall engage in any activity that would subject the licensee to suspension or revocation of its license pursuant to this article or any activity that the department may prohibit by rule or regulation.

(g) No licensee shall engage in any activity that would subject the licensee to suspension or revocation of its license pursuant to this article or any activity that the department may prohibit by rule or regulation.
O.C.G.A. § 7-1-1102 — GA Code / Title 7 / Chapter 1 / Section 7-1-1102
Georgia Code Title 7. Banking and Finance § 7-1-1102
Status: in_force

Each Georgia state branch, Georgia state agency, or Georgia state representative office shall maintain and make available appropriate books, accounts, and records reflecting:

(1) All transactions effected by or on behalf of the office of the foreign bank; and

(1) All transactions effected by or on behalf of the office of the foreign bank; and

(2) All other actions taken in this state by employees of the foreign bank located in this state to effect transactions on behalf of an office of the foreign bank located outside this state.

(2) All other actions taken in this state by employees of the foreign bank located in this state to effect transactions on behalf of an office of the foreign bank located outside this state.
O.C.G.A. § 7-1-952 — GA Code / Title 7 / Chapter 1 / Section 7-1-952
Georgia Code Title 7. Banking and Finance § 7-1-952
Status: in_force

(a) Each year the corporation shall set apart its net earnings for all the preceding fiscal year. Whenever the amount of minimum capital established in Code Section 7-1-941 shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors after providing for such reserves as said directors deem desirable, and the determination of the directors made in good faith shall be conclusive on all persons.

(a) Each year the corporation shall set apart its net earnings for all the preceding fiscal year. Whenever the amount of minimum capital established in Code Section 7-1-941 shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors after providing for such reserves as said directors deem desirable, and the determination of the directors made in good faith shall be conclusive on all persons.

(b) Corporations organized under this article shall adopt the calendar year as their fiscal year.

(b) Corporations organized under this article shall adopt the calendar year as their fiscal year.
O.C.G.A. § 7-1-162 — GA Code / Title 7 / Chapter 1 / Section 7-1-162
Georgia Code Title 7. Banking and Finance § 7-1-162
Status: in_force

(a) When the department has taken possession of the business and property of a financial institution as receiver, it shall forthwith prepare a complete and detailed inventory of the assets of such financial institution. The inventory shall be verified by oath or affirmation of the commissioner or other person making it.

(a) When the department has taken possession of the business and property of a financial institution as receiver, it shall forthwith prepare a complete and detailed inventory of the assets of such financial institution. The inventory shall be verified by oath or affirmation of the commissioner or other person making it.

(b) As soon as expedient after taking possession, the department shall cause a complete appraisement of the assets of the financial institution to be made, in duplicate, under oath or affirmation, by not less than two nor more than three disinterested appraisers selected by it. Such appraisement shall be included upon the same document or documents as the inventory. The value of the assets shall be computed in the appraisement as of the date on which the department took possession.

(b) As soon as expedient after taking possession, the department shall cause a complete appraisement of the assets of the financial institution to be made, in duplicate, under oath or affirmation, by not less than two nor more than three disinterested appraisers selected by it. Such appraisement shall be included upon the same document or documents as the inventory. The value of the assets shall be computed in the appraisement as of the date on which the department took possession.

(c) The original and duplicate of the inventory and appraisement shall be filed in the office of the commissioner. However, if the commissioner shall determine, in accordance with this chapter, to liquidate the affairs of the financial institution, he shall immediately, after the determination to liquidate, file the duplicate inventory and appraisement with the principal court.

(c) The original and duplicate of the inventory and appraisement shall be filed in the office of the commissioner. However, if the commissioner shall determine, in accordance with this chapter, to liquidate the affairs of the financial institution, he shall immediately, after the determination to liquidate, file the duplicate inventory and appraisement with the principal court.

(d) When the department takes possession of business and property of a financial institution which in the two immediately preceding reports of condition filed in accordance with subsection (a) of Code Section 7-1-68 reported assets of less than $150,000.00, the department shall not be required to secure an appraisement of the assets of the financial institution under subsection (b) of this Code section or to file an appraisement of the assets with a determination to liquidate under subsection (c) of this Code section, unless the principal court, upon application by a shareholder or creditor, shall otherwise order.

(d) When the department takes possession of business and property of a financial institution which in the two immediately preceding reports of condition filed in accordance with subsection (a) of Code Section 7-1-68 reported assets of less than $150,000.00, the department shall not be required to secure an appraisement of the assets of the financial institution under subsection (b) of this Code section or to file an appraisement of the assets with a determination to liquidate under subsection (c) of this Code section, unless the principal court, upon application by a shareholder or creditor, shall otherwise order.
O.C.G.A. § 7-1-241 — GA Code / Title 7 / Chapter 1 / Section 7-1-241
Georgia Code Title 7. Banking and Finance § 7-1-241
Status: in_force

(a) No person or corporation may lawfully engage in this state in the business of banking or receiving money for deposit or transmission or lawfully establish in this state a place of business for such purpose, except a bank, a national bank, a credit union to the extent provided in Article 3 of this chapter, a licensee engaged in money transmission to the extent permitted by Article 4 of this chapter, a foreign bank branch or foreign bank agency to the extent provided in Article 14 of this chapter, or a savings and loan association to the extent provided by the laws of the United States.

(a) No person or corporation may lawfully engage in this state in the business of banking or receiving money for deposit or transmission or lawfully establish in this state a place of business for such purpose, except a bank, a national bank, a credit union to the extent provided in Article 3 of this chapter, a licensee engaged in money transmission to the extent permitted by Article 4 of this chapter, a foreign bank branch or foreign bank agency to the extent provided in Article 14 of this chapter, or a savings and loan association to the extent provided by the laws of the United States.

(b) None of the following shall be deemed to be engaged in the business of receiving money for deposit or transmission within the meaning of subsection (a) of this Code section: (1) A club or hotel to the extent it receives money from members or guests for temporary safekeeping; (2) An express, steamship, or telegraph company to the extent it receives money for transmission; (3) An attorney at law, real estate agent, fiscal agent, insurance company, utility company, or any other person or corporation to the extent he or she or it receives and transmits money solely as an incident to a business or profession not governed by this chapter; (4) Persons or corporations engaged in the business of cashing checks, dispensing cash through credit or debit card activated electronic devices, or recording of financial transactions resulting from and initiated at the point of the sale of goods or services; provided, however, that no such person or corporation shall receive deposits except as provided in Code Section 7-1-603 or otherwise engage in the business of banking; or (5) A securities broker or dealer registered pursuant to the provisions of 15 U.S.C. Section 78o or Chapter 5 of Title 10 to the extent that such securities broker or dealer: (A) Sells certificates of deposit or interest in certificates of deposit or other deposit instruments issued by a bank or savings association, provided such securities broker or dealer fully and fairly discloses at the time of solicitation and confirmation whether or not federal deposit insurance is available for that deposit instrument; (B) Purchases certificates of deposit or other deposit instruments issued by a bank or savings association for the account of the customer of such securities broker or dealer, provided that such instruments are registered in the name of the customer or the custodian of such customer on the books or other records of the issuing bank or savings association; or (C) Holds customer funds incidental to the purchase and sale of securities on behalf of such customer.

(b) None of the following shall be deemed to be engaged in the business of receiving money for deposit or transmission within the meaning of subsection (a) of this Code section:

(1) A club or hotel to the extent it receives money from members or guests for temporary safekeeping;

(1) A club or hotel to the extent it receives money from members or guests for temporary safekeeping;

(2) An express, steamship, or telegraph company to the extent it receives money for transmission;

(2) An express, steamship, or telegraph company to the extent it receives money for transmission;

(3) An attorney at law, real estate agent, fiscal agent, insurance company, utility company, or any other person or corporation to the extent he or she or it receives and transmits money solely as an incident to a business or profession not governed by this chapter;

(3) An attorney at law, real estate agent, fiscal agent, insurance company, utility company, or any other person or corporation to the extent he or she or it receives and transmits money solely as an incident to a business or profession not governed by this chapter;

(4) Persons or corporations engaged in the business of cashing checks, dispensing cash through credit or debit card activated electronic devices, or recording of financial transactions resulting from and initiated at the point of the sale of goods or services; provided, however, that no such person or corporation shall receive deposits except as provided in Code Section 7-1-603 or otherwise engage in the business of banking; or

(4) Persons or corporations engaged in the business of cashing checks, dispensing cash through credit or debit card activated electronic devices, or recording of financial transactions resulting from and initiated at the point of the sale of goods or services; provided, however, that no such person or corporation shall receive deposits except as provided in Code Section 7-1-603 or otherwise engage in the business of banking; or

(5) A securities broker or dealer registered pursuant to the provisions of 15 U.S.C. Section 78o or Chapter 5 of Title 10 to the extent that such securities broker or dealer: (A) Sells certificates of deposit or interest in certificates of deposit or other deposit instruments issued by a bank or savings association, provided such securities broker or dealer fully and fairly discloses at the time of solicitation and confirmation whether or not federal deposit insurance is available for that deposit instrument; (B) Purchases certificates of deposit or other deposit instruments issued by a bank or savings association for the account of the customer of such securities broker or dealer, provided that such instruments are registered in the name of the customer or the custodian of such customer on the books or other records of the issuing bank or savings association; or (C) Holds customer funds incidental to the purchase and sale of securities on behalf of such customer.

(5) A securities broker or dealer registered pursuant to the provisions of 15 U.S.C. Section 78o or Chapter 5 of Title 10 to the extent that such securities broker or dealer:

(A) Sells certificates of deposit or interest in certificates of deposit or other deposit instruments issued by a bank or savings association, provided such securities broker or dealer fully and fairly discloses at the time of solicitation and confirmation whether or not federal deposit insurance is available for that deposit instrument;

(A) Sells certificates of deposit or interest in certificates of deposit or other deposit instruments issued by a bank or savings association, provided such securities broker or dealer fully and fairly discloses at the time of solicitation and confirmation whether or not federal deposit insurance is available for that deposit instrument;

(B) Purchases certificates of deposit or other deposit instruments issued by a bank or savings association for the account of the customer of such securities broker or dealer, provided that such instruments are registered in the name of the customer or the custodian of such customer on the books or other records of the issuing bank or savings association; or

(B) Purchases certificates of deposit or other deposit instruments issued by a bank or savings association for the account of the customer of such securities broker or dealer, provided that such instruments are registered in the name of the customer or the custodian of such customer on the books or other records of the issuing bank or savings association; or

(C) Holds customer funds incidental to the purchase and sale of securities on behalf of such customer.

(C) Holds customer funds incidental to the purchase and sale of securities on behalf of such customer.

(c) The department is authorized to promulgate regulations and establish policy, consistent with the objectives of this chapter, which objectives include for the purposes of this Code section providing for appropriate competition between financial institutions and other financial organizations and protection of the interests of depositors, and to further define, restrict, or require registration of entities which provide financial products and services to the citizens of this state via the Internet, other online access to financial products and services, or alternate methods of delivery which differ from geographically based banking.

(c) The department is authorized to promulgate regulations and establish policy, consistent with the objectives of this chapter, which objectives include for the purposes of this Code section providing for appropriate competition between financial institutions and other financial organizations and protection of the interests of depositors, and to further define, restrict, or require registration of entities which provide financial products and services to the citizens of this state via the Internet, other online access to financial products and services, or alternate methods of delivery which differ from geographically based banking.
O.C.G.A. § 7-3-41 — GA Code / Title 7 / Chapter 3 / Section 7-3-41
Georgia Code Title 7. Banking and Finance § 7-3-41
Status: in_force

(a) A subpoena issued pursuant to Code Section 7-3-40 may be served by: (1) Registered or certified mail or statutory overnight delivery, return receipt requested, to the addressee's business or personal mailing address; (2) Examiners appointed by the department; or (3) The sheriff of the county where such witness resides or is found or where the person in custody of any books, accounts, records, files, documents, or papers resides or is found.

(a) A subpoena issued pursuant to Code Section 7-3-40 may be served by:

(1) Registered or certified mail or statutory overnight delivery, return receipt requested, to the addressee's business or personal mailing address;

(1) Registered or certified mail or statutory overnight delivery, return receipt requested, to the addressee's business or personal mailing address;

(2) Examiners appointed by the department; or

(2) Examiners appointed by the department; or

(3) The sheriff of the county where such witness resides or is found or where the person in custody of any books, accounts, records, files, documents, or papers resides or is found.

(3) The sheriff of the county where such witness resides or is found or where the person in custody of any books, accounts, records, files, documents, or papers resides or is found.

(b) The department may issue and apply to enforce subpoenas in this state at the request of any governmental agency, department, organization, or entity regulating the making of installment loans in another state if the activities constituting the alleged violation for which the information is sought would be a violation of this chapter if the alleged activities had occurred in this state.

(b) The department may issue and apply to enforce subpoenas in this state at the request of any governmental agency, department, organization, or entity regulating the making of installment loans in another state if the activities constituting the alleged violation for which the information is sought would be a violation of this chapter if the alleged activities had occurred in this state.

(c) If any person refuses to obey a subpoena issued under this chapter, a superior court of appropriate jurisdiction, upon application by the department, may issue to the person an order requiring such person to appear before the court to show cause why such person should not be held in contempt for refusal to obey the subpoena. Failure to obey a subpoena may be punished as contempt by the court.

(c) If any person refuses to obey a subpoena issued under this chapter, a superior court of appropriate jurisdiction, upon application by the department, may issue to the person an order requiring such person to appear before the court to show cause why such person should not be held in contempt for refusal to obey the subpoena. Failure to obey a subpoena may be punished as contempt by the court.
O.C.G.A. § 7-1-430 — GA Code / Title 7 / Chapter 1 / Section 7-1-430
Georgia Code Title 7. Banking and Finance § 7-1-430
Status: in_force

(a) Except as otherwise provided in this Code section, a holder of or subscriber to shares of a bank or trust company shall be under no obligation to the bank or trust company or its creditors with respect to such shares or subscription other than the obligation to pay the full consideration remaining due to the company upon such shares or subscription. Such obligation may be enforced by the bank or trust company and its successors or assigns, or by a shareholder suing derivatively, or by a receiver appointed under this chapter.

(a) Except as otherwise provided in this Code section, a holder of or subscriber to shares of a bank or trust company shall be under no obligation to the bank or trust company or its creditors with respect to such shares or subscription other than the obligation to pay the full consideration remaining due to the company upon such shares or subscription. Such obligation may be enforced by the bank or trust company and its successors or assigns, or by a shareholder suing derivatively, or by a receiver appointed under this chapter.

(b) Every subscriber for shares not fully paid and every original holder of shares not fully paid which were issued contrary to Code Section 7-1-417 and every transferee or assignee of a subscription for shares or of shares with knowledge or notice that the shares are not fully paid and were issued contrary to Code Section 7-1-417 shall continue personally liable thereon as provided in subsection (a) of this Code section, notwithstanding any transfer or assignment of such shares or subscription for such shares.

(b) Every subscriber for shares not fully paid and every original holder of shares not fully paid which were issued contrary to Code Section 7-1-417 and every transferee or assignee of a subscription for shares or of shares with knowledge or notice that the shares are not fully paid and were issued contrary to Code Section 7-1-417 shall continue personally liable thereon as provided in subsection (a) of this Code section, notwithstanding any transfer or assignment of such shares or subscription for such shares.

(c) Any person becoming a transferee or assignee of shares or of a subscription for shares in good faith and without knowledge or notice that the full consideration therefor has not been paid shall not be personally liable thereon for any unpaid portion of such consideration.

(c) Any person becoming a transferee or assignee of shares or of a subscription for shares in good faith and without knowledge or notice that the full consideration therefor has not been paid shall not be personally liable thereon for any unpaid portion of such consideration.

(d) An executor, administrator, conservator, guardian, trustee, assignee for the benefit of creditors, receiver, or other fiduciary shall not be personally liable to the bank or trust company or its creditors as a holder of or subscriber for its shares; but the estate and funds in his hands or under his control shall be so liable. Nothing in the foregoing shall relieve any fiduciary from liability for a breach of trust.

(d) An executor, administrator, conservator, guardian, trustee, assignee for the benefit of creditors, receiver, or other fiduciary shall not be personally liable to the bank or trust company or its creditors as a holder of or subscriber for its shares; but the estate and funds in his hands or under his control shall be so liable. Nothing in the foregoing shall relieve any fiduciary from liability for a breach of trust.

(e) No bailee or nominee and no pledgee or other holder of shares as collateral security shall be personally liable as a shareholder, but the bailor or real party in interest or pledgor or other person transferring such shares as collateral shall be considered the holder thereof for purposes of liability under this Code section.

(e) No bailee or nominee and no pledgee or other holder of shares as collateral security shall be personally liable as a shareholder, but the bailor or real party in interest or pledgor or other person transferring such shares as collateral shall be considered the holder thereof for purposes of liability under this Code section.

(f) No liability under this Code section shall be asserted against a subscriber or shareholder more than six years after the date on which the shares for which payment is sought were to have been fully paid pursuant to the contract of sale or subscription agreement or, if no such date is provided for in the contract of sale or subscription agreement, more than six years from the date of the contract of sale or subscription agreement, whether or not such contract or agreement is under seal.

(f) No liability under this Code section shall be asserted against a subscriber or shareholder more than six years after the date on which the shares for which payment is sought were to have been fully paid pursuant to the contract of sale or subscription agreement or, if no such date is provided for in the contract of sale or subscription agreement, more than six years from the date of the contract of sale or subscription agreement, whether or not such contract or agreement is under seal.

(g) The subscription agreement or contract of sale may prescribe other penalties for failure to make payments when due; but no penalty working a forfeiture of a subscription, or of the amounts paid thereon, shall be declared as against any subscriber unless the amount due thereon shall remain unpaid for a period of 20 days after written demand has been made therefor. The delinquent subscriber or his legal representative shall be entitled to be paid the excess of the sale proceeds realized from the sale by the bank or trust company of such subscribed shares over the sum of: (1) The amount due and unpaid on the subscription; and (2) The reasonable expenses incurred in selling the shares; but in no event shall the delinquent subscriber or his legal representative be entitled to be paid an amount greater than the amount paid by said subscriber on his subscription.

(g) The subscription agreement or contract of sale may prescribe other penalties for failure to make payments when due; but no penalty working a forfeiture of a subscription, or of the amounts paid thereon, shall be declared as against any subscriber unless the amount due thereon shall remain unpaid for a period of 20 days after written demand has been made therefor. The delinquent subscriber or his legal representative shall be entitled to be paid the excess of the sale proceeds realized from the sale by the bank or trust company of such subscribed shares over the sum of:

(1) The amount due and unpaid on the subscription; and

(1) The amount due and unpaid on the subscription; and

(2) The reasonable expenses incurred in selling the shares;

(2) The reasonable expenses incurred in selling the shares;

but in no event shall the delinquent subscriber or his legal representative be entitled to be paid an amount greater than the amount paid by said subscriber on his subscription.

(h) The board of directors shall have power to compromise, on such terms and conditions as the board may prescribe, any claim, dispute, or action arising out of a subscription for shares when in the judgment of the board it is in the best interests of the bank or trust company to do so.

(h) The board of directors shall have power to compromise, on such terms and conditions as the board may prescribe, any claim, dispute, or action arising out of a subscription for shares when in the judgment of the board it is in the best interests of the bank or trust company to do so.
O.C.G.A. § 7-1-133 — GA Code / Title 7 / Chapter 1 / Section 7-1-133
Georgia Code Title 7. Banking and Finance § 7-1-133
Status: in_force

(a) No person or corporation doing business in this state shall advertise in or through any newspaper, radio, television, letters, circulars, billheads, or in any way or through any medium seeking to induce any person to purchase an instrument which is purported to be insured or guaranteed in a manner comparable to an insured deposit or share account in any financial institution authorized to have such deposits or accounts when in fact such instrument does not possess comparable insurance coverage as determined by the department. Whenever any person, firm, or corporation doing business in this state shall compare, in any such advertising media, an investment or a return on an investment, except an investment or return on an investment in the form of a deposit or share account, to a deposit or share account or a return on a deposit or share account in an authorized financial institution, it shall be clearly stated in such advertising or solicitation that the investment is not a deposit insured by a public body of the United States or of this state.

(a) No person or corporation doing business in this state shall advertise in or through any newspaper, radio, television, letters, circulars, billheads, or in any way or through any medium seeking to induce any person to purchase an instrument which is purported to be insured or guaranteed in a manner comparable to an insured deposit or share account in any financial institution authorized to have such deposits or accounts when in fact such instrument does not possess comparable insurance coverage as determined by the department. Whenever any person, firm, or corporation doing business in this state shall compare, in any such advertising media, an investment or a return on an investment, except an investment or return on an investment in the form of a deposit or share account, to a deposit or share account or a return on a deposit or share account in an authorized financial institution, it shall be clearly stated in such advertising or solicitation that the investment is not a deposit insured by a public body of the United States or of this state.

(b) No person or corporation shall use the terms “savings,” “savings account,” “deposit,” or “withdrawal” or any equivalent thereof in any advertisement as above described in subsection (a) of this Code section indicating reference to instruments issued by or to be issued by the person or corporation.

(b) No person or corporation shall use the terms “savings,” “savings account,” “deposit,” or “withdrawal” or any equivalent thereof in any advertisement as above described in subsection (a) of this Code section indicating reference to instruments issued by or to be issued by the person or corporation.
O.C.G.A. § 7-1-66 — GA Code / Title 7 / Chapter 1 / Section 7-1-66
Georgia Code Title 7. Banking and Finance § 7-1-66
Status: in_force

(a) Examinations and investigations shall be made by the commissioner or by qualified examiners or employees empowered in writing by the department to make examinations or investigations. The department may, when the occasion requires, appoint special examiners and prescribe their duties and powers.

(a) Examinations and investigations shall be made by the commissioner or by qualified examiners or employees empowered in writing by the department to make examinations or investigations. The department may, when the occasion requires, appoint special examiners and prescribe their duties and powers.

(b) Officials authorized to make examinations or investigations shall have the power and authority to administer oaths and to examine under oath any person (including any officer, director, agent, attorney, member, or employee of any financial institution) whose testimony may be relevant to the examination or investigation. Such officials shall have the authority and power to compel the appearance and attendance of any such person and the production by such person of pertinent books and papers, including books and papers to which the person has access because of his position with a financial institution, and for such purposes shall have the authority to issue a subpoena requiring the appearance and attendance of any such person or for the production of any pertinent books and papers.

(b) Officials authorized to make examinations or investigations shall have the power and authority to administer oaths and to examine under oath any person (including any officer, director, agent, attorney, member, or employee of any financial institution) whose testimony may be relevant to the examination or investigation. Such officials shall have the authority and power to compel the appearance and attendance of any such person and the production by such person of pertinent books and papers, including books and papers to which the person has access because of his position with a financial institution, and for such purposes shall have the authority to issue a subpoena requiring the appearance and attendance of any such person or for the production of any pertinent books and papers.

(c) If any person shall fail or refuse to obey an order or subpoena issued by the department, a court of appropriate jurisdiction, upon application by the department, may issue an order requiring such person to appear before the court to show cause as to why he or she should not be adjudged in contempt and punished accordingly for refusal to obey the subpoena.

(c) If any person shall fail or refuse to obey an order or subpoena issued by the department, a court of appropriate jurisdiction, upon application by the department, may issue an order requiring such person to appear before the court to show cause as to why he or she should not be adjudged in contempt and punished accordingly for refusal to obey the subpoena.
O.C.G.A. § 7-1-913 — GA Code / Title 7 / Chapter 1 / Section 7-1-913
Georgia Code Title 7. Banking and Finance § 7-1-913
Status: in_force

The Georgia Bureau of Investigation and the Department of Revenue shall have access to and shall be authorized to inspect and copy any reports filed with the department pursuant to this article. In addition, unless prohibited by federal law or by any agreements with federal authorities, the Georgia Bureau of Investigation and the Department of Revenue shall have access to and shall be authorized to inspect and copy any currency transaction report information received by the department from federal authorities.
O.C.G.A. § 7-2-8 — GA Code / Title 7 / Chapter 2 / Section 7-2-8
Georgia Code Title 7. Banking and Finance § 7-2-8
Status: in_force

(a) A regular annual premium, not to exceed one-twelfth of 1 percent of the deposits and shares of the member financial institution, shall be levied by the directors of the corporation. Such premium may be raised, lowered, waived, or refunded, in whole or in part, with prior approval by the department, in the event that the total funds held by the corporation justify or require such change. The corporation may charge its financial institutions variable rate premiums based upon determination of risk to the fund, provided that such risk rating is made according to formulas adopted by the directors of the corporation and approved by the department.

(a) A regular annual premium, not to exceed one-twelfth of 1 percent of the deposits and shares of the member financial institution, shall be levied by the directors of the corporation. Such premium may be raised, lowered, waived, or refunded, in whole or in part, with prior approval by the department, in the event that the total funds held by the corporation justify or require such change. The corporation may charge its financial institutions variable rate premiums based upon determination of risk to the fund, provided that such risk rating is made according to formulas adopted by the directors of the corporation and approved by the department.

(b) In the event of potential impairment of the corporation's funds, special assessments may be levied by the directors of the corporation with the prior approval of the department, provided that such special assessments shall not exceed, in the aggregate, 1 percent of the deposits and shares of each member financial institution. Such special assessments shall be in the form of loans from the member financial institution to the corporation.

(b) In the event of potential impairment of the corporation's funds, special assessments may be levied by the directors of the corporation with the prior approval of the department, provided that such special assessments shall not exceed, in the aggregate, 1 percent of the deposits and shares of each member financial institution. Such special assessments shall be in the form of loans from the member financial institution to the corporation.

(c) Membership fees, annual premiums, and special assessments shall be based upon deposits and shares of member financial institutions as reported to the department in its most recent call report of condition and shall be payable within 30 days of the date on which the corporation notifies its members of any such premium or assessment.

(c) Membership fees, annual premiums, and special assessments shall be based upon deposits and shares of member financial institutions as reported to the department in its most recent call report of condition and shall be payable within 30 days of the date on which the corporation notifies its members of any such premium or assessment.

(d) Annual premiums paid under this Code section shall be charged to the operating expenses of each member financial institution.

(d) Annual premiums paid under this Code section shall be charged to the operating expenses of each member financial institution.

(e) In the event of liquidation of the corporation, all assets remaining after the payment or provision for payment of all debts and taxes and expenses of liquidation, including distributions to former members as provided for in Code Section 7-2-7 , shall be distributed to the then existing member financial institutions in proportion to their membership fees paid into the corporation.

(e) In the event of liquidation of the corporation, all assets remaining after the payment or provision for payment of all debts and taxes and expenses of liquidation, including distributions to former members as provided for in Code Section 7-2-7 , shall be distributed to the then existing member financial institutions in proportion to their membership fees paid into the corporation.
O.C.G.A. § 7-1-487 — GA Code / Title 7 / Chapter 1 / Section 7-1-487
Georgia Code Title 7. Banking and Finance § 7-1-487
Status: in_force

(a) The board of directors shall at least once each year have made by independent certified public accountants an audit of the books and affairs of the bank or trust company, including such matters as may be required by the department and including, in the case of a trust company, accounts held in a fiduciary or other representative capacity. An audit of a bank holding company performed in accordance with this Code section may be made in lieu of individual audits of subsidiaries of the bank holding company. The department may by regulation establish minimum standards for audits and reports under this Code section.

(a) The board of directors shall at least once each year have made by independent certified public accountants an audit of the books and affairs of the bank or trust company, including such matters as may be required by the department and including, in the case of a trust company, accounts held in a fiduciary or other representative capacity. An audit of a bank holding company performed in accordance with this Code section may be made in lieu of individual audits of subsidiaries of the bank holding company. The department may by regulation establish minimum standards for audits and reports under this Code section.

(b) A report of the audit made under subsection (a) of this Code section shall be signed by the accountants who make it. A signed copy of the report shall be submitted to the board for approval or rejection and kept in the files of the bank or trust company. The bank or trust company shall submit the audit to the department in accordance with department regulations.

(b) A report of the audit made under subsection (a) of this Code section shall be signed by the accountants who make it. A signed copy of the report shall be submitted to the board for approval or rejection and kept in the files of the bank or trust company. The bank or trust company shall submit the audit to the department in accordance with department regulations.
O.C.G.A. § 7-1-811 — GA Code / Title 7 / Chapter 1 / Section 7-1-811
Georgia Code Title 7. Banking and Finance § 7-1-811
Status: in_force

Code Sections 7-1-812 through 7-1-814 , concerning beneficial ownership as between parties or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, are relevant only to controversies between those persons and their creditors and other successors and have no bearing on the power of withdrawal of these persons as determined by the terms of account contracts. Code Sections 7-1-816 through 7-1-821 govern the liability of financial institutions which make payments pursuant thereto and their setoff rights.
O.C.G.A. § 7-1-1104 — GA Code / Title 7 / Chapter 1 / Section 7-1-1104
Georgia Code Title 7. Banking and Finance § 7-1-1104
Status: in_force

(a) A foreign bank operating in this state through a Georgia state branch, Georgia state agency, or Georgia state representative office shall make written reports to the department that: (1) Are in English; (2) Are submitted at the times and in the form specified by the department; (3) Are under oath of one of the foreign bank's officers, managers, or agents located at a branch, agency, or representative office in this state; (4) Show the amount of the foreign bank's assets and liabilities, expressed in United States currency; (5) With respect to a Georgia state branch or Georgia state agency, show the amount of the branch or agency's assets and liabilities, expressed in United States currency; and (6) Contain other information that the department requires.

(a) A foreign bank operating in this state through a Georgia state branch, Georgia state agency, or Georgia state representative office shall make written reports to the department that:

(1) Are in English;

(1) Are in English;

(2) Are submitted at the times and in the form specified by the department;

(2) Are submitted at the times and in the form specified by the department;

(3) Are under oath of one of the foreign bank's officers, managers, or agents located at a branch, agency, or representative office in this state;

(3) Are under oath of one of the foreign bank's officers, managers, or agents located at a branch, agency, or representative office in this state;

(4) Show the amount of the foreign bank's assets and liabilities, expressed in United States currency;

(4) Show the amount of the foreign bank's assets and liabilities, expressed in United States currency;

(5) With respect to a Georgia state branch or Georgia state agency, show the amount of the branch or agency's assets and liabilities, expressed in United States currency; and

(5) With respect to a Georgia state branch or Georgia state agency, show the amount of the branch or agency's assets and liabilities, expressed in United States currency; and

(6) Contain other information that the department requires.

(6) Contain other information that the department requires.

(b) A license or registration of a foreign bank under this article may be revoked, or the foreign bank may be subject to an order to cease and desist under Code Section 7-1-1108 , if the foreign bank fails to make a report required under subsection (a) of this Code section or makes a material misrepresentation in such report.

(b) A license or registration of a foreign bank under this article may be revoked, or the foreign bank may be subject to an order to cease and desist under Code Section 7-1-1108 , if the foreign bank fails to make a report required under subsection (a) of this Code section or makes a material misrepresentation in such report.
O.C.G.A. § 7-1-38 — GA Code / Title 7 / Chapter 1 / Section 7-1-38
Georgia Code Title 7. Banking and Finance § 7-1-38
Status: in_force

The commissioner shall be provided with suitable offices and equipment, the expense of which shall be paid by the state in the same manner as the expenses of other offices of the state government are paid.
O.C.G.A. § 7-9-8 — GA Code / Title 7 / Chapter 9 / Section 7-9-8
Georgia Code Title 7. Banking and Finance § 7-9-8
Status: reserved

The Secretary of State shall immediately issue a certificate of incorporation to a proposed merchant acquirer limited purpose bank upon submission of:

(1) Written approval of the articles of incorporation by the department with a copy attached;

(1) Written approval of the articles of incorporation by the department with a copy attached;

(2) An affidavit executed by the duly authorized agent or publisher of a newspaper swearing that the articles of incorporation or a summary statement publication as provided for in Code Section 7-9-5 have been published; and

(2) An affidavit executed by the duly authorized agent or publisher of a newspaper swearing that the articles of incorporation or a summary statement publication as provided for in Code Section 7-9-5 have been published; and

(3) All required fees and charges required by law

(3) All required fees and charges required by law

so long as name of the proposed merchant acquirer limited purpose bank continues to be reserved or is available. The Secretary of State shall retain on file a copy of the certificate, the articles of incorporation, the department's approval of the articles of incorporation, and the publisher's certificate.
O.C.G.A. § 7-1-40 — GA Code / Title 7 / Chapter 1 / Section 7-1-40
Georgia Code Title 7. Banking and Finance § 7-1-40
Status: in_force

(a) Any authority, power, or duty vested in the commissioner or department by a provision of this chapter may be exercised, discharged, or performed by a deputy, assistant, examiner, or employee of the department acting in the commissioner's name and by his delegated authority. In the case of any matters involving the exercise of discretion, the delegation of authority shall be in writing. Any such delegation by the commissioner may be revoked in the same manner in which it was granted.

(a) Any authority, power, or duty vested in the commissioner or department by a provision of this chapter may be exercised, discharged, or performed by a deputy, assistant, examiner, or employee of the department acting in the commissioner's name and by his delegated authority. In the case of any matters involving the exercise of discretion, the delegation of authority shall be in writing. Any such delegation by the commissioner may be revoked in the same manner in which it was granted.

(b) The commissioner shall be responsible for the official acts of such persons who act in his name and by his authority.

(b) The commissioner shall be responsible for the official acts of such persons who act in his name and by his authority.
O.C.G.A. § 7-8-2 — GA Code / Title 7 / Chapter 8 / Section 7-8-2
Georgia Code Title 7. Banking and Finance § 7-8-2
Status: in_force

(a) On or before July 1, 1994, with respect to all existing installed remote service terminals in this state, and any remote service terminals installed after July 1, 1993, the operator shall adopt procedures for evaluating the safety of the remote service terminals. These procedures shall include a consideration of the following: (1) The extent to which the lighting for the remote service terminal complies or will comply with applicable standards; (2) The presence of landscaping, vegetation, or other obstructions in the area of the remote service terminal, the access area, and the defined parking area; and (3) The incidence of crimes of violence in the immediate neighborhood of the remote service terminal as reflected in the records of the local law enforcement agency and of which the operator has actual knowledge.

(a) On or before July 1, 1994, with respect to all existing installed remote service terminals in this state, and any remote service terminals installed after July 1, 1993, the operator shall adopt procedures for evaluating the safety of the remote service terminals. These procedures shall include a consideration of the following:

(1) The extent to which the lighting for the remote service terminal complies or will comply with applicable standards;

(1) The extent to which the lighting for the remote service terminal complies or will comply with applicable standards;

(2) The presence of landscaping, vegetation, or other obstructions in the area of the remote service terminal, the access area, and the defined parking area; and

(2) The presence of landscaping, vegetation, or other obstructions in the area of the remote service terminal, the access area, and the defined parking area; and

(3) The incidence of crimes of violence in the immediate neighborhood of the remote service terminal as reflected in the records of the local law enforcement agency and of which the operator has actual knowledge.

(3) The incidence of crimes of violence in the immediate neighborhood of the remote service terminal as reflected in the records of the local law enforcement agency and of which the operator has actual knowledge.

(b) It is not the intent of the General Assembly in enacting this chapter to impose a duty to relocate or modify remote service terminals upon the occurrence of any particular events or circumstances, but rather to establish a standard of good faith for the evaluation of all remote service terminals as provided in this chapter. A violation of the provisions of this chapter or any regulation made pursuant thereto will not constitute negligence per se.

(b) It is not the intent of the General Assembly in enacting this chapter to impose a duty to relocate or modify remote service terminals upon the occurrence of any particular events or circumstances, but rather to establish a standard of good faith for the evaluation of all remote service terminals as provided in this chapter. A violation of the provisions of this chapter or any regulation made pursuant thereto will not constitute negligence per se.
O.C.G.A. § 7-1-231 — GA Code / Title 7 / Chapter 1 / Section 7-1-231
Georgia Code Title 7. Banking and Finance § 7-1-231
Status: in_force

(a) For purposes of this Code section, the term “financial institution” shall include any “bank holding company” as such term is defined in subsection (a) of Code Section 7-1-605 .

(a) For purposes of this Code section, the term “financial institution” shall include any “bank holding company” as such term is defined in subsection (a) of Code Section 7-1-605 .

(b) It shall be unlawful for a person, acting directly or indirectly or through concert with one or more persons, to acquire control or the presumption of control of any financial institution through a purchase, assignment, pledge, or other disposition of voting stock of such institution, except with the approval of the department or as otherwise permitted by this part.

(b) It shall be unlawful for a person, acting directly or indirectly or through concert with one or more persons, to acquire control or the presumption of control of any financial institution through a purchase, assignment, pledge, or other disposition of voting stock of such institution, except with the approval of the department or as otherwise permitted by this part.
O.C.G.A. § 7-1-570 — GA Code / Title 7 / Chapter 1 / Section 7-1-570
Georgia Code Title 7. Banking and Finance § 7-1-570
Status: in_force

(a) Unless the articles or bylaws otherwise provide, the board of directors may authorize any of the following transactions without any vote or consent of the shareholders: (1) Any mortgage or pledge of, or creation of a security interest in, or conveyance of title to, all or any part of the property and assets of the bank or trust company of any description, or any interest therein, for the purpose of securing the payment or performance of any contract, note, bond, or other obligation of the bank or trust company; or (2) Any sale, lease, exchange, or other disposition of less than substantially all the property and assets of the bank or trust company.

(a) Unless the articles or bylaws otherwise provide, the board of directors may authorize any of the following transactions without any vote or consent of the shareholders:

(1) Any mortgage or pledge of, or creation of a security interest in, or conveyance of title to, all or any part of the property and assets of the bank or trust company of any description, or any interest therein, for the purpose of securing the payment or performance of any contract, note, bond, or other obligation of the bank or trust company; or

(1) Any mortgage or pledge of, or creation of a security interest in, or conveyance of title to, all or any part of the property and assets of the bank or trust company of any description, or any interest therein, for the purpose of securing the payment or performance of any contract, note, bond, or other obligation of the bank or trust company; or

(2) Any sale, lease, exchange, or other disposition of less than substantially all the property and assets of the bank or trust company.

(2) Any sale, lease, exchange, or other disposition of less than substantially all the property and assets of the bank or trust company.

(b) Any transaction made as permitted by this Code section without any vote or consent of the shareholders may be upon such terms and conditions and for such consideration as the board may deem to be in the best interests of the bank or trust company.

(b) Any transaction made as permitted by this Code section without any vote or consent of the shareholders may be upon such terms and conditions and for such consideration as the board may deem to be in the best interests of the bank or trust company.
O.C.G.A. § 7-5-1 — GA Code / Title 7 / Chapter 5 / Section 7-5-1
Georgia Code Title 7. Banking and Finance § 7-5-1
Status: in_force

This chapter shall be known and may be cited as “The Credit Card and Credit Card Bank Act.”
O.C.G.A. § 7-1-460 — GA Code / Title 7 / Chapter 1 / Section 7-1-460
Georgia Code Title 7. Banking and Finance § 7-1-460
Status: in_force

(a) The board of directors of a bank or trust company may, from time to time, declare and the bank or trust company thereupon shall pay dividends on its outstanding shares in cash, property, or its own shares, except when the bank or trust company is insolvent or when the payment thereof would render the bank or trust company insolvent or when the declaration or payment thereof would be contrary to any restrictions contained in the articles, and subject to the following provisions: (1) Dividends may be declared and paid in cash or property only out of the retained earnings of the bank or trust company unless otherwise approved in advance by the department on terms consistent with standards of safety and soundness; (2) The department may approve the payment of dividends by a bank or trust company, prior to the time such bank or trust company achieves cumulative profitability: (A) For the purpose of providing the shareholders of a Subchapter S bank with a source of funds to pay federal and state income taxes on the Subchapter S bank's income that is taxable to those shareholders; or (B) If a bank or trust company is profitable on an annual basis and the payment of such dividend is consistent with standards of safety and soundness; (3) Dividends may not be paid without the prior approval of the department in excess of specified amounts as may be fixed by regulations of the department to assure that banks and trust companies maintain an adequate capital structure; (4) Dividends may be declared and paid in lawfully held treasury shares or in authorized but unissued shares, provided that, in the case of a dividend of authorized but previously unissued shares, there shall be transferred to capital stock an amount equal to the aggregate par value of the shares distributed; and (5) No dividends payable in shares of any class shall be paid in respect to shares of any other class unless the articles so provide or unless such payment is authorized by the affirmative vote or the written consent of the holders of a majority of the outstanding shares of the class in which the payment is to be made.

(a) The board of directors of a bank or trust company may, from time to time, declare and the bank or trust company thereupon shall pay dividends on its outstanding shares in cash, property, or its own shares, except when the bank or trust company is insolvent or when the payment thereof would render the bank or trust company insolvent or when the declaration or payment thereof would be contrary to any restrictions contained in the articles, and subject to the following provisions:

(1) Dividends may be declared and paid in cash or property only out of the retained earnings of the bank or trust company unless otherwise approved in advance by the department on terms consistent with standards of safety and soundness;

(1) Dividends may be declared and paid in cash or property only out of the retained earnings of the bank or trust company unless otherwise approved in advance by the department on terms consistent with standards of safety and soundness;

(2) The department may approve the payment of dividends by a bank or trust company, prior to the time such bank or trust company achieves cumulative profitability: (A) For the purpose of providing the shareholders of a Subchapter S bank with a source of funds to pay federal and state income taxes on the Subchapter S bank's income that is taxable to those shareholders; or (B) If a bank or trust company is profitable on an annual basis and the payment of such dividend is consistent with standards of safety and soundness;

(2) The department may approve the payment of dividends by a bank or trust company, prior to the time such bank or trust company achieves cumulative profitability:

(A) For the purpose of providing the shareholders of a Subchapter S bank with a source of funds to pay federal and state income taxes on the Subchapter S bank's income that is taxable to those shareholders; or

(A) For the purpose of providing the shareholders of a Subchapter S bank with a source of funds to pay federal and state income taxes on the Subchapter S bank's income that is taxable to those shareholders; or

(B) If a bank or trust company is profitable on an annual basis and the payment of such dividend is consistent with standards of safety and soundness;

(B) If a bank or trust company is profitable on an annual basis and the payment of such dividend is consistent with standards of safety and soundness;

(3) Dividends may not be paid without the prior approval of the department in excess of specified amounts as may be fixed by regulations of the department to assure that banks and trust companies maintain an adequate capital structure;

(3) Dividends may not be paid without the prior approval of the department in excess of specified amounts as may be fixed by regulations of the department to assure that banks and trust companies maintain an adequate capital structure;

(4) Dividends may be declared and paid in lawfully held treasury shares or in authorized but unissued shares, provided that, in the case of a dividend of authorized but previously unissued shares, there shall be transferred to capital stock an amount equal to the aggregate par value of the shares distributed; and

(4) Dividends may be declared and paid in lawfully held treasury shares or in authorized but unissued shares, provided that, in the case of a dividend of authorized but previously unissued shares, there shall be transferred to capital stock an amount equal to the aggregate par value of the shares distributed; and

(5) No dividends payable in shares of any class shall be paid in respect to shares of any other class unless the articles so provide or unless such payment is authorized by the affirmative vote or the written consent of the holders of a majority of the outstanding shares of the class in which the payment is to be made.

(5) No dividends payable in shares of any class shall be paid in respect to shares of any other class unless the articles so provide or unless such payment is authorized by the affirmative vote or the written consent of the holders of a majority of the outstanding shares of the class in which the payment is to be made.

(b) A split or division of the issued shares of any class into a greater number of shares of the same class without increasing the capital stock of the bank or trust company shall not be construed to be a share dividend within the meaning of this Code section.

(b) A split or division of the issued shares of any class into a greater number of shares of the same class without increasing the capital stock of the bank or trust company shall not be construed to be a share dividend within the meaning of this Code section.

(c) If a bank or trust company has declared a cash dividend on any shares or any other distribution payable in cash or has sold fractional shares or scrip for the account of a shareholder and has mailed to a shareholder, at his address appearing on the records of the bank or trust company, a valid check in the amount of the dividend or other distribution or the proceeds of such sale to which such shareholder is entitled and, if such check would have been honored if duly presented to the bank on which it is drawn, no action for the recovery of such dividend or other distribution or for the amount thereof shall be brought by the shareholder or other person entitled thereto more than seven years after the date of mailing the check.

(c) If a bank or trust company has declared a cash dividend on any shares or any other distribution payable in cash or has sold fractional shares or scrip for the account of a shareholder and has mailed to a shareholder, at his address appearing on the records of the bank or trust company, a valid check in the amount of the dividend or other distribution or the proceeds of such sale to which such shareholder is entitled and, if such check would have been honored if duly presented to the bank on which it is drawn, no action for the recovery of such dividend or other distribution or for the amount thereof shall be brought by the shareholder or other person entitled thereto more than seven years after the date of mailing the check.

(d) If a bank or trust company has declared a dividend payable in its own shares or any other distribution payable in its own shares or in other than cash and has mailed to a shareholder, at his address appearing on the records of the bank or trust company, a certificate representing such shares or a notice setting forth the time and manner in which a distribution in other than its own shares or cash shall be paid, no action for the recovery of such dividends or other distribution or for the amount thereof shall be brought by the shareholder or other person entitled thereto more than seven years after the mailing of the share certificate or certificates or, in the case of a distribution in other than the shares of the bank or trust company or in cash, the time specified in the notice for the payment thereof.

(d) If a bank or trust company has declared a dividend payable in its own shares or any other distribution payable in its own shares or in other than cash and has mailed to a shareholder, at his address appearing on the records of the bank or trust company, a certificate representing such shares or a notice setting forth the time and manner in which a distribution in other than its own shares or cash shall be paid, no action for the recovery of such dividends or other distribution or for the amount thereof shall be brought by the shareholder or other person entitled thereto more than seven years after the mailing of the share certificate or certificates or, in the case of a distribution in other than the shares of the bank or trust company or in cash, the time specified in the notice for the payment thereof.

(e) When the statute of limitations provided for in this Code section has run with respect to any unclaimed dividend, other unclaimed distribution, or unclaimed proceeds of the sale of fractional shares or scrip, the cash or property represented thereby shall thenceforth be treated as an asset of the bank or trust company.

(e) When the statute of limitations provided for in this Code section has run with respect to any unclaimed dividend, other unclaimed distribution, or unclaimed proceeds of the sale of fractional shares or scrip, the cash or property represented thereby shall thenceforth be treated as an asset of the bank or trust company.
O.C.G.A. § 7-1-1126 — GA Code / Title 7 / Chapter 1 / Section 7-1-1126
Georgia Code Title 7. Banking and Finance § 7-1-1126
Status: in_force

The department may revoke the license of a Georgia state branch or Georgia state agency if the department by examination or other credible evidence finds that the foreign bank:

(1) Does not currently meet the criteria established by this article for the original issuance of a license;

(1) Does not currently meet the criteria established by this article for the original issuance of a license;

(2) Has refused to permit the department to examine its books, papers, accounts, records, or affairs in accordance with Code Sections 7-1-1102 and 7-1-1103 ;

(2) Has refused to permit the department to examine its books, papers, accounts, records, or affairs in accordance with Code Sections 7-1-1102 and 7-1-1103 ;

(3) Has failed to make a report required under this article or made a material false or misleading statement in such report;

(3) Has failed to make a report required under this article or made a material false or misleading statement in such report;

(4) Has violated this article, another law or rule applicable to a foreign bank or a Georgia state branch or Georgia state agency, or a final and enforceable order of the department;

(4) Has violated this article, another law or rule applicable to a foreign bank or a Georgia state branch or Georgia state agency, or a final and enforceable order of the department;

(5) Has misrepresented or concealed a material fact in the application for licensure;

(5) Has misrepresented or concealed a material fact in the application for licensure;

(6) Has violated a condition of its license or an agreement between the foreign bank and the department or other functional regulatory agency;

(6) Has violated a condition of its license or an agreement between the foreign bank and the department or other functional regulatory agency;

(7) Has had its authorization to act dissolved, revoked, or otherwise terminated in its jurisdiction of incorporation or jurisdiction where it is operating a branch, agency, or representative office;

(7) Has had its authorization to act dissolved, revoked, or otherwise terminated in its jurisdiction of incorporation or jurisdiction where it is operating a branch, agency, or representative office;

(8) One or more grounds for receivership, including insolvency, as specified in Code Section 7-1-1129 , exists; or

(8) One or more grounds for receivership, including insolvency, as specified in Code Section 7-1-1129 , exists; or

(9) Conducts business in an unsafe and unsound manner.

(9) Conducts business in an unsafe and unsound manner.
O.C.G.A. § 7-1-693 — GA Code / Title 7 / Chapter 1 / Section 7-1-693
Georgia Code Title 7. Banking and Finance § 7-1-693
Status: in_force

(a) Where an applicant or licensee has been found to be a borrower in default under the Georgia Higher Education Loan Program as determined by the Georgia Higher Education Assistance Corporation or has been certified by any entity of the federal government for nonpayment or default or breach of a repayment or service obligation under any federal educational loan, loan repayment, or service conditional scholarship program, such action shall not be grounds for refusal of a license or suspension of a license.

(a) Where an applicant or licensee has been found to be a borrower in default under the Georgia Higher Education Loan Program as determined by the Georgia Higher Education Assistance Corporation or has been certified by any entity of the federal government for nonpayment or default or breach of a repayment or service obligation under any federal educational loan, loan repayment, or service conditional scholarship program, such action shall not be grounds for refusal of a license or suspension of a license.

(b) Where an applicant or licensee has been found not in compliance with an order for child support as provided in Code Section 19-6-28.1 or 19-11-9.3 , such action shall be sufficient grounds for refusal of a license or suspension of a license. In such actions, the hearing and appeal procedures provided for in Code Section 19-6-28.1 or 19-11-9.3 shall be the only such procedures required under this article. The department shall be permitted to share, without liability, information on its applications or other forms with appropriate state agencies to assist them in recovering child support when required by law.

(b) Where an applicant or licensee has been found not in compliance with an order for child support as provided in Code Section 19-6-28.1 or 19-11-9.3 , such action shall be sufficient grounds for refusal of a license or suspension of a license. In such actions, the hearing and appeal procedures provided for in Code Section 19-6-28.1 or 19-11-9.3 shall be the only such procedures required under this article. The department shall be permitted to share, without liability, information on its applications or other forms with appropriate state agencies to assist them in recovering child support when required by law.
O.C.G.A. § 7-1-239-1 — GA Code / Title 7 / Chapter 1 / Section 7-1-239-1
Georgia Code Title 7. Banking and Finance § 7-1-239.1
Status: in_force

(a) Whenever any person dies intestate having possession of or a right to possession of a check or other instrument payable to such deceased person and the amount of the check or instrument does not exceed $15,000.00, the financial institution on which the check or instrument is drawn shall be authorized to accept and redeem the check or instrument by payment to the following persons: (1) To the surviving spouse; (2) If no surviving spouse, to the children pro rata; (3) If no children or surviving spouse, to the father and mother pro rata; or (4) If none of the above, then to the brothers and sisters of the decedent pro rata.

(a) Whenever any person dies intestate having possession of or a right to possession of a check or other instrument payable to such deceased person and the amount of the check or instrument does not exceed $15,000.00, the financial institution on which the check or instrument is drawn shall be authorized to accept and redeem the check or instrument by payment to the following persons:

(1) To the surviving spouse;

(1) To the surviving spouse;

(2) If no surviving spouse, to the children pro rata;

(2) If no surviving spouse, to the children pro rata;

(3) If no children or surviving spouse, to the father and mother pro rata; or

(3) If no children or surviving spouse, to the father and mother pro rata; or

(4) If none of the above, then to the brothers and sisters of the decedent pro rata.

(4) If none of the above, then to the brothers and sisters of the decedent pro rata.

(b) If a check or other instrument is payable to more than one person, it may be accepted and redeemed as provided in subsection (a) of this Code section only if it has been endorsed by each payee other than the decedent.

(b) If a check or other instrument is payable to more than one person, it may be accepted and redeemed as provided in subsection (a) of this Code section only if it has been endorsed by each payee other than the decedent.

(c) Payments made pursuant to this Code section shall operate as a complete acquittal and discharge to the financial institution of liability from any suit, claim, or demand of whatever nature by any heir, distributee, creditor of the decedent, or any other person. Such payment is authorized to be made as provided in this Code section without the necessity of administration of the estate of the decedent and without the necessity of obtaining an order that no administration is necessary.

(c) Payments made pursuant to this Code section shall operate as a complete acquittal and discharge to the financial institution of liability from any suit, claim, or demand of whatever nature by any heir, distributee, creditor of the decedent, or any other person. Such payment is authorized to be made as provided in this Code section without the necessity of administration of the estate of the decedent and without the necessity of obtaining an order that no administration is necessary.

(d) As used in this Code section, the term “financial institution” includes any federally chartered financial institution.

(d) As used in this Code section, the term “financial institution” includes any federally chartered financial institution.

(e) Application by any claimant or claimants entitled in this Code section to receive payments of checks or other instruments at a financial institution upon which such instrument is drawn shall include an affidavit by the claimant or claimants which states that they qualify as the proper relation to the decedent as specified in this Code section and that the claimant or claimants know of no other corresponding claimant or claimants to such funds. The financial institution may rely on a properly executed affidavit in disbursing the funds according to this Code section.

(e) Application by any claimant or claimants entitled in this Code section to receive payments of checks or other instruments at a financial institution upon which such instrument is drawn shall include an affidavit by the claimant or claimants which states that they qualify as the proper relation to the decedent as specified in this Code section and that the claimant or claimants know of no other corresponding claimant or claimants to such funds. The financial institution may rely on a properly executed affidavit in disbursing the funds according to this Code section.
O.C.G.A. § 7-1-243 — GA Code / Title 7 / Chapter 1 / Section 7-1-243
Georgia Code Title 7. Banking and Finance § 7-1-243
Status: in_force

(a) Except as provided in subsection (c) of this Code section, no person or corporation except a bank, a national bank, a foreign bank as defined in Code Section 7-1-1100 , a bank as defined in Code Section 7-1-628.1 , a corporation lawfully owning the majority of the voting stock of a bank, a national bank, or a bank as defined in Code Section 7-1-628.1 , or a subsidiary of such bank, national bank, bank as defined in Code Section 7-1-628.1 , or corporation shall use the words “bank,” “banker,” “banking company,” “banking house,” or any other similar name indicating that the business done is that of a bank upon any sign at its place of business or elsewhere, or upon any of its letterheads, billheads, blank checks, blank notes, receipts, certificates, circulars, advertisements, or any other written or printed matter.

(a) Except as provided in subsection (c) of this Code section, no person or corporation except a bank, a national bank, a foreign bank as defined in Code Section 7-1-1100 , a bank as defined in Code Section 7-1-628.1 , a corporation lawfully owning the majority of the voting stock of a bank, a national bank, or a bank as defined in Code Section 7-1-628.1 , or a subsidiary of such bank, national bank, bank as defined in Code Section 7-1-628.1 , or corporation shall use the words “bank,” “banker,” “banking company,” “banking house,” or any other similar name indicating that the business done is that of a bank upon any sign at its place of business or elsewhere, or upon any of its letterheads, billheads, blank checks, blank notes, receipts, certificates, circulars, advertisements, or any other written or printed matter.

(a.1) Except as provided in subsection (c) of this Code section, no person or corporation except a credit union, a federal credit union, or credit union chartered by another state whose deposits are federally insured, or a subsidiary of such credit union, federal credit union, or credit union chartered by another state whose deposits are federally insured shall use the words “credit union,” or any other similar name indicating that the business done is that of a credit union upon any sign at its place of business or elsewhere, or upon any of its letterheads, billheads, blank checks, blank notes, receipts, certificates, circulars, advertisements, or any other written or printed matter.

(a.1) Except as provided in subsection (c) of this Code section, no person or corporation except a credit union, a federal credit union, or credit union chartered by another state whose deposits are federally insured, or a subsidiary of such credit union, federal credit union, or credit union chartered by another state whose deposits are federally insured shall use the words “credit union,” or any other similar name indicating that the business done is that of a credit union upon any sign at its place of business or elsewhere, or upon any of its letterheads, billheads, blank checks, blank notes, receipts, certificates, circulars, advertisements, or any other written or printed matter.

(b) Except as provided in subsection (c) of this Code section, no person or corporation except: (1) A corporation lawfully authorized to exercise trust powers or any subsidiary thereof; (2) A corporation lawfully owning the majority of the voting stock of any corporation authorized to exercise trust powers, or any subsidiary of such owner corporation; (3) An enterprise whose structure is in the nature of a trust where the trustees include a corporation lawfully authorized to exercise trust powers in this state; (4) An eleemosynary institution; or (5) A foreign bank as defined in Code Section 7-1-1100 shall use the words “trust” or “trust company” or any similar name indicating that the business done is that of a trust company upon any sign at its place of business or elsewhere, or upon any of its letterheads, billheads, blank checks, blank notes, receipts, certificates, circulars, advertisements, or any other written or printed matter.

(b) Except as provided in subsection (c) of this Code section, no person or corporation except:

(1) A corporation lawfully authorized to exercise trust powers or any subsidiary thereof;

(1) A corporation lawfully authorized to exercise trust powers or any subsidiary thereof;

(2) A corporation lawfully owning the majority of the voting stock of any corporation authorized to exercise trust powers, or any subsidiary of such owner corporation;

(2) A corporation lawfully owning the majority of the voting stock of any corporation authorized to exercise trust powers, or any subsidiary of such owner corporation;

(3) An enterprise whose structure is in the nature of a trust where the trustees include a corporation lawfully authorized to exercise trust powers in this state;

(3) An enterprise whose structure is in the nature of a trust where the trustees include a corporation lawfully authorized to exercise trust powers in this state;

(4) An eleemosynary institution; or

(4) An eleemosynary institution; or

(5) A foreign bank as defined in Code Section 7-1-1100 shall use the words “trust” or “trust company” or any similar name indicating that the business done is that of a trust company upon any sign at its place of business or elsewhere, or upon any of its letterheads, billheads, blank checks, blank notes, receipts, certificates, circulars, advertisements, or any other written or printed matter.

(5) A foreign bank as defined in Code Section 7-1-1100 shall use the words “trust” or “trust company” or any similar name indicating that the business done is that of a trust company upon any sign at its place of business or elsewhere, or upon any of its letterheads, billheads, blank checks, blank notes, receipts, certificates, circulars, advertisements, or any other written or printed matter.

(c) Nothing in this Code section shall be construed to: (1) Prevent the use of the words “banks,” “banker,” “banking,” “banker's,” “trust,” or any similar word in a context clearly not purporting to refer to a banking or a trust business or to a business primarily engaged in the lending of money, underwriting or sale of securities, acting as a financial planner, financial service provider, investment or trust adviser, or acting as a loan broker; (1.1) Prevent the use of the words “credit union,” or any similar word in a context clearly not purporting to refer to a credit union or to a business primarily engaged in the lending of money, or accepting shares or deposits or acting as a loan broker; (2) Prohibit advertisement in media distributed in or transmitted into this state by persons or corporations lawfully engaged in the banking, credit union, or trust business outside of this state; or (3) Prevent any person or corporation from continuing to use its name legally in use on April 1, 1989.

(c) Nothing in this Code section shall be construed to:

(1) Prevent the use of the words “banks,” “banker,” “banking,” “banker's,” “trust,” or any similar word in a context clearly not purporting to refer to a banking or a trust business or to a business primarily engaged in the lending of money, underwriting or sale of securities, acting as a financial planner, financial service provider, investment or trust adviser, or acting as a loan broker;

(1) Prevent the use of the words “banks,” “banker,” “banking,” “banker's,” “trust,” or any similar word in a context clearly not purporting to refer to a banking or a trust business or to a business primarily engaged in the lending of money, underwriting or sale of securities, acting as a financial planner, financial service provider, investment or trust adviser, or acting as a loan broker;

(1.1) Prevent the use of the words “credit union,” or any similar word in a context clearly not purporting to refer to a credit union or to a business primarily engaged in the lending of money, or accepting shares or deposits or acting as a loan broker;

(1.1) Prevent the use of the words “credit union,” or any similar word in a context clearly not purporting to refer to a credit union or to a business primarily engaged in the lending of money, or accepting shares or deposits or acting as a loan broker;

(2) Prohibit advertisement in media distributed in or transmitted into this state by persons or corporations lawfully engaged in the banking, credit union, or trust business outside of this state; or

(2) Prohibit advertisement in media distributed in or transmitted into this state by persons or corporations lawfully engaged in the banking, credit union, or trust business outside of this state; or

(3) Prevent any person or corporation from continuing to use its name legally in use on April 1, 1989.

(3) Prevent any person or corporation from continuing to use its name legally in use on April 1, 1989.

(d) The department shall advise the Secretary of State of any corporate name or proposed corporate name it deems to be inconsistent with this Code section.

(d) The department shall advise the Secretary of State of any corporate name or proposed corporate name it deems to be inconsistent with this Code section.
O.C.G.A. § 7-1-1003-5 — GA Code / Title 7 / Chapter 1 / Section 7-1-1003-5
Georgia Code Title 7. Banking and Finance § 7-1-1003.5
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 mortgage loan originators, mortgage brokers, and mortgage lenders by electronic or other means; (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) 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; (4) 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 of mortgage loan originators, mortgage brokers, and mortgage lenders across state jurisdictional lines; (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 new or amended requirement is consistent with both the public interest and the purposes of this article; and (6) Pay all fees received from licensees and applicants related to applications, licenses, and renewals to the Office of the State Treasurer; provided, however, that the department may net such fees to recover the cost of participation in the Nationwide Multistate Licensing System and Registry.

(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 mortgage loan originators, mortgage brokers, and mortgage lenders by electronic or other means;

(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 mortgage loan originators, mortgage brokers, and mortgage lenders by electronic or other means;

(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) 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;

(3) 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;

(4) 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 of mortgage loan originators, mortgage brokers, and mortgage lenders across state jurisdictional lines;

(4) 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 of mortgage loan originators, mortgage brokers, and mortgage lenders across state jurisdictional lines;

(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 new or amended requirement is consistent with both the public interest and the purposes of this article; 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 new or amended requirement is consistent with both the public interest and the purposes of this article; and

(6) Pay all fees received from licensees and applicants related to applications, licenses, and renewals to the Office of the State Treasurer; provided, however, that the department may net such fees to recover the cost of participation in the Nationwide Multistate Licensing System and Registry.

(6) Pay all fees received from licensees and applicants related to applications, licenses, and renewals to the Office of the State Treasurer; provided, however, that the department may net such fees to recover the cost of participation in the Nationwide Multistate Licensing System and Registry.

(b) Irrespective of its participation in the Nationwide Multistate Licensing System and Registry, the department retains full and exclusive authority over determinations whether to grant, renew, suspend, or revoke licenses issued to mortgage loan originators, mortgage brokers, and mortgage lenders under this article. Nothing in this Code section shall be construed to reduce this authority.

(b) Irrespective of its participation in the Nationwide Multistate Licensing System and Registry, the department retains full and exclusive authority over determinations whether to grant, renew, suspend, or revoke licenses issued to mortgage loan originators, mortgage brokers, and mortgage lenders under this article. Nothing in this Code section shall be construed to reduce this authority.
O.C.G.A. § 7-1-665 — GA Code / Title 7 / Chapter 1 / Section 7-1-665
Georgia Code Title 7. Banking and Finance § 7-1-665
Status: in_force

(a) For purposes of this Code section, the term: (1) “ Branch office ” means any location of a credit union other than the main office where financial services are offered to members. (2) “ Main office ” means the principal location of a credit union as such location appears in the records of the department.

(a) For purposes of this Code section, the term:

(1) “ Branch office ” means any location of a credit union other than the main office where financial services are offered to members.

(1) “ Branch office ” means any location of a credit union other than the main office where financial services are offered to members.

(2) “ Main office ” means the principal location of a credit union as such location appears in the records of the department.

(2) “ Main office ” means the principal location of a credit union as such location appears in the records of the department.

(b) A credit union shall indicate its principal location with the department, and if it fails to do so, the department shall choose a location of such credit union to be the main office and shall so notify such credit union.

(b) A credit union shall indicate its principal location with the department, and if it fails to do so, the department shall choose a location of such credit union to be the main office and shall so notify such credit union.

(c) A credit union may maintain offices at locations other than its main office if the maintenance of such branch offices shall be reasonably necessary to furnish service to its membership. The establishment of branch offices shall be subject to the prior approval of the department upon application to it in such form as it may prescribe by regulation. Participation in shared branching networks does not constitute the establishment of branch offices under this Code section.

(c) A credit union may maintain offices at locations other than its main office if the maintenance of such branch offices shall be reasonably necessary to furnish service to its membership. The establishment of branch offices shall be subject to the prior approval of the department upon application to it in such form as it may prescribe by regulation. Participation in shared branching networks does not constitute the establishment of branch offices under this Code section.

(d) The department shall exercise its discretion in its consideration of an application to establish a branch office; provided, however, that the department shall not approve an application until it has satisfactorily ascertained that a need exists and the establishment of the proposed branch office would be advantageous to members. Such determination may be made upon consideration of the following factors: (1) Reasonable opportunity for the proposed branch office to generate a sufficient profit; (2) The character and fitness of the board of directors and management of the credit union to command the confidence of the membership and to warrant the belief that the business of the credit union at the branch office will be honestly and efficiently conducted; (3) The adequacy of the capital structure of the credit union, particularly in view of the anticipated business to be generated by the proposed branch office; and (4) The overall financial condition and safety and soundness of the applicant credit union. Where the department by rule, regulation, or written policy has provided for expedited processing of applications or for notice procedures, it may abbreviate its review of these criteria.

(d) The department shall exercise its discretion in its consideration of an application to establish a branch office; provided, however, that the department shall not approve an application until it has satisfactorily ascertained that a need exists and the establishment of the proposed branch office would be advantageous to members. Such determination may be made upon consideration of the following factors:

(1) Reasonable opportunity for the proposed branch office to generate a sufficient profit;

(1) Reasonable opportunity for the proposed branch office to generate a sufficient profit;

(2) The character and fitness of the board of directors and management of the credit union to command the confidence of the membership and to warrant the belief that the business of the credit union at the branch office will be honestly and efficiently conducted;

(2) The character and fitness of the board of directors and management of the credit union to command the confidence of the membership and to warrant the belief that the business of the credit union at the branch office will be honestly and efficiently conducted;

(3) The adequacy of the capital structure of the credit union, particularly in view of the anticipated business to be generated by the proposed branch office; and

(3) The adequacy of the capital structure of the credit union, particularly in view of the anticipated business to be generated by the proposed branch office; and

(4) The overall financial condition and safety and soundness of the applicant credit union.

(4) The overall financial condition and safety and soundness of the applicant credit union.

Where the department by rule, regulation, or written policy has provided for expedited processing of applications or for notice procedures, it may abbreviate its review of these criteria.

(e) After receipt of a complete application, the department shall have 30 days within which to approve or disapprove such application.

(e) After receipt of a complete application, the department shall have 30 days within which to approve or disapprove such application.

(f) The department may approve an application contingent upon the satisfaction of additional conditions, including the submission of information such as the date of opening and the capital outlay for the branch office. The department may revoke such contingent approval if conditions in the approval have not been satisfied or if other violations of law occur as a result of the branch office's opening or operation.

(f) The department may approve an application contingent upon the satisfaction of additional conditions, including the submission of information such as the date of opening and the capital outlay for the branch office. The department may revoke such contingent approval if conditions in the approval have not been satisfied or if other violations of law occur as a result of the branch office's opening or operation.

(g) If the department disapproves an application to establish a branch office, it shall notify the applicant of its disapproval and state generally in writing the unfavorable factors influencing its decision. The decision of the department is final, except that it may be subject to judicial review as provided in Code Section 7-1-90 .

(g) If the department disapproves an application to establish a branch office, it shall notify the applicant of its disapproval and state generally in writing the unfavorable factors influencing its decision. The decision of the department is final, except that it may be subject to judicial review as provided in Code Section 7-1-90 .

(h) The department may provide by regulation that a credit union which meets certain criteria may, in lieu of filing a branch application, file a written notification with the department.

(h) The department may provide by regulation that a credit union which meets certain criteria may, in lieu of filing a branch application, file a written notification with the department.

(i) In the event of merger or consolidation of two or more credit unions, the resulting credit union shall indicate its main office with the department and may retain and continue to operate as branch offices any or all credit union locations of the merged institutions which had been approved by the department prior to such merger or consolidation. In the event of the purchase of substantially all of the assets of a credit union, subject to the review and approval by the department of such transaction, the purchasing credit union may retain and continue to operate as branch offices any or all credit union locations of the selling credit union which had been approved by the department prior to such purchase.

(i) In the event of merger or consolidation of two or more credit unions, the resulting credit union shall indicate its main office with the department and may retain and continue to operate as branch offices any or all credit union locations of the merged institutions which had been approved by the department prior to such merger or consolidation. In the event of the purchase of substantially all of the assets of a credit union, subject to the review and approval by the department of such transaction, the purchasing credit union may retain and continue to operate as branch offices any or all credit union locations of the selling credit union which had been approved by the department prior to such purchase.
O.C.G.A. § 7-1-819 — GA Code / Title 7 / Chapter 1 / Section 7-1-819
Georgia Code Title 7. Banking and Finance § 7-1-819
Status: in_force

Any trust account may be paid, on request, to any trustee. Payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the financial institution showing that his or their decedent was the survivor of all other persons named on the account either as trustee or beneficiary, unless:

(1) The financial institution, with respect to a trust account as to which there is only one trustee, has received written notice, in a form satisfactory to the financial institution, that the beneficiary has a vested interest not dependent upon his surviving the trustee; or

(1) The financial institution, with respect to a trust account as to which there is only one trustee, has received written notice, in a form satisfactory to the financial institution, that the beneficiary has a vested interest not dependent upon his surviving the trustee; or

(2) The financial institution, with respect to a trust account as to which there is more than one trustee, has been provided with a copy of an agreement or resolution of all trustees, in a form satisfactory to the financial institution, to the effect that the beneficiary has a vested interest not dependent upon his surviving the trustees.

(2) The financial institution, with respect to a trust account as to which there is more than one trustee, has been provided with a copy of an agreement or resolution of all trustees, in a form satisfactory to the financial institution, to the effect that the beneficiary has a vested interest not dependent upon his surviving the trustees.

Payment may be made, on request, to a beneficiary or beneficiaries or the heirs or representative of a beneficiary or beneficiaries upon presentation to the financial institution of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees.
O.C.G.A. § 7-1-911 — GA Code / Title 7 / Chapter 1 / Section 7-1-911
Georgia Code Title 7. Banking and Finance § 7-1-911
Status: in_force

As used in this article, the term:

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

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

(2) “Conducts” includes initiating, concluding, or participating in initiating or concluding a transaction.

(2) “Conducts” includes initiating, concluding, or participating in initiating or concluding a transaction.

(3) “Currency” means currency and coin of the United States.

(3) “Currency” means currency and coin of the United States.

(4) “Currency transaction” means a transaction: (A) Initiated from the receipt or payment of currency or concluding with the receipt or payment of currency; or (B) Involving the movement or transfer of monetary value by electronic means other than within the books of account of the same financial institution.

(4) “Currency transaction” means a transaction:

(A) Initiated from the receipt or payment of currency or concluding with the receipt or payment of currency; or

(A) Initiated from the receipt or payment of currency or concluding with the receipt or payment of currency; or

(B) Involving the movement or transfer of monetary value by electronic means other than within the books of account of the same financial institution.

(B) Involving the movement or transfer of monetary value by electronic means other than within the books of account of the same financial institution.

(5) “Department” means the Department of Banking and Finance of the State of Georgia.

(5) “Department” means the Department of Banking and Finance of the State of Georgia.

(6) “ Financial institution ” means: (A) A state or national bank; (B) A trust company; (C) A state savings and loan association or a federal savings and loan association; (D) A state or federal credit union; (E) A foreign bank branch or foreign bank agency authorized to do business in this state pursuant to Article 14 of this chapter; or (F) A licensee under Article 4 or Article 4A of this chapter and such other persons as may be engaged in the business of: (i) Cashing payment instruments for a fee; or (ii) Performing transactions by wire or other electronic means to facilitate the movement or transfer of money.

(6) “ Financial institution ” means:

(A) A state or national bank;

(A) A state or national bank;

(B) A trust company;

(B) A trust company;

(C) A state savings and loan association or a federal savings and loan association;

(C) A state savings and loan association or a federal savings and loan association;

(D) A state or federal credit union;

(D) A state or federal credit union;

(E) A foreign bank branch or foreign bank agency authorized to do business in this state pursuant to Article 14 of this chapter; or

(E) A foreign bank branch or foreign bank agency authorized to do business in this state pursuant to Article 14 of this chapter; or

(F) A licensee under Article 4 or Article 4A of this chapter and such other persons as may be engaged in the business of: (i) Cashing payment instruments for a fee; or (ii) Performing transactions by wire or other electronic means to facilitate the movement or transfer of money.

(F) A licensee under Article 4 or Article 4A of this chapter and such other persons as may be engaged in the business of:

(i) Cashing payment instruments for a fee; or

(i) Cashing payment instruments for a fee; or

(ii) Performing transactions by wire or other electronic means to facilitate the movement or transfer of money.

(ii) Performing transactions by wire or other electronic means to facilitate the movement or transfer of money.

(7) “Knowing that the moneys involved in a currency transaction represent the proceeds of some form of unlawful activity” means that the person knew the moneys involved in the transaction represented proceeds from some form, although not necessarily which form, of activity that constitutes a felony under this Code.

(7) “Knowing that the moneys involved in a currency transaction represent the proceeds of some form of unlawful activity” means that the person knew the moneys involved in the transaction represented proceeds from some form, although not necessarily which form, of activity that constitutes a felony under this Code.

(8) “Monetary instruments” means coin or currency of the United States or of any other country, travelers' checks, personal checks, bank checks, money orders, investment securities in bearer form or otherwise in such form that title thereto passes upon delivery, and negotiable instruments in bearer form or otherwise in such form that title thereto passes upon delivery.

(8) “Monetary instruments” means coin or currency of the United States or of any other country, travelers' checks, personal checks, bank checks, money orders, investment securities in bearer form or otherwise in such form that title thereto passes upon delivery, and negotiable instruments in bearer form or otherwise in such form that title thereto passes upon delivery.

(9) “Person” means natural persons, partnerships, trusts, estates, associations, corporations, and all entities cognizable as legal personalities.

(9) “Person” means natural persons, partnerships, trusts, estates, associations, corporations, and all entities cognizable as legal personalities.

(10) “Specified unlawful activity” means any act or activity constituting an offense punishable as a felony pursuant to the laws of this state or any act or acts constituting a pattern of racketeering activity as that term is defined in Code Section 16-14-3 .

(10) “Specified unlawful activity” means any act or activity constituting an offense punishable as a felony pursuant to the laws of this state or any act or acts constituting a pattern of racketeering activity as that term is defined in Code Section 16-14-3 .

(11) “Transaction” includes: (A) A purchase, sale, loan, pledge, gift, transfer, delivery, or other disposition and, with respect to a financial institution, includes a deposit, withdrawal, transfer between accounts, exchange of currency, loan, extension of credit, purchase or sale of any stock, bond, certificate of deposit, or other monetary instrument, or any other payment, transfer, or delivery by, through, or to a financial institution, by whatever means effected; or (B) The movement of funds by wire or other means or involving one or more monetary instruments or the use of a financial institution.

(11) “Transaction” includes:

(A) A purchase, sale, loan, pledge, gift, transfer, delivery, or other disposition and, with respect to a financial institution, includes a deposit, withdrawal, transfer between accounts, exchange of currency, loan, extension of credit, purchase or sale of any stock, bond, certificate of deposit, or other monetary instrument, or any other payment, transfer, or delivery by, through, or to a financial institution, by whatever means effected; or

(A) A purchase, sale, loan, pledge, gift, transfer, delivery, or other disposition and, with respect to a financial institution, includes a deposit, withdrawal, transfer between accounts, exchange of currency, loan, extension of credit, purchase or sale of any stock, bond, certificate of deposit, or other monetary instrument, or any other payment, transfer, or delivery by, through, or to a financial institution, by whatever means effected; or

(B) The movement of funds by wire or other means or involving one or more monetary instruments or the use of a financial institution.

(B) The movement of funds by wire or other means or involving one or more monetary instruments or the use of a financial institution.
O.C.G.A. § 7-1-164 — GA Code / Title 7 / Chapter 1 / Section 7-1-164
Georgia Code Title 7. Banking and Finance § 7-1-164
Status: in_force

The department may, without leave of court, borrow money from any federal or state public body or from any person or corporation and grant as security therefor any real or personal property of the financial institution for the purpose of facilitating the liquidation, reorganization, or rehabilitation of the financial institution. The repayment of money borrowed under this Code section and interest thereon shall be considered an expense of administration under Code Sections 7-1-197 and 7-1-202 .
O.C.G.A. § 7-9-11-3 — GA Code / Title 7 / Chapter 9 / Section 7-9-11-3
Georgia Code Title 7. Banking and Finance § 7-9-11.3
Status: in_force

(a) Upon adoption of the plan of merger or consolidation as provided in Code Section 7-9-11.2 , parties to a merger or consolidation shall file with the department articles of a merger or consolidation pursuant to the requirements of this Code section together with the fee required by Code Section 7-1-862 .

(a) Upon adoption of the plan of merger or consolidation as provided in Code Section 7-9-11.2 , parties to a merger or consolidation shall file with the department articles of a merger or consolidation pursuant to the requirements of this Code section together with the fee required by Code Section 7-1-862 .

(b) The articles of merger or consolidation shall be signed by two duly authorized officers of each party to a merger or consolidation plan under their respective seals and shall contain: (1) The names of parties to a merger or consolidation plan and the name of the resulting merchant acquirer limited purpose bank; (2) The street address and county location of the main office and registered agent and office of each party; (3) The votes by which the merger or consolidation plan was adopted, a copy of the notice of each meeting held in connection with such adoption, and the time and place such meeting or meetings were held; (4) The names and addresses of the initial directors of the resulting merchant acquirer limited purpose bank; (5) In the case of a merger, any amendments to the articles of the resulting merchant acquirer limited purpose bank; (6) In the case of a consolidation, the requirements for articles of a new merchant acquirer limited purpose bank as provided for by paragraphs (4) through (8) of subsection (a) of Code Section 7-9-5 ; and (7) The merger or consolidation plan.

(b) The articles of merger or consolidation shall be signed by two duly authorized officers of each party to a merger or consolidation plan under their respective seals and shall contain:

(1) The names of parties to a merger or consolidation plan and the name of the resulting merchant acquirer limited purpose bank;

(1) The names of parties to a merger or consolidation plan and the name of the resulting merchant acquirer limited purpose bank;

(2) The street address and county location of the main office and registered agent and office of each party;

(2) The street address and county location of the main office and registered agent and office of each party;

(3) The votes by which the merger or consolidation plan was adopted, a copy of the notice of each meeting held in connection with such adoption, and the time and place such meeting or meetings were held;

(3) The votes by which the merger or consolidation plan was adopted, a copy of the notice of each meeting held in connection with such adoption, and the time and place such meeting or meetings were held;

(4) The names and addresses of the initial directors of the resulting merchant acquirer limited purpose bank;

(4) The names and addresses of the initial directors of the resulting merchant acquirer limited purpose bank;

(5) In the case of a merger, any amendments to the articles of the resulting merchant acquirer limited purpose bank;

(5) In the case of a merger, any amendments to the articles of the resulting merchant acquirer limited purpose bank;

(6) In the case of a consolidation, the requirements for articles of a new merchant acquirer limited purpose bank as provided for by paragraphs (4) through (8) of subsection (a) of Code Section 7-9-5 ; and

(6) In the case of a consolidation, the requirements for articles of a new merchant acquirer limited purpose bank as provided for by paragraphs (4) through (8) of subsection (a) of Code Section 7-9-5 ; and

(7) The merger or consolidation plan.

(7) The merger or consolidation plan.

(c) Together with the articles of merger or consolidation, parties to a merger or consolidation shall deliver to the department a copy of the notice of merger or consolidation and an undertaking, which may appear in the articles of merger or consolidation or be set forth in a letter or other instrument executed by an officer or any person authorized to act on behalf of such merchant acquirer limited purpose bank, that the request for publication of a notice of filing the articles of merger or consolidation and payment therefor will be made as required by subsection (d) of this Code section.

(c) Together with the articles of merger or consolidation, parties to a merger or consolidation shall deliver to the department a copy of the notice of merger or consolidation and an undertaking, which may appear in the articles of merger or consolidation or be set forth in a letter or other instrument executed by an officer or any person authorized to act on behalf of such merchant acquirer limited purpose bank, that the request for publication of a notice of filing the articles of merger or consolidation and payment therefor will be made as required by subsection (d) of this Code section.

(d) No later than the next business day after filing the articles of merger or consolidation with the department, parties to a merger or consolidation shall transmit for publication, to the publisher of a newspaper which is the official organ of the county where the main office of each party is located, a notice which shall contain a statement that the articles of merger or consolidation have been filed with the department, the names of entities which are parties to the proposed merger or consolidation, and, in the case of a merger, the proposed name of the surviving merchant acquirer limited purpose bank. The parties shall include in the notice a designated location where a copy of the articles of merger or consolidation may be examined. Such notice shall be published once a week for two consecutive weeks commencing within ten days after receipt of the notice by the newspaper.

(d) No later than the next business day after filing the articles of merger or consolidation with the department, parties to a merger or consolidation shall transmit for publication, to the publisher of a newspaper which is the official organ of the county where the main office of each party is located, a notice which shall contain a statement that the articles of merger or consolidation have been filed with the department, the names of entities which are parties to the proposed merger or consolidation, and, in the case of a merger, the proposed name of the surviving merchant acquirer limited purpose bank. The parties shall include in the notice a designated location where a copy of the articles of merger or consolidation may be examined. Such notice shall be published once a week for two consecutive weeks commencing within ten days after receipt of the notice by the newspaper.

(e) In the event a merger or consolidation plan is amended as provided for in Code Section 7-9-11.2 , parties shall promptly file with the department an amendment to the articles of consolidation or merger reflecting such amendment of the merger or consolidation plan.

(e) In the event a merger or consolidation plan is amended as provided for in Code Section 7-9-11.2 , parties shall promptly file with the department an amendment to the articles of consolidation or merger reflecting such amendment of the merger or consolidation plan.
O.C.G.A. § 7-1-686 — GA Code / Title 7 / Chapter 1 / Section 7-1-686
Georgia Code Title 7. Banking and Finance § 7-1-686
Status: in_force

(a) A license issued pursuant to this article shall be kept in the place of business of the licensee, and a copy of such license shall be displayed prominently in every physical location in this state where money transmission is conducted. If the licensee has no physical location in this state, then the licensee's unique identifier shall be clearly posted and accessible through whichever medium the licensee engages in money transmission in this state.

(a) A license issued pursuant to this article shall be kept in the place of business of the licensee, and a copy of such license shall be displayed prominently in every physical location in this state where money transmission is conducted. If the licensee has no physical location in this state, then the licensee's unique identifier shall be clearly posted and accessible through whichever medium the licensee engages in money transmission in this state.

(b) Such license shall not be transferable or assignable.

(b) Such license shall not be transferable or assignable.

(c) No licensee shall engage in money transmissions under any name or names other than those authorized by the department in writing.

(c) No licensee shall engage in money transmissions under any name or names other than those authorized by the department in writing.

(d) A licensee shall give written notice to the department of any new or additional locations, including, but not limited to, locations operated by an authorized agent, not reported in either its original or renewal application. The required notice shall be in such form and contain such information as required by the department.

(d) A licensee shall give written notice to the department of any new or additional locations, including, but not limited to, locations operated by an authorized agent, not reported in either its original or renewal application. The required notice shall be in such form and contain such information as required by the department.
O.C.G.A. § 7-1-484 — GA Code / Title 7 / Chapter 1 / Section 7-1-484
Georgia Code Title 7. Banking and Finance § 7-1-484
Status: in_force

(a) Each director, before assuming office, shall take an oath or affirmation that he will diligently and honestly perform his duties in the administration of the affairs of the bank or trust company, that he will not permit a willful violation of law by the bank or trust company, and that he meets the eligibility requirements of this chapter and of the articles and bylaws.

(a) Each director, before assuming office, shall take an oath or affirmation that he will diligently and honestly perform his duties in the administration of the affairs of the bank or trust company, that he will not permit a willful violation of law by the bank or trust company, and that he meets the eligibility requirements of this chapter and of the articles and bylaws.

(b) A copy of the oath shall be signed by each director and shall be placed into the minutes of the meetings of the directors. No director shall be authorized to participate in the affairs of the board or receive any compensation for service as a director until the oath has been executed by such director. Any person seeking to act in the capacity of a director before subscribing to the oath and otherwise qualifying for service pursuant to the bylaws of the bank or the laws and regulations governing the operations of the bank shall be fully liable for his actions to the same extent as if that person had qualified to serve as a bank director.

(b) A copy of the oath shall be signed by each director and shall be placed into the minutes of the meetings of the directors. No director shall be authorized to participate in the affairs of the board or receive any compensation for service as a director until the oath has been executed by such director. Any person seeking to act in the capacity of a director before subscribing to the oath and otherwise qualifying for service pursuant to the bylaws of the bank or the laws and regulations governing the operations of the bank shall be fully liable for his actions to the same extent as if that person had qualified to serve as a bank director.

(c) The oath shall not modify in any manner the legal duties of or the standard of care for directors in the exercise of such duties.

(c) The oath shall not modify in any manner the legal duties of or the standard of care for directors in the exercise of such duties.
O.C.G.A. § 7-1-787 — GA Code / Title 7 / Chapter 1 / Section 7-1-787
Georgia Code Title 7. Banking and Finance § 7-1-787
Status: in_force

The opening and transfer of deposits in a savings and loan association are exempted from all provisions of law of this state which provide for the supervision and the regulation of the sale of securities, even if the word “shares” or similar terminology is used in connection therewith; and the sale of any such deposits shall be legal without any action or approval whatsoever on the part of any official authorized to license, regulate, and supervise the sale of securities.
O.C.G.A. § 7-1-463 — GA Code / Title 7 / Chapter 1 / Section 7-1-463
Georgia Code Title 7. Banking and Finance § 7-1-463
Status: in_force

(a) Unless otherwise provided in its articles, a bank or trust company, by resolution of its board of directors and with the prior approval of the department, may redeem or otherwise acquire preferred shares. In determining whether or not to give its approval under this subsection, the department shall give primary consideration to the question of whether or not, after the cancellation of the preferred shares, the capital accounts of the bank or trust company would be adequate to support its anticipated deposit or trust business.

(a) Unless otherwise provided in its articles, a bank or trust company, by resolution of its board of directors and with the prior approval of the department, may redeem or otherwise acquire preferred shares. In determining whether or not to give its approval under this subsection, the department shall give primary consideration to the question of whether or not, after the cancellation of the preferred shares, the capital accounts of the bank or trust company would be adequate to support its anticipated deposit or trust business.

(b) Preferred shares which are redeemed or otherwise acquired shall be canceled and shall not be reissued without prior approval of the department.

(b) Preferred shares which are redeemed or otherwise acquired shall be canceled and shall not be reissued without prior approval of the department.
O.C.G.A. § 7-1-315 — GA Code / Title 7 / Chapter 1 / Section 7-1-315
Georgia Code Title 7. Banking and Finance § 7-1-315
Status: in_force

(a) A trust company complying with this Code section will be deemed to have satisfied its fiduciary obligations and duties with respect to: (1) The investment of fiduciary funds awaiting investment or distribution; (2) The charging of fees in connection therewith; and (3) The disclosure of policies, procedures, and fees in connection therewith.

(a) A trust company complying with this Code section will be deemed to have satisfied its fiduciary obligations and duties with respect to:

(1) The investment of fiduciary funds awaiting investment or distribution;

(1) The investment of fiduciary funds awaiting investment or distribution;

(2) The charging of fees in connection therewith; and

(2) The charging of fees in connection therewith; and

(3) The disclosure of policies, procedures, and fees in connection therewith.

(3) The disclosure of policies, procedures, and fees in connection therewith.

(b) A trust company may invest fiduciary funds awaiting investment or distribution in short-term, trust-quality investment vehicles, through the medium of a collective investment fund or otherwise. A trust company may also place fiduciary funds awaiting investment or distribution in deposits of the commercial department of such trust company, in the case of a trust company which is also a bank, or in deposits of an affiliate bank; provided, however, that the rate of interest paid on such deposits shall be at least equal to the rate paid by such department or affiliate bank on deposits of similar terms and amounts. A fiduciary shall have complied with this Code section if cash awaiting investment or distribution in excess of $1,000.00 is invested or deposited within 30 days of receipt or accumulation thereof. The provisions of this subsection shall apply notwithstanding any other law or rule restricting or limiting the investments of fiduciaries.

(b) A trust company may invest fiduciary funds awaiting investment or distribution in short-term, trust-quality investment vehicles, through the medium of a collective investment fund or otherwise. A trust company may also place fiduciary funds awaiting investment or distribution in deposits of the commercial department of such trust company, in the case of a trust company which is also a bank, or in deposits of an affiliate bank; provided, however, that the rate of interest paid on such deposits shall be at least equal to the rate paid by such department or affiliate bank on deposits of similar terms and amounts. A fiduciary shall have complied with this Code section if cash awaiting investment or distribution in excess of $1,000.00 is invested or deposited within 30 days of receipt or accumulation thereof. The provisions of this subsection shall apply notwithstanding any other law or rule restricting or limiting the investments of fiduciaries.

(c) In addition to any other compensation to which it may be entitled, a trust company may, without necessity of obtaining the approval of any person or court, charge a reasonable fee for the temporary investment of fiduciary funds awaiting investment or distribution, which fee may be calculated upon the amount of such funds actually invested and upon the income produced thereby.

(c) In addition to any other compensation to which it may be entitled, a trust company may, without necessity of obtaining the approval of any person or court, charge a reasonable fee for the temporary investment of fiduciary funds awaiting investment or distribution, which fee may be calculated upon the amount of such funds actually invested and upon the income produced thereby.

(d) A trust company shall have complied with its duty to disclose fees and practices in connection with the investment of fiduciary funds awaiting investment or distribution if the trust company's periodic statements set forth the trust company's practice and method of computing fees.

(d) A trust company shall have complied with its duty to disclose fees and practices in connection with the investment of fiduciary funds awaiting investment or distribution if the trust company's periodic statements set forth the trust company's practice and method of computing fees.

(e) This Code section shall be construed as a codification of existing law concerning the fiduciary duties of trust companies and not as a change in such law.

(e) This Code section shall be construed as a codification of existing law concerning the fiduciary duties of trust companies and not as a change in such law.
O.C.G.A. § 7-4-17 — GA Code / Title 7 / Chapter 4 / Section 7-4-17
Georgia Code Title 7. Banking and Finance § 7-4-17
Status: in_force

When a payment is made upon any debt, it shall be applied first to the discharge of any interest due at the time, and the balance, if any, shall be applied to the reduction of the principal. If the payment does not extinguish the interest then due, no interest shall be calculated on such balance of interest and interest shall be calculated only on the principal amount up to the time of the next payment. Notwithstanding the foregoing restrictions against charging interest on unpaid interest:

(1) On loans having first priority on real estate and on loans secured by the pledge or assignment of instruments evidencing loans having first priority on real estate, the parties by written contract may lawfully agree that unpaid interest when due shall be added to the unpaid principal balance of the indebtedness and that the increased principal balance of the indebtedness bear interest pursuant to the terms of the contract; and

(1) On loans having first priority on real estate and on loans secured by the pledge or assignment of instruments evidencing loans having first priority on real estate, the parties by written contract may lawfully agree that unpaid interest when due shall be added to the unpaid principal balance of the indebtedness and that the increased principal balance of the indebtedness bear interest pursuant to the terms of the contract; and

(2) On loans secured by real estate or secured by real estate and other collateral, the parties by written contract may lawfully agree that, in the event of bankruptcy, the lender or creditor may include interest on its claim pursuant to the terms of the contract.

(2) On loans secured by real estate or secured by real estate and other collateral, the parties by written contract may lawfully agree that, in the event of bankruptcy, the lender or creditor may include interest on its claim pursuant to the terms of the contract.
O.C.G.A. § 7-1-1128 — GA Code / Title 7 / Chapter 1 / Section 7-1-1128
Georgia Code Title 7. Banking and Finance § 7-1-1128
Status: in_force

Unless stayed by the superior court that has jurisdiction over an appeal under Code Section 50-13-19 , a final order of the commissioner revoking a license is effective immediately, and the foreign bank shall immediately cease all activity in this state requiring a license.
O.C.G.A. § 7-1-163 — GA Code / Title 7 / Chapter 1 / Section 7-1-163
Georgia Code Title 7. Banking and Finance § 7-1-163
Status: in_force

(a) Upon becoming receiver, the department shall forthwith give notice in writing of such fact to all corporations and persons having custody or possession of any assets or other property of the financial institution in receivership or of any other property with respect to which such institution has a right to possession or custody for any purpose whatsoever.

(a) Upon becoming receiver, the department shall forthwith give notice in writing of such fact to all corporations and persons having custody or possession of any assets or other property of the financial institution in receivership or of any other property with respect to which such institution has a right to possession or custody for any purpose whatsoever.

(b) The principal court shall have the power, except in cases where a jury trial is requested, upon petition of the department, to order any corporation or person which has custody or possession of assets or other property to which such financial institution shall have the right of custody or possession, for any reason whatsoever, to transfer or convey such property to the department and to execute and deliver any instrument necessary to accomplish that purpose.

(b) The principal court shall have the power, except in cases where a jury trial is requested, upon petition of the department, to order any corporation or person which has custody or possession of assets or other property to which such financial institution shall have the right of custody or possession, for any reason whatsoever, to transfer or convey such property to the department and to execute and deliver any instrument necessary to accomplish that purpose.

(c) Any person aggrieved by an order of the court may request a jury trial to determine the validity of his claim.

(c) Any person aggrieved by an order of the court may request a jury trial to determine the validity of his claim.