O.C.G.A. § 7-1-37 — GA Code / Title 7 / Chapter 1 / Section 7-1-37
Georgia Code Title 7. Banking and Finance § 7-1-37
Status: in_force

(a) Except as provided in subsections (c), (d), and (e) of this Code section, the commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibilities, or any examiner employed by the department shall not directly or indirectly: (1) Receive any money or property as a loan from or become indebted to any financial institution or from or to any director, officer, agent, employee, attorney, or subsidiary of a financial institution, unless such employee does not examine or exercise supervisory responsibility over any financial institution; (2) Receive any money or property as a gift from any financial institution or from any director, officer, agent, employee, attorney, or subsidiary of a financial institution, unless consistent with the ethics in government policy of this state; (3) Give any money or property as a gift to any financial institution or to any director, officer, agent, employee, attorney, or subsidiary of a financial institution, unless consistent with the ethics in government policy of this state; (4) Own any share in or securities of a financial institution or otherwise have an ownership interest in a financial institution; or (5) Engage in the business of a financial institution.

(a) Except as provided in subsections (c), (d), and (e) of this Code section, the commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibilities, or any examiner employed by the department shall not directly or indirectly:

(1) Receive any money or property as a loan from or become indebted to any financial institution or from or to any director, officer, agent, employee, attorney, or subsidiary of a financial institution, unless such employee does not examine or exercise supervisory responsibility over any financial institution;

(1) Receive any money or property as a loan from or become indebted to any financial institution or from or to any director, officer, agent, employee, attorney, or subsidiary of a financial institution, unless such employee does not examine or exercise supervisory responsibility over any financial institution;

(2) Receive any money or property as a gift from any financial institution or from any director, officer, agent, employee, attorney, or subsidiary of a financial institution, unless consistent with the ethics in government policy of this state;

(2) Receive any money or property as a gift from any financial institution or from any director, officer, agent, employee, attorney, or subsidiary of a financial institution, unless consistent with the ethics in government policy of this state;

(3) Give any money or property as a gift to any financial institution or to any director, officer, agent, employee, attorney, or subsidiary of a financial institution, unless consistent with the ethics in government policy of this state;

(3) Give any money or property as a gift to any financial institution or to any director, officer, agent, employee, attorney, or subsidiary of a financial institution, unless consistent with the ethics in government policy of this state;

(4) Own any share in or securities of a financial institution or otherwise have an ownership interest in a financial institution; or

(4) Own any share in or securities of a financial institution or otherwise have an ownership interest in a financial institution; or

(5) Engage in the business of a financial institution.

(5) Engage in the business of a financial institution.

(b) For purposes of this Code section and subject to subsection (c) of this Code section, the term “financial institution” shall include a bank holding company and any subsidiary of a bank holding company.

(b) For purposes of this Code section and subject to subsection (c) of this Code section, the term “financial institution” shall include a bank holding company and any subsidiary of a bank holding company.

(c) Notwithstanding the provisions of subsection (a) of this Code section, the commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibilities, or examiners employed by the department may borrow money from and otherwise deal with any financial institution or subsidiary thereof existing under the laws of the United States or of any state other than this state, provided that the obligee financial institution or subsidiary is not examined or regulated by the department. For the purposes of this subsection, a financial institution shall not be considered regulated solely because it is required to file an exemption from licensing under Code Section 7-1-1001 or solely because it is owned or controlled by another bank or corporation which is or may be examined or regulated by the department.

(c) Notwithstanding the provisions of subsection (a) of this Code section, the commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibilities, or examiners employed by the department may borrow money from and otherwise deal with any financial institution or subsidiary thereof existing under the laws of the United States or of any state other than this state, provided that the obligee financial institution or subsidiary is not examined or regulated by the department. For the purposes of this subsection, a financial institution shall not be considered regulated solely because it is required to file an exemption from licensing under Code Section 7-1-1001 or solely because it is owned or controlled by another bank or corporation which is or may be examined or regulated by the department.

(d) Nothing in this Code section shall prohibit the commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibilities, or any examiner of the department from maintaining a deposit in any financial institution, purchasing banking services other than credit services, or owning a single share in a credit union in the ordinary course of business and under rates and terms generally available to other customers of the financial institution. The provisions of this Code section shall not be applicable in the cases of a lender credit card obligation to a financial institution where the maximum outstanding credit does not exceed $25,000.00 nor to any other credit obligation fully secured by the pledge of a deposit account in the lending institution, provided that the financial institution is not within the employee's assigned examination authority and provided that the rates and terms of all such obligations are not preferential in comparison to similar obligations of the financial institution's other customers. Such exempt obligations shall be reported to the commissioner within ten days of execution of the credit obligation if the financial institution is regulated or examined by the department, and the employee shall be disqualified from any dealings with the obligee financial institution.

(d) Nothing in this Code section shall prohibit the commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibilities, or any examiner of the department from maintaining a deposit in any financial institution, purchasing banking services other than credit services, or owning a single share in a credit union in the ordinary course of business and under rates and terms generally available to other customers of the financial institution. The provisions of this Code section shall not be applicable in the cases of a lender credit card obligation to a financial institution where the maximum outstanding credit does not exceed $25,000.00 nor to any other credit obligation fully secured by the pledge of a deposit account in the lending institution, provided that the financial institution is not within the employee's assigned examination authority and provided that the rates and terms of all such obligations are not preferential in comparison to similar obligations of the financial institution's other customers. Such exempt obligations shall be reported to the commissioner within ten days of execution of the credit obligation if the financial institution is regulated or examined by the department, and the employee shall be disqualified from any dealings with the obligee financial institution.

(e)(1) The commissioner, a deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may be permitted to own securities of a financial institution under any of the following circumstances: (A) A deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the security was obtained prior to commencement of employment with the department; (B) A deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the ownership of the security was acquired through inheritance; gift; stock split or dividend; merger, acquisition, or other change in corporate structure; or otherwise without specific intent on the part of the employee to acquire the interest; and (C) The commissioner, a deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the security is part of an investment fund, provided that, upon initial or subsequent investment by the employee, excluding ordinary dividend reinvestment, the fund does not have invested, or indicate in its prospectus the intent to invest, more than 30 percent of its assets in the securities of one or more Federal Deposit Insurance Corporation insured depository institutions or Federal Deposit Insurance Corporation insured depository institution holding companies and the employee neither exercises control nor has the ability to exercise control over the financial interests held in the fund. (2) In the case of permissible acquisitions pursuant to subparagraphs (A) and (B) of paragraph (1) of this subsection, the employee shall make a full, written disclosure to the commissioner within 30 days of beginning employment or acquiring the interest. The employee is disqualified from participating in or sharing information regarding any matter or activity that concerns the financial institution. Such disqualification must not, in the judgment of the commissioner, unduly interfere with the employee's duties. (3) In the event any covered person inadvertently and without intent on his or her part acquires an interest in a security that is not allowed by this subsection, such security shall be disposed of within 90 days of acquisition.

(e)(1) The commissioner, a deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may be permitted to own securities of a financial institution under any of the following circumstances: (A) A deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the security was obtained prior to commencement of employment with the department; (B) A deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the ownership of the security was acquired through inheritance; gift; stock split or dividend; merger, acquisition, or other change in corporate structure; or otherwise without specific intent on the part of the employee to acquire the interest; and (C) The commissioner, a deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the security is part of an investment fund, provided that, upon initial or subsequent investment by the employee, excluding ordinary dividend reinvestment, the fund does not have invested, or indicate in its prospectus the intent to invest, more than 30 percent of its assets in the securities of one or more Federal Deposit Insurance Corporation insured depository institutions or Federal Deposit Insurance Corporation insured depository institution holding companies and the employee neither exercises control nor has the ability to exercise control over the financial interests held in the fund.

(e)(1) The commissioner, a deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may be permitted to own securities of a financial institution under any of the following circumstances:

(A) A deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the security was obtained prior to commencement of employment with the department;

(A) A deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the security was obtained prior to commencement of employment with the department;

(B) A deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the ownership of the security was acquired through inheritance; gift; stock split or dividend; merger, acquisition, or other change in corporate structure; or otherwise without specific intent on the part of the employee to acquire the interest; and

(B) A deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the ownership of the security was acquired through inheritance; gift; stock split or dividend; merger, acquisition, or other change in corporate structure; or otherwise without specific intent on the part of the employee to acquire the interest; and

(C) The commissioner, a deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the security is part of an investment fund, provided that, upon initial or subsequent investment by the employee, excluding ordinary dividend reinvestment, the fund does not have invested, or indicate in its prospectus the intent to invest, more than 30 percent of its assets in the securities of one or more Federal Deposit Insurance Corporation insured depository institutions or Federal Deposit Insurance Corporation insured depository institution holding companies and the employee neither exercises control nor has the ability to exercise control over the financial interests held in the fund.

(C) The commissioner, a deputy commissioner, a department employee with financial institution or licensee supervisory responsibilities, or an examiner of the department may own such a security if the security is part of an investment fund, provided that, upon initial or subsequent investment by the employee, excluding ordinary dividend reinvestment, the fund does not have invested, or indicate in its prospectus the intent to invest, more than 30 percent of its assets in the securities of one or more Federal Deposit Insurance Corporation insured depository institutions or Federal Deposit Insurance Corporation insured depository institution holding companies and the employee neither exercises control nor has the ability to exercise control over the financial interests held in the fund.

(2) In the case of permissible acquisitions pursuant to subparagraphs (A) and (B) of paragraph (1) of this subsection, the employee shall make a full, written disclosure to the commissioner within 30 days of beginning employment or acquiring the interest. The employee is disqualified from participating in or sharing information regarding any matter or activity that concerns the financial institution. Such disqualification must not, in the judgment of the commissioner, unduly interfere with the employee's duties.

(2) In the case of permissible acquisitions pursuant to subparagraphs (A) and (B) of paragraph (1) of this subsection, the employee shall make a full, written disclosure to the commissioner within 30 days of beginning employment or acquiring the interest. The employee is disqualified from participating in or sharing information regarding any matter or activity that concerns the financial institution. Such disqualification must not, in the judgment of the commissioner, unduly interfere with the employee's duties.

(3) In the event any covered person inadvertently and without intent on his or her part acquires an interest in a security that is not allowed by this subsection, such security shall be disposed of within 90 days of acquisition.

(3) In the event any covered person inadvertently and without intent on his or her part acquires an interest in a security that is not allowed by this subsection, such security shall be disposed of within 90 days of acquisition.

(f) No examiner, which for the purposes of this Code section shall include a supervisor as defined by the department, may examine a financial institution to which he or she is indebted or of which he or she owns securities under the exceptions in subparagraphs (e)(1)(A) and (e)(1)(B) of this Code section, nor may an examiner obtain credit from a financial institution if he or she has examined such financial institution in the preceding 12 months. An examiner who wishes to borrow funds from any financial institution he or she has examined in the past five years must first obtain the written permission of the commissioner. This subsection is included as an additional precaution and is not intended to preclude the operation of any other applicable law or regulation.

(f) No examiner, which for the purposes of this Code section shall include a supervisor as defined by the department, may examine a financial institution to which he or she is indebted or of which he or she owns securities under the exceptions in subparagraphs (e)(1)(A) and (e)(1)(B) of this Code section, nor may an examiner obtain credit from a financial institution if he or she has examined such financial institution in the preceding 12 months. An examiner who wishes to borrow funds from any financial institution he or she has examined in the past five years must first obtain the written permission of the commissioner. This subsection is included as an additional precaution and is not intended to preclude the operation of any other applicable law or regulation.

(g) The commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibility, or any examiner shall not directly or indirectly: (1) Receive any money or property as a loan from any department licensee or any director, officer, agent, employee, or attorney of a department licensee, unless such employee does not examine or exercise supervisory responsibility over that licensee; (2) Receive any money or property as a gift from any department licensee or any director, officer, agent, employee, or attorney of a department licensee, unless consistent with the ethics in government policy of this state; (3) Give any money or property as a gift to any department licensee or any director, officer, agent, employee, or attorney of a department licensee, unless consistent with the ethics in government policy of this state; or (4) Engage in the business of a department licensee.

(g) The commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibility, or any examiner shall not directly or indirectly:

(1) Receive any money or property as a loan from any department licensee or any director, officer, agent, employee, or attorney of a department licensee, unless such employee does not examine or exercise supervisory responsibility over that licensee;

(1) Receive any money or property as a loan from any department licensee or any director, officer, agent, employee, or attorney of a department licensee, unless such employee does not examine or exercise supervisory responsibility over that licensee;

(2) Receive any money or property as a gift from any department licensee or any director, officer, agent, employee, or attorney of a department licensee, unless consistent with the ethics in government policy of this state;

(2) Receive any money or property as a gift from any department licensee or any director, officer, agent, employee, or attorney of a department licensee, unless consistent with the ethics in government policy of this state;

(3) Give any money or property as a gift to any department licensee or any director, officer, agent, employee, or attorney of a department licensee, unless consistent with the ethics in government policy of this state; or

(3) Give any money or property as a gift to any department licensee or any director, officer, agent, employee, or attorney of a department licensee, unless consistent with the ethics in government policy of this state; or

(4) Engage in the business of a department licensee.

(4) Engage in the business of a department licensee.

(h) No director, officer, agent, employee, or attorney of a financial institution, individually or in his or her official capacity, shall knowingly participate in a violation of this Code section. However, nothing in this Code section shall restrict the right of the commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibilities, or any examiner to deal as any other consumer with such director, officer, agent, employee, or attorney in the ordinary course of business in consumer areas of trade or commerce not regulated by the department and under terms and conditions which are not preferential.

(h) No director, officer, agent, employee, or attorney of a financial institution, individually or in his or her official capacity, shall knowingly participate in a violation of this Code section. However, nothing in this Code section shall restrict the right of the commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibilities, or any examiner to deal as any other consumer with such director, officer, agent, employee, or attorney in the ordinary course of business in consumer areas of trade or commerce not regulated by the department and under terms and conditions which are not preferential.

(i) The commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibilities, or any examiner employed by the department who shall violate or participate in a violation of this Code section shall be guilty of a misdemeanor. Violation of this Code section shall be grounds for removal from office.

(i) The commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibilities, or any examiner employed by the department who shall violate or participate in a violation of this Code section shall be guilty of a misdemeanor. Violation of this Code section shall be grounds for removal from office.

(j) The commissioner may adopt additional supplementary administrative policies and departmental rules governing ethical conduct and conflicts of interest on the part of employees of the department and providing certain definitions and clarifications to effectuate the purposes of this Code section.

(j) The commissioner may adopt additional supplementary administrative policies and departmental rules governing ethical conduct and conflicts of interest on the part of employees of the department and providing certain definitions and clarifications to effectuate the purposes of this Code section.
O.C.G.A. § 7-1-1016 — GA Code / Title 7 / Chapter 1 / Section 7-1-1016
Georgia Code Title 7. Banking and Finance § 7-1-1016
Status: in_force

In addition to such other rules, regulations, and policies as the department may promulgate to effectuate the purpose of this article, the department shall prescribe regulations governing the advertising of mortgage loans, including, without limitation, the following requirements:

(1)(A) Advertisements for loans regulated under this article shall not be false, misleading, or deceptive. No person whose activities are regulated under this article shall advertise in any manner so as to indicate or imply that its interest rates or charges for loans are in any way “recommended,” “approved,” “set,” or “established” by the state or this article. (B) An advertisement shall not include an individual's loan number, loan amount, or other publicly available information unless it is clearly and conspicuously stated in boldface type at the beginning of the advertisement that the person disseminating it is not authorized by, in sponsorship with, or otherwise affiliated with the individual's lender, which shall be identified by name. Such an advertisement shall also state that the loan information contained therein was not provided by the recipient's lender; and

(1)(A) Advertisements for loans regulated under this article shall not be false, misleading, or deceptive. No person whose activities are regulated under this article shall advertise in any manner so as to indicate or imply that its interest rates or charges for loans are in any way “recommended,” “approved,” “set,” or “established” by the state or this article.

(1)(A) Advertisements for loans regulated under this article shall not be false, misleading, or deceptive. No person whose activities are regulated under this article shall advertise in any manner so as to indicate or imply that its interest rates or charges for loans are in any way “recommended,” “approved,” “set,” or “established” by the state or this article.

(B) An advertisement shall not include an individual's loan number, loan amount, or other publicly available information unless it is clearly and conspicuously stated in boldface type at the beginning of the advertisement that the person disseminating it is not authorized by, in sponsorship with, or otherwise affiliated with the individual's lender, which shall be identified by name. Such an advertisement shall also state that the loan information contained therein was not provided by the recipient's lender; and

(B) An advertisement shall not include an individual's loan number, loan amount, or other publicly available information unless it is clearly and conspicuously stated in boldface type at the beginning of the advertisement that the person disseminating it is not authorized by, in sponsorship with, or otherwise affiliated with the individual's lender, which shall be identified by name. Such an advertisement shall also state that the loan information contained therein was not provided by the recipient's lender; and

(2) All advertisements, including websites, disseminated by a licensee or a registrant in this state by any means shall contain the name, which shall conform to a name on record with the department, and unique identifier, which shall clearly indicate that the number was issued by the Nationwide Multistate Licensing System and Registry, of the licensee or registrant.

(2) All advertisements, including websites, disseminated by a licensee or a registrant in this state by any means shall contain the name, which shall conform to a name on record with the department, and unique identifier, which shall clearly indicate that the number was issued by the Nationwide Multistate Licensing System and Registry, of the licensee or registrant.
O.C.G.A. § 7-1-668 — GA Code / Title 7 / Chapter 1 / Section 7-1-668
Georgia Code Title 7. Banking and Finance § 7-1-668
Status: reserved

(a) Any credit union operating in this state may convert into a federal chartered credit union, and any federal credit union may convert into a credit union organized under this chapter upon approval of the authority under whose supervision the converted credit union will operate and upon compliance with applicable federal laws as to a converted federal credit union and upon compliance with applicable state laws as to a converted credit union. In the case of a federal credit union converting to a state credit union, such converting credit union may keep its existing members at the time of conversion, but after conversion eligibility for membership in the converted credit union must comply with state law. If there are other areas of noncompliance with state law, the credit union must provide the department with a plan to bring those areas into compliance with Georgia law within a reasonable period, to be determined by the department.

(a) Any credit union operating in this state may convert into a federal chartered credit union, and any federal credit union may convert into a credit union organized under this chapter upon approval of the authority under whose supervision the converted credit union will operate and upon compliance with applicable federal laws as to a converted federal credit union and upon compliance with applicable state laws as to a converted credit union. In the case of a federal credit union converting to a state credit union, such converting credit union may keep its existing members at the time of conversion, but after conversion eligibility for membership in the converted credit union must comply with state law. If there are other areas of noncompliance with state law, the credit union must provide the department with a plan to bring those areas into compliance with Georgia law within a reasonable period, to be determined by the department.

(b) The procedure for obtaining such approval and effecting the conversions in the case of a credit union shall be as follows: (1) A meeting of the board of directors, either regular or special, shall be called for the purpose of voting on converting from a federal credit union to a credit union or from a credit union to a federal credit union. A majority of the board of directors shall adopt a resolution approving the contemplated conversion; (2) A meeting, either regular or special, of the members shall then be called for voting on the proposed conversion. Notice of said meeting shall be given in the manner prescribed in Code Section 7-1-6 and shall include a statement indicating that the proposed conversion will be considered at the meeting. Proof of giving of the notice shall be by the affidavit of the president of the credit union. A majority of the members present at this meeting shall then approve the proposed conversion; and (3) Within ten days after such approval of the conversion, the president or vice-president and treasurer shall file a verified copy of the resolution adopted by the board of directors with the state or federal authority under whose supervision the converting credit union is to operate.

(b) The procedure for obtaining such approval and effecting the conversions in the case of a credit union shall be as follows:

(1) A meeting of the board of directors, either regular or special, shall be called for the purpose of voting on converting from a federal credit union to a credit union or from a credit union to a federal credit union. A majority of the board of directors shall adopt a resolution approving the contemplated conversion;

(1) A meeting of the board of directors, either regular or special, shall be called for the purpose of voting on converting from a federal credit union to a credit union or from a credit union to a federal credit union. A majority of the board of directors shall adopt a resolution approving the contemplated conversion;

(2) A meeting, either regular or special, of the members shall then be called for voting on the proposed conversion. Notice of said meeting shall be given in the manner prescribed in Code Section 7-1-6 and shall include a statement indicating that the proposed conversion will be considered at the meeting. Proof of giving of the notice shall be by the affidavit of the president of the credit union. A majority of the members present at this meeting shall then approve the proposed conversion; and

(2) A meeting, either regular or special, of the members shall then be called for voting on the proposed conversion. Notice of said meeting shall be given in the manner prescribed in Code Section 7-1-6 and shall include a statement indicating that the proposed conversion will be considered at the meeting. Proof of giving of the notice shall be by the affidavit of the president of the credit union. A majority of the members present at this meeting shall then approve the proposed conversion; and

(3) Within ten days after such approval of the conversion, the president or vice-president and treasurer shall file a verified copy of the resolution adopted by the board of directors with the state or federal authority under whose supervision the converting credit union is to operate.

(3) Within ten days after such approval of the conversion, the president or vice-president and treasurer shall file a verified copy of the resolution adopted by the board of directors with the state or federal authority under whose supervision the converting credit union is to operate.

(b.1) In addition to the requirements of subsection (b) of this Code section, in the case of a federal credit union converting to a credit union: (1) The federal credit union shall file with the department: (A) The articles of conversion, which shall contain: (i) Its name and the name of the resulting credit union; (ii) The street address and county of its main office; (iii) The name and initial registered agent and the street address where the initial registered office will be located; (iv) The votes by which the plan of conversion was adopted and the time, place, and notice of each meeting conducted in connection with such adoption; (v) The name and county of residence of each director of the resulting credit union; (vi) The provisions required in articles of a new credit union by paragraphs (6), (7), and (8) of subsection (a) of Code Section 7-1-630 ; and (vii) The plan of conversion; (B) The fees required by Code Section 7-1-862 ; (C) An application and information desired by the department in order to evaluate the proposed conversion, in the form specified by the department; (D) Applicable fees established by regulation of the department to defray the expenses of its investigation of the conversion application; and (E) A certificate from the Secretary of State showing that the proposed name of the resulting credit union has been reserved pursuant to Code Section 7-1-131 ; (2) The department shall conduct such investigation as it deems necessary to ascertain whether: (A) The articles of conversion and supporting items satisfy the requirements of this chapter; (B) The plan adequately protects the interests of depositors, other than creditors; and (C) The requirements for a conversion under all applicable laws have been satisfied and the resulting institution would satisfy the applicable requirements of this chapter; and (3) Within 90 days after receipt of the articles and all of the filings required by this subsection, the department shall, in its discretion, approve or disapprove the articles on the basis of its investigation and the criteria set forth in this Code section. If the department approves the application, it shall deliver written approval with a copy of the articles attached to the Secretary of State and notify the federal credit union, and any other parties to the plan, of its action, provided that, if approval of any federal agency is required, the department may elect to not act on the application until such federal approval is given. If the department disapproves the application, it shall give written notice to the federal credit union and any other parties to the plan of its disapproval and a statement to them generally of the reasons for its decision.

(b.1) In addition to the requirements of subsection (b) of this Code section, in the case of a federal credit union converting to a credit union:

(1) The federal credit union shall file with the department: (A) The articles of conversion, which shall contain: (i) Its name and the name of the resulting credit union; (ii) The street address and county of its main office; (iii) The name and initial registered agent and the street address where the initial registered office will be located; (iv) The votes by which the plan of conversion was adopted and the time, place, and notice of each meeting conducted in connection with such adoption; (v) The name and county of residence of each director of the resulting credit union; (vi) The provisions required in articles of a new credit union by paragraphs (6), (7), and (8) of subsection (a) of Code Section 7-1-630 ; and (vii) The plan of conversion; (B) The fees required by Code Section 7-1-862 ; (C) An application and information desired by the department in order to evaluate the proposed conversion, in the form specified by the department; (D) Applicable fees established by regulation of the department to defray the expenses of its investigation of the conversion application; and (E) A certificate from the Secretary of State showing that the proposed name of the resulting credit union has been reserved pursuant to Code Section 7-1-131 ;

(1) The federal credit union shall file with the department:

(A) The articles of conversion, which shall contain: (i) Its name and the name of the resulting credit union; (ii) The street address and county of its main office; (iii) The name and initial registered agent and the street address where the initial registered office will be located; (iv) The votes by which the plan of conversion was adopted and the time, place, and notice of each meeting conducted in connection with such adoption; (v) The name and county of residence of each director of the resulting credit union; (vi) The provisions required in articles of a new credit union by paragraphs (6), (7), and (8) of subsection (a) of Code Section 7-1-630 ; and (vii) The plan of conversion;

(A) The articles of conversion, which shall contain:

(i) Its name and the name of the resulting credit union;

(i) Its name and the name of the resulting credit union;

(ii) The street address and county of its main office;

(ii) The street address and county of its main office;

(iii) The name and initial registered agent and the street address where the initial registered office will be located;

(iii) The name and initial registered agent and the street address where the initial registered office will be located;

(iv) The votes by which the plan of conversion was adopted and the time, place, and notice of each meeting conducted in connection with such adoption;

(iv) The votes by which the plan of conversion was adopted and the time, place, and notice of each meeting conducted in connection with such adoption;

(v) The name and county of residence of each director of the resulting credit union;

(v) The name and county of residence of each director of the resulting credit union;

(vi) The provisions required in articles of a new credit union by paragraphs (6), (7), and (8) of subsection (a) of Code Section 7-1-630 ; and

(vi) The provisions required in articles of a new credit union by paragraphs (6), (7), and (8) of subsection (a) of Code Section 7-1-630 ; and

(vii) The plan of conversion;

(vii) The plan of conversion;

(B) The fees required by Code Section 7-1-862 ;

(B) The fees required by Code Section 7-1-862 ;

(C) An application and information desired by the department in order to evaluate the proposed conversion, in the form specified by the department;

(C) An application and information desired by the department in order to evaluate the proposed conversion, in the form specified by the department;

(D) Applicable fees established by regulation of the department to defray the expenses of its investigation of the conversion application; and

(D) Applicable fees established by regulation of the department to defray the expenses of its investigation of the conversion application; and

(E) A certificate from the Secretary of State showing that the proposed name of the resulting credit union has been reserved pursuant to Code Section 7-1-131 ;

(E) A certificate from the Secretary of State showing that the proposed name of the resulting credit union has been reserved pursuant to Code Section 7-1-131 ;

(2) The department shall conduct such investigation as it deems necessary to ascertain whether: (A) The articles of conversion and supporting items satisfy the requirements of this chapter; (B) The plan adequately protects the interests of depositors, other than creditors; and (C) The requirements for a conversion under all applicable laws have been satisfied and the resulting institution would satisfy the applicable requirements of this chapter; and

(2) The department shall conduct such investigation as it deems necessary to ascertain whether:

(A) The articles of conversion and supporting items satisfy the requirements of this chapter;

(A) The articles of conversion and supporting items satisfy the requirements of this chapter;

(B) The plan adequately protects the interests of depositors, other than creditors; and

(B) The plan adequately protects the interests of depositors, other than creditors; and

(C) The requirements for a conversion under all applicable laws have been satisfied and the resulting institution would satisfy the applicable requirements of this chapter; and

(C) The requirements for a conversion under all applicable laws have been satisfied and the resulting institution would satisfy the applicable requirements of this chapter; and

(3) Within 90 days after receipt of the articles and all of the filings required by this subsection, the department shall, in its discretion, approve or disapprove the articles on the basis of its investigation and the criteria set forth in this Code section. If the department approves the application, it shall deliver written approval with a copy of the articles attached to the Secretary of State and notify the federal credit union, and any other parties to the plan, of its action, provided that, if approval of any federal agency is required, the department may elect to not act on the application until such federal approval is given. If the department disapproves the application, it shall give written notice to the federal credit union and any other parties to the plan of its disapproval and a statement to them generally of the reasons for its decision.

(3) Within 90 days after receipt of the articles and all of the filings required by this subsection, the department shall, in its discretion, approve or disapprove the articles on the basis of its investigation and the criteria set forth in this Code section. If the department approves the application, it shall deliver written approval with a copy of the articles attached to the Secretary of State and notify the federal credit union, and any other parties to the plan, of its action, provided that, if approval of any federal agency is required, the department may elect to not act on the application until such federal approval is given. If the department disapproves the application, it shall give written notice to the federal credit union and any other parties to the plan of its disapproval and a statement to them generally of the reasons for its decision.

(c) Upon the issuance of the certificate of conversion by the Secretary of State, in accordance with the requirements in Code Section 7-1-554 , and the written approval of the department for conversions to credit unions and with the written approval of the National Credit Union Administration for conversions to federal credit unions, the converting credit union shall then become a credit union under the laws of this state or the United States, as the case may be; and thereupon all assets shall become the property of the new credit union or federal credit union, as the case may be, subject to all existing liabilities, and every person who was a member of the converting credit union shall be a member in the new credit union or federal credit union.

(c) Upon the issuance of the certificate of conversion by the Secretary of State, in accordance with the requirements in Code Section 7-1-554 , and the written approval of the department for conversions to credit unions and with the written approval of the National Credit Union Administration for conversions to federal credit unions, the converting credit union shall then become a credit union under the laws of this state or the United States, as the case may be; and thereupon all assets shall become the property of the new credit union or federal credit union, as the case may be, subject to all existing liabilities, and every person who was a member of the converting credit union shall be a member in the new credit union or federal credit union.

(d)(1) Conversions by state chartered credit unions to financial institutions other than credit unions or financial institutions other than credit unions to state chartered credit unions shall be effected by approval of the department and compliance with any other applicable law. The department may prescribe other requirements in order to protect the rights of members or the funds invested. (2) In conversions by state chartered credit unions to financial institutions other than credit unions, procedures provided in subsection (b) of this Code section shall be followed for obtaining approval from the department and effecting such conversions, provided that two-thirds of the members voting shall be required to approve a proposed conversion. (3) In conversions by financial institutions other than credit unions to state chartered credit unions, the department shall prescribe procedures for financial institutions to seek approval from the department to convert to a credit union. Such procedures shall include: (A) The procedures provided in subsection (b) of this Code section; (B) The submission of a conversion plan by the converting financial institution. A conversion plan shall include the following, where applicable: (i) How the converting financial institution will comply with credit union membership requirements; (ii) Plans for the divestment of its board of directors of stock options; (iii) Plans for the divestment of capital stock; (iv) Plans for the phase out of all impermissible investments; (v) Plans for compliance with credit union business loan limitations; and (vi) Any other such information as required by the department; and (C) The converting financial institution shall perform a complete policy review to address appraisal restrictions, lending restrictions, investment restrictions, corporate structure restrictions, and power structure in order to ensure compliance with this article and regulations of the department. (4) The department may authorize a credit union resulting from a charter conversion under this Code section to do the following: (A) Complete any activities that the converting financial institution legally engaged in at the effective time of the charter conversion but that otherwise are not permitted for credit unions, provided that the transitional period during which such activities are carried out does not exceed five years after the effective date of the charter conversion; and (B) Retain for the transitional period any assets that the converting financial institution legally held at the effective time of the charter conversion that otherwise may not be held by credit unions, provided that such transitional period during which such assets are retained does not exceed five years after the effective date of the charter conversion.

(d)(1) Conversions by state chartered credit unions to financial institutions other than credit unions or financial institutions other than credit unions to state chartered credit unions shall be effected by approval of the department and compliance with any other applicable law. The department may prescribe other requirements in order to protect the rights of members or the funds invested.

(d)(1) Conversions by state chartered credit unions to financial institutions other than credit unions or financial institutions other than credit unions to state chartered credit unions shall be effected by approval of the department and compliance with any other applicable law. The department may prescribe other requirements in order to protect the rights of members or the funds invested.

(2) In conversions by state chartered credit unions to financial institutions other than credit unions, procedures provided in subsection (b) of this Code section shall be followed for obtaining approval from the department and effecting such conversions, provided that two-thirds of the members voting shall be required to approve a proposed conversion.

(2) In conversions by state chartered credit unions to financial institutions other than credit unions, procedures provided in subsection (b) of this Code section shall be followed for obtaining approval from the department and effecting such conversions, provided that two-thirds of the members voting shall be required to approve a proposed conversion.

(3) In conversions by financial institutions other than credit unions to state chartered credit unions, the department shall prescribe procedures for financial institutions to seek approval from the department to convert to a credit union. Such procedures shall include: (A) The procedures provided in subsection (b) of this Code section; (B) The submission of a conversion plan by the converting financial institution. A conversion plan shall include the following, where applicable: (i) How the converting financial institution will comply with credit union membership requirements; (ii) Plans for the divestment of its board of directors of stock options; (iii) Plans for the divestment of capital stock; (iv) Plans for the phase out of all impermissible investments; (v) Plans for compliance with credit union business loan limitations; and (vi) Any other such information as required by the department; and (C) The converting financial institution shall perform a complete policy review to address appraisal restrictions, lending restrictions, investment restrictions, corporate structure restrictions, and power structure in order to ensure compliance with this article and regulations of the department.

(3) In conversions by financial institutions other than credit unions to state chartered credit unions, the department shall prescribe procedures for financial institutions to seek approval from the department to convert to a credit union. Such procedures shall include:

(A) The procedures provided in subsection (b) of this Code section;

(A) The procedures provided in subsection (b) of this Code section;

(B) The submission of a conversion plan by the converting financial institution. A conversion plan shall include the following, where applicable: (i) How the converting financial institution will comply with credit union membership requirements; (ii) Plans for the divestment of its board of directors of stock options; (iii) Plans for the divestment of capital stock; (iv) Plans for the phase out of all impermissible investments; (v) Plans for compliance with credit union business loan limitations; and (vi) Any other such information as required by the department; and

(B) The submission of a conversion plan by the converting financial institution. A conversion plan shall include the following, where applicable:

(i) How the converting financial institution will comply with credit union membership requirements;

(i) How the converting financial institution will comply with credit union membership requirements;

(ii) Plans for the divestment of its board of directors of stock options;

(ii) Plans for the divestment of its board of directors of stock options;

(iii) Plans for the divestment of capital stock;

(iii) Plans for the divestment of capital stock;

(iv) Plans for the phase out of all impermissible investments;

(iv) Plans for the phase out of all impermissible investments;

(v) Plans for compliance with credit union business loan limitations; and

(v) Plans for compliance with credit union business loan limitations; and

(vi) Any other such information as required by the department; and

(vi) Any other such information as required by the department; and

(C) The converting financial institution shall perform a complete policy review to address appraisal restrictions, lending restrictions, investment restrictions, corporate structure restrictions, and power structure in order to ensure compliance with this article and regulations of the department.

(C) The converting financial institution shall perform a complete policy review to address appraisal restrictions, lending restrictions, investment restrictions, corporate structure restrictions, and power structure in order to ensure compliance with this article and regulations of the department.

(4) The department may authorize a credit union resulting from a charter conversion under this Code section to do the following: (A) Complete any activities that the converting financial institution legally engaged in at the effective time of the charter conversion but that otherwise are not permitted for credit unions, provided that the transitional period during which such activities are carried out does not exceed five years after the effective date of the charter conversion; and (B) Retain for the transitional period any assets that the converting financial institution legally held at the effective time of the charter conversion that otherwise may not be held by credit unions, provided that such transitional period during which such assets are retained does not exceed five years after the effective date of the charter conversion.

(4) The department may authorize a credit union resulting from a charter conversion under this Code section to do the following:

(A) Complete any activities that the converting financial institution legally engaged in at the effective time of the charter conversion but that otherwise are not permitted for credit unions, provided that the transitional period during which such activities are carried out does not exceed five years after the effective date of the charter conversion; and

(A) Complete any activities that the converting financial institution legally engaged in at the effective time of the charter conversion but that otherwise are not permitted for credit unions, provided that the transitional period during which such activities are carried out does not exceed five years after the effective date of the charter conversion; and

(B) Retain for the transitional period any assets that the converting financial institution legally held at the effective time of the charter conversion that otherwise may not be held by credit unions, provided that such transitional period during which such assets are retained does not exceed five years after the effective date of the charter conversion.

(B) Retain for the transitional period any assets that the converting financial institution legally held at the effective time of the charter conversion that otherwise may not be held by credit unions, provided that such transitional period during which such assets are retained does not exceed five years after the effective date of the charter conversion.
O.C.G.A. § 7-1-1118 — GA Code / Title 7 / Chapter 1 / Section 7-1-1118
Georgia Code Title 7. Banking and Finance § 7-1-1118
Status: in_force

(a) A foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency shall apply to the department for an amended license if it changes its corporate name, changes the duration of its corporate existence, or desires to pursue in this state other or additional purposes than those set forth in its prior application for the foreign bank's license then in effect.

(a) A foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency shall apply to the department for an amended license if it changes its corporate name, changes the duration of its corporate existence, or desires to pursue in this state other or additional purposes than those set forth in its prior application for the foreign bank's license then in effect.

(b) The requirements with respect to the form and contents of an application under subsection (a) of this Code section, the manner of its execution, the issuance of an amended license, and the effect of the amended license shall be the same as in the case of an initial application for a license to establish and maintain a Georgia state branch or Georgia state agency.

(b) The requirements with respect to the form and contents of an application under subsection (a) of this Code section, the manner of its execution, the issuance of an amended license, and the effect of the amended license shall be the same as in the case of an initial application for a license to establish and maintain a Georgia state branch or Georgia state agency.
O.C.G.A. § 7-1-732 — GA Code / Title 7 / Chapter 1 / Section 7-1-732
Georgia Code Title 7. Banking and Finance § 7-1-732
Status: in_force

(a) Any bank, whether domiciled within this state or elsewhere and having total capital funds of $25 million or more, as reported to its chartering authority as of December 31 of each year, may establish and operate a domestic international banking facility in this state upon compliance with this article. Any bank having total capital funds of $25 million or less may establish such facility upon compliance with this article and upon further obtaining the approval of the department. The department shall grant such approval only after it has satisfied itself that the registrant is financially sound, is operating in substantial conformity with all applicable laws and regulations, and is, along with its principals, of good character and reputation.

(a) Any bank, whether domiciled within this state or elsewhere and having total capital funds of $25 million or more, as reported to its chartering authority as of December 31 of each year, may establish and operate a domestic international banking facility in this state upon compliance with this article. Any bank having total capital funds of $25 million or less may establish such facility upon compliance with this article and upon further obtaining the approval of the department. The department shall grant such approval only after it has satisfied itself that the registrant is financially sound, is operating in substantial conformity with all applicable laws and regulations, and is, along with its principals, of good character and reputation.

(b) Prior to establishing a domestic international banking facility and annually thereafter for so long as the facility shall continue in this state, the bank shall register with the department on such forms as the department shall prescribe and pay a registration fee as determined by the department. Such registration shall include: (1) The name and main office address of the registrant; (2) The address at which the facility is to be located; (3) The names of the individuals responsible for administering the business affairs of the facility in this state; (4) The name and address of the chartering authority for the registrant; (5) A resolution from the board of directors or other governing body of the registrant authorizing the establishment of the facility; (6) A statement of the registrant that it has the legal capacity under the laws pursuant to which it is organized to establish the facility and that its chartering authority (and regulatory authority if different) interposes no objection to the establishment of such facility; and (7) Such other information as the department may require. Information required in paragraphs (5) and (6) of this subsection need not be resubmitted upon renewal of a registration. The facility shall promptly notify the department of any change in the management or location of the facility.

(b) Prior to establishing a domestic international banking facility and annually thereafter for so long as the facility shall continue in this state, the bank shall register with the department on such forms as the department shall prescribe and pay a registration fee as determined by the department. Such registration shall include:

(1) The name and main office address of the registrant;

(1) The name and main office address of the registrant;

(2) The address at which the facility is to be located;

(2) The address at which the facility is to be located;

(3) The names of the individuals responsible for administering the business affairs of the facility in this state;

(3) The names of the individuals responsible for administering the business affairs of the facility in this state;

(4) The name and address of the chartering authority for the registrant;

(4) The name and address of the chartering authority for the registrant;

(5) A resolution from the board of directors or other governing body of the registrant authorizing the establishment of the facility;

(5) A resolution from the board of directors or other governing body of the registrant authorizing the establishment of the facility;

(6) A statement of the registrant that it has the legal capacity under the laws pursuant to which it is organized to establish the facility and that its chartering authority (and regulatory authority if different) interposes no objection to the establishment of such facility; and

(6) A statement of the registrant that it has the legal capacity under the laws pursuant to which it is organized to establish the facility and that its chartering authority (and regulatory authority if different) interposes no objection to the establishment of such facility; and

(7) Such other information as the department may require.

(7) Such other information as the department may require.

Information required in paragraphs (5) and (6) of this subsection need not be resubmitted upon renewal of a registration. The facility shall promptly notify the department of any change in the management or location of the facility.

(c) The domestic international banking facility shall maintain records of its business activities separate from records of the domestic banking activities of its parent or head office.

(c) The domestic international banking facility shall maintain records of its business activities separate from records of the domestic banking activities of its parent or head office.

(d) The domestic international banking facility shall not be subject to any tax or license fee in this state by virtue of its business location in this state or its business activities outside of this state.

(d) The domestic international banking facility shall not be subject to any tax or license fee in this state by virtue of its business location in this state or its business activities outside of this state.
O.C.G.A. § 7-3-43 — GA Code / Title 7 / Chapter 3 / Section 7-3-43
Georgia Code Title 7. Banking and Finance § 7-3-43
Status: in_force

(a) The department may suspend or revoke a license if it finds that any ground exists which would require or warrant the denial of an application for the issuance or renewal of a license.

(a) The department may suspend or revoke a license if it finds that any ground exists which would require or warrant the denial of an application for the issuance or renewal of a license.

(b) The department may deny an application or suspend or revoke a license upon a finding that an applicant or a licensee has: (1) Committed any fraud, engaged in any dishonest activities, or made any misrepresentation; (2) Violated any provision of this chapter, any rule, regulation, or order issued by the department pursuant to this chapter, or any other law in the course of its business of making installment loans; (3) Made a false statement or failed to give a true reply in an application; (4) Demonstrated incompetency or untrustworthiness to act as an installment lender; (5) Failed to pay within 30 days after it became final a judgment recovered in any court in an action arising out of the licensee's business of making installment loans; (6) Purposely withheld, deleted, destroyed, or altered information requested by the department or made misrepresentations to the department; (7) Operated in an unsafe or unsound manner; or (8) Failed or refused to remit the fee required by Code Section 7-3-16 within the required time period.

(b) The department may deny an application or suspend or revoke a license upon a finding that an applicant or a licensee has:

(1) Committed any fraud, engaged in any dishonest activities, or made any misrepresentation;

(1) Committed any fraud, engaged in any dishonest activities, or made any misrepresentation;

(2) Violated any provision of this chapter, any rule, regulation, or order issued by the department pursuant to this chapter, or any other law in the course of its business of making installment loans;

(2) Violated any provision of this chapter, any rule, regulation, or order issued by the department pursuant to this chapter, or any other law in the course of its business of making installment loans;

(3) Made a false statement or failed to give a true reply in an application;

(3) Made a false statement or failed to give a true reply in an application;

(4) Demonstrated incompetency or untrustworthiness to act as an installment lender;

(4) Demonstrated incompetency or untrustworthiness to act as an installment lender;

(5) Failed to pay within 30 days after it became final a judgment recovered in any court in an action arising out of the licensee's business of making installment loans;

(5) Failed to pay within 30 days after it became final a judgment recovered in any court in an action arising out of the licensee's business of making installment loans;

(6) Purposely withheld, deleted, destroyed, or altered information requested by the department or made misrepresentations to the department;

(6) Purposely withheld, deleted, destroyed, or altered information requested by the department or made misrepresentations to the department;

(7) Operated in an unsafe or unsound manner; or

(7) Operated in an unsafe or unsound manner; or

(8) Failed or refused to remit the fee required by Code Section 7-3-16 within the required time period.

(8) Failed or refused to remit the fee required by Code Section 7-3-16 within the required time period.

(c) The department shall not issue a license and shall revoke a license if it determines that the applicant or licensee is not financially sound or responsible or not able to engage in the business of making installment loans in an honest, fair, and efficient manner and with the confidence and trust of the community.

(c) The department shall not issue a license and shall revoke a license if it determines that the applicant or licensee is not financially sound or responsible or not able to engage in the business of making installment loans in an honest, fair, and efficient manner and with the confidence and trust of the community.

(d) The department shall not issue a license and may suspend or revoke a license if an applicant or licensee was subject to, or employs any person subject to, a final cease and desist order or license revocation under this chapter within the preceding five years. Each applicant or licensee shall, before hiring an employee, examine the Nationwide Multistate Licensing System and Registry to determine that such employee is not subject to a cease and desist order or license revocation.

(d) The department shall not issue a license and may suspend or revoke a license if an applicant or licensee was subject to, or employs any person subject to, a final cease and desist order or license revocation under this chapter within the preceding five years. Each applicant or licensee shall, before hiring an employee, examine the Nationwide Multistate Licensing System and Registry to determine that such employee is not subject to a cease and desist order or license revocation.

(e) The department shall not issue a license and may suspend or revoke a license if it finds that any owner, director, trustee, or executive officer of the applicant or licensee has been in one or more of those roles for a licensee whose application has been denied or revoked or suspended within the preceding five years.

(e) The department shall not issue a license and may suspend or revoke a license if it finds that any owner, director, trustee, or executive officer of the applicant or licensee has been in one or more of those roles for a licensee whose application has been denied or revoked or suspended within the preceding five years.
O.C.G.A. § 7-1-957 — GA Code / Title 7 / Chapter 1 / Section 7-1-957
Georgia Code Title 7. Banking and Finance § 7-1-957
Status: in_force

Under no circumstances shall the credit of the State of Georgia be pledged to any corporation organized under this article nor shall acts of such corporation in any manner constitute or result in the creation of any indebtedness of the State of Georgia or any county or municipal corporation therein.
O.C.G.A. § 7-5-4 — GA Code / Title 7 / Chapter 5 / Section 7-5-4
Georgia Code Title 7. Banking and Finance § 7-5-4
Status: in_force

(a)(1) Notwithstanding the provisions of any other law prescribing, regulating, or limiting interest rates, any domestic lender or credit card bank may charge and collect in connection with a credit card account: (A) Finance charges at such periodic interest rate or rates computed or imposed on the outstanding balances on the credit card account in any manner as provided in the written agreement governing such credit card account, and such periodic interest rate or rates may vary from time to time in accordance with a schedule or formula contained in such agreement; and (B) Such other fees and charges as the domestic lender or credit card bank and the debtor may agree upon in the written agreement governing the credit card account, including, but not limited to, cash advance charges, charges for exceeding preestablished credit limits, late fees, delinquency or default charges, returned payment charges, stop payment charges, automated teller machine charges or similar electronic or interchange fees or charges, annual or membership fees, application fees, transaction fees and minimum charges for each scheduled billing period, premiums for credit life, accident, health, or loss of income insurance, documentary evidence fees, fees or charges for services rendered or for reimbursement of expenses incurred by any domestic lender or credit card bank or their respective agents in connection with the credit card account, and other fees incident to the application for or the opening, administration, and termination of the credit card account, including, without limitation, commitment, application, and processing fees, official fees and taxes, and costs incurred by reason of examination of title, title insurance, inspection, appraisal, recording, mortgage satisfaction, filing fees, or other formal acts necessary or appropriate to the security for the credit card account. (2) For the purposes of this Code section, Section 85 of the National Bank Act ( 12 U.S.C. Section 85 ), and Sections 521, 522, and 523 of the Depository Institutions Deregulation and Monetary Control Act of 1980 ( 12 U.S.C. Sections 1831d , 1831e , and 1831f ), the finance charges under subparagraph (a)(1)(A) of this Code section and the charges and fees under subparagraph (a)(1)(B) of this Code section shall be deemed to be, and may be charged and collected as, interest by the domestic lender or credit card bank.

(a)(1) Notwithstanding the provisions of any other law prescribing, regulating, or limiting interest rates, any domestic lender or credit card bank may charge and collect in connection with a credit card account: (A) Finance charges at such periodic interest rate or rates computed or imposed on the outstanding balances on the credit card account in any manner as provided in the written agreement governing such credit card account, and such periodic interest rate or rates may vary from time to time in accordance with a schedule or formula contained in such agreement; and (B) Such other fees and charges as the domestic lender or credit card bank and the debtor may agree upon in the written agreement governing the credit card account, including, but not limited to, cash advance charges, charges for exceeding preestablished credit limits, late fees, delinquency or default charges, returned payment charges, stop payment charges, automated teller machine charges or similar electronic or interchange fees or charges, annual or membership fees, application fees, transaction fees and minimum charges for each scheduled billing period, premiums for credit life, accident, health, or loss of income insurance, documentary evidence fees, fees or charges for services rendered or for reimbursement of expenses incurred by any domestic lender or credit card bank or their respective agents in connection with the credit card account, and other fees incident to the application for or the opening, administration, and termination of the credit card account, including, without limitation, commitment, application, and processing fees, official fees and taxes, and costs incurred by reason of examination of title, title insurance, inspection, appraisal, recording, mortgage satisfaction, filing fees, or other formal acts necessary or appropriate to the security for the credit card account.

(a)(1) Notwithstanding the provisions of any other law prescribing, regulating, or limiting interest rates, any domestic lender or credit card bank may charge and collect in connection with a credit card account:

(A) Finance charges at such periodic interest rate or rates computed or imposed on the outstanding balances on the credit card account in any manner as provided in the written agreement governing such credit card account, and such periodic interest rate or rates may vary from time to time in accordance with a schedule or formula contained in such agreement; and

(A) Finance charges at such periodic interest rate or rates computed or imposed on the outstanding balances on the credit card account in any manner as provided in the written agreement governing such credit card account, and such periodic interest rate or rates may vary from time to time in accordance with a schedule or formula contained in such agreement; and

(B) Such other fees and charges as the domestic lender or credit card bank and the debtor may agree upon in the written agreement governing the credit card account, including, but not limited to, cash advance charges, charges for exceeding preestablished credit limits, late fees, delinquency or default charges, returned payment charges, stop payment charges, automated teller machine charges or similar electronic or interchange fees or charges, annual or membership fees, application fees, transaction fees and minimum charges for each scheduled billing period, premiums for credit life, accident, health, or loss of income insurance, documentary evidence fees, fees or charges for services rendered or for reimbursement of expenses incurred by any domestic lender or credit card bank or their respective agents in connection with the credit card account, and other fees incident to the application for or the opening, administration, and termination of the credit card account, including, without limitation, commitment, application, and processing fees, official fees and taxes, and costs incurred by reason of examination of title, title insurance, inspection, appraisal, recording, mortgage satisfaction, filing fees, or other formal acts necessary or appropriate to the security for the credit card account.

(B) Such other fees and charges as the domestic lender or credit card bank and the debtor may agree upon in the written agreement governing the credit card account, including, but not limited to, cash advance charges, charges for exceeding preestablished credit limits, late fees, delinquency or default charges, returned payment charges, stop payment charges, automated teller machine charges or similar electronic or interchange fees or charges, annual or membership fees, application fees, transaction fees and minimum charges for each scheduled billing period, premiums for credit life, accident, health, or loss of income insurance, documentary evidence fees, fees or charges for services rendered or for reimbursement of expenses incurred by any domestic lender or credit card bank or their respective agents in connection with the credit card account, and other fees incident to the application for or the opening, administration, and termination of the credit card account, including, without limitation, commitment, application, and processing fees, official fees and taxes, and costs incurred by reason of examination of title, title insurance, inspection, appraisal, recording, mortgage satisfaction, filing fees, or other formal acts necessary or appropriate to the security for the credit card account.

(2) For the purposes of this Code section, Section 85 of the National Bank Act ( 12 U.S.C. Section 85 ), and Sections 521, 522, and 523 of the Depository Institutions Deregulation and Monetary Control Act of 1980 ( 12 U.S.C. Sections 1831d , 1831e , and 1831f ), the finance charges under subparagraph (a)(1)(A) of this Code section and the charges and fees under subparagraph (a)(1)(B) of this Code section shall be deemed to be, and may be charged and collected as, interest by the domestic lender or credit card bank.

(2) For the purposes of this Code section, Section 85 of the National Bank Act ( 12 U.S.C. Section 85 ), and Sections 521, 522, and 523 of the Depository Institutions Deregulation and Monetary Control Act of 1980 ( 12 U.S.C. Sections 1831d , 1831e , and 1831f ), the finance charges under subparagraph (a)(1)(A) of this Code section and the charges and fees under subparagraph (a)(1)(B) of this Code section shall be deemed to be, and may be charged and collected as, interest by the domestic lender or credit card bank.

(b) The terms and conditions contained in the written agreement governing the credit card account between the domestic lender or credit card bank and the debtor shall be deemed to be material to the determination of interest, including, but not limited to: (1) Those provisions relating to the computation and charging of finance charges authorized by subparagraph (a)(1)(A) of this Code section; (2) The fees and charges authorized by subparagraph (a)(1)(B) of this Code section; and (3) All other terms and conditions of such written agreement.

(b) The terms and conditions contained in the written agreement governing the credit card account between the domestic lender or credit card bank and the debtor shall be deemed to be material to the determination of interest, including, but not limited to:

(1) Those provisions relating to the computation and charging of finance charges authorized by subparagraph (a)(1)(A) of this Code section;

(1) Those provisions relating to the computation and charging of finance charges authorized by subparagraph (a)(1)(A) of this Code section;

(2) The fees and charges authorized by subparagraph (a)(1)(B) of this Code section; and

(2) The fees and charges authorized by subparagraph (a)(1)(B) of this Code section; and

(3) All other terms and conditions of such written agreement.

(3) All other terms and conditions of such written agreement.

(c) A credit card account between any domestic lender or credit card bank and a debtor shall be governed solely by the laws of the State of Georgia and federal law unless otherwise expressly agreed in writing by the parties. A domestic lender or credit card bank may, as specified in the written agreement governing a credit card account, modify in any respect any terms or conditions of such credit card account, upon such prior written notice of such modification as specified by the terms of the written agreement governing the credit card account or by the Truth in Lending Act ( 15 U.S.C. Section 1601, et seq. ). Any such notice provided by a domestic lender or credit card bank shall specify that the debtor has the right to surrender the credit card whereupon the debtor shall have the right to continue to pay off his credit card account in the same manner and under the same terms and conditions as then in effect. The debtor's failure to surrender the credit card prior to the modification's becoming effective shall constitute a consent to the modification.

(c) A credit card account between any domestic lender or credit card bank and a debtor shall be governed solely by the laws of the State of Georgia and federal law unless otherwise expressly agreed in writing by the parties. A domestic lender or credit card bank may, as specified in the written agreement governing a credit card account, modify in any respect any terms or conditions of such credit card account, upon such prior written notice of such modification as specified by the terms of the written agreement governing the credit card account or by the Truth in Lending Act ( 15 U.S.C. Section 1601, et seq. ). Any such notice provided by a domestic lender or credit card bank shall specify that the debtor has the right to surrender the credit card whereupon the debtor shall have the right to continue to pay off his credit card account in the same manner and under the same terms and conditions as then in effect. The debtor's failure to surrender the credit card prior to the modification's becoming effective shall constitute a consent to the modification.
O.C.G.A. § 7-1-293 — GA Code / Title 7 / Chapter 1 / Section 7-1-293
Georgia Code Title 7. Banking and Finance § 7-1-293
Status: reserved

(a) A bank desiring to be accorded treatment under this chapter as a savings bank or state savings and loan association shall so state in its articles.

(a) A bank desiring to be accorded treatment under this chapter as a savings bank or state savings and loan association shall so state in its articles.

(b) A savings bank or a state savings and loan association may apply to the department for permission to relinquish its status as a savings bank or state savings and loan association and become a commercial bank by filing an appropriate amendment to its articles. The department may exercise its discretion in determining whether to approve such a change and shall consider in connection therewith the same criteria considered in approving the original articles of incorporation.

(b) A savings bank or a state savings and loan association may apply to the department for permission to relinquish its status as a savings bank or state savings and loan association and become a commercial bank by filing an appropriate amendment to its articles. The department may exercise its discretion in determining whether to approve such a change and shall consider in connection therewith the same criteria considered in approving the original articles of incorporation.

(c) A savings bank shall provide its depositors with deposit insurance coverage pursuant to those deposit insurance provisions of this chapter applicable to commercial banks. A state savings and loan association shall provide its depositors, but not its shareholders, with deposit insurance coverage.

(c) A savings bank shall provide its depositors with deposit insurance coverage pursuant to those deposit insurance provisions of this chapter applicable to commercial banks. A state savings and loan association shall provide its depositors, but not its shareholders, with deposit insurance coverage.

(d) Reserved.

(d) Reserved.

(e) The conversion, merger, or consolidation of a federal savings and loan association or federal savings bank, including a federal mutual savings and loan association or federal mutual savings bank, shall be accomplished pursuant to the same procedures as are prescribed in this chapter for a conversion, merger, or consolidation involving a national bank, provided that the approval of such conversion by the members of such association or bank shall be by such vote as is required in the articles of association and bylaws of such association or bank. A federal mutual savings and loan association or federal mutual savings bank shall upon conversion be and be known as a mutual savings bank. In considering any plan for the conversion, merger, or consolidation of a federal savings and loan association or federal savings bank, the department shall not approve the plan unless it is satisfied that such plan is fair and equitable to all borrowers, depositors, and shareholders.

(e) The conversion, merger, or consolidation of a federal savings and loan association or federal savings bank, including a federal mutual savings and loan association or federal mutual savings bank, shall be accomplished pursuant to the same procedures as are prescribed in this chapter for a conversion, merger, or consolidation involving a national bank, provided that the approval of such conversion by the members of such association or bank shall be by such vote as is required in the articles of association and bylaws of such association or bank. A federal mutual savings and loan association or federal mutual savings bank shall upon conversion be and be known as a mutual savings bank. In considering any plan for the conversion, merger, or consolidation of a federal savings and loan association or federal savings bank, the department shall not approve the plan unless it is satisfied that such plan is fair and equitable to all borrowers, depositors, and shareholders.

(f)(1) The conversion, merger, or consolidation of a federal mutual savings and loan association holding company or federal mutual savings bank holding company shall be accomplished pursuant to the same procedures as are prescribed in this chapter for a conversion, merger, or consolidation involving a national bank, provided that the approval of such conversion shall be by such vote of the members of such holding company as is required in the articles of association and bylaws of such holding company but shall be further conditioned upon the conversion of the federal savings and loan association or federal savings bank subsidiary of such holding company to a savings bank contemporaneously with the holding company's conversion. (2) A state mutual savings bank holding company shall be subject to all of the rules and regulations of the department as if it were a commercial bank organized under this chapter, provided that it shall be authorized to own the stock of a savings bank subsidiary.

(f)(1) The conversion, merger, or consolidation of a federal mutual savings and loan association holding company or federal mutual savings bank holding company shall be accomplished pursuant to the same procedures as are prescribed in this chapter for a conversion, merger, or consolidation involving a national bank, provided that the approval of such conversion shall be by such vote of the members of such holding company as is required in the articles of association and bylaws of such holding company but shall be further conditioned upon the conversion of the federal savings and loan association or federal savings bank subsidiary of such holding company to a savings bank contemporaneously with the holding company's conversion.

(f)(1) The conversion, merger, or consolidation of a federal mutual savings and loan association holding company or federal mutual savings bank holding company shall be accomplished pursuant to the same procedures as are prescribed in this chapter for a conversion, merger, or consolidation involving a national bank, provided that the approval of such conversion shall be by such vote of the members of such holding company as is required in the articles of association and bylaws of such holding company but shall be further conditioned upon the conversion of the federal savings and loan association or federal savings bank subsidiary of such holding company to a savings bank contemporaneously with the holding company's conversion.

(2) A state mutual savings bank holding company shall be subject to all of the rules and regulations of the department as if it were a commercial bank organized under this chapter, provided that it shall be authorized to own the stock of a savings bank subsidiary.

(2) A state mutual savings bank holding company shall be subject to all of the rules and regulations of the department as if it were a commercial bank organized under this chapter, provided that it shall be authorized to own the stock of a savings bank subsidiary.

(g) With respect to the corporate governance of a mutual savings bank or mutual savings bank holding company, the members of the savings bank or holding company as defined in the articles of association, subject to the approval of the department, shall be the equivalent of the shareholders of a commercial bank or bank holding company having such rights, preferences, and powers and subject to such limitations as may be contained in the rules and regulations of the department and in the articles of association and bylaws of the savings bank or holding company approved by the department.

(g) With respect to the corporate governance of a mutual savings bank or mutual savings bank holding company, the members of the savings bank or holding company as defined in the articles of association, subject to the approval of the department, shall be the equivalent of the shareholders of a commercial bank or bank holding company having such rights, preferences, and powers and subject to such limitations as may be contained in the rules and regulations of the department and in the articles of association and bylaws of the savings bank or holding company approved by the department.

(h) Except as provided therein, Article 1 of this chapter and all other parts of this article shall apply to all mutual savings banks, savings banks, and state savings and loan associations and unless specifically exempt therein, all rules and regulations promulgated by the department applicable to banks shall be applicable to mutual savings banks, savings banks, and state savings and loan associations.

(h) Except as provided therein, Article 1 of this chapter and all other parts of this article shall apply to all mutual savings banks, savings banks, and state savings and loan associations and unless specifically exempt therein, all rules and regulations promulgated by the department applicable to banks shall be applicable to mutual savings banks, savings banks, and state savings and loan associations.

(i) Unless otherwise provided, the provisions of Part 18 of this article applicable to bank holding companies shall be applicable to mutual savings bank holding companies and unless specifically exempt therein, all rules and regulations promulgated by the department applicable to bank holding companies shall be applicable to mutual savings bank holding companies.

(i) Unless otherwise provided, the provisions of Part 18 of this article applicable to bank holding companies shall be applicable to mutual savings bank holding companies and unless specifically exempt therein, all rules and regulations promulgated by the department applicable to bank holding companies shall be applicable to mutual savings bank holding companies.

(j) In the event that a federal mutual savings and loan association or federal mutual savings bank upon conversion to a savings bank would own or hold assets or engage in any business that would not be allowable for a commercial bank, then the plan of conversion presented to the department shall include a plan for disposal of such assets or the termination of such nonconforming business within a reasonable time but in no event longer than four years from the date of the conversion.

(j) In the event that a federal mutual savings and loan association or federal mutual savings bank upon conversion to a savings bank would own or hold assets or engage in any business that would not be allowable for a commercial bank, then the plan of conversion presented to the department shall include a plan for disposal of such assets or the termination of such nonconforming business within a reasonable time but in no event longer than four years from the date of the conversion.
O.C.G.A. § 7-1-1115 — GA Code / Title 7 / Chapter 1 / Section 7-1-1115
Georgia Code Title 7. Banking and Finance § 7-1-1115
Status: in_force

(a) A foreign bank licensed under this article to establish and maintain a Georgia state branch or Georgia state agency shall not concurrently maintain a federal branch or federal agency in this state.

(a) A foreign bank licensed under this article to establish and maintain a Georgia state branch or Georgia state agency shall not concurrently maintain a federal branch or federal agency in this state.

(b) A foreign bank which maintains a federal branch or federal agency in this state shall not concurrently be licensed under this article to maintain a Georgia state branch or Georgia state agency.

(b) A foreign bank which maintains a federal branch or federal agency in this state shall not concurrently be licensed under this article to maintain a Georgia state branch or Georgia state agency.
O.C.G.A. § 7-1-132 — GA Code / Title 7 / Chapter 1 / Section 7-1-132
Georgia Code Title 7. Banking and Finance § 7-1-132
Status: in_force

(a) Every financial institution shall continuously maintain a registered agent and a registered office. Such agent and office shall be located in a county in this state where the financial institution is authorized to conduct its general business; and, in the case of financial institutions subject to Chapter 2 or 3 of Title 14, such agent and office shall be the same as is required under those chapters.

(a) Every financial institution shall continuously maintain a registered agent and a registered office. Such agent and office shall be located in a county in this state where the financial institution is authorized to conduct its general business; and, in the case of financial institutions subject to Chapter 2 or 3 of Title 14, such agent and office shall be the same as is required under those chapters.

(b) Not later than September 30, 1998, every financial institution shall file with the department a statement designating the name of its registered agent and the place of its registered office by street, post office address, and county. In the event of the failure of an institution to file said statement, the registered agent shall be the chief executive officer of the bank and the registered office of the institution shall be the business address where the chief executive officer is located.

(b) Not later than September 30, 1998, every financial institution shall file with the department a statement designating the name of its registered agent and the place of its registered office by street, post office address, and county. In the event of the failure of an institution to file said statement, the registered agent shall be the chief executive officer of the bank and the registered office of the institution shall be the business address where the chief executive officer is located.

(c) A financial institution may change, and a new financial institution may establish, its registered agent and the location of its registered office by filing a statement with the department designating the name of the new registered agent or the street, post office address, and county of its new registered office or both, provided that no change in the registered agent or office shall affect actions or proceedings commenced before the time of said change.

(c) A financial institution may change, and a new financial institution may establish, its registered agent and the location of its registered office by filing a statement with the department designating the name of the new registered agent or the street, post office address, and county of its new registered office or both, provided that no change in the registered agent or office shall affect actions or proceedings commenced before the time of said change.

(d) Nothing contained in this Code section shall affect the obligation of a financial institution to file information with the Secretary of State.

(d) Nothing contained in this Code section shall affect the obligation of a financial institution to file information with the Secretary of State.
O.C.G.A. § 7-1-688 — GA Code / Title 7 / Chapter 1 / Section 7-1-688
Georgia Code Title 7. Banking and Finance § 7-1-688
Status: in_force

(a) Except as provided in this Code section, no person or group of persons acting in concert shall become an ultimate equitable owner of any licensee through acquisition or other change in control or become an executive officer of a licensee as a result of such acquisition or other change in control unless the person or group of persons acting in concert has first received written approval for such acquisition, change in control, or designation as an executive officer from the department. In order to obtain such approval, such person or group of persons acting in concert shall: (1) File an application with the department in such form as the department may prescribe from time to time; (2) Provide such other information as the department may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors and executive officers, if a corporation, and its members, if applicable, and of any proposed new directors, executive officers, members, or ultimate equitable owners of the licensee; and (3) Pay such application fee as the department may prescribe.

(a) Except as provided in this Code section, no person or group of persons acting in concert shall become an ultimate equitable owner of any licensee through acquisition or other change in control or become an executive officer of a licensee as a result of such acquisition or other change in control unless the person or group of persons acting in concert has first received written approval for such acquisition, change in control, or designation as an executive officer from the department. In order to obtain such approval, such person or group of persons acting in concert shall:

(1) File an application with the department in such form as the department may prescribe from time to time;

(1) File an application with the department in such form as the department may prescribe from time to time;

(2) Provide such other information as the department may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors and executive officers, if a corporation, and its members, if applicable, and of any proposed new directors, executive officers, members, or ultimate equitable owners of the licensee; and

(2) Provide such other information as the department may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors and executive officers, if a corporation, and its members, if applicable, and of any proposed new directors, executive officers, members, or ultimate equitable owners of the licensee; and

(3) Pay such application fee as the department may prescribe.

(3) Pay such application fee as the department may prescribe.

(b) The department may prescribe additional requirements for approval of such acquisition, change in control, or designation as an executive officer as a result of such acquisition or other change in control through rules and regulations.

(b) The department may prescribe additional requirements for approval of such acquisition, change in control, or designation as an executive officer as a result of such acquisition or other change in control through rules and regulations.

(c) If the application is denied, the department shall notify the applicant of the denial and the reasons for the denial.

(c) If the application is denied, the department shall notify the applicant of the denial and the reasons for the denial.

(d) The application provisions of this Code section shall not apply to: (1) An acquisition by a passive investor, provided that such person submits documentation to the department, in a form prescribed by the department, establishing that such person meets the criteria for a passive investor prior to such acquisition. The failure to provide acceptable documentation establishing that the person qualifies as a passive investor or to continuously satisfy the passive investor requirements shall require the filing of a change of control application; (2) An acquisition of a licensee by a person licensed by the department under this article, provided that: (A) The person has not had a license revoked or suspended in any jurisdiction; (B) The person is well-managed and has received at least a satisfactory rating for compliance and supervision at its most recent examination by the department or a state agency whose money transmitter regulatory program has been accredited by the appropriate governing authority; (C) The resulting entity or entities are projected to meet the financial condition requirements established by this article; (D) Neither the person nor the licensee to be acquired will implement any material changes to their respective business plans as a result of the acquisition; and (E) The person provides the department with prior notice of the acquisition and attests to the requirements provided in this paragraph in a form prescribed by the department. If the department does not approve such notice of acquisition within 30 days of the date on which the notice was determined by the department to be complete, the notice is deemed approved. If the department disapproves such notice of acquisition, the acquiring person shall be required to file a change of control application; or (3) A change of control of a licensee under any of the following circumstances, provided that the licensee provides written notice to the department no later than ten business days after the effective date of the change: (A) A designation of a person to act as a proxy for the sole purpose of voting at a designated meeting of the shareholders or holders of voter shares or voting interests of a licensee or person in control of a licensee; (B) An acquisition of an interest in a licensee by a person by bequest, descent, or survivorship; (C) An acquisition of an interest in a licensee by a person as a personal representative, custodian, guardian, conservator, or trustee, as an officer appointed by a court of competent jurisdiction, or by operation of law; (D) An acquisition of an interest in a licensee by a person that is exempt from licensure pursuant to Code Section 7-1-682 ; (E) A public offering of securities of a licensee or person in control of a licensee; or (F) An internal reorganization of a person in control of a licensee where the person in control of the licensee remains the same.

(d) The application provisions of this Code section shall not apply to:

(1) An acquisition by a passive investor, provided that such person submits documentation to the department, in a form prescribed by the department, establishing that such person meets the criteria for a passive investor prior to such acquisition. The failure to provide acceptable documentation establishing that the person qualifies as a passive investor or to continuously satisfy the passive investor requirements shall require the filing of a change of control application;

(1) An acquisition by a passive investor, provided that such person submits documentation to the department, in a form prescribed by the department, establishing that such person meets the criteria for a passive investor prior to such acquisition. The failure to provide acceptable documentation establishing that the person qualifies as a passive investor or to continuously satisfy the passive investor requirements shall require the filing of a change of control application;

(2) An acquisition of a licensee by a person licensed by the department under this article, provided that: (A) The person has not had a license revoked or suspended in any jurisdiction; (B) The person is well-managed and has received at least a satisfactory rating for compliance and supervision at its most recent examination by the department or a state agency whose money transmitter regulatory program has been accredited by the appropriate governing authority; (C) The resulting entity or entities are projected to meet the financial condition requirements established by this article; (D) Neither the person nor the licensee to be acquired will implement any material changes to their respective business plans as a result of the acquisition; and (E) The person provides the department with prior notice of the acquisition and attests to the requirements provided in this paragraph in a form prescribed by the department. If the department does not approve such notice of acquisition within 30 days of the date on which the notice was determined by the department to be complete, the notice is deemed approved. If the department disapproves such notice of acquisition, the acquiring person shall be required to file a change of control application; or

(2) An acquisition of a licensee by a person licensed by the department under this article, provided that:

(A) The person has not had a license revoked or suspended in any jurisdiction;

(A) The person has not had a license revoked or suspended in any jurisdiction;

(B) The person is well-managed and has received at least a satisfactory rating for compliance and supervision at its most recent examination by the department or a state agency whose money transmitter regulatory program has been accredited by the appropriate governing authority;

(B) The person is well-managed and has received at least a satisfactory rating for compliance and supervision at its most recent examination by the department or a state agency whose money transmitter regulatory program has been accredited by the appropriate governing authority;

(C) The resulting entity or entities are projected to meet the financial condition requirements established by this article;

(C) The resulting entity or entities are projected to meet the financial condition requirements established by this article;

(D) Neither the person nor the licensee to be acquired will implement any material changes to their respective business plans as a result of the acquisition; and

(D) Neither the person nor the licensee to be acquired will implement any material changes to their respective business plans as a result of the acquisition; and

(E) The person provides the department with prior notice of the acquisition and attests to the requirements provided in this paragraph in a form prescribed by the department. If the department does not approve such notice of acquisition within 30 days of the date on which the notice was determined by the department to be complete, the notice is deemed approved. If the department disapproves such notice of acquisition, the acquiring person shall be required to file a change of control application; or

(E) The person provides the department with prior notice of the acquisition and attests to the requirements provided in this paragraph in a form prescribed by the department. If the department does not approve such notice of acquisition within 30 days of the date on which the notice was determined by the department to be complete, the notice is deemed approved. If the department disapproves such notice of acquisition, the acquiring person shall be required to file a change of control application; or

(3) A change of control of a licensee under any of the following circumstances, provided that the licensee provides written notice to the department no later than ten business days after the effective date of the change: (A) A designation of a person to act as a proxy for the sole purpose of voting at a designated meeting of the shareholders or holders of voter shares or voting interests of a licensee or person in control of a licensee; (B) An acquisition of an interest in a licensee by a person by bequest, descent, or survivorship; (C) An acquisition of an interest in a licensee by a person as a personal representative, custodian, guardian, conservator, or trustee, as an officer appointed by a court of competent jurisdiction, or by operation of law; (D) An acquisition of an interest in a licensee by a person that is exempt from licensure pursuant to Code Section 7-1-682 ; (E) A public offering of securities of a licensee or person in control of a licensee; or (F) An internal reorganization of a person in control of a licensee where the person in control of the licensee remains the same.

(3) A change of control of a licensee under any of the following circumstances, provided that the licensee provides written notice to the department no later than ten business days after the effective date of the change:

(A) A designation of a person to act as a proxy for the sole purpose of voting at a designated meeting of the shareholders or holders of voter shares or voting interests of a licensee or person in control of a licensee;

(A) A designation of a person to act as a proxy for the sole purpose of voting at a designated meeting of the shareholders or holders of voter shares or voting interests of a licensee or person in control of a licensee;

(B) An acquisition of an interest in a licensee by a person by bequest, descent, or survivorship;

(B) An acquisition of an interest in a licensee by a person by bequest, descent, or survivorship;

(C) An acquisition of an interest in a licensee by a person as a personal representative, custodian, guardian, conservator, or trustee, as an officer appointed by a court of competent jurisdiction, or by operation of law;

(C) An acquisition of an interest in a licensee by a person as a personal representative, custodian, guardian, conservator, or trustee, as an officer appointed by a court of competent jurisdiction, or by operation of law;

(D) An acquisition of an interest in a licensee by a person that is exempt from licensure pursuant to Code Section 7-1-682 ;

(D) An acquisition of an interest in a licensee by a person that is exempt from licensure pursuant to Code Section 7-1-682 ;

(E) A public offering of securities of a licensee or person in control of a licensee; or

(E) A public offering of securities of a licensee or person in control of a licensee; or

(F) An internal reorganization of a person in control of a licensee where the person in control of the licensee remains the same.

(F) An internal reorganization of a person in control of a licensee where the person in control of the licensee remains the same.

(e) If the department determines that any person acquiring control of a licensee pursuant to subparagraph (d)(3)(A), (d)(3)(B), or (d)(3)(C) of this Code section does not meet the requirements of subsection (b) or (c) of Code Section 7-1-684 , the department may require the filing of a change in control application as provided in this Code section.

(e) If the department determines that any person acquiring control of a licensee pursuant to subparagraph (d)(3)(A), (d)(3)(B), or (d)(3)(C) of this Code section does not meet the requirements of subsection (b) or (c) of Code Section 7-1-684 , the department may require the filing of a change in control application as provided in this Code section.
O.C.G.A. § 7-1-603 — GA Code / Title 7 / Chapter 1 / Section 7-1-603
Georgia Code Title 7. Banking and Finance § 7-1-603
Status: in_force

(a) An approved banking location may have an extension, which is not a branch or main office, at which banking activities may occur. The extensions described in this Code section do not require approval but may have certain restrictions or required notifications.

(a) An approved banking location may have an extension, which is not a branch or main office, at which banking activities may occur. The extensions described in this Code section do not require approval but may have certain restrictions or required notifications.

(b) The following are extensions: (1) “ Automated teller machine ” means electronic equipment which performs routine banking transactions, including, but not limited to, the taking of deposits for the public at locations off premises of a bank's main or branch office under regulations prescribed by the commissioner. This term includes electronic equipment that utilizes, or has the capability to utilize, live video chat with offsite bank personnel who may assist with banking services, including, but not limited to, account initiation. (2) “ Cash dispensing machine ” means for the purposes of this part and as used in paragraph (4) of subsection (b) of Code Section 7-1-241 an automated or electronic terminal which dispenses cash or scrip redeemable for goods and services or for cash, goods, and services. Such machines may provide account information but may not initiate intrabank transactions other than those necessary and incidental to the dispensing of cash. (3) “ Night depository ” means a drop box where customers can make deposits or payments outside of normal banking hours. (4) “ Point-of-sale terminal ” means electronic equipment located in nonbank business outlets to record electronically bank transactions occurring as a result of the sale of goods or services. For purposes of this Code section, the terms “automated teller machine,” “point-of-sale terminal,” “cash dispensing machine,” and “night depository” shall not include personal communication devices such as telephones, computer terminals, modems, and other similar devices which are not accessible to the general public but are intended for use by a single bank customer. It is not the intent of this Code section to limit the ability of banks or other entities to utilize personal communication devices. The department may by regulation further define “automated teller machine,” “point-of-sale terminal,” “cash dispensing machine,” “night depository,” and “personal communication device” consistent with the objectives set forth in Code Section 7-1-3 .

(b) The following are extensions:

(1) “ Automated teller machine ” means electronic equipment which performs routine banking transactions, including, but not limited to, the taking of deposits for the public at locations off premises of a bank's main or branch office under regulations prescribed by the commissioner. This term includes electronic equipment that utilizes, or has the capability to utilize, live video chat with offsite bank personnel who may assist with banking services, including, but not limited to, account initiation.

(1) “ Automated teller machine ” means electronic equipment which performs routine banking transactions, including, but not limited to, the taking of deposits for the public at locations off premises of a bank's main or branch office under regulations prescribed by the commissioner. This term includes electronic equipment that utilizes, or has the capability to utilize, live video chat with offsite bank personnel who may assist with banking services, including, but not limited to, account initiation.

(2) “ Cash dispensing machine ” means for the purposes of this part and as used in paragraph (4) of subsection (b) of Code Section 7-1-241 an automated or electronic terminal which dispenses cash or scrip redeemable for goods and services or for cash, goods, and services. Such machines may provide account information but may not initiate intrabank transactions other than those necessary and incidental to the dispensing of cash.

(2) “ Cash dispensing machine ” means for the purposes of this part and as used in paragraph (4) of subsection (b) of Code Section 7-1-241 an automated or electronic terminal which dispenses cash or scrip redeemable for goods and services or for cash, goods, and services. Such machines may provide account information but may not initiate intrabank transactions other than those necessary and incidental to the dispensing of cash.

(3) “ Night depository ” means a drop box where customers can make deposits or payments outside of normal banking hours.

(3) “ Night depository ” means a drop box where customers can make deposits or payments outside of normal banking hours.

(4) “ Point-of-sale terminal ” means electronic equipment located in nonbank business outlets to record electronically bank transactions occurring as a result of the sale of goods or services.

(4) “ Point-of-sale terminal ” means electronic equipment located in nonbank business outlets to record electronically bank transactions occurring as a result of the sale of goods or services.

For purposes of this Code section, the terms “automated teller machine,” “point-of-sale terminal,” “cash dispensing machine,” and “night depository” shall not include personal communication devices such as telephones, computer terminals, modems, and other similar devices which are not accessible to the general public but are intended for use by a single bank customer. It is not the intent of this Code section to limit the ability of banks or other entities to utilize personal communication devices. The department may by regulation further define “automated teller machine,” “point-of-sale terminal,” “cash dispensing machine,” “night depository,” and “personal communication device” consistent with the objectives set forth in Code Section 7-1-3 .

(c) The following are restrictions on location of an extension: (1) Any federally insured bank may operate automated teller machines throughout the state. These machines may be operated individually by any bank or jointly on a cost-sharing basis by two or more banks; (2) Any bank may operate cash dispensing machines throughout the state. Access to and use of cash dispensing machines may be available to all banks in this state on an individual or a shared basis; (3) A night depository may be located anywhere in the state; and (4) A point-of-sale terminal may be located anywhere in the state.

(c) The following are restrictions on location of an extension:

(1) Any federally insured bank may operate automated teller machines throughout the state. These machines may be operated individually by any bank or jointly on a cost-sharing basis by two or more banks;

(1) Any federally insured bank may operate automated teller machines throughout the state. These machines may be operated individually by any bank or jointly on a cost-sharing basis by two or more banks;

(2) Any bank may operate cash dispensing machines throughout the state. Access to and use of cash dispensing machines may be available to all banks in this state on an individual or a shared basis;

(2) Any bank may operate cash dispensing machines throughout the state. Access to and use of cash dispensing machines may be available to all banks in this state on an individual or a shared basis;

(3) A night depository may be located anywhere in the state; and

(3) A night depository may be located anywhere in the state; and

(4) A point-of-sale terminal may be located anywhere in the state.

(4) A point-of-sale terminal may be located anywhere in the state.

(d) An extension not defined in subsection (b) of this Code section is permitted, provided that such extension is located within the boundary lines of a single contiguous area of property owned or leased by the bank and used as a banking location, or if it is within 200 yards of such banking location. Banking services may be performed at the extension. Written notification to the department is required for such extension.

(d) An extension not defined in subsection (b) of this Code section is permitted, provided that such extension is located within the boundary lines of a single contiguous area of property owned or leased by the bank and used as a banking location, or if it is within 200 yards of such banking location. Banking services may be performed at the extension. Written notification to the department is required for such extension.
O.C.G.A. § 7-3-21 — GA Code / Title 7 / Chapter 3 / Section 7-3-21
Georgia Code Title 7. Banking and Finance § 7-3-21
Status: in_force

(a) An applicant shall provide with its application a corporate surety bond issued by a bonding company or insurance company authorized to do business in this state and approved by the department.

(a) An applicant shall provide with its application a corporate surety bond issued by a bonding company or insurance company authorized to do business in this state and approved by the department.

(b) The bond shall: (1) Be in a form satisfactory to the department; (2) Be in the aggregate amount of $25,000.00 for the primary location to be operated by a licensee plus $5,000.00 for each additional location to be operated by such licensee, provided that no licensee shall be required to have a bond that exceeds a total amount of $100,000.00; (3) Run to the State of Georgia for the benefit of the department or any claimant against a licensee arising out of the licensee's business of making installment loans; (4) Require a licensee to pay any and all money for the benefit of any person damaged by noncompliance of the licensee with this chapter, with rules, regulations, or orders issued by the department pursuant to this chapter, or with any condition of the bond; and (5) Require a licensee to pay any and all money that may become due and owing to any creditor of or claimant against the licensee arising out of the licensee's business of making installment loans.

(b) The bond shall:

(1) Be in a form satisfactory to the department;

(1) Be in a form satisfactory to the department;

(2) Be in the aggregate amount of $25,000.00 for the primary location to be operated by a licensee plus $5,000.00 for each additional location to be operated by such licensee, provided that no licensee shall be required to have a bond that exceeds a total amount of $100,000.00;

(2) Be in the aggregate amount of $25,000.00 for the primary location to be operated by a licensee plus $5,000.00 for each additional location to be operated by such licensee, provided that no licensee shall be required to have a bond that exceeds a total amount of $100,000.00;

(3) Run to the State of Georgia for the benefit of the department or any claimant against a licensee arising out of the licensee's business of making installment loans;

(3) Run to the State of Georgia for the benefit of the department or any claimant against a licensee arising out of the licensee's business of making installment loans;

(4) Require a licensee to pay any and all money for the benefit of any person damaged by noncompliance of the licensee with this chapter, with rules, regulations, or orders issued by the department pursuant to this chapter, or with any condition of the bond; and

(4) Require a licensee to pay any and all money for the benefit of any person damaged by noncompliance of the licensee with this chapter, with rules, regulations, or orders issued by the department pursuant to this chapter, or with any condition of the bond; and

(5) Require a licensee to pay any and all money that may become due and owing to any creditor of or claimant against the licensee arising out of the licensee's business of making installment loans.

(5) Require a licensee to pay any and all money that may become due and owing to any creditor of or claimant against the licensee arising out of the licensee's business of making installment loans.

(c) Payments due under the bond shall include money owed to the department for fees and related interest and penalties under Code Section 7-3-16 and fines or penalties for noncompliance of the licensee with this chapter or rules, regulations, or orders issued pursuant to this chapter.

(c) Payments due under the bond shall include money owed to the department for fees and related interest and penalties under Code Section 7-3-16 and fines or penalties for noncompliance of the licensee with this chapter or rules, regulations, or orders issued pursuant to this chapter.

(d) Claimants or creditors against the licensee may bring an action directly on the bond.

(d) Claimants or creditors against the licensee may bring an action directly on the bond.

(e) In no event shall the aggregate liability of the surety exceed the principal sum of the face amount of the bond.

(e) In no event shall the aggregate liability of the surety exceed the principal sum of the face amount of the bond.

(f) In the event that the principal sum of the bond is reduced by one or more recoveries or payments thereon, a licensee shall: (1) Provide a new or additional bond so that the total or aggregate principal sum of such bond or bonds equals the sum required under subsection (b) of this Code section; or (2) Provide an endorsement duly executed by the corporate surety reinstating the bond to the required principal sum thereof.

(f) In the event that the principal sum of the bond is reduced by one or more recoveries or payments thereon, a licensee shall:

(1) Provide a new or additional bond so that the total or aggregate principal sum of such bond or bonds equals the sum required under subsection (b) of this Code section; or

(1) Provide a new or additional bond so that the total or aggregate principal sum of such bond or bonds equals the sum required under subsection (b) of this Code section; or

(2) Provide an endorsement duly executed by the corporate surety reinstating the bond to the required principal sum thereof.

(2) Provide an endorsement duly executed by the corporate surety reinstating the bond to the required principal sum thereof.

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

(g) A bond shall not be canceled by either the licensee or the corporate surety except upon notice to the department electronically through the Nationwide Multistate Licensing System and Registry, and such cancellation shall be effective no sooner than 30 days after receipt by the department of such notice and only with respect to any breach of condition occurring after the effective date of such cancellation.
O.C.G.A. § 7-1-758 — GA Code / Title 7 / Chapter 1 / Section 7-1-758
Georgia Code Title 7. Banking and Finance § 7-1-758
Status: in_force

(a) Any tax exemptions, tax credits, or tax privileges granted to banks or trust companies and other financial institutions by any general laws of this state are granted to corporations organized pursuant to this article.

(a) Any tax exemptions, tax credits, or tax privileges granted to banks or trust companies and other financial institutions by any general laws of this state are granted to corporations organized pursuant to this article.

(b) Every corporation organized and engaged in business under this article shall pay an annual state occupational license tax of $50.00. Counties and municipalities are authorized, in addition, to levy the occupational license taxes as prescribed; provided, however, that no county or municipality shall levy any such occupational license tax in a greater amount than those prescribed.

(b) Every corporation organized and engaged in business under this article shall pay an annual state occupational license tax of $50.00. Counties and municipalities are authorized, in addition, to levy the occupational license taxes as prescribed; provided, however, that no county or municipality shall levy any such occupational license tax in a greater amount than those prescribed.
O.C.G.A. § 7-1-953 — GA Code / Title 7 / Chapter 1 / Section 7-1-953
Georgia Code Title 7. Banking and Finance § 7-1-953
Status: in_force

The corporation shall not deposit any of its funds in any bank or other financial institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated. The corporation shall not receive money on deposit.
O.C.G.A. § 7-1-65 — GA Code / Title 7 / Chapter 1 / Section 7-1-65
Georgia Code Title 7. Banking and Finance § 7-1-65
Status: in_force

When requested in writing by the board of directors or holders of a majority of the shares of a financial institution, the department, at a time fixed by it, shall examine or investigate the affairs and condition of the financial institution. However, this provision shall not be construed to mean that such institution, directors, or shareholders shall have any greater right to require the department to disclose the results of such examination or investigation than they have in case of any examination or investigation at the insistence of the department nor shall the department be required under this Code section to make more than one examination per year of any financial institution.
O.C.G.A. § 7-1-794 — GA Code / Title 7 / Chapter 1 / Section 7-1-794
Georgia Code Title 7. Banking and Finance § 7-1-794
Status: in_force

Whenever, under the laws of this state or otherwise, a deposit of securities is required for any purpose, the deposits made legal investments by Code Section 7-1-793 shall be acceptable as such security; and, whenever, under the law of this state or otherwise, a bond is required with security, such bond may be furnished and the deposits made legal investments by Code Section 7-1-793 in the amount of such bond shall be acceptable to secure said bond without other security. This Code section and Code Section 7-1-793 are supplemental to any and all other laws relating to and declaring what shall be legal investments for the persons, corporations, organizations, and officials referred to in these Code sections and the laws relating to the deposit of securities and the making and filing of bonds for any purpose.
O.C.G.A. § 7-1-394 — GA Code / Title 7 / Chapter 1 / Section 7-1-394
Georgia Code Title 7. Banking and Finance § 7-1-394
Status: in_force

(a) Upon receipt of the articles and the filings and fees from the incorporators as required by Code Section 7-1-393 , the department shall conduct such investigation as it may deem necessary to ascertain whether it should approve the proposed bank or trust company. The department shall approve the bank or trust company if and only if it determines in its discretion that: (1) The articles and supporting items satisfy the requirements of this chapter; (2) The convenience and needs of the public will be served by the proposed bank or trust company; (3) There is a reasonable promise of adequate support for the bank or trust company in the light of: (A) The competition offered by existing banks and trust companies and other financial institutions; (B) The previous financial history of the community as to banks, trust companies, and other financial institutions; (C) As to banks, the opportunities for profitable employment of bank funds as indicated by the average demand for credit, the number of potential depositors, the volume of bank transactions, and the businesses and industries of the community with particular regard to their stability, diversification, and size; and (D) As to trust companies, the opportunities for profitable employment of fiduciary or other representative services; (4) The character and fitness of the incorporators, of the directors, and of the proposed officers are such as to command the confidence of the community and to warrant the belief that the business of the proposed bank or trust company will be honestly and efficiently conducted; (5) There has not been any material violation of Code Section 7-1-391 , so that approving the articles would, in the opinion of the department, impair the policy manifested by that provision; (6) The capital structure of the proposed bank or trust company is adequate in relation to the amount and character of the anticipated business of the bank or trust company and the safety of prospective depositors; (7) In the case of trust companies, the proposed company will have sufficient personnel with adequate knowledge and experience to administer fiduciary accounts; (8) In the case of trust companies, the incorporators, directors, and proposed officers have satisfactory results from a fingerprint record check report conducted by the Georgia Crime Information Center and the Federal Bureau of Investigation. The department shall be authorized to obtain conviction data with respect to any person who is an incorporator, director, or proposed officer of the proposed trust company. Each incorporator, director, or proposed officer of a trust company shall provide express written consent to the department to conduct the criminal background check and to use all information necessary to run such check, including, but not limited to, a classifiable set of fingerprints. The proposed trust company shall be responsible for all fees associated with the performance of such criminal background check; and (9) In the case of trust companies, the incorporators, directors, and proposed officers have demonstrated financial responsibility, character, and general fitness. The department shall be authorized to obtain personal history and work experience and other information, including, but not limited to, independent credit reports obtained from a consumer reporting agency described in the federal Fair Credit Reporting Act, 15 U.S.C. Section 1681a(f) , with respect to any person who is an incorporator, director, or proposed officer of the proposed trust company.

(a) Upon receipt of the articles and the filings and fees from the incorporators as required by Code Section 7-1-393 , the department shall conduct such investigation as it may deem necessary to ascertain whether it should approve the proposed bank or trust company. The department shall approve the bank or trust company if and only if it determines in its discretion that:

(1) The articles and supporting items satisfy the requirements of this chapter;

(1) The articles and supporting items satisfy the requirements of this chapter;

(2) The convenience and needs of the public will be served by the proposed bank or trust company;

(2) The convenience and needs of the public will be served by the proposed bank or trust company;

(3) There is a reasonable promise of adequate support for the bank or trust company in the light of: (A) The competition offered by existing banks and trust companies and other financial institutions; (B) The previous financial history of the community as to banks, trust companies, and other financial institutions; (C) As to banks, the opportunities for profitable employment of bank funds as indicated by the average demand for credit, the number of potential depositors, the volume of bank transactions, and the businesses and industries of the community with particular regard to their stability, diversification, and size; and (D) As to trust companies, the opportunities for profitable employment of fiduciary or other representative services;

(3) There is a reasonable promise of adequate support for the bank or trust company in the light of:

(A) The competition offered by existing banks and trust companies and other financial institutions;

(A) The competition offered by existing banks and trust companies and other financial institutions;

(B) The previous financial history of the community as to banks, trust companies, and other financial institutions;

(B) The previous financial history of the community as to banks, trust companies, and other financial institutions;

(C) As to banks, the opportunities for profitable employment of bank funds as indicated by the average demand for credit, the number of potential depositors, the volume of bank transactions, and the businesses and industries of the community with particular regard to their stability, diversification, and size; and

(C) As to banks, the opportunities for profitable employment of bank funds as indicated by the average demand for credit, the number of potential depositors, the volume of bank transactions, and the businesses and industries of the community with particular regard to their stability, diversification, and size; and

(D) As to trust companies, the opportunities for profitable employment of fiduciary or other representative services;

(D) As to trust companies, the opportunities for profitable employment of fiduciary or other representative services;

(4) The character and fitness of the incorporators, of the directors, and of the proposed officers are such as to command the confidence of the community and to warrant the belief that the business of the proposed bank or trust company will be honestly and efficiently conducted;

(4) The character and fitness of the incorporators, of the directors, and of the proposed officers are such as to command the confidence of the community and to warrant the belief that the business of the proposed bank or trust company will be honestly and efficiently conducted;

(5) There has not been any material violation of Code Section 7-1-391 , so that approving the articles would, in the opinion of the department, impair the policy manifested by that provision;

(5) There has not been any material violation of Code Section 7-1-391 , so that approving the articles would, in the opinion of the department, impair the policy manifested by that provision;

(6) The capital structure of the proposed bank or trust company is adequate in relation to the amount and character of the anticipated business of the bank or trust company and the safety of prospective depositors;

(6) The capital structure of the proposed bank or trust company is adequate in relation to the amount and character of the anticipated business of the bank or trust company and the safety of prospective depositors;

(7) In the case of trust companies, the proposed company will have sufficient personnel with adequate knowledge and experience to administer fiduciary accounts;

(7) In the case of trust companies, the proposed company will have sufficient personnel with adequate knowledge and experience to administer fiduciary accounts;

(8) In the case of trust companies, the incorporators, directors, and proposed officers have satisfactory results from a fingerprint record check report conducted by the Georgia Crime Information Center and the Federal Bureau of Investigation. The department shall be authorized to obtain conviction data with respect to any person who is an incorporator, director, or proposed officer of the proposed trust company. Each incorporator, director, or proposed officer of a trust company shall provide express written consent to the department to conduct the criminal background check and to use all information necessary to run such check, including, but not limited to, a classifiable set of fingerprints. The proposed trust company shall be responsible for all fees associated with the performance of such criminal background check; and

(8) In the case of trust companies, the incorporators, directors, and proposed officers have satisfactory results from a fingerprint record check report conducted by the Georgia Crime Information Center and the Federal Bureau of Investigation. The department shall be authorized to obtain conviction data with respect to any person who is an incorporator, director, or proposed officer of the proposed trust company. Each incorporator, director, or proposed officer of a trust company shall provide express written consent to the department to conduct the criminal background check and to use all information necessary to run such check, including, but not limited to, a classifiable set of fingerprints. The proposed trust company shall be responsible for all fees associated with the performance of such criminal background check; and

(9) In the case of trust companies, the incorporators, directors, and proposed officers have demonstrated financial responsibility, character, and general fitness. The department shall be authorized to obtain personal history and work experience and other information, including, but not limited to, independent credit reports obtained from a consumer reporting agency described in the federal Fair Credit Reporting Act, 15 U.S.C. Section 1681a(f) , with respect to any person who is an incorporator, director, or proposed officer of the proposed trust company.

(9) In the case of trust companies, the incorporators, directors, and proposed officers have demonstrated financial responsibility, character, and general fitness. The department shall be authorized to obtain personal history and work experience and other information, including, but not limited to, independent credit reports obtained from a consumer reporting agency described in the federal Fair Credit Reporting Act, 15 U.S.C. Section 1681a(f) , with respect to any person who is an incorporator, director, or proposed officer of the proposed trust company.

(b) Within 90 days after receipt of the articles and the filings and fees from the incorporators as required by Code Section 7-1-393 , the department shall approve or disapprove the proposed bank or trust company. In giving approval, the department may impose conditions to be satisfied prior to the issuance of a permit to do business under Code Section 7-1-396 . If the department, in its discretion, shall approve the proposed bank or trust company with or without conditions, it shall deliver its written approval of the articles to the Secretary of State and notify the incorporators of its action, provided that if the approval of a federal public body is also required with respect to the bank or trust company, then the department may, at its option, withhold its written approval from the Secretary of State until such approval is given and may, at its option, withdraw its approval if the federal public body refuses to grant its approval to the bank or trust company. If the department, in its discretion, shall disapprove the proposed bank or trust company, it shall notify the incorporators of its disapproval and state generally the unfavorable factors influencing its decision. The decision of the department shall be conclusive, except that it may be subject to judicial review as provided in Code Section 7-1-90 .

(b) Within 90 days after receipt of the articles and the filings and fees from the incorporators as required by Code Section 7-1-393 , the department shall approve or disapprove the proposed bank or trust company. In giving approval, the department may impose conditions to be satisfied prior to the issuance of a permit to do business under Code Section 7-1-396 . If the department, in its discretion, shall approve the proposed bank or trust company with or without conditions, it shall deliver its written approval of the articles to the Secretary of State and notify the incorporators of its action, provided that if the approval of a federal public body is also required with respect to the bank or trust company, then the department may, at its option, withhold its written approval from the Secretary of State until such approval is given and may, at its option, withdraw its approval if the federal public body refuses to grant its approval to the bank or trust company. If the department, in its discretion, shall disapprove the proposed bank or trust company, it shall notify the incorporators of its disapproval and state generally the unfavorable factors influencing its decision. The decision of the department shall be conclusive, except that it may be subject to judicial review as provided in Code Section 7-1-90 .

(b.1) The procedure and criteria used in the review of a request to establish an additional banking location pursuant to Code Sections 7-1-601 and 7-1-602 may be streamlined and abbreviated as provided by departmental rule, regulation, or written policy.

(b.1) The procedure and criteria used in the review of a request to establish an additional banking location pursuant to Code Sections 7-1-601 and 7-1-602 may be streamlined and abbreviated as provided by departmental rule, regulation, or written policy.

(c) Nothing contained in this Code section, Code Section 7-1-608 , or Code Section 7-1-622 shall limit the authority of the department to approve the organization of a special purpose bank or trust company which does not do a general banking business with the public but is organized for the purpose of conducting a limited banking business which facilitates the economic, commercial, or export-import trade growth of this state. The department may establish, by rule or by condition to its approval of articles of incorporation of any special bank or of any credit card bank incorporated under the provisions of Chapter 5 of this title, such special provisions concerning distribution of ownership, composition of the board of directors, bylaws, or the conduct of corporate affairs for any such special purpose bank or credit card bank incorporated under the provisions of Chapter 5 of this title as it determines to be consistent with the special nature of such charters and their efficient operation and safe and sound banking practice; provided, however, that in no event shall fewer than a majority of the directors of such special purpose bank or credit card bank be residents of this state.

(c) Nothing contained in this Code section, Code Section 7-1-608 , or Code Section 7-1-622 shall limit the authority of the department to approve the organization of a special purpose bank or trust company which does not do a general banking business with the public but is organized for the purpose of conducting a limited banking business which facilitates the economic, commercial, or export-import trade growth of this state. The department may establish, by rule or by condition to its approval of articles of incorporation of any special bank or of any credit card bank incorporated under the provisions of Chapter 5 of this title, such special provisions concerning distribution of ownership, composition of the board of directors, bylaws, or the conduct of corporate affairs for any such special purpose bank or credit card bank incorporated under the provisions of Chapter 5 of this title as it determines to be consistent with the special nature of such charters and their efficient operation and safe and sound banking practice; provided, however, that in no event shall fewer than a majority of the directors of such special purpose bank or credit card bank be residents of this state.

(d) The department may utilize in its investigation process such reports from other bank supervisory agencies as are pertinent to the requirements of state law.
O.C.G.A. § 7-1-620 — GA Code / Title 7 / Chapter 1 / Section 7-1-620
Georgia Code Title 7. Banking and Finance § 7-1-620
Status: in_force

This part governs the acquisition of banks having banking offices in Georgia by bank holding companies controlling bank subsidiaries having banking offices outside this state. It further governs the acquisition of banks having banking offices outside this state by bank holding companies controlling bank subsidiaries having banking offices in Georgia. It sets forth application, notice, and other related requirements. Acquisitions of banks having banking offices only in Georgia by bank holding companies controlling only bank subsidiaries having banking offices solely in Georgia are governed by the provisions of Code Sections 7-1-605 through 7-1-608 .
O.C.G.A. § 7-1-734 — GA Code / Title 7 / Chapter 1 / Section 7-1-734
Georgia Code Title 7. Banking and Finance § 7-1-734
Status: in_force

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

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

(b) The department may enter into cooperative and reciprocal agreements with the bank regulatory authority of any government for the periodic examination of banking offices and facilities of any kind, including domestic international banking facilities, located within this state and may accept records from such authorities in lieu of conducting its own examination for compliance with laws of this state.

(b) The department may enter into cooperative and reciprocal agreements with the bank regulatory authority of any government for the periodic examination of banking offices and facilities of any kind, including domestic international banking facilities, located within this state and may accept records from such authorities in lieu of conducting its own examination for compliance with laws of this state.
O.C.G.A. § 7-1-1006 — GA Code / Title 7 / Chapter 1 / Section 7-1-1006
Georgia Code Title 7. Banking and Finance § 7-1-1006
Status: in_force

(a) Each license issued under this article shall state the name of the licensee.

(a) Each license issued under this article shall state the name of the licensee.

(b) A licensee shall post a copy of such license in a conspicuous place in each place of business of the licensee.

(b) A licensee shall post a copy of such license in a conspicuous place in each place of business of the licensee.

(c) A license shall not be transferred or assigned.

(c) A license shall not be transferred or assigned.

(d) No licensee shall transact business under any name or names other than those designated in the records of the department.

(d) No licensee shall transact business under any name or names other than those designated in the records of the department.

(e) For mortgage brokers and mortgage lenders, each licensee shall notify the department in writing of any change in the address of the principal place of business or of any additional location of business in Georgia, any change in registered agent or registered office, any change of executive officer or contact person for consumer complaints, or of any material change in the licensee's financial statement. Notice of changes shall be received by the department no later than 30 business days after the change is effective.

(e) For mortgage brokers and mortgage lenders, each licensee shall notify the department in writing of any change in the address of the principal place of business or of any additional location of business in Georgia, any change in registered agent or registered office, any change of executive officer or contact person for consumer complaints, or of any material change in the licensee's financial statement. Notice of changes shall be received by the department no later than 30 business days after the change is effective.

(f) No mortgage broker or mortgage lender shall open a new additional office in Georgia without prior approval of the department. Applications for such additional office shall be made in writing on a form prescribed by the department and shall be accompanied by payment of a $350.00 nonrefundable application fee. The application shall be approved unless the department finds that the applicant has not conducted business under this article efficiently, fairly, in the public interest, and in accordance with law. The application shall be deemed approved if notice to the contrary has not been mailed by the department to the applicant within 45 days of the date the application is received by the department.

(f) No mortgage broker or mortgage lender shall open a new additional office in Georgia without prior approval of the department. Applications for such additional office shall be made in writing on a form prescribed by the department and shall be accompanied by payment of a $350.00 nonrefundable application fee. The application shall be approved unless the department finds that the applicant has not conducted business under this article efficiently, fairly, in the public interest, and in accordance with law. The application shall be deemed approved if notice to the contrary has not been mailed by the department to the applicant within 45 days of the date the application is received by the department.

(g) All branch managers in Georgia shall be approved by the department. A mortgage broker or mortgage lender may place a new branch manager subject to the department's approval but shall file for approval within 15 days of the placement and shall remove the person immediately should the department deny approval.

(g) All branch managers in Georgia shall be approved by the department. A mortgage broker or mortgage lender may place a new branch manager subject to the department's approval but shall file for approval within 15 days of the placement and shall remove the person immediately should the department deny approval.
O.C.G.A. § 7-1-696 — GA Code / Title 7 / Chapter 1 / Section 7-1-696
Georgia Code Title 7. Banking and Finance § 7-1-696
Status: in_force

Any person, partnership, association, or corporation and the several members, officers, directors, agents, ultimate equitable owners, and employees thereof that shall violate any of the provisions of this article shall be guilty of a misdemeanor, which shall be punishable by imprisonment for not more than one year or by a fine of not more than $500.00, or by both such fine and imprisonment.
O.C.G.A. § 7-9-12-1 — GA Code / Title 7 / Chapter 9 / Section 7-9-12-1
Georgia Code Title 7. Banking and Finance § 7-9-12.1
Status: in_force

(a) All merchant funds shall constitute a trust fund until paid to the individual merchant. A merchant acquirer limited purpose bank shall have a fiduciary duty to preserve and account for merchant funds, and merchant acquirer limited purpose banks shall be liable for merchant funds.

(a) All merchant funds shall constitute a trust fund until paid to the individual merchant. A merchant acquirer limited purpose bank shall have a fiduciary duty to preserve and account for merchant funds, and merchant acquirer limited purpose banks shall be liable for merchant funds.

(b) All merchant funds shall be deposited immediately by the merchant acquirer limited purpose bank and shall remain in an account at a financial institution that is federally insured and authorized to do business in this state until paid over to the individual merchant; provided, however, that nothing in this Code section shall preclude a merchant acquirer limited purpose bank from making appropriate deductions for chargebacks, fees, reserves, and other costs related to providing authorized merchant acquiring services owed by the individual merchant prior to remitting the net amount to the individual merchant. At the time of deposit into the account, the funds of the individual merchant in the account shall be deemed to be the property of the individual merchant. The merchant acquirer limited purpose bank shall maintain account records that identify individual merchants and the total amount held for each individual merchant. Such records shall be maintained in good faith and in the ordinary course of business and in a manner that can be readily ascertained.

(b) All merchant funds shall be deposited immediately by the merchant acquirer limited purpose bank and shall remain in an account at a financial institution that is federally insured and authorized to do business in this state until paid over to the individual merchant; provided, however, that nothing in this Code section shall preclude a merchant acquirer limited purpose bank from making appropriate deductions for chargebacks, fees, reserves, and other costs related to providing authorized merchant acquiring services owed by the individual merchant prior to remitting the net amount to the individual merchant. At the time of deposit into the account, the funds of the individual merchant in the account shall be deemed to be the property of the individual merchant. The merchant acquirer limited purpose bank shall maintain account records that identify individual merchants and the total amount held for each individual merchant. Such records shall be maintained in good faith and in the ordinary course of business and in a manner that can be readily ascertained.
O.C.G.A. § 7-4-1 — GA Code / Title 7 / Chapter 4 / Section 7-4-1
Georgia Code Title 7. Banking and Finance § 7-4-1
Status: in_force

The term “usury” means reserving and taking or contracting to reserve and take, either directly or indirectly, a greater sum for the use of money than the lawful interest.
O.C.G.A. § 7-1-705 — GA Code / Title 7 / Chapter 1 / Section 7-1-705
Georgia Code Title 7. Banking and Finance § 7-1-705
Status: in_force

(a) A licensee shall give written notice to the department of any action which may be brought against it by any creditor or claimant where such action relates to activities authorized under this article or involves a claim against the bond filed with the department under subsection (c) of Code Section 7-1-707 . The notice shall provide details sufficient to identify the action and shall be sent within 30 days after the commencement of any such action. The licensee shall also give written notice to the department within 30 days of the entry of any judgment against the licensee.

(a) A licensee shall give written notice to the department of any action which may be brought against it by any creditor or claimant where such action relates to activities authorized under this article or involves a claim against the bond filed with the department under subsection (c) of Code Section 7-1-707 . The notice shall provide details sufficient to identify the action and shall be sent within 30 days after the commencement of any such action. The licensee shall also give written notice to the department within 30 days of the entry of any judgment against the licensee.

(b) A licensee shall give written notice to the department within ten days of the following: (1) Any knowledge or discovery of an act prohibited by Code Section 7-1-703 or 7-1-707 or subsection (a) of Code Section 7-1-708 ; (2) The discharge of any employee for actual or suspected misrepresentations, dishonest acts, or fraudulent acts; or (3) Any knowledge or discovery of an administrative, civil, or criminal action initiated by any government entity against the licensee or any of the licensee's directors, officers, partners, ultimate equitable owners, or any individual who directs the affairs of or controls or establishes policy for the licensee.

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

(1) Any knowledge or discovery of an act prohibited by Code Section 7-1-703 or 7-1-707 or subsection (a) of Code Section 7-1-708 ;

(1) Any knowledge or discovery of an act prohibited by Code Section 7-1-703 or 7-1-707 or subsection (a) of Code Section 7-1-708 ;

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

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

(3) Any knowledge or discovery of an administrative, civil, or criminal action initiated by any government entity against the licensee or any of the licensee's directors, officers, partners, ultimate equitable owners, or any individual who directs the affairs of or controls or establishes policy for the licensee.

(3) Any knowledge or discovery of an administrative, civil, or criminal action initiated by any government entity against the licensee or any of the licensee's directors, officers, partners, ultimate equitable owners, or any individual who directs the affairs of or controls or establishes policy for the licensee.

(c) Unless prior approval of a change in executive officer is required under Code Section 7-1-705.1 and notwithstanding subsection (f) of Code Section 7-1-703 requiring a criminal background check prior to the initial date of hire, a licensee shall notify the department in writing of any change of executive officer in such a manner that the notice is received by the department no later than ten business days after the effective date of the change. In the event of such change, the licensee shall initiate a criminal background check no later than ten business days after the effective date of the change.

(c) Unless prior approval of a change in executive officer is required under Code Section 7-1-705.1 and notwithstanding subsection (f) of Code Section 7-1-703 requiring a criminal background check prior to the initial date of hire, a licensee shall notify the department in writing of any change of executive officer in such a manner that the notice is received by the department no later than ten business days after the effective date of the change. In the event of such change, the licensee shall initiate a criminal background check no later than ten business days after the effective date of the change.
O.C.G.A. § 7-9-11-5 — GA Code / Title 7 / Chapter 9 / Section 7-9-11-5
Georgia Code Title 7. Banking and Finance § 7-9-11.5
Status: in_force

(a) Upon receipt of the articles of merger or consolidation and the filings required by Code Section 7-9-11.4 , the department shall conduct such investigation as it may deem necessary to ascertain whether: (1) The articles of merger or consolidation and supporting items satisfy the requirements of this chapter; (2) The merger or consolidation plan and any modification thereof adequately protect the interests of creditors and shareholders; (3) The requirements for a merger or consolidation under all applicable laws have been satisfied and the resulting merchant acquirer limited purpose bank would satisfy the applicable requirements of this chapter; and (4) The merger or consolidation would not adversely impact the merchant acquirer limited purpose bank, entities engaged in merchant acquiring activities or settlement activities, or the payment card network. In making such a determination, the department will take into consideration competitive, financial, managerial, safety and soundness, compliance, and other concerns with respect to the merger or consolidation plan and all parties.

(a) Upon receipt of the articles of merger or consolidation and the filings required by Code Section 7-9-11.4 , the department shall conduct such investigation as it may deem necessary to ascertain whether:

(1) The articles of merger or consolidation and supporting items satisfy the requirements of this chapter;

(1) The articles of merger or consolidation and supporting items satisfy the requirements of this chapter;

(2) The merger or consolidation plan and any modification thereof adequately protect the interests of creditors and shareholders;

(2) The merger or consolidation plan and any modification thereof adequately protect the interests of creditors and shareholders;

(3) The requirements for a merger or consolidation under all applicable laws have been satisfied and the resulting merchant acquirer limited purpose bank would satisfy the applicable requirements of this chapter; and

(3) The requirements for a merger or consolidation under all applicable laws have been satisfied and the resulting merchant acquirer limited purpose bank would satisfy the applicable requirements of this chapter; and

(4) The merger or consolidation would not adversely impact the merchant acquirer limited purpose bank, entities engaged in merchant acquiring activities or settlement activities, or the payment card network. In making such a determination, the department will take into consideration competitive, financial, managerial, safety and soundness, compliance, and other concerns with respect to the merger or consolidation plan and all parties.

(4) The merger or consolidation would not adversely impact the merchant acquirer limited purpose bank, entities engaged in merchant acquiring activities or settlement activities, or the payment card network. In making such a determination, the department will take into consideration competitive, financial, managerial, safety and soundness, compliance, and other concerns with respect to the merger or consolidation plan and all parties.

(b) Within 90 days after receipt of the articles of merger or consolidation and the filings required by Code Section 7-9-11.4 or within an additional period of not more than 30 days after an amendment to the application is received within the initial 90 day period, the department shall, in its discretion, approve or disapprove such articles on the basis of its investigation and the criteria set forth in subsection (a) of this Code section. Except as provided in Code Section 7-9-11.6 , the department shall provide written notice of its approval along with a copy of the articles of merger or consolidation to the Secretary of State. The department shall provide parties to the merger or consolidation plan written notice of its decision and, in the event of disapproval, a general statement of explanation for its decision. The decision of the department shall be conclusive; provided, however, that such decision may be subject to judicial review as provided for in Code Section 7-1-90 .

(b) Within 90 days after receipt of the articles of merger or consolidation and the filings required by Code Section 7-9-11.4 or within an additional period of not more than 30 days after an amendment to the application is received within the initial 90 day period, the department shall, in its discretion, approve or disapprove such articles on the basis of its investigation and the criteria set forth in subsection (a) of this Code section. Except as provided in Code Section 7-9-11.6 , the department shall provide written notice of its approval along with a copy of the articles of merger or consolidation to the Secretary of State. The department shall provide parties to the merger or consolidation plan written notice of its decision and, in the event of disapproval, a general statement of explanation for its decision. The decision of the department shall be conclusive; provided, however, that such decision may be subject to judicial review as provided for in Code Section 7-1-90 .
O.C.G.A. § 7-1-1124 — GA Code / Title 7 / Chapter 1 / Section 7-1-1124
Georgia Code Title 7. Banking and Finance § 7-1-1124
Status: in_force

(a) The department may require a foreign bank to hold certain assets in this state.

(a) The department may require a foreign bank to hold certain assets in this state.

(b) If the department requires asset maintenance, the amount of assets held by a foreign bank shall be prescribed by the department after consideration of the aggregate amount of liabilities of the Georgia state branch or Georgia state agency, payable at or through the Georgia state branch or Georgia state agency. To determine the aggregate amount of liabilities for purposes of this subsection, the foreign bank shall include bankers' acceptances, but exclude liabilities to the head office and any other branches, offices, agencies, subsidiaries, and affiliates of the foreign bank.

(b) If the department requires asset maintenance, the amount of assets held by a foreign bank shall be prescribed by the department after consideration of the aggregate amount of liabilities of the Georgia state branch or Georgia state agency, payable at or through the Georgia state branch or Georgia state agency. To determine the aggregate amount of liabilities for purposes of this subsection, the foreign bank shall include bankers' acceptances, but exclude liabilities to the head office and any other branches, offices, agencies, subsidiaries, and affiliates of the foreign bank.

(c) In determining compliance with the asset maintenance requirements, the department shall give the Georgia state branch or Georgia state agency credit for: (1) Assets pledged pursuant to Code Section 7-1-1123 ; and (2) Reserves required to be maintained by the Georgia state branch or Georgia state agency pursuant to 12 U.S.C. Section 3105(a) .

(c) In determining compliance with the asset maintenance requirements, the department shall give the Georgia state branch or Georgia state agency credit for:

(1) Assets pledged pursuant to Code Section 7-1-1123 ; and

(1) Assets pledged pursuant to Code Section 7-1-1123 ; and

(2) Reserves required to be maintained by the Georgia state branch or Georgia state agency pursuant to 12 U.S.C. Section 3105(a) .

(2) Reserves required to be maintained by the Georgia state branch or Georgia state agency pursuant to 12 U.S.C. Section 3105(a) .

(d) In determining eligible assets for purposes of this Code section, the Georgia state branch or Georgia state agency shall exclude: (1) Any amount due from the head office or any other branch, office, agency, subsidiary, or affiliate of the foreign bank; (2) Any classified asset; (3) Any asset that, in the determination of the department, is not supported by sufficient credit information; (4) Any deposit with a bank in the United States, unless that bank has executed a valid waiver of offset agreement; (5) Any asset not in the actual possession of the Georgia state branch or Georgia state agency, unless the branch or agency holds title to the asset and maintains records sufficient to enable independent verification of the ownership of the asset by the branch or agency, as determined at the most recent examination; and (6) Any other particular asset or class of assets as provided by the department, based on a case-by-case assessment of the risks associated with the asset.

(d) In determining eligible assets for purposes of this Code section, the Georgia state branch or Georgia state agency shall exclude:

(1) Any amount due from the head office or any other branch, office, agency, subsidiary, or affiliate of the foreign bank;

(1) Any amount due from the head office or any other branch, office, agency, subsidiary, or affiliate of the foreign bank;

(2) Any classified asset;

(2) Any classified asset;

(3) Any asset that, in the determination of the department, is not supported by sufficient credit information;

(3) Any asset that, in the determination of the department, is not supported by sufficient credit information;

(4) Any deposit with a bank in the United States, unless that bank has executed a valid waiver of offset agreement;

(4) Any deposit with a bank in the United States, unless that bank has executed a valid waiver of offset agreement;

(5) Any asset not in the actual possession of the Georgia state branch or Georgia state agency, unless the branch or agency holds title to the asset and maintains records sufficient to enable independent verification of the ownership of the asset by the branch or agency, as determined at the most recent examination; and

(5) Any asset not in the actual possession of the Georgia state branch or Georgia state agency, unless the branch or agency holds title to the asset and maintains records sufficient to enable independent verification of the ownership of the asset by the branch or agency, as determined at the most recent examination; and

(6) Any other particular asset or class of assets as provided by the department, based on a case-by-case assessment of the risks associated with the asset.

(6) Any other particular asset or class of assets as provided by the department, based on a case-by-case assessment of the risks associated with the asset.

(e) In the event the department requires asset maintenance, assets to be held in this state for the purpose of satisfying the ratio of assets to liabilities shall: (1) Include: (A) Currency, bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness, including loan participation agreements or certificates; (B) Other obligations payable in the United States or in United States funds or, with the prior approval of the department, in funds freely convertible into United States funds; and (C) Other assets as may be specified by rule or regulation; and (2) Exclude obligations of a person for money borrowed to the extent that the total of the obligations of the person exceeds 10 percent of total assets considered for purposes of this Code section.

(e) In the event the department requires asset maintenance, assets to be held in this state for the purpose of satisfying the ratio of assets to liabilities shall:

(1) Include: (A) Currency, bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness, including loan participation agreements or certificates; (B) Other obligations payable in the United States or in United States funds or, with the prior approval of the department, in funds freely convertible into United States funds; and (C) Other assets as may be specified by rule or regulation; and

(1) Include:

(A) Currency, bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness, including loan participation agreements or certificates;

(A) Currency, bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness, including loan participation agreements or certificates;

(B) Other obligations payable in the United States or in United States funds or, with the prior approval of the department, in funds freely convertible into United States funds; and

(B) Other obligations payable in the United States or in United States funds or, with the prior approval of the department, in funds freely convertible into United States funds; and

(C) Other assets as may be specified by rule or regulation; and

(C) Other assets as may be specified by rule or regulation; and

(2) Exclude obligations of a person for money borrowed to the extent that the total of the obligations of the person exceeds 10 percent of total assets considered for purposes of this Code section.

(2) Exclude obligations of a person for money borrowed to the extent that the total of the obligations of the person exceeds 10 percent of total assets considered for purposes of this Code section.

(f) For purposes of this Code section, assets shall be valued at the lower of principal amount or market value. The department may determine the value of a nonmarketable security, loan, or other asset or obligation held or owed to the foreign bank or its Georgia state branch or Georgia state agency in this state. If the department cannot determine the value of a nonmarketable asset, such asset shall be excluded from the ratio computation.

(f) For purposes of this Code section, assets shall be valued at the lower of principal amount or market value. The department may determine the value of a nonmarketable security, loan, or other asset or obligation held or owed to the foreign bank or its Georgia state branch or Georgia state agency in this state. If the department cannot determine the value of a nonmarketable asset, such asset shall be excluded from the ratio computation.

(g) The department may require a foreign bank to deposit the assets required to be held in this state pursuant to this Code section with specific banks in this state designated by the department if, because of the existence or the potential occurrence of unusual and extraordinary circumstances, the department considers it necessary or desirable for the maintenance of a sound financial condition; the protection of depositors, creditors, and the public interest in this state; and the maintenance of public confidence in the business of a Georgia state branch or Georgia state agency.

(g) The department may require a foreign bank to deposit the assets required to be held in this state pursuant to this Code section with specific banks in this state designated by the department if, because of the existence or the potential occurrence of unusual and extraordinary circumstances, the department considers it necessary or desirable for the maintenance of a sound financial condition; the protection of depositors, creditors, and the public interest in this state; and the maintenance of public confidence in the business of a Georgia state branch or Georgia state agency.
O.C.G.A. § 7-3-20 — GA Code / Title 7 / Chapter 3 / Section 7-3-20
Georgia Code Title 7. Banking and Finance § 7-3-20
Status: in_force

(a) Each applicant for an original or renewal license shall: (1) Submit an application in writing, under oath, and in such form as the department may prescribe; (2) Furnish to the Nationwide Multistate Licensing System and Registry the following information: (A) The legal name and principal business address of the person applying for the license; (B) The names and the residence and business addresses of each director, owner, and executive officer of the applicant; (C) The address of each location where the applicant will engage in the business of making installment loans in this state; (D) Any name, subject to approval by the department, under which the applicant will engage in the business of making installment loans in this state; and (E) The name and address of the initial registered agent and registered office for service of process in this state; (3) Submit such other data, financial statements, and pertinent information as the department may require with respect to the applicant or its directors, owners, or executive officers; and (4) Pay a nonrefundable supervision fee established by rules and regulations of the department.

(a) Each applicant for an original or renewal license shall:

(1) Submit an application in writing, under oath, and in such form as the department may prescribe;

(1) Submit an application in writing, under oath, and in such form as the department may prescribe;

(2) Furnish to the Nationwide Multistate Licensing System and Registry the following information: (A) The legal name and principal business address of the person applying for the license; (B) The names and the residence and business addresses of each director, owner, and executive officer of the applicant; (C) The address of each location where the applicant will engage in the business of making installment loans in this state; (D) Any name, subject to approval by the department, under which the applicant will engage in the business of making installment loans in this state; and (E) The name and address of the initial registered agent and registered office for service of process in this state;

(2) Furnish to the Nationwide Multistate Licensing System and Registry the following information:

(A) The legal name and principal business address of the person applying for the license;

(A) The legal name and principal business address of the person applying for the license;

(B) The names and the residence and business addresses of each director, owner, and executive officer of the applicant;

(B) The names and the residence and business addresses of each director, owner, and executive officer of the applicant;

(C) The address of each location where the applicant will engage in the business of making installment loans in this state;

(C) The address of each location where the applicant will engage in the business of making installment loans in this state;

(D) Any name, subject to approval by the department, under which the applicant will engage in the business of making installment loans in this state; and

(D) Any name, subject to approval by the department, under which the applicant will engage in the business of making installment loans in this state; and

(E) The name and address of the initial registered agent and registered office for service of process in this state;

(E) The name and address of the initial registered agent and registered office for service of process in this state;

(3) Submit such other data, financial statements, and pertinent information as the department may require with respect to the applicant or its directors, owners, or executive officers; and

(3) Submit such other data, financial statements, and pertinent information as the department may require with respect to the applicant or its directors, owners, or executive officers; and

(4) Pay a nonrefundable supervision fee established by rules and regulations of the department.

(4) Pay a nonrefundable supervision fee established by rules and regulations of the department.

(b) A person applying for an original license shall pay a nonrefundable investigation fee established by rules and regulations of the department.

(b) A person applying for an original license shall pay a nonrefundable investigation fee established by rules and regulations of the department.
O.C.G.A. § 7-1-1109 — GA Code / Title 7 / Chapter 1 / Section 7-1-1109
Georgia Code Title 7. Banking and Finance § 7-1-1109
Status: in_force

Without limiting the power conferred by this title, the department may make reasonable rules and regulations, not inconsistent with law, for the interpretation and enforcement of this article, including, but not limited to, prescribing administrative fines for violations of this article and of any rules promulgated by the department pursuant to this article.
O.C.G.A. § 7-1-131 — GA Code / Title 7 / Chapter 1 / Section 7-1-131
Georgia Code Title 7. Banking and Finance § 7-1-131
Status: reserved

(a) The exclusive right to use a corporate name permitted to be used by a financial institution may be reserved by a person intending to incorporate such an institution, by a corporation intending to engage in business in this state as a financial institution, by a financial institution intending to change its name, or by a national bank, a federal credit union, or a savings and loan association intending to convert into a financial institution organized under the laws of this state.

(a) The exclusive right to use a corporate name permitted to be used by a financial institution may be reserved by a person intending to incorporate such an institution, by a corporation intending to engage in business in this state as a financial institution, by a financial institution intending to change its name, or by a national bank, a federal credit union, or a savings and loan association intending to convert into a financial institution organized under the laws of this state.

(b) Such reservation may be made by filing with the department a letter form application to reserve a specified name. If the department concludes that the use of the name complies with the requirements of Code Section 7-1-130 , is otherwise consistent with the purposes and provisions of this chapter, and is distinguishable upon the records of the Secretary of State from the name of any other corporation, limited partnership, or limited liability company, it shall approve the name and notify the Secretary of State to issue such name reservation.

(b) Such reservation may be made by filing with the department a letter form application to reserve a specified name. If the department concludes that the use of the name complies with the requirements of Code Section 7-1-130 , is otherwise consistent with the purposes and provisions of this chapter, and is distinguishable upon the records of the Secretary of State from the name of any other corporation, limited partnership, or limited liability company, it shall approve the name and notify the Secretary of State to issue such name reservation.

(c) The right to the exclusive use of a name reserved pursuant to this Code section may be transferred to anyone who would be entitled to reserve such name under this Code section except for such prior reservation by filing with the department a notice of the transfer which shall be executed by the transferor who reserved the name and which shall set forth the name and address of the transferee. The department shall send a copy of such notice to the Secretary of State.

(c) The right to the exclusive use of a name reserved pursuant to this Code section may be transferred to anyone who would be entitled to reserve such name under this Code section except for such prior reservation by filing with the department a notice of the transfer which shall be executed by the transferor who reserved the name and which shall set forth the name and address of the transferee. The department shall send a copy of such notice to the Secretary of State.

(d) Notwithstanding any other provisions of law, the process set forth in this Code section shall be the exclusive process for reserving the corporate name of a financial institution. Such reservation shall be valid for a period of six months.

(d) Notwithstanding any other provisions of law, the process set forth in this Code section shall be the exclusive process for reserving the corporate name of a financial institution. Such reservation shall be valid for a period of six months.
O.C.G.A. § 7-1-438 — GA Code / Title 7 / Chapter 1 / Section 7-1-438
Georgia Code Title 7. Banking and Finance § 7-1-438
Status: in_force

(a) Unless otherwise unlawful, an agreement between two or more shareholders, if in writing and signed by the parties thereto and if a copy thereof is delivered to the department and approved by the department when, in its discretion, such agreement is in the best interest of the bank and the public, may provide that in exercising any voting rights the shares held by them shall be voted as therein provided, or as they may agree, or as determined in accordance with a procedure agreed upon by them. Nothing herein shall impair the right of the bank or trust company to treat the shareholders of record as entitled to vote the shares standing in their names.

(a) Unless otherwise unlawful, an agreement between two or more shareholders, if in writing and signed by the parties thereto and if a copy thereof is delivered to the department and approved by the department when, in its discretion, such agreement is in the best interest of the bank and the public, may provide that in exercising any voting rights the shares held by them shall be voted as therein provided, or as they may agree, or as determined in accordance with a procedure agreed upon by them. Nothing herein shall impair the right of the bank or trust company to treat the shareholders of record as entitled to vote the shares standing in their names.

(b) The duration of any agreement permitted by subsection (a) of this Code section shall not exceed 20 years. Failure to state a period of duration or stating a period of duration in excess of 20 years shall not invalidate the agreement, but in either such case the period of duration of the agreement shall be 20 years. Any such agreement shall be renewable at any time before the expiration of such 20 year period by agreement of all the shareholders bound thereby at the date of renewal.

(b) The duration of any agreement permitted by subsection (a) of this Code section shall not exceed 20 years. Failure to state a period of duration or stating a period of duration in excess of 20 years shall not invalidate the agreement, but in either such case the period of duration of the agreement shall be 20 years. Any such agreement shall be renewable at any time before the expiration of such 20 year period by agreement of all the shareholders bound thereby at the date of renewal.

(c) A transferee of shares in a bank or trust company whose shareholders have entered into an agreement authorized by subsection (a) of this Code section shall be bound by such agreement or any renewal of such agreement authorized by subsection (b) of this Code section if he takes the shares with notice thereof. A transferee shall be deemed to have notice of any such agreement or any renewal if the existence thereof is noted on the face or back of the certificate or certificates representing such shares.

(c) A transferee of shares in a bank or trust company whose shareholders have entered into an agreement authorized by subsection (a) of this Code section shall be bound by such agreement or any renewal of such agreement authorized by subsection (b) of this Code section if he takes the shares with notice thereof. A transferee shall be deemed to have notice of any such agreement or any renewal if the existence thereof is noted on the face or back of the certificate or certificates representing such shares.
O.C.G.A. § 7-1-846 — GA Code / Title 7 / Chapter 1 / Section 7-1-846
Georgia Code Title 7. Banking and Finance § 7-1-846
Status: in_force

Upon conviction of a misdemeanor as prescribed by the several provisions of this chapter, the offender shall be punished as prescribed by Code Section 17-10-3 , as now or hereafter amended.
O.C.G.A. § 7-1-630 — GA Code / Title 7 / Chapter 1 / Section 7-1-630
Georgia Code Title 7. Banking and Finance § 7-1-630
Status: reserved

(a) Any number of persons, not less than eight, having a common bond, as defined in subsection (b) of this Code section, may incorporate for the purpose of organizing a credit union in accordance with this article. The persons so desiring to become incorporated shall execute articles which shall set forth the following: (1) The name of the proposed credit union; (2) The territory in which it will operate; (3) The location where its initial registered office will be located; (4) The names and addresses of the subscribers, their occupation, length of service, and that each has subscribed to one share and paid for same; (5) The names and addresses of the original directors; (6) The proposed field of membership specified in detail and having the same common bond as the subscribers; (7) That the purpose and nature of the business are to conduct a credit union with the rights and powers granted by this article; and (8) The term of the existence of the credit union, which shall be perpetual unless otherwise limited.

(a) Any number of persons, not less than eight, having a common bond, as defined in subsection (b) of this Code section, may incorporate for the purpose of organizing a credit union in accordance with this article. The persons so desiring to become incorporated shall execute articles which shall set forth the following:

(1) The name of the proposed credit union;

(1) The name of the proposed credit union;

(2) The territory in which it will operate;

(2) The territory in which it will operate;

(3) The location where its initial registered office will be located;

(3) The location where its initial registered office will be located;

(4) The names and addresses of the subscribers, their occupation, length of service, and that each has subscribed to one share and paid for same;

(4) The names and addresses of the subscribers, their occupation, length of service, and that each has subscribed to one share and paid for same;

(5) The names and addresses of the original directors;

(5) The names and addresses of the original directors;

(6) The proposed field of membership specified in detail and having the same common bond as the subscribers;

(6) The proposed field of membership specified in detail and having the same common bond as the subscribers;

(7) That the purpose and nature of the business are to conduct a credit union with the rights and powers granted by this article; and

(7) That the purpose and nature of the business are to conduct a credit union with the rights and powers granted by this article; and

(8) The term of the existence of the credit union, which shall be perpetual unless otherwise limited.

(8) The term of the existence of the credit union, which shall be perpetual unless otherwise limited.

(b) For purposes of this article, “ common bond ” is described as that specific relationship of occupation, association, or interest; residence or employment within a well-defined neighborhood, community, or rural district; employees of a common employer; or members of a bona fide cooperative, educational, fraternal, professional, religious, rural, or similar organization which tends to create a mutual interest between persons sharing the relationship. Persons related by blood, adoption, or marriage to or living in the same household with a person within such common bond and the surviving spouses of deceased members shall also be considered within the common bond.

(b) For purposes of this article, “ common bond ” is described as that specific relationship of occupation, association, or interest; residence or employment within a well-defined neighborhood, community, or rural district; employees of a common employer; or members of a bona fide cooperative, educational, fraternal, professional, religious, rural, or similar organization which tends to create a mutual interest between persons sharing the relationship. Persons related by blood, adoption, or marriage to or living in the same household with a person within such common bond and the surviving spouses of deceased members shall also be considered within the common bond.

(c) The subscribers shall file the articles with the department together with the fee specified in Code Section 7-1-862 . The department shall certify a copy of the articles and return it to the subscribers.

(c) The subscribers shall file the articles with the department together with the fee specified in Code Section 7-1-862 . The department shall certify a copy of the articles and return it to the subscribers.

(d) The subscriber shall file with the department a certificate from the Secretary of State attesting that the name of the proposed credit union has been reserved as authorized by Code Section 7-1-131 .

(d) The subscriber shall file with the department a certificate from the Secretary of State attesting that the name of the proposed credit union has been reserved as authorized by Code Section 7-1-131 .

(e) The subscriber shall file with the department a copy of the proposed bylaws setting forth the following: (1) The date of the annual meeting, the manner of conducting the same, the number of members constituting a quorum and regulations as to voting, and the manner of notification of the meeting, which shall comply with Code Section 7-1-6 ; (2) The number of directors, which must be not less than five nor more than 25, all of whom must be members, and their powers and duties, together with the duties of the officers elected by the board of directors; (3) The qualifications for membership of those coming within the initial common bond as required by this article; (4) The conditions under which deposits are received and withdrawn; and (5) The charges which shall be made, if any, for failure to meet obligations punctually; whether or not the credit union shall have the power to borrow; and such other matters consistent with this article as may be requisite to the organization and operation of the proposed credit union.

(e) The subscriber shall file with the department a copy of the proposed bylaws setting forth the following:

(1) The date of the annual meeting, the manner of conducting the same, the number of members constituting a quorum and regulations as to voting, and the manner of notification of the meeting, which shall comply with Code Section 7-1-6 ;

(1) The date of the annual meeting, the manner of conducting the same, the number of members constituting a quorum and regulations as to voting, and the manner of notification of the meeting, which shall comply with Code Section 7-1-6 ;

(2) The number of directors, which must be not less than five nor more than 25, all of whom must be members, and their powers and duties, together with the duties of the officers elected by the board of directors;

(2) The number of directors, which must be not less than five nor more than 25, all of whom must be members, and their powers and duties, together with the duties of the officers elected by the board of directors;

(3) The qualifications for membership of those coming within the initial common bond as required by this article;

(3) The qualifications for membership of those coming within the initial common bond as required by this article;

(4) The conditions under which deposits are received and withdrawn; and

(4) The conditions under which deposits are received and withdrawn; and

(5) The charges which shall be made, if any, for failure to meet obligations punctually; whether or not the credit union shall have the power to borrow; and such other matters consistent with this article as may be requisite to the organization and operation of the proposed credit union.

(5) The charges which shall be made, if any, for failure to meet obligations punctually; whether or not the credit union shall have the power to borrow; and such other matters consistent with this article as may be requisite to the organization and operation of the proposed credit union.

(f) The subscriber shall pay such fee as shall be established by regulation of the department to defray the cost of the investigation required by Code Section 7-1-632 , provided that the department shall not be required to set such fee if in its judgment the fee would discourage the organization of credit unions under this article.

(f) The subscriber shall pay such fee as shall be established by regulation of the department to defray the cost of the investigation required by Code Section 7-1-632 , provided that the department shall not be required to set such fee if in its judgment the fee would discourage the organization of credit unions under this article.

(g) The subscriber shall select at least five qualified persons who agree to serve on the board of directors. A signed agreement to serve in these capacities until the first annual meeting or until the election of their successors, whichever is later, shall be executed by those who so agree and filed with the department along with the proposed bylaws.

(g) The subscriber shall select at least five qualified persons who agree to serve on the board of directors. A signed agreement to serve in these capacities until the first annual meeting or until the election of their successors, whichever is later, shall be executed by those who so agree and filed with the department along with the proposed bylaws.