O.C.G.A. § 7-1-1003-6 — GA Code / Title 7 / Chapter 1 / Section 7-1-1003-6
Georgia Code Title 7. Banking and Finance § 7-1-1003.6
Status: in_force

(a) Except as otherwise provided in the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 1 , the requirements under any federal law or Georgia state law regarding the privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensing System and Registry and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to such information or material after the information or material has been disclosed to the Nationwide Multistate Licensing System and Registry. Such information and material may be shared with all state and federal regulatory agencies or law enforcement authorities without the loss of privilege or the loss of confidentiality protection provided by federal or state law.

(a) Except as otherwise provided in the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 1 , the requirements under any federal law or Georgia state law regarding the privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensing System and Registry and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to such information or material after the information or material has been disclosed to the Nationwide Multistate Licensing System and Registry. Such information and material may be shared with all state and federal regulatory agencies or law enforcement authorities without the loss of privilege or the loss of confidentiality protection provided by federal or state law.

(b) Information or material that is subject to privilege or confidentiality under subsection (a) of this Code section shall not be subject to: (1) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or (2) Subpoena or discovery, or admission into evidence, in any private civil action unless with respect to any privilege held by the Nationwide Multistate Licensing System and Registry regarding such information or material, the person to whom such information or material pertains waives, in whole or in part, in the discretion of such person that privilege.

(b) Information or material that is subject to privilege or confidentiality under subsection (a) of this Code section shall not be subject to:

(1) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

(1) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

(2) Subpoena or discovery, or admission into evidence, in any private civil action unless with respect to any privilege held by the Nationwide Multistate Licensing System and Registry regarding such information or material, the person to whom such information or material pertains waives, in whole or in part, in the discretion of such person that privilege.

(2) Subpoena or discovery, or admission into evidence, in any private civil action unless with respect to any privilege held by the Nationwide Multistate Licensing System and Registry regarding such information or material, the person to whom such information or material pertains waives, in whole or in part, in the discretion of such person that privilege.

(c) This Code section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, licensees that are included in the Nationwide Multistate Licensing System and Registry for access by the public.

(c) This Code section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, licensees that are included in the Nationwide Multistate Licensing System and Registry for access by the public.

1 12 USCA § 5101 et seq.
O.C.G.A. § 7-5-3 — GA Code / Title 7 / Chapter 5 / Section 7-5-3
Georgia Code Title 7. Banking and Finance § 7-5-3
Status: in_force

Subject to the provisions of this chapter and to the approval of the commissioner, any domestic lender, foreign lender, or holding company may organize, own, and control a credit card bank on the terms and conditions provided in this Code section:

(1) If the credit card bank is to be organized under the laws of this state, such bank shall be organized as provided in Part 8 of Article 2 of Chapter 1 of this title;

(1) If the credit card bank is to be organized under the laws of this state, such bank shall be organized as provided in Part 8 of Article 2 of Chapter 1 of this title;

(2) In connection with the application to organize, or to own and control a credit card bank, the applicant shall pay applicable fees established by regulation of the department to defray the costs of the investigation and review of the application;

(2) In connection with the application to organize, or to own and control a credit card bank, the applicant shall pay applicable fees established by regulation of the department to defray the costs of the investigation and review of the application;

(3) The shares of a credit card bank shall be owned solely by a domestic lender, a foreign lender, or a holding company;

(3) The shares of a credit card bank shall be owned solely by a domestic lender, a foreign lender, or a holding company;

(4) The credit card bank shall conduct its limited deposit taking business only from a single location in this state;

(4) The credit card bank shall conduct its limited deposit taking business only from a single location in this state;

(5) The credit card bank shall at all times maintain capital stock and paid-in surplus as required by regulatory policies of the department but in no event less than $ 2 million;

(5) The credit card bank shall at all times maintain capital stock and paid-in surplus as required by regulatory policies of the department but in no event less than $ 2 million;

(6) The credit card bank may only engage in the business of soliciting, processing, and making loans pursuant to credit card accounts and conducting such other activities as may be necessary incidents thereto;

(6) The credit card bank may only engage in the business of soliciting, processing, and making loans pursuant to credit card accounts and conducting such other activities as may be necessary incidents thereto;

(7) The credit card bank may not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others, and it may not accept savings or time deposits of less than $ 100,000.00;

(7) The credit card bank may not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others, and it may not accept savings or time deposits of less than $ 100,000.00;

(8) The credit card bank must operate in a manner that is not likely to attract customers from the general public in this state to the substantial detriment of other domestic lenders;

(8) The credit card bank must operate in a manner that is not likely to attract customers from the general public in this state to the substantial detriment of other domestic lenders;

(9) The credit card bank shall have, within one year of the date it commences operations, no fewer than 50 employees located in this state devoted to its credit card activities; provided, however, that where the credit card bank contracts with a qualifying organization for the performance of services incidental to offering credit card activities, the minimum number of employees in this state shall be determined by the commissioner at a level to assure the continued and substantive presence of the credit card bank in this state for the purpose of conducting its corporate affairs and performing the credit underwriting function and such other activities not subject to contract with the qualifying organization as may be incidental to its servicing of credit card accounts; and

(9) The credit card bank shall have, within one year of the date it commences operations, no fewer than 50 employees located in this state devoted to its credit card activities; provided, however, that where the credit card bank contracts with a qualifying organization for the performance of services incidental to offering credit card activities, the minimum number of employees in this state shall be determined by the commissioner at a level to assure the continued and substantive presence of the credit card bank in this state for the purpose of conducting its corporate affairs and performing the credit underwriting function and such other activities not subject to contract with the qualifying organization as may be incidental to its servicing of credit card accounts; and

(10) A domestic lender is not required to establish a credit card bank to issue credit cards and create credit card accounts.

(10) A domestic lender is not required to establish a credit card bank to issue credit cards and create credit card accounts.
O.C.G.A. § 7-1-321 — GA Code / Title 7 / Chapter 1 / Section 7-1-321
Georgia Code Title 7. Banking and Finance § 7-1-321
Status: in_force

(a) Any bank authorized by law to engage in the business of acting as a fiduciary is authorized and empowered to make an affiliate transfer whether or not each governing instrument expressly provides for or contemplates an affiliate transfer or whether or not the fiduciary capacity was created by will, indenture, trust, court order, agreement, or other means. No affiliate transfer shall constitute: (1) A resignation or disqualification of the bank as fiduciary; or (2) A relinquishment of trust powers by the bank making the affiliate transfer. Upon execution of an instrument effecting an affiliate transfer by a bank, the affiliated trust company shall, as of the date specified in the instrument, have all of the rights, powers, privileges, appointments, accounts, and designations of the bank regarding each fiduciary capacity so transferred and shall have title to all property, real, personal, and mixed, and all debts due on whatever account, and all other choses in action, and each and every other interest of or belonging to or due to the bank as fiduciary shall be taken and deemed to be transferred to and vested in the affiliated trust company as fiduciary without further act or deed. The affiliated trust company shall file a certificate of transfer with the department setting forth its name, a copy of its governing instrument, a list of the banks with which it is affiliated, a statement of the facts which establish the affiliate relationship, and such other information as may be appropriate.

(a) Any bank authorized by law to engage in the business of acting as a fiduciary is authorized and empowered to make an affiliate transfer whether or not each governing instrument expressly provides for or contemplates an affiliate transfer or whether or not the fiduciary capacity was created by will, indenture, trust, court order, agreement, or other means. No affiliate transfer shall constitute:

(1) A resignation or disqualification of the bank as fiduciary; or

(1) A resignation or disqualification of the bank as fiduciary; or

(2) A relinquishment of trust powers by the bank making the affiliate transfer.

(2) A relinquishment of trust powers by the bank making the affiliate transfer.

Upon execution of an instrument effecting an affiliate transfer by a bank, the affiliated trust company shall, as of the date specified in the instrument, have all of the rights, powers, privileges, appointments, accounts, and designations of the bank regarding each fiduciary capacity so transferred and shall have title to all property, real, personal, and mixed, and all debts due on whatever account, and all other choses in action, and each and every other interest of or belonging to or due to the bank as fiduciary shall be taken and deemed to be transferred to and vested in the affiliated trust company as fiduciary without further act or deed. The affiliated trust company shall file a certificate of transfer with the department setting forth its name, a copy of its governing instrument, a list of the banks with which it is affiliated, a statement of the facts which establish the affiliate relationship, and such other information as may be appropriate.

(b) Upon an affiliate transfer by a bank, the affiliated trust company, in each fiduciary capacity transferred, shall thenceforth be responsible for the performance of all of the duties, responsibilities, and obligations of the bank in such fiduciary capacity, and any claim existing or action or proceeding pending by or against the fiduciary may be prosecuted as if the affiliate transfer had not taken place and the affiliated trust company, as fiduciary, may be substituted in place of the bank, as fiduciary. Neither the rights of creditors to nor any liens upon the property held in any fiduciary capacity shall be impaired by any affiliate transfer.

(b) Upon an affiliate transfer by a bank, the affiliated trust company, in each fiduciary capacity transferred, shall thenceforth be responsible for the performance of all of the duties, responsibilities, and obligations of the bank in such fiduciary capacity, and any claim existing or action or proceeding pending by or against the fiduciary may be prosecuted as if the affiliate transfer had not taken place and the affiliated trust company, as fiduciary, may be substituted in place of the bank, as fiduciary. Neither the rights of creditors to nor any liens upon the property held in any fiduciary capacity shall be impaired by any affiliate transfer.
O.C.G.A. § 7-5-2 — GA Code / Title 7 / Chapter 5 / Section 7-5-2
Georgia Code Title 7. Banking and Finance § 7-5-2
Status: in_force

As used in this chapter, the term:

(1) “Affiliate” means the same as that set forth in paragraph (1) of Code Section 7-1-4 .

(1) “Affiliate” means the same as that set forth in paragraph (1) of Code Section 7-1-4 .

(2) “Commissioner” and “department” shall have the meanings provided in paragraphs (13) and (16) of Code Section 7-1-4 .

(2) “Commissioner” and “department” shall have the meanings provided in paragraphs (13) and (16) of Code Section 7-1-4 .

(3) “Credit card” means any type of arrangement or loan agreement pursuant to which a domestic lender or credit card bank gives a debtor the privilege of using a credit card or other credit confirmation or device of any type in transactions out of which debt arises: (A) By the domestic lender or credit card bank honoring a draft or similar order for the payment of money created, authorized, issued, or accepted by the debtor; or (B) By the domestic lender or credit card bank paying or agreeing to pay the debtor's obligation.

(3) “Credit card” means any type of arrangement or loan agreement pursuant to which a domestic lender or credit card bank gives a debtor the privilege of using a credit card or other credit confirmation or device of any type in transactions out of which debt arises:

(A) By the domestic lender or credit card bank honoring a draft or similar order for the payment of money created, authorized, issued, or accepted by the debtor; or

(A) By the domestic lender or credit card bank honoring a draft or similar order for the payment of money created, authorized, issued, or accepted by the debtor; or

(B) By the domestic lender or credit card bank paying or agreeing to pay the debtor's obligation.

(B) By the domestic lender or credit card bank paying or agreeing to pay the debtor's obligation.

(4) “Credit card account” means an arrangement between a domestic lender or credit card bank and a debtor for the creation of debt pursuant to a credit card and under which: (A) The domestic lender or credit card bank may permit the debtor to create debt from time to time; (B) The unpaid balance of principal of such debt and the loan, finance, or other appropriate charges are debited to an account; (C) A loan finance charge is computed or an interest rate imposed upon the outstanding balances of the debtor's account from time to time; and (D) The domestic lender or credit card bank is to render bills or statements to the debtor at regular intervals, the amount of which bills or statements is payable by and due from the debtor on a specified date as stated in such bill or statement or, at the option of the debtor, but subject to the terms and conditions of the credit card account, may be paid by the debtor in installments.

(4) “Credit card account” means an arrangement between a domestic lender or credit card bank and a debtor for the creation of debt pursuant to a credit card and under which:

(A) The domestic lender or credit card bank may permit the debtor to create debt from time to time;

(A) The domestic lender or credit card bank may permit the debtor to create debt from time to time;

(B) The unpaid balance of principal of such debt and the loan, finance, or other appropriate charges are debited to an account;

(B) The unpaid balance of principal of such debt and the loan, finance, or other appropriate charges are debited to an account;

(C) A loan finance charge is computed or an interest rate imposed upon the outstanding balances of the debtor's account from time to time; and

(C) A loan finance charge is computed or an interest rate imposed upon the outstanding balances of the debtor's account from time to time; and

(D) The domestic lender or credit card bank is to render bills or statements to the debtor at regular intervals, the amount of which bills or statements is payable by and due from the debtor on a specified date as stated in such bill or statement or, at the option of the debtor, but subject to the terms and conditions of the credit card account, may be paid by the debtor in installments.

(D) The domestic lender or credit card bank is to render bills or statements to the debtor at regular intervals, the amount of which bills or statements is payable by and due from the debtor on a specified date as stated in such bill or statement or, at the option of the debtor, but subject to the terms and conditions of the credit card account, may be paid by the debtor in installments.

(5) “Credit card bank” means a national bank located in this state or a bank organized under the laws of this state which, in either event, the activities of which are limited to those permitted under Code Section 7-5-3 .

(5) “Credit card bank” means a national bank located in this state or a bank organized under the laws of this state which, in either event, the activities of which are limited to those permitted under Code Section 7-5-3 .

(6) “Domestic lender” means any bank, savings and loan association, savings bank, credit union, or other business organization organized or chartered under the laws of this state or the United States, which in any event is authorized by law to accept deposits and make loans and has its principal place of business in this state.

(6) “Domestic lender” means any bank, savings and loan association, savings bank, credit union, or other business organization organized or chartered under the laws of this state or the United States, which in any event is authorized by law to accept deposits and make loans and has its principal place of business in this state.

(7) “Foreign lender” means any bank, savings and loan association, savings bank, credit union, or other business organization organized or chartered under the laws of the United States, or any state other than this state, or the District of Columbia, which in any event is authorized by law to accept deposits and make loans and has its principal place of business outside this state.

(7) “Foreign lender” means any bank, savings and loan association, savings bank, credit union, or other business organization organized or chartered under the laws of the United States, or any state other than this state, or the District of Columbia, which in any event is authorized by law to accept deposits and make loans and has its principal place of business outside this state.

(8) “Holding company” means any company that controls a domestic or foreign lender or a credit card bank. The term “company” and “control” shall have the meanings set forth in Code Section 7-1-605 .

(8) “Holding company” means any company that controls a domestic or foreign lender or a credit card bank. The term “company” and “control” shall have the meanings set forth in Code Section 7-1-605 .

(9) “Qualifying organization” means a corporation, partnership, or other entity which at all times maintains an office in the State of Georgia at which it employs at least 250 persons residing in this state who are directly or indirectly engaged in providing the following services, either for the qualifying organization or on behalf of other domestic or foreign lenders or credit card banks: (A) The distribution of credit cards or other devices designed and effective to access credit card accounts; (B) The preparation of periodic statements of amounts due under credit card accounts; (C) The receipt from credit card holders of amounts paid on or with respect to such accounts; or (D) The maintenance of financial records reflecting the status of such accounts from time to time. The term “qualifying organization” shall also include any domestic bank and credit card bank satisfying the employment and activities requirements set forth in this paragraph.

(9) “Qualifying organization” means a corporation, partnership, or other entity which at all times maintains an office in the State of Georgia at which it employs at least 250 persons residing in this state who are directly or indirectly engaged in providing the following services, either for the qualifying organization or on behalf of other domestic or foreign lenders or credit card banks:

(A) The distribution of credit cards or other devices designed and effective to access credit card accounts;

(A) The distribution of credit cards or other devices designed and effective to access credit card accounts;

(B) The preparation of periodic statements of amounts due under credit card accounts;

(B) The preparation of periodic statements of amounts due under credit card accounts;

(C) The receipt from credit card holders of amounts paid on or with respect to such accounts; or

(C) The receipt from credit card holders of amounts paid on or with respect to such accounts; or

(D) The maintenance of financial records reflecting the status of such accounts from time to time.

(D) The maintenance of financial records reflecting the status of such accounts from time to time.

The term “qualifying organization” shall also include any domestic bank and credit card bank satisfying the employment and activities requirements set forth in this paragraph.
O.C.G.A. § 7-1-1116 — GA Code / Title 7 / Chapter 1 / Section 7-1-1116
Georgia Code Title 7. Banking and Finance § 7-1-1116
Status: in_force

(a) A Georgia state branch or Georgia state agency is subject to this article and other laws of this state applicable to banks as if the Georgia state branch or Georgia state agency were a Georgia state bank unless: (1) This chapter, a rule or regulation of the department, or federal law provides otherwise; or (2) The context of a provision or other information indicates that such provision shall apply only to a bank organized under the laws of a state or the United States.

(a) A Georgia state branch or Georgia state agency is subject to this article and other laws of this state applicable to banks as if the Georgia state branch or Georgia state agency were a Georgia state bank unless:

(1) This chapter, a rule or regulation of the department, or federal law provides otherwise; or

(1) This chapter, a rule or regulation of the department, or federal law provides otherwise; or

(2) The context of a provision or other information indicates that such provision shall apply only to a bank organized under the laws of a state or the United States.

(2) The context of a provision or other information indicates that such provision shall apply only to a bank organized under the laws of a state or the United States.

(b) Among other exceptions to subsection (a) of this Code section that may be required or authorized by the department, provided by this article, or by adopted rules or regulations: (1) A Georgia state branch may only accept deposits subject to the limitations and requirements established by applicable federal law, including, but not limited to, 12 U.S.C. Section 3104 and 12 C.F.R. 28.16 ; (2) A Georgia state agency may not accept deposits; and (3) A limitation or restriction based on the capital and surplus of a Georgia state bank is considered to refer, as applied to a Georgia state branch or Georgia state agency, to the dollar equivalent of the capital and surplus of the foreign bank.

(b) Among other exceptions to subsection (a) of this Code section that may be required or authorized by the department, provided by this article, or by adopted rules or regulations:

(1) A Georgia state branch may only accept deposits subject to the limitations and requirements established by applicable federal law, including, but not limited to, 12 U.S.C. Section 3104 and 12 C.F.R. 28.16 ;

(1) A Georgia state branch may only accept deposits subject to the limitations and requirements established by applicable federal law, including, but not limited to, 12 U.S.C. Section 3104 and 12 C.F.R. 28.16 ;

(2) A Georgia state agency may not accept deposits; and

(2) A Georgia state agency may not accept deposits; and

(3) A limitation or restriction based on the capital and surplus of a Georgia state bank is considered to refer, as applied to a Georgia state branch or Georgia state agency, to the dollar equivalent of the capital and surplus of the foreign bank.

(3) A limitation or restriction based on the capital and surplus of a Georgia state bank is considered to refer, as applied to a Georgia state branch or Georgia state agency, to the dollar equivalent of the capital and surplus of the foreign bank.

(c) Subject to subsections (a) and (b) of this Code section, a foreign bank licensed to transact business in this state through a Georgia state branch or Georgia state agency may: (1) Borrow and lend money with or without property as security; (2) Purchase, sell, and make loans regardless of whether the loans are secured by bond or mortgages on real property; (3) Engage in foreign exchange transactions; (4) Issue, advise, confirm, and otherwise deal with a letter of credit and pay, accept, or negotiate a draft drawn under a letter of credit; (5) Accept a bill of exchange or draft; (6) Buy or acquire and sell or dispose of a bill of exchange, draft, note, acceptance, or other obligation for the payment of money; (7) Maintain a credit balance of money received at the Georgia state branch or Georgia state agency incidental to or arising out of the exercise of its authorized activities in this state, provided that the money is not intended to be a deposit and does not remain in the Georgia state branch or Georgia state agency after the completion of all transactions to which it relates; (8) Accept deposits to the extent permitted by subsection (b) of this Code section; (9) Receive money for transmission and transmit the money from its authorized place of business in this state to any other place without the need for a license under Article 4 of this chapter; (10) Act as an indenture trustee or as a registrar, paying agent, or transfer agent, on behalf of the issuer, for equity or investment securities; (11) Subject to the prior approval of the department in accordance with Code Section 7-1-1117 , act as a fiduciary; and (12) Perform other activities that: (A) Are authorized by the rules and regulations adopted to accomplish the purposes of this article; (B) Are authorized for federal branches of foreign banks, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section 7-1-296 ; or (C) The department determines are analogous or incidental to specific activities authorized by this Code section for a Georgia state branch or Georgia state agency.

(c) Subject to subsections (a) and (b) of this Code section, a foreign bank licensed to transact business in this state through a Georgia state branch or Georgia state agency may:

(1) Borrow and lend money with or without property as security;

(1) Borrow and lend money with or without property as security;

(2) Purchase, sell, and make loans regardless of whether the loans are secured by bond or mortgages on real property;

(2) Purchase, sell, and make loans regardless of whether the loans are secured by bond or mortgages on real property;

(3) Engage in foreign exchange transactions;

(3) Engage in foreign exchange transactions;

(4) Issue, advise, confirm, and otherwise deal with a letter of credit and pay, accept, or negotiate a draft drawn under a letter of credit;

(4) Issue, advise, confirm, and otherwise deal with a letter of credit and pay, accept, or negotiate a draft drawn under a letter of credit;

(5) Accept a bill of exchange or draft;

(5) Accept a bill of exchange or draft;

(6) Buy or acquire and sell or dispose of a bill of exchange, draft, note, acceptance, or other obligation for the payment of money;

(6) Buy or acquire and sell or dispose of a bill of exchange, draft, note, acceptance, or other obligation for the payment of money;

(7) Maintain a credit balance of money received at the Georgia state branch or Georgia state agency incidental to or arising out of the exercise of its authorized activities in this state, provided that the money is not intended to be a deposit and does not remain in the Georgia state branch or Georgia state agency after the completion of all transactions to which it relates;

(7) Maintain a credit balance of money received at the Georgia state branch or Georgia state agency incidental to or arising out of the exercise of its authorized activities in this state, provided that the money is not intended to be a deposit and does not remain in the Georgia state branch or Georgia state agency after the completion of all transactions to which it relates;

(8) Accept deposits to the extent permitted by subsection (b) of this Code section;

(8) Accept deposits to the extent permitted by subsection (b) of this Code section;

(9) Receive money for transmission and transmit the money from its authorized place of business in this state to any other place without the need for a license under Article 4 of this chapter;

(9) Receive money for transmission and transmit the money from its authorized place of business in this state to any other place without the need for a license under Article 4 of this chapter;

(10) Act as an indenture trustee or as a registrar, paying agent, or transfer agent, on behalf of the issuer, for equity or investment securities;

(10) Act as an indenture trustee or as a registrar, paying agent, or transfer agent, on behalf of the issuer, for equity or investment securities;

(11) Subject to the prior approval of the department in accordance with Code Section 7-1-1117 , act as a fiduciary; and

(11) Subject to the prior approval of the department in accordance with Code Section 7-1-1117 , act as a fiduciary; and

(12) Perform other activities that: (A) Are authorized by the rules and regulations adopted to accomplish the purposes of this article; (B) Are authorized for federal branches of foreign banks, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section 7-1-296 ; or (C) The department determines are analogous or incidental to specific activities authorized by this Code section for a Georgia state branch or Georgia state agency.

(12) Perform other activities that:

(A) Are authorized by the rules and regulations adopted to accomplish the purposes of this article;

(A) Are authorized by the rules and regulations adopted to accomplish the purposes of this article;

(B) Are authorized for federal branches of foreign banks, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section 7-1-296 ; or

(B) Are authorized for federal branches of foreign banks, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section 7-1-296 ; or

(C) The department determines are analogous or incidental to specific activities authorized by this Code section for a Georgia state branch or Georgia state agency.

(C) The department determines are analogous or incidental to specific activities authorized by this Code section for a Georgia state branch or Georgia state agency.

(d) A foreign bank licensed to transact business in this state through a Georgia state branch or Georgia state agency may share the premises of the Georgia state branch or Georgia state agency with another authorized office of the foreign bank or direct or indirect subsidiary of the foreign bank, provided that the books or records of the Georgia state branch or Georgia state agency are maintained separately from the books and records of the other office of the foreign bank.

(d) A foreign bank licensed to transact business in this state through a Georgia state branch or Georgia state agency may share the premises of the Georgia state branch or Georgia state agency with another authorized office of the foreign bank or direct or indirect subsidiary of the foreign bank, provided that the books or records of the Georgia state branch or Georgia state agency are maintained separately from the books and records of the other office of the foreign bank.
O.C.G.A. § 7-1-684 — GA Code / Title 7 / Chapter 1 / Section 7-1-684
Georgia Code Title 7. Banking and Finance § 7-1-684
Status: in_force

(a) As used in this Code section, the term “ conviction data ” means a record of a finding, verdict, or plea of guilty or plea of nolo contendere with regard to any crime, regardless of whether an appeal of the conviction has been sought.

(a) As used in this Code section, the term “ conviction data ” means a record of a finding, verdict, or plea of guilty or plea of nolo contendere with regard to any crime, regardless of whether an appeal of the conviction has been sought.

(b) The department shall conduct an investigation of every applicant for licensure to determine the financial responsibility, experience, character, and general fitness of such applicant. The department may issue the applicant a license to transmit money if the department determines to its general satisfaction that: (1) The applicant is financially sound and responsible and able to transmit money in an honest, fair, and efficient manner and with the confidence and trust of the community; and (2) All conditions for licensure set forth in this article or the rules and regulations of the department have been satisfied.

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

(1) The applicant is financially sound and responsible and able to transmit money in an honest, fair, and efficient manner and with the confidence and trust of the community; and

(1) The applicant is financially sound and responsible and able to transmit money in an honest, fair, and efficient manner and with the confidence and trust of the community; and

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

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

(c) The department shall not issue a license or may revoke a license if it finds that the applicant, licensee, or authorized agent; any person who is a director, officer, partner, covered employee, or ultimate equitable owner of the applicant, licensee, or authorized agent; or any individual who directs the affairs of or controls or establishes policy for the applicant, licensee, or authorized agent has been convicted of a felony in any jurisdiction or of a crime which, if committed within this state, would constitute a felony under the laws of this state. For the purposes of this article, a person shall be deemed to have been convicted of a crime if such person shall have pleaded guilty or nolo contendere to a charge thereof before a court or federal magistrate or shall have been found guilty thereof by the decision or judgment of a court or federal magistrate or by the verdict of a jury, irrespective of the pronouncement of sentence or the suspension thereof and regardless of whether first offender treatment without adjudication of guilt pursuant to the charge was entered or an adjudication or sentence was otherwise withheld or not entered on that charge, unless and until such plea of guilty or such decision, judgment, or verdict shall have been set aside, reversed, or otherwise abrogated by lawful judicial process or until probation, sentence, or both probation and sentence of a first offender have been successfully completed and documented or unless the person convicted of the crime shall have received a pardon therefor from the President of the United States or the governor or other pardoning authority in the jurisdiction where the conviction occurred.

(c) The department shall not issue a license or may revoke a license if it finds that the applicant, licensee, or authorized agent; any person who is a director, officer, partner, covered employee, or ultimate equitable owner of the applicant, licensee, or authorized agent; or any individual who directs the affairs of or controls or establishes policy for the applicant, licensee, or authorized agent has been convicted of a felony in any jurisdiction or of a crime which, if committed within this state, would constitute a felony under the laws of this state. For the purposes of this article, a person shall be deemed to have been convicted of a crime if such person shall have pleaded guilty or nolo contendere to a charge thereof before a court or federal magistrate or shall have been found guilty thereof by the decision or judgment of a court or federal magistrate or by the verdict of a jury, irrespective of the pronouncement of sentence or the suspension thereof and regardless of whether first offender treatment without adjudication of guilt pursuant to the charge was entered or an adjudication or sentence was otherwise withheld or not entered on that charge, unless and until such plea of guilty or such decision, judgment, or verdict shall have been set aside, reversed, or otherwise abrogated by lawful judicial process or until probation, sentence, or both probation and sentence of a first offender have been successfully completed and documented or unless the person convicted of the crime shall have received a pardon therefor from the President of the United States or the governor or other pardoning authority in the jurisdiction where the conviction occurred.

(d) The department shall be authorized to obtain conviction data with respect to any applicant, licensee, or authorized agent; any person who is a director, officer, partner, covered employee, or ultimate equitable owner of the applicant, licensee, or authorized agent; or any individual who directs the affairs of or controls or establishes policy for the applicant, licensee, or authorized agent. Criminal history record checks may be requested by the department through the Georgia Crime Information Center and the Federal Bureau of Investigation. The department shall have the authority to receive the results of such checks. In connection with an application under this article, the department may use the Nationwide Multistate Licensing System and Registry as a channeling agent for the submission of fingerprints to the Federal Bureau of Investigation and any governmental agency or entity authorized to receive such information for a state, national, and international criminal history background check and the receipt of such checks by the department. Fees required for a criminal history record check by the Georgia Crime Information Center or the Federal Bureau of Investigation shall be paid by the applicant or licensee.

(d) The department shall be authorized to obtain conviction data with respect to any applicant, licensee, or authorized agent; any person who is a director, officer, partner, covered employee, or ultimate equitable owner of the applicant, licensee, or authorized agent; or any individual who directs the affairs of or controls or establishes policy for the applicant, licensee, or authorized agent. Criminal history record checks may be requested by the department through the Georgia Crime Information Center and the Federal Bureau of Investigation. The department shall have the authority to receive the results of such checks. In connection with an application under this article, the department may use the Nationwide Multistate Licensing System and Registry as a channeling agent for the submission of fingerprints to the Federal Bureau of Investigation and any governmental agency or entity authorized to receive such information for a state, national, and international criminal history background check and the receipt of such checks by the department. Fees required for a criminal history record check by the Georgia Crime Information Center or the Federal Bureau of Investigation shall be paid by the applicant or licensee.

(e) Upon request by the department, each applicant, licensee, or authorized agent; any person who is a director, officer, partner, covered employee, or ultimate equitable owner of the applicant, licensee, or authorized agent; or any individual who directs the affairs of or controls or establishes policy for the applicant, licensee, or authorized agent shall submit to the department fingerprints, the required records search fees, and such other information as may be required. Fees for background checks that the department administers shall be submitted to the department by applicants, licensees, and authorized agents together with fingerprints, and the department is authorized to net such fees to recover any costs incurred by the department related to running the background checks. Upon receipt of fingerprints, fees, and other required information from the department, the Georgia Crime Information Center shall promptly transmit fingerprints to the Federal Bureau of Investigation for a search of bureau records and an appropriate report and promptly conduct a search of its own records and records to which it has access. The Georgia Crime Information Center shall notify the department in writing of any derogatory finding, including, but not limited to, any conviction data regarding the fingerprint records check, or if there is no such finding. All conviction data received by the department shall be used by the department for the exclusive purpose of carrying out the responsibilities of this article, shall not be a public record, shall be confidential, and shall not be disclosed to any other person or agency except to any person or agency which otherwise has a legal right to inspect such data. All such records shall be maintained by the department pursuant to laws regarding such records and the rules and regulations of the Federal Bureau of Investigation and the Georgia Crime Information Center, as applicable.

(e) Upon request by the department, each applicant, licensee, or authorized agent; any person who is a director, officer, partner, covered employee, or ultimate equitable owner of the applicant, licensee, or authorized agent; or any individual who directs the affairs of or controls or establishes policy for the applicant, licensee, or authorized agent shall submit to the department fingerprints, the required records search fees, and such other information as may be required. Fees for background checks that the department administers shall be submitted to the department by applicants, licensees, and authorized agents together with fingerprints, and the department is authorized to net such fees to recover any costs incurred by the department related to running the background checks. Upon receipt of fingerprints, fees, and other required information from the department, the Georgia Crime Information Center shall promptly transmit fingerprints to the Federal Bureau of Investigation for a search of bureau records and an appropriate report and promptly conduct a search of its own records and records to which it has access. The Georgia Crime Information Center shall notify the department in writing of any derogatory finding, including, but not limited to, any conviction data regarding the fingerprint records check, or if there is no such finding. All conviction data received by the department shall be used by the department for the exclusive purpose of carrying out the responsibilities of this article, shall not be a public record, shall be confidential, and shall not be disclosed to any other person or agency except to any person or agency which otherwise has a legal right to inspect such data. All such records shall be maintained by the department pursuant to laws regarding such records and the rules and regulations of the Federal Bureau of Investigation and the Georgia Crime Information Center, as applicable.

(f) Every applicant and licensee shall be authorized and required to obtain and maintain the results of criminal background checks on covered employees. Such criminal background checks shall be commercial background checks. Applicants and licensees shall be responsible for any applicable fees charged by the company performing the criminal background check. An applicant or licensee may only employ a person whose background data has been checked and has been found to be in compliance with all lawful requirements prior to the initial date of hire. This provision does not apply to directors, officers, partners, or ultimate equitable owners of applicants or licensees or to persons who direct the affairs of or control or establish policy for applicants or licensees, whose background shall have been investigated through the department before taking office, beginning employment, or securing ownership. The department shall be entitled to review the files of any applicant or licensee to determine whether the required commercial background checks have been conducted and whether all covered employees are qualified. Notwithstanding the requirement that applicants and licensees conduct such commercial background checks, the department shall retain the right to obtain conviction data on covered employees of applicants, licensees, and authorized agents pursuant to subsection (d) of this Code section.

(f) Every applicant and licensee shall be authorized and required to obtain and maintain the results of criminal background checks on covered employees. Such criminal background checks shall be commercial background checks. Applicants and licensees shall be responsible for any applicable fees charged by the company performing the criminal background check. An applicant or licensee may only employ a person whose background data has been checked and has been found to be in compliance with all lawful requirements prior to the initial date of hire. This provision does not apply to directors, officers, partners, or ultimate equitable owners of applicants or licensees or to persons who direct the affairs of or control or establish policy for applicants or licensees, whose background shall have been investigated through the department before taking office, beginning employment, or securing ownership. The department shall be entitled to review the files of any applicant or licensee to determine whether the required commercial background checks have been conducted and whether all covered employees are qualified. Notwithstanding the requirement that applicants and licensees conduct such commercial background checks, the department shall retain the right to obtain conviction data on covered employees of applicants, licensees, and authorized agents pursuant to subsection (d) of this Code section.

(g) Upon request by the department, an applicant, licensee, or authorized agent shall take all steps necessary to have an international criminal history background check performed on any directors, officers, partners, covered employees, or ultimate equitable owners of applicants, licensees, or authorized agents or persons who direct the affairs of or control or establish policy for applicants, licensees, or authorized agents. The results of such international criminal history background check shall be provided to the department.

(g) Upon request by the department, an applicant, licensee, or authorized agent shall take all steps necessary to have an international criminal history background check performed on any directors, officers, partners, covered employees, or ultimate equitable owners of applicants, licensees, or authorized agents or persons who direct the affairs of or control or establish policy for applicants, licensees, or authorized agents. The results of such international criminal history background check shall be provided to the department.
O.C.G.A. § 7-1-280 — GA Code / Title 7 / Chapter 1 / Section 7-1-280
Georgia Code Title 7. Banking and Finance § 7-1-280
Status: in_force

Subject to restrictions contained in this chapter or in its articles, a bank shall have the power:

(1) To receive money or commercial paper for deposit and to provide by its rules or by agreement for the terms of withdrawal and interest thereon;

(1) To receive money or commercial paper for deposit and to provide by its rules or by agreement for the terms of withdrawal and interest thereon;

(2) To act as an agent to collect checks, drafts, and other items of commercial paper and in exercising this power to become a member of a clearing-house and grant security interests in its assets for its qualification therein;

(2) To act as an agent to collect checks, drafts, and other items of commercial paper and in exercising this power to become a member of a clearing-house and grant security interests in its assets for its qualification therein;

(3) To lend money and discount or purchase evidence of indebtedness and agreements for the payment of money and to take security title or security interests in real or personal property to secure obligations owing thereunder;

(3) To lend money and discount or purchase evidence of indebtedness and agreements for the payment of money and to take security title or security interests in real or personal property to secure obligations owing thereunder;

(4) To service loans made by it or by others whether or not held by the bank;

(4) To service loans made by it or by others whether or not held by the bank;

(5) To issue, advise, and confirm letters of credit authorizing the beneficiaries thereof to draw upon the bank or its correspondents;

(5) To issue, advise, and confirm letters of credit authorizing the beneficiaries thereof to draw upon the bank or its correspondents;

(6) To receive money for transmission;

(6) To receive money for transmission;

(7) To buy and sell exchange, coin, and bullion; and

(7) To buy and sell exchange, coin, and bullion; and

(8) To provide third-party payments services.

(8) To provide third-party payments services.
O.C.G.A. § 7-1-1011 — GA Code / Title 7 / Chapter 1 / Section 7-1-1011
Georgia Code Title 7. Banking and Finance § 7-1-1011
Status: in_force

(a) The department may, by regulation, prescribe annual fees to be paid by licensees and registrants, which fees shall be set at levels necessary to defray costs and expenses incurred by the state in providing the examinations and supervision required by this article and its federally mandated participation in the Nationwide Multistate Licensing System and Registry, and which fees may vary according to whether a person is a licensee or registrant or is a mortgage loan originator, mortgage broker, or a mortgage lender.

(a) The department may, by regulation, prescribe annual fees to be paid by licensees and registrants, which fees shall be set at levels necessary to defray costs and expenses incurred by the state in providing the examinations and supervision required by this article and its federally mandated participation in the Nationwide Multistate Licensing System and Registry, and which fees may vary according to whether a person is a licensee or registrant or is a mortgage loan originator, mortgage broker, or a mortgage lender.

(b)(1) As used in this subsection, the term “ collecting agent ” means the person listed as the secured party on a security deed or other loan document that establishes a lien on the residential real property taken as collateral at the time of the closing of the mortgage loan transaction. (2) There shall be imposed on the closing of every mortgage loan subject to regulation under this article which, as defined in Code Section 7-1-1000 , includes all mortgage loans, whether or not closed by a mortgage broker or mortgage lender licensee or registrant, a fee of $10.00. The fee shall be paid by the borrower to the collecting agent at the time of closing of the mortgage loan transaction. The collecting agent shall remit the fee to the department at the time and in the manner specified by regulation of the department. Revenue collected by the department pursuant to this subsection shall be deposited in the general fund of the state. (3) The fee imposed by this subsection shall be a debt from the borrower to the collecting agent until such assessment is paid and shall be recoverable at law in the same manner as authorized for the recovery of other debts. Any collecting agent who neglects, fails, or refuses to collect the fee imposed by this subsection shall be liable for the payment of the fee.

(b)(1) As used in this subsection, the term “ collecting agent ” means the person listed as the secured party on a security deed or other loan document that establishes a lien on the residential real property taken as collateral at the time of the closing of the mortgage loan transaction.

(b)(1) As used in this subsection, the term “ collecting agent ” means the person listed as the secured party on a security deed or other loan document that establishes a lien on the residential real property taken as collateral at the time of the closing of the mortgage loan transaction.

(2) There shall be imposed on the closing of every mortgage loan subject to regulation under this article which, as defined in Code Section 7-1-1000 , includes all mortgage loans, whether or not closed by a mortgage broker or mortgage lender licensee or registrant, a fee of $10.00. The fee shall be paid by the borrower to the collecting agent at the time of closing of the mortgage loan transaction. The collecting agent shall remit the fee to the department at the time and in the manner specified by regulation of the department. Revenue collected by the department pursuant to this subsection shall be deposited in the general fund of the state.

(2) There shall be imposed on the closing of every mortgage loan subject to regulation under this article which, as defined in Code Section 7-1-1000 , includes all mortgage loans, whether or not closed by a mortgage broker or mortgage lender licensee or registrant, a fee of $10.00. The fee shall be paid by the borrower to the collecting agent at the time of closing of the mortgage loan transaction. The collecting agent shall remit the fee to the department at the time and in the manner specified by regulation of the department. Revenue collected by the department pursuant to this subsection shall be deposited in the general fund of the state.

(3) The fee imposed by this subsection shall be a debt from the borrower to the collecting agent until such assessment is paid and shall be recoverable at law in the same manner as authorized for the recovery of other debts. Any collecting agent who neglects, fails, or refuses to collect the fee imposed by this subsection shall be liable for the payment of the fee.

(3) The fee imposed by this subsection shall be a debt from the borrower to the collecting agent until such assessment is paid and shall be recoverable at law in the same manner as authorized for the recovery of other debts. Any collecting agent who neglects, fails, or refuses to collect the fee imposed by this subsection shall be liable for the payment of the fee.
O.C.G.A. § 7-1-602 — GA Code / Title 7 / Chapter 1 / Section 7-1-602
Georgia Code Title 7. Banking and Finance § 7-1-602
Status: in_force

(a) Application to establish a branch office shall be made to the department in such form as it may prescribe from time to time. The department shall exercise its discretion in its consideration of the application; but the department shall not approve the application until it has ascertained to its satisfaction that the public need and advantage will be promoted by the establishment of the proposed branch office, based upon the following factors: (1) Reasonable opportunity for the proposed branch office to generate a sufficient profit; (2) The character and fitness of the board of directors and management of the bank to command the confidence of the community and to warrant the belief that the business of the bank or trust company at the branch office will be honestly and efficiently conducted; (3) The adequacy of the capital structure of the bank or trust company, particularly in view of the anticipated business to be generated by the proposed branch office; and (4) The overall financial condition and safety and soundness of the applicant bank or trust company. Where the department by rule, regulation, or written policy has provided for expedited processing of applications or for notice procedures, it may abbreviate its review of these criteria.

(a) Application to establish a branch office shall be made to the department in such form as it may prescribe from time to time. The department shall exercise its discretion in its consideration of the application; but the department shall not approve the application until it has ascertained to its satisfaction that the public need and advantage will be promoted by the establishment of the proposed branch office, based upon the following factors:

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

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

(2) The character and fitness of the board of directors and management of the bank to command the confidence of the community and to warrant the belief that the business of the bank or trust company at the branch office will be honestly and efficiently conducted;

(2) The character and fitness of the board of directors and management of the bank to command the confidence of the community and to warrant the belief that the business of the bank or trust company at the branch office will be honestly and efficiently conducted;

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

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

(4) The overall financial condition and safety and soundness of the applicant bank or trust company.

(4) The overall financial condition and safety and soundness of the applicant bank or trust company.

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

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

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

(c) The department may approve an application contingent upon the satisfaction of additional conditions, including the submission of information such as the date of opening and the capital outlay for the branch office. If the approval of a federal regulatory agency is required with respect to the branch office, the department may at its option withhold its written approval or disapproval until such federal approval is granted or denied or may withdraw its approval if the federal agency fails to act or refuses to grant approval. If the department disapproves the branch office, it shall notify the applicant of its disapproval and state generally in writing the unfavorable factors influencing its decision. The decision of the department is final, except that it may be subject to judicial review as provided in Code Section 7-1-90 .

(c) The department may approve an application contingent upon the satisfaction of additional conditions, including the submission of information such as the date of opening and the capital outlay for the branch office. If the approval of a federal regulatory agency is required with respect to the branch office, the department may at its option withhold its written approval or disapproval until such federal approval is granted or denied or may withdraw its approval if the federal agency fails to act or refuses to grant approval. If the department disapproves the branch office, it shall notify the applicant of its disapproval and state generally in writing the unfavorable factors influencing its decision. The decision of the department is final, except that it may be subject to judicial review as provided in Code Section 7-1-90 .

(d) The department may provide by regulation that a bank which meets certain financial and managerial criteria may, in lieu of application, file a written notification with the department at a time to be specified in such regulation.

(d) The department may provide by regulation that a bank which meets certain financial and managerial criteria may, in lieu of application, file a written notification with the department at a time to be specified in such regulation.

(e) All lawfully established banking locations existing on July 1, 1999, other than a bank's main office, shall be known and shall qualify as branch offices.

(e) All lawfully established banking locations existing on July 1, 1999, other than a bank's main office, shall be known and shall qualify as branch offices.

(f) In the event of merger or consolidation of two or more banks, pursuant to Parts 14 and 15 of this article, the surviving or resulting bank shall designate a main office and may retain and continue to operate any or all banking locations of each constituent bank as branch offices. In the event of the purchase of substantially all of the assets of a bank, subject to the review and approval by the commissioner of such transaction, the purchasing bank may retain and continue to operate any or all banking locations of the selling bank as branch offices.

(f) In the event of merger or consolidation of two or more banks, pursuant to Parts 14 and 15 of this article, the surviving or resulting bank shall designate a main office and may retain and continue to operate any or all banking locations of each constituent bank as branch offices. In the event of the purchase of substantially all of the assets of a bank, subject to the review and approval by the commissioner of such transaction, the purchasing bank may retain and continue to operate any or all banking locations of the selling bank as branch offices.

(g) The department's approval may be revoked if conditions in the approval have not been satisfied or if other violations of law occur as a result of the branch office's opening or operation.

(g) The department's approval may be revoked if conditions in the approval have not been satisfied or if other violations of law occur as a result of the branch office's opening or operation.
O.C.G.A. § 7-4-20 — GA Code / Title 7 / Chapter 4 / Section 7-4-20
Georgia Code Title 7. Banking and Finance § 7-4-20
Status: in_force

In enacting Code Sections 7-4-2 through 7-4-5 , the General Assembly exercises its prerogative:

(1) Under subsection (b)(2) of Section 501 of the Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221 ( 12 U.S.C. Section 1735f-7 , notes), and declares that the provisions of subsection (a)(1) of Section 501 do not apply to loans, mortgages, credit sales, and advances made in the State of Georgia on and after March 31, 1983; and

(1) Under subsection (b)(2) of Section 501 of the Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221 ( 12 U.S.C. Section 1735f-7 , notes), and declares that the provisions of subsection (a)(1) of Section 501 do not apply to loans, mortgages, credit sales, and advances made in the State of Georgia on and after March 31, 1983; and

(2) Under Section 512 of that act, Public Law 96-221 ( 12 U.S.C. Section 86a , notes), and declares that the provisions which preempt the law of this state in Section 511 of that act do not apply to business and agricultural loans in amounts of $1,000.00 or more made in the State of Georgia on and after March 31, 1983.

(2) Under Section 512 of that act, Public Law 96-221 ( 12 U.S.C. Section 86a , notes), and declares that the provisions which preempt the law of this state in Section 511 of that act do not apply to business and agricultural loans in amounts of $1,000.00 or more made in the State of Georgia on and after March 31, 1983.
O.C.G.A. § 7-1-659 — GA Code / Title 7 / Chapter 1 / Section 7-1-659
Georgia Code Title 7. Banking and Finance § 7-1-659
Status: in_force

(a) A credit union may charge entrance fees as provided in the bylaws. All such fees shall, after payment of organizational expense, be known as reserve income and shall be added to the regular reserve of the credit union.

(a) A credit union may charge entrance fees as provided in the bylaws. All such fees shall, after payment of organizational expense, be known as reserve income and shall be added to the regular reserve of the credit union.

(b) Immediately before the payment of each dividend, the gross earnings of the credit union shall be determined. There shall be set aside from that amount, as allowances for credit losses, sums adequate to cover such anticipated losses, based on the risk characteristics of the loan portfolio.

(b) Immediately before the payment of each dividend, the gross earnings of the credit union shall be determined. There shall be set aside from that amount, as allowances for credit losses, sums adequate to cover such anticipated losses, based on the risk characteristics of the loan portfolio.

(c) All credit unions shall be subject to the capital and reserve requirements of Part 702 of the Rules and Regulations of the National Credit Union Administration, known as Prompt Corrective Action. Credit unions that are less than ten years old shall operate according to a business plan which shall contain requirements for reserves and which shall be approved by the department. The department shall have the discretion to require additional capital and reserves to assure the safety and soundness of any credit union.

(c) All credit unions shall be subject to the capital and reserve requirements of Part 702 of the Rules and Regulations of the National Credit Union Administration, known as Prompt Corrective Action. Credit unions that are less than ten years old shall operate according to a business plan which shall contain requirements for reserves and which shall be approved by the department. The department shall have the discretion to require additional capital and reserves to assure the safety and soundness of any credit union.

(d) In addition to regular reserves, special reserves to protect the interest of members shall be established when found necessary in any special case by the board of directors of the credit union or by the department.

(d) In addition to regular reserves, special reserves to protect the interest of members shall be established when found necessary in any special case by the board of directors of the credit union or by the department.

(e) All reserves of credit unions or federal credit unions established in accord with generally accepted accounting principles or upon the specific direction of the department or any federal regulatory body or for the purpose of complying with any conditions lawfully imposed by the department or any federal regulatory body shall not be considered as surplus or undivided profits of any credit union for tax purposes.

(e) All reserves of credit unions or federal credit unions established in accord with generally accepted accounting principles or upon the specific direction of the department or any federal regulatory body or for the purpose of complying with any conditions lawfully imposed by the department or any federal regulatory body shall not be considered as surplus or undivided profits of any credit union for tax purposes.
O.C.G.A. § 7-1-483 — GA Code / Title 7 / Chapter 1 / Section 7-1-483
Georgia Code Title 7. Banking and Finance § 7-1-483
Status: in_force

(a) The board of directors shall hold regular meetings at such times as may be fixed by the bylaws and shall at all times be subject to call by the chairman of the board, by the president, or by any two members of the board. The board shall meet at least once in ten different months of each calendar year unless an alternative schedule is approved in writing by the department, but in no event shall the board meet less frequently than once in each calendar quarter.

(a) The board of directors shall hold regular meetings at such times as may be fixed by the bylaws and shall at all times be subject to call by the chairman of the board, by the president, or by any two members of the board. The board shall meet at least once in ten different months of each calendar year unless an alternative schedule is approved in writing by the department, but in no event shall the board meet less frequently than once in each calendar quarter.

(b) Unless otherwise provided in the articles or bylaws: (1) A majority of all the directors in office shall constitute a quorum for the transaction of business; and actions of a majority of those present at a meeting at which a quorum is present shall be actions of the board; (2) The board of directors may designate three or more of its number to constitute an executive committee or other committees which, to the extent provided in such resolution, shall have and exercise the authority of the board of directors in regard to the business of the bank or trust company; (3) Any action which may be taken at a meeting of the directors or of the members of an executive or other committee may be taken without a meeting if a consent or consents in writing setting forth the action shall be signed by all of the directors or all of the members of the executive or other committee and filed with the secretary of the bank or trust company; and (4) The board of directors may determine that a meeting of such board will be held, in whole or in part, by any means of communication by which all directors participating may simultaneously hear each other during the meeting. A director participating in a meeting by this means shall be considered to be present in person at the meeting.

(b) Unless otherwise provided in the articles or bylaws:

(1) A majority of all the directors in office shall constitute a quorum for the transaction of business; and actions of a majority of those present at a meeting at which a quorum is present shall be actions of the board;

(1) A majority of all the directors in office shall constitute a quorum for the transaction of business; and actions of a majority of those present at a meeting at which a quorum is present shall be actions of the board;

(2) The board of directors may designate three or more of its number to constitute an executive committee or other committees which, to the extent provided in such resolution, shall have and exercise the authority of the board of directors in regard to the business of the bank or trust company;

(2) The board of directors may designate three or more of its number to constitute an executive committee or other committees which, to the extent provided in such resolution, shall have and exercise the authority of the board of directors in regard to the business of the bank or trust company;

(3) Any action which may be taken at a meeting of the directors or of the members of an executive or other committee may be taken without a meeting if a consent or consents in writing setting forth the action shall be signed by all of the directors or all of the members of the executive or other committee and filed with the secretary of the bank or trust company; and

(3) Any action which may be taken at a meeting of the directors or of the members of an executive or other committee may be taken without a meeting if a consent or consents in writing setting forth the action shall be signed by all of the directors or all of the members of the executive or other committee and filed with the secretary of the bank or trust company; and

(4) The board of directors may determine that a meeting of such board will be held, in whole or in part, by any means of communication by which all directors participating may simultaneously hear each other during the meeting. A director participating in a meeting by this means shall be considered to be present in person at the meeting.

(4) The board of directors may determine that a meeting of such board will be held, in whole or in part, by any means of communication by which all directors participating may simultaneously hear each other during the meeting. A director participating in a meeting by this means shall be considered to be present in person at the meeting.
O.C.G.A. § 7-1-956 — GA Code / Title 7 / Chapter 1 / Section 7-1-956
Georgia Code Title 7. Banking and Finance § 7-1-956
Status: in_force

(a) The period of duration of the corporation shall be 35 years, subject, however, to the right of its shareholders and the members to dissolve the corporation prior to the expiration of said period as provided in subsection (b) of this Code section.

(a) The period of duration of the corporation shall be 35 years, subject, however, to the right of its shareholders and the members to dissolve the corporation prior to the expiration of said period as provided in subsection (b) of this Code section.

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

(b) The corporation may, upon the votes of the shareholders and the members of the corporation, voting separately by classes, dissolve said corporation; and such dissolution shall require approval by the affirmative vote of two-thirds of the votes to which the shareholders shall be entitled. Upon any dissolution of the corporation, none of the corporation's assets shall be distributed to the shareholders until all sums due the members of the corporation as creditors thereof have been paid in full.
O.C.G.A. § 7-1-355 — GA Code / Title 7 / Chapter 1 / Section 7-1-355
Georgia Code Title 7. Banking and Finance § 7-1-355
Status: in_force

A bank, trust company, or savings and loan association may receive property for safe deposit and rent out receptacles and safe-deposit boxes on the terms and conditions prescribed by it; but such terms and conditions shall not bind any customer to whom the bank, trust company, or savings and loan association does not give notice thereof either by delivery of a copy or by posting in its offices where such receptacles or safe-deposit boxes are located, or who does not otherwise agree to such terms and conditions.
O.C.G.A. § 7-1-222 — GA Code / Title 7 / Chapter 1 / Section 7-1-222
Georgia Code Title 7. Banking and Finance § 7-1-222
Status: in_force

The principal court shall have exclusive jurisdiction over all matters concerning trust and pooled assets during the period that such assets are held by the department as receiver.
O.C.G.A. § 7-1-948 — GA Code / Title 7 / Chapter 1 / Section 7-1-948
Georgia Code Title 7. Banking and Finance § 7-1-948
Status: in_force

(a) Membership in the corporation shall be for the duration of the corporation, provided that, upon written notice given to the corporation two years in advance, a member may withdraw from membership in the corporation at the expiration of such notice.

(a) Membership in the corporation shall be for the duration of the corporation, provided that, upon written notice given to the corporation two years in advance, a member may withdraw from membership in the corporation at the expiration of such notice.

(b) A member shall not be obligated to make any loans to the corporation pursuant to calls made subsequent to notice of the intended withdrawal of said member.

(b) A member shall not be obligated to make any loans to the corporation pursuant to calls made subsequent to notice of the intended withdrawal of said member.
O.C.G.A. § 7-1-242 — GA Code / Title 7 / Chapter 1 / Section 7-1-242
Georgia Code Title 7. Banking and Finance § 7-1-242
Status: in_force

(a) No corporation, partnership, or other entity may lawfully act as a fiduciary in this state except: (1) A financial institution authorized to act in such capacity pursuant to the provisions of Georgia law; (2) A trust company; (3) A national bank or a state bank lawfully doing a banking business in this state and authorized to act as a fiduciary under the laws of the United States or another state; (4) A savings bank or savings and loan association lawfully doing a banking business in this state and authorized to act as a fiduciary under the laws of the United States or another state; (5) Attorneys at law licensed to practice in this state, whether organized as a professional corporation or otherwise; (6) An investment adviser registered pursuant to the provisions of 15 U.S.C. Section 80b-3 or Chapter 5 of Title 10, provided that this exception shall not authorize an investment adviser to act in any fiduciary capacity subject to the provisions of Title 53, relating to wills, trusts, and the administration of estates, or Title 29, relating to guardianships and conservatorships; (7) A securities broker or dealer registered pursuant to the provisions of 15 U.S.C. Section 78o or Chapter 5 of Title 10 acting in such fiduciary capacity incidental to and as a consequence of its broker or dealer activities; or (8) A nonprofit corporation.

(a) No corporation, partnership, or other entity may lawfully act as a fiduciary in this state except:

(1) A financial institution authorized to act in such capacity pursuant to the provisions of Georgia law;

(1) A financial institution authorized to act in such capacity pursuant to the provisions of Georgia law;

(2) A trust company;

(2) A trust company;

(3) A national bank or a state bank lawfully doing a banking business in this state and authorized to act as a fiduciary under the laws of the United States or another state;

(3) A national bank or a state bank lawfully doing a banking business in this state and authorized to act as a fiduciary under the laws of the United States or another state;

(4) A savings bank or savings and loan association lawfully doing a banking business in this state and authorized to act as a fiduciary under the laws of the United States or another state;

(4) A savings bank or savings and loan association lawfully doing a banking business in this state and authorized to act as a fiduciary under the laws of the United States or another state;

(5) Attorneys at law licensed to practice in this state, whether organized as a professional corporation or otherwise;

(5) Attorneys at law licensed to practice in this state, whether organized as a professional corporation or otherwise;

(6) An investment adviser registered pursuant to the provisions of 15 U.S.C. Section 80b-3 or Chapter 5 of Title 10, provided that this exception shall not authorize an investment adviser to act in any fiduciary capacity subject to the provisions of Title 53, relating to wills, trusts, and the administration of estates, or Title 29, relating to guardianships and conservatorships;

(6) An investment adviser registered pursuant to the provisions of 15 U.S.C. Section 80b-3 or Chapter 5 of Title 10, provided that this exception shall not authorize an investment adviser to act in any fiduciary capacity subject to the provisions of Title 53, relating to wills, trusts, and the administration of estates, or Title 29, relating to guardianships and conservatorships;

(7) A securities broker or dealer registered pursuant to the provisions of 15 U.S.C. Section 78o or Chapter 5 of Title 10 acting in such fiduciary capacity incidental to and as a consequence of its broker or dealer activities; or

(7) A securities broker or dealer registered pursuant to the provisions of 15 U.S.C. Section 78o or Chapter 5 of Title 10 acting in such fiduciary capacity incidental to and as a consequence of its broker or dealer activities; or

(8) A nonprofit corporation.

(8) A nonprofit corporation.

(b) Acting as a fiduciary for purposes of this Code section includes but is not limited to: (1) Accepting or executing trusts or otherwise acting as a trustee; (2) Administering real or tangible personal property located in Georgia or elsewhere. For the purposes of this paragraph, “administer” means to possess, purchase, sell, lease, insure, safekeep, manage, or otherwise oversee; and (3) Acting pursuant to a court order as personal representative, executor, or administrator of the estate of a deceased person or as guardian or conservator for a minor or incapacitated person.

(b) Acting as a fiduciary for purposes of this Code section includes but is not limited to:

(1) Accepting or executing trusts or otherwise acting as a trustee;

(1) Accepting or executing trusts or otherwise acting as a trustee;

(2) Administering real or tangible personal property located in Georgia or elsewhere. For the purposes of this paragraph, “administer” means to possess, purchase, sell, lease, insure, safekeep, manage, or otherwise oversee; and

(2) Administering real or tangible personal property located in Georgia or elsewhere. For the purposes of this paragraph, “administer” means to possess, purchase, sell, lease, insure, safekeep, manage, or otherwise oversee; and

(3) Acting pursuant to a court order as personal representative, executor, or administrator of the estate of a deceased person or as guardian or conservator for a minor or incapacitated person.

(3) Acting pursuant to a court order as personal representative, executor, or administrator of the estate of a deceased person or as guardian or conservator for a minor or incapacitated person.

(c) Nothing in this chapter shall be construed to repeal or to change Article 15 of Chapter 12 of Title 53 or any other statutes or rules of law on such subject.

(c) Nothing in this chapter shall be construed to repeal or to change Article 15 of Chapter 12 of Title 53 or any other statutes or rules of law on such subject.
O.C.G.A. § 7-1-1101 — GA Code / Title 7 / Chapter 1 / Section 7-1-1101
Georgia Code Title 7. Banking and Finance § 7-1-1101
Status: in_force

(a) A foreign bank may not engage in business in this state except to the extent permitted by this article.

(a) A foreign bank may not engage in business in this state except to the extent permitted by this article.

(b) Unless subject to an order to cease and desist under Code Section 7-1-1108 , the following activities of a foreign bank shall not be considered engaging in business in this state for purposes of subsection (a) of this Code section and, therefore, such subsection shall not prohibit a foreign bank: (1) From engaging in business at a licensed federal branch or federal agency in this state in accordance with federal law; (2) That does not maintain a branch or agency in this state or conduct business from a location in this state from making unsecured loans in this state or loans secured by liens on real or personal property located in this state or enforcing those loans in this state, to the extent permitted by other law; or (3) Organized under the laws of a territory of the United States the deposits of which are insured by the Federal Deposit Insurance Corporation from establishing and operating an interstate branch in this state in its capacity as a state bank pursuant to Part 20 of Article 2 of this chapter.

(b) Unless subject to an order to cease and desist under Code Section 7-1-1108 , the following activities of a foreign bank shall not be considered engaging in business in this state for purposes of subsection (a) of this Code section and, therefore, such subsection shall not prohibit a foreign bank:

(1) From engaging in business at a licensed federal branch or federal agency in this state in accordance with federal law;

(1) From engaging in business at a licensed federal branch or federal agency in this state in accordance with federal law;

(2) That does not maintain a branch or agency in this state or conduct business from a location in this state from making unsecured loans in this state or loans secured by liens on real or personal property located in this state or enforcing those loans in this state, to the extent permitted by other law; or

(2) That does not maintain a branch or agency in this state or conduct business from a location in this state from making unsecured loans in this state or loans secured by liens on real or personal property located in this state or enforcing those loans in this state, to the extent permitted by other law; or

(3) Organized under the laws of a territory of the United States the deposits of which are insured by the Federal Deposit Insurance Corporation from establishing and operating an interstate branch in this state in its capacity as a state bank pursuant to Part 20 of Article 2 of this chapter.

(3) Organized under the laws of a territory of the United States the deposits of which are insured by the Federal Deposit Insurance Corporation from establishing and operating an interstate branch in this state in its capacity as a state bank pursuant to Part 20 of Article 2 of this chapter.

(c) A foreign bank may engage in business as expressly authorized by the department.

(c) A foreign bank may engage in business as expressly authorized by the department.

(d) For purposes of subsection (a) of this Code section, a foreign bank is not considered to be engaging in business in this state merely because a subsidiary or affiliate engages in business in this state, including business that a depository institution subsidiary or affiliate may lawfully conduct in this state as an agent for the foreign bank, to the extent authorized by the laws of this state.

(d) For purposes of subsection (a) of this Code section, a foreign bank is not considered to be engaging in business in this state merely because a subsidiary or affiliate engages in business in this state, including business that a depository institution subsidiary or affiliate may lawfully conduct in this state as an agent for the foreign bank, to the extent authorized by the laws of this state.
O.C.G.A. § 7-1-788 — GA Code / Title 7 / Chapter 1 / Section 7-1-788
Georgia Code Title 7. Banking and Finance § 7-1-788
Status: in_force

No notary public or other public officer shall be disqualified from taking the acknowledgment of or witnessing any instrument, in writing, in which a savings and loan association is interested, by reason of his holding an office in or being a member of or being pecuniarily interested in or employed by such association so interested; and any such acknowledgments or attestations taken prior to April 1, 1975, are validated.
O.C.G.A. § 7-1-663 — GA Code / Title 7 / Chapter 1 / Section 7-1-663
Georgia Code Title 7. Banking and Finance § 7-1-663
Status: in_force

Without limitation on the authority conferred by Article 1 of this chapter, the department is authorized to make such rules and regulations not inconsistent with this article and other applicable statutes governing the operation of credit unions as it may consider reasonable and proper for the protection of all funds invested. The department shall solicit comments from credit unions at least annually for recommended changes to the department's rules and regulations.
O.C.G.A. § 7-9-11-1 — GA Code / Title 7 / Chapter 9 / Section 7-9-11-1
Georgia Code Title 7. Banking and Finance § 7-9-11.1
Status: in_force

(a) Merchant acquirer limited purpose banks may merge or consolidate upon compliance with the requirements of this chapter and other applicable laws and regulations.

(a) Merchant acquirer limited purpose banks may merge or consolidate upon compliance with the requirements of this chapter and other applicable laws and regulations.

(b) A corporation other than a merchant acquirer limited purpose bank may be merged into or may be consolidated with a merchant acquirer limited purpose bank, provided that: (1) The resulting institution of the merger or consolidation is a merchant acquirer limited purpose bank; (2) The resulting institution of the merger or consolidation holds only assets and liabilities and is engaged only in activities which may be held or engaged in by a merchant acquirer limited purpose bank; and (3) The merger or consolidation is not otherwise unlawful.

(b) A corporation other than a merchant acquirer limited purpose bank may be merged into or may be consolidated with a merchant acquirer limited purpose bank, provided that:

(1) The resulting institution of the merger or consolidation is a merchant acquirer limited purpose bank;

(1) The resulting institution of the merger or consolidation is a merchant acquirer limited purpose bank;

(2) The resulting institution of the merger or consolidation holds only assets and liabilities and is engaged only in activities which may be held or engaged in by a merchant acquirer limited purpose bank; and

(2) The resulting institution of the merger or consolidation holds only assets and liabilities and is engaged only in activities which may be held or engaged in by a merchant acquirer limited purpose bank; and

(3) The merger or consolidation is not otherwise unlawful.

(3) The merger or consolidation is not otherwise unlawful.

(c) A merger or consolidation pursuant to subsection (b) of this Code section shall be made by compliance with the requirements of this chapter. Title 14 shall not be applicable to such a merger or consolidation.

(c) A merger or consolidation pursuant to subsection (b) of this Code section shall be made by compliance with the requirements of this chapter. Title 14 shall not be applicable to such a merger or consolidation.

(d) In the case of a merger of a merchant acquirer limited purpose bank with any other corporation or corporations, with the merchant acquirer limited purpose bank as the resulting entity, any assets, lines of business, activities, or powers which may accrue to the resulting entity which would be prohibited for a merchant acquirer limited purpose bank shall be provided for in the plan of merger. Such plan shall include a proposal for the disposal of such prohibited assets or the termination of such prohibited line of business, activity, or power. The department shall review such plan to determine whether the prohibited asset, line of business, activity, or power should be a basis for denial of the requested merger or consolidation or phased out within a reasonable period of time, which shall be determined by the department.

(d) In the case of a merger of a merchant acquirer limited purpose bank with any other corporation or corporations, with the merchant acquirer limited purpose bank as the resulting entity, any assets, lines of business, activities, or powers which may accrue to the resulting entity which would be prohibited for a merchant acquirer limited purpose bank shall be provided for in the plan of merger. Such plan shall include a proposal for the disposal of such prohibited assets or the termination of such prohibited line of business, activity, or power. The department shall review such plan to determine whether the prohibited asset, line of business, activity, or power should be a basis for denial of the requested merger or consolidation or phased out within a reasonable period of time, which shall be determined by the department.
O.C.G.A. § 7-2-1 — GA Code / Title 7 / Chapter 2 / Section 7-2-1
Georgia Code Title 7. Banking and Finance § 7-2-1
Status: in_force

(a) Within one year after July 1, 1974, the duly authorized representatives of not less than three credit unions chartered and existing under the laws of this state may petition the Secretary of State for incorporation of a nonprofit credit union deposit insurance corporation, hereinafter referred to as the “corporation.” Such petition shall be accompanied by articles of incorporation in triplicate which shall include the following: (1) The name of the proposed corporation, which shall include the words “deposit insurance corporation,” and no corporation other than one incorporated pursuant to this chapter shall use the words in sequence “deposit insurance corporation”; (2) The location of its initial registered office; (3) The purpose and nature of the business of the corporation, which shall be to aid and assist any member financial institution which is in liquidation or facing liquidation due to insolvency in order that the deposits and shares of any member shall be insured or guaranteed against loss in such amounts as may from time to time be established by the board of directors of the corporation pursuant to this chapter; (4) Membership in the corporation, which shall be limited, except as otherwise expressly provided, to financial institutions, approved for membership by the directors of the corporation upon recommendation of the Department of Banking and Finance of this state, hereinafter referred to as the “department”; and (5) The term of existence of the corporation, which shall be perpetual unless otherwise limited.

(a) Within one year after July 1, 1974, the duly authorized representatives of not less than three credit unions chartered and existing under the laws of this state may petition the Secretary of State for incorporation of a nonprofit credit union deposit insurance corporation, hereinafter referred to as the “corporation.” Such petition shall be accompanied by articles of incorporation in triplicate which shall include the following:

(1) The name of the proposed corporation, which shall include the words “deposit insurance corporation,” and no corporation other than one incorporated pursuant to this chapter shall use the words in sequence “deposit insurance corporation”;

(1) The name of the proposed corporation, which shall include the words “deposit insurance corporation,” and no corporation other than one incorporated pursuant to this chapter shall use the words in sequence “deposit insurance corporation”;

(2) The location of its initial registered office;

(2) The location of its initial registered office;

(3) The purpose and nature of the business of the corporation, which shall be to aid and assist any member financial institution which is in liquidation or facing liquidation due to insolvency in order that the deposits and shares of any member shall be insured or guaranteed against loss in such amounts as may from time to time be established by the board of directors of the corporation pursuant to this chapter;

(3) The purpose and nature of the business of the corporation, which shall be to aid and assist any member financial institution which is in liquidation or facing liquidation due to insolvency in order that the deposits and shares of any member shall be insured or guaranteed against loss in such amounts as may from time to time be established by the board of directors of the corporation pursuant to this chapter;

(4) Membership in the corporation, which shall be limited, except as otherwise expressly provided, to financial institutions, approved for membership by the directors of the corporation upon recommendation of the Department of Banking and Finance of this state, hereinafter referred to as the “department”; and

(4) Membership in the corporation, which shall be limited, except as otherwise expressly provided, to financial institutions, approved for membership by the directors of the corporation upon recommendation of the Department of Banking and Finance of this state, hereinafter referred to as the “department”; and

(5) The term of existence of the corporation, which shall be perpetual unless otherwise limited.

(5) The term of existence of the corporation, which shall be perpetual unless otherwise limited.

(b) Upon receipt of the articles, the Secretary of State shall forward one copy to the department.

(b) Upon receipt of the articles, the Secretary of State shall forward one copy to the department.

(c) Before the articles are approved by the department, an appropriate investigation shall be made by the department for the purpose of determining: (1) Whether the articles conform to this chapter; (2) The general character and fitness of the petitioners; (3) The economic advisability of establishing the proposed corporation; and (4) Whether such corporation would cause undue harm to a corporation already existent under this chapter. Upon approval of the articles in writing by the department, such written approval shall be delivered to the Secretary of State.

(c) Before the articles are approved by the department, an appropriate investigation shall be made by the department for the purpose of determining:

(1) Whether the articles conform to this chapter;

(1) Whether the articles conform to this chapter;

(2) The general character and fitness of the petitioners;

(2) The general character and fitness of the petitioners;

(3) The economic advisability of establishing the proposed corporation; and

(3) The economic advisability of establishing the proposed corporation; and

(4) Whether such corporation would cause undue harm to a corporation already existent under this chapter.

(4) Whether such corporation would cause undue harm to a corporation already existent under this chapter.

Upon approval of the articles in writing by the department, such written approval shall be delivered to the Secretary of State.

(d) Upon receipt of the approval of the department, the Secretary of State shall thereupon issue a certificate of incorporation to the petitioners.

(d) Upon receipt of the approval of the department, the Secretary of State shall thereupon issue a certificate of incorporation to the petitioners.
O.C.G.A. § 7-1-628-4 — GA Code / Title 7 / Chapter 1 / Section 7-1-628-4
Georgia Code Title 7. Banking and Finance § 7-1-628.4
Status: in_force

(a) A Georgia state bank may enter into an interstate merger transaction where the Georgia state bank is the resulting bank, and as a result the Georgia state bank may establish, maintain, and operate one or more branches in another state. The Georgia state bank must seek approval for the merger pursuant to the provisions in Part 14 of this article and must comply with federal law.

(a) A Georgia state bank may enter into an interstate merger transaction where the Georgia state bank is the resulting bank, and as a result the Georgia state bank may establish, maintain, and operate one or more branches in another state. The Georgia state bank must seek approval for the merger pursuant to the provisions in Part 14 of this article and must comply with federal law.

(b) An out-of-state bank may enter into an interstate merger transaction with a Georgia bank, and an out-of-state bank resulting from such transaction may maintain and operate branches in Georgia. The requirements of Code Section 7-1-628.5 shall be met by the resulting bank. In order to consummate such a merger with a resulting out-of-state state bank, a Georgia state bank shall comply with Code Sections 7-1-531 through 7-1-533 and 7-1-537 , except that the format of the articles of merger submitted in accordance with Code Section 7-1-532 may be in conformity with the resulting bank's home state law if such law requires a format different from that specified by Code Section 7-1-532 . A Georgia state bank shall comply with Code Section 7-1-534 if a national bank or a federal savings bank is to be the resulting bank.

(b) An out-of-state bank may enter into an interstate merger transaction with a Georgia bank, and an out-of-state bank resulting from such transaction may maintain and operate branches in Georgia. The requirements of Code Section 7-1-628.5 shall be met by the resulting bank. In order to consummate such a merger with a resulting out-of-state state bank, a Georgia state bank shall comply with Code Sections 7-1-531 through 7-1-533 and 7-1-537 , except that the format of the articles of merger submitted in accordance with Code Section 7-1-532 may be in conformity with the resulting bank's home state law if such law requires a format different from that specified by Code Section 7-1-532 . A Georgia state bank shall comply with Code Section 7-1-534 if a national bank or a federal savings bank is to be the resulting bank.

(c) Any out-of-state bank which lawfully establishes a branch in this state or which subsequently becomes the owner of or controls interstate branches in Georgia, if such transaction is not covered by subsection (a) or (b) of this Code section, shall comply with the requirements in Code Section 7-1-628.5 .

(c) Any out-of-state bank which lawfully establishes a branch in this state or which subsequently becomes the owner of or controls interstate branches in Georgia, if such transaction is not covered by subsection (a) or (b) of this Code section, shall comply with the requirements in Code Section 7-1-628.5 .
O.C.G.A. § 7-1-1004-3 — GA Code / Title 7 / Chapter 1 / Section 7-1-1004-3
Georgia Code Title 7. Banking and Finance § 7-1-1004.3
Status: in_force

The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards, websites, and any other documents as established by rule, regulation, or order of the department.
O.C.G.A. § 7-1-1111 — GA Code / Title 7 / Chapter 1 / Section 7-1-1111
Georgia Code Title 7. Banking and Finance § 7-1-1111
Status: in_force

(a) A foreign bank that desires to establish and maintain a Georgia state branch or Georgia state agency shall submit an application to the department. Such application shall: (1) Be accompanied by all application fees and commitments for the pledge of assets required by this article and applicable rules and regulations; (2) Be in the form specified by the department; (3) Be signed and acknowledged by an officer of the foreign bank; (4) Have attached a complete copy of the foreign bank's notice or application to the Board of Governors of the Federal Reserve System under 12 U.S.C. Section 3105(d) of the International Banking Act for the same Georgia state branch or Georgia state agency location and, when issued, the order from the Board of Governors approving the application or acknowledging its nonobjection; (5) Be submitted simultaneously with the federal notice or application to the Board of Governors of the Federal Reserve System; and (6) Include on its face or in accompanying documents: (A) The name of the foreign bank; (B) The street and mailing address where the principal office of the Georgia state branch or Georgia state agency is to be located, and the name of the person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency; (C) The location of its initial registered office in this state; (D) The managerial resources of the foreign bank, including the competence, experience, and integrity of the officers and directors, the integrity of its principal shareholders, and management's experience and capacity to engage in international banking; (E) The competence, experience, and integrity of the natural person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency; (F) A detailed, audited statement of the foreign bank's financial condition as of a date not more than 360 days before the date of the application; (G) An email address at which the foreign bank can receive official communications, including, but not limited to, administrative orders; and (H) Other information that is requested by the department.

(a) A foreign bank that desires to establish and maintain a Georgia state branch or Georgia state agency shall submit an application to the department. Such application shall:

(1) Be accompanied by all application fees and commitments for the pledge of assets required by this article and applicable rules and regulations;

(1) Be accompanied by all application fees and commitments for the pledge of assets required by this article and applicable rules and regulations;

(2) Be in the form specified by the department;

(2) Be in the form specified by the department;

(3) Be signed and acknowledged by an officer of the foreign bank;

(3) Be signed and acknowledged by an officer of the foreign bank;

(4) Have attached a complete copy of the foreign bank's notice or application to the Board of Governors of the Federal Reserve System under 12 U.S.C. Section 3105(d) of the International Banking Act for the same Georgia state branch or Georgia state agency location and, when issued, the order from the Board of Governors approving the application or acknowledging its nonobjection;

(4) Have attached a complete copy of the foreign bank's notice or application to the Board of Governors of the Federal Reserve System under 12 U.S.C. Section 3105(d) of the International Banking Act for the same Georgia state branch or Georgia state agency location and, when issued, the order from the Board of Governors approving the application or acknowledging its nonobjection;

(5) Be submitted simultaneously with the federal notice or application to the Board of Governors of the Federal Reserve System; and

(5) Be submitted simultaneously with the federal notice or application to the Board of Governors of the Federal Reserve System; and

(6) Include on its face or in accompanying documents: (A) The name of the foreign bank; (B) The street and mailing address where the principal office of the Georgia state branch or Georgia state agency is to be located, and the name of the person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency; (C) The location of its initial registered office in this state; (D) The managerial resources of the foreign bank, including the competence, experience, and integrity of the officers and directors, the integrity of its principal shareholders, and management's experience and capacity to engage in international banking; (E) The competence, experience, and integrity of the natural person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency; (F) A detailed, audited statement of the foreign bank's financial condition as of a date not more than 360 days before the date of the application; (G) An email address at which the foreign bank can receive official communications, including, but not limited to, administrative orders; and (H) Other information that is requested by the department.

(6) Include on its face or in accompanying documents:

(A) The name of the foreign bank;

(A) The name of the foreign bank;

(B) The street and mailing address where the principal office of the Georgia state branch or Georgia state agency is to be located, and the name of the person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency;

(B) The street and mailing address where the principal office of the Georgia state branch or Georgia state agency is to be located, and the name of the person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency;

(C) The location of its initial registered office in this state;

(C) The location of its initial registered office in this state;

(D) The managerial resources of the foreign bank, including the competence, experience, and integrity of the officers and directors, the integrity of its principal shareholders, and management's experience and capacity to engage in international banking;

(D) The managerial resources of the foreign bank, including the competence, experience, and integrity of the officers and directors, the integrity of its principal shareholders, and management's experience and capacity to engage in international banking;

(E) The competence, experience, and integrity of the natural person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency;

(E) The competence, experience, and integrity of the natural person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency;

(F) A detailed, audited statement of the foreign bank's financial condition as of a date not more than 360 days before the date of the application;

(F) A detailed, audited statement of the foreign bank's financial condition as of a date not more than 360 days before the date of the application;

(G) An email address at which the foreign bank can receive official communications, including, but not limited to, administrative orders; and

(G) An email address at which the foreign bank can receive official communications, including, but not limited to, administrative orders; and

(H) Other information that is requested by the department.

(H) Other information that is requested by the department.

(b) The department may adopt rules and regulations prescribing abbreviated application procedures and standards applicable to applications by foreign banks to establish additional Georgia state branches or Georgia state agencies that have already established an initial Georgia state branch or Georgia state agency.

(b) The department may adopt rules and regulations prescribing abbreviated application procedures and standards applicable to applications by foreign banks to establish additional Georgia state branches or Georgia state agencies that have already established an initial Georgia state branch or Georgia state agency.
O.C.G.A. § 7-1-624 — GA Code / Title 7 / Chapter 1 / Section 7-1-624
Georgia Code Title 7. Banking and Finance § 7-1-624
Status: in_force

(a) Except as expressly permitted under this part, Part 20 of this article, or by federal law, no bank holding company may acquire a bank or a bank holding company controlling a bank chartered by the department.

(a) Except as expressly permitted under this part, Part 20 of this article, or by federal law, no bank holding company may acquire a bank or a bank holding company controlling a bank chartered by the department.

(b) In the event any bank holding company makes an acquisition that is prohibited by this part, the commissioner shall require such bank holding company to divest itself immediately of its direct or indirect ownership or control of any Georgia banks or banking offices located in Georgia. The commissioner shall also have the power to enforce any other prohibitions in this part by requiring divestitures of nonconforming banks, bank holding companies, or assets. Alternatively, the commissioner shall have the power to impose fines and penalties or exercise such other remedies as are provided in this chapter, including, but not limited to, judicial actions.

(b) In the event any bank holding company makes an acquisition that is prohibited by this part, the commissioner shall require such bank holding company to divest itself immediately of its direct or indirect ownership or control of any Georgia banks or banking offices located in Georgia. The commissioner shall also have the power to enforce any other prohibitions in this part by requiring divestitures of nonconforming banks, bank holding companies, or assets. Alternatively, the commissioner shall have the power to impose fines and penalties or exercise such other remedies as are provided in this chapter, including, but not limited to, judicial actions.
O.C.G.A. § 7-1-912 — GA Code / Title 7 / Chapter 1 / Section 7-1-912
Georgia Code Title 7. Banking and Finance § 7-1-912
Status: in_force

(a)(1) Financial institutions and other money service businesses are required by state law to comply with the filing, reporting, and record-keeping requirements provided for in federal law. The department may promulgate regulations that specify additional requirements for currency transaction reports, record keeping, and suspicious activity reports. (2) Pursuant to federal law, a financial institution must keep a record of any currency transaction deemed suspicious for any reason, including transactions where money laundering is suspected, and file a report of such transaction with the appropriate federal authority. All such suspicious activity reports shall be simultaneously filed with the department, unless by regulation the department deems a federal filing to be adequate. (3) The provisions of paragraph (1) of this subsection shall not apply to transfers between banks, credit unions, or savings and loan associations chartered under the laws of any state or the United States which do not involve the payment or receipt of currency and which are accomplished through a wire or electronic transfer system operated by the Federal Reserve System, the Federal Home Loan Bank System, or other governmental agency or instrumentality; provided, however, with regard to each such transfer the bank, credit union, or savings and loan association shall maintain a record of the name, address, and tax identification number of its customer, the name and location of the corresponding bank, credit union, or savings and loan association, and the name of the customer of the corresponding bank, credit union, or savings and loan association.

(a)(1) Financial institutions and other money service businesses are required by state law to comply with the filing, reporting, and record-keeping requirements provided for in federal law. The department may promulgate regulations that specify additional requirements for currency transaction reports, record keeping, and suspicious activity reports.

(a)(1) Financial institutions and other money service businesses are required by state law to comply with the filing, reporting, and record-keeping requirements provided for in federal law. The department may promulgate regulations that specify additional requirements for currency transaction reports, record keeping, and suspicious activity reports.

(2) Pursuant to federal law, a financial institution must keep a record of any currency transaction deemed suspicious for any reason, including transactions where money laundering is suspected, and file a report of such transaction with the appropriate federal authority. All such suspicious activity reports shall be simultaneously filed with the department, unless by regulation the department deems a federal filing to be adequate.

(2) Pursuant to federal law, a financial institution must keep a record of any currency transaction deemed suspicious for any reason, including transactions where money laundering is suspected, and file a report of such transaction with the appropriate federal authority. All such suspicious activity reports shall be simultaneously filed with the department, unless by regulation the department deems a federal filing to be adequate.

(3) The provisions of paragraph (1) of this subsection shall not apply to transfers between banks, credit unions, or savings and loan associations chartered under the laws of any state or the United States which do not involve the payment or receipt of currency and which are accomplished through a wire or electronic transfer system operated by the Federal Reserve System, the Federal Home Loan Bank System, or other governmental agency or instrumentality; provided, however, with regard to each such transfer the bank, credit union, or savings and loan association shall maintain a record of the name, address, and tax identification number of its customer, the name and location of the corresponding bank, credit union, or savings and loan association, and the name of the customer of the corresponding bank, credit union, or savings and loan association.

(3) The provisions of paragraph (1) of this subsection shall not apply to transfers between banks, credit unions, or savings and loan associations chartered under the laws of any state or the United States which do not involve the payment or receipt of currency and which are accomplished through a wire or electronic transfer system operated by the Federal Reserve System, the Federal Home Loan Bank System, or other governmental agency or instrumentality; provided, however, with regard to each such transfer the bank, credit union, or savings and loan association shall maintain a record of the name, address, and tax identification number of its customer, the name and location of the corresponding bank, credit union, or savings and loan association, and the name of the customer of the corresponding bank, credit union, or savings and loan association.

(b) The commissioner shall prescribe such regulations as he may deem appropriate to carry out the purposes of this article. Such regulations shall to the extent feasible be consistent with federal regulations and may provide for exemption of such transactions as the commissioner determines are clearly of a legitimate nature for which mandatory reporting would serve no useful purpose. The regulations shall provide for adequate safeguards against unauthorized currency transactions or transactions otherwise inconsistent with this article.

(b) The commissioner shall prescribe such regulations as he may deem appropriate to carry out the purposes of this article. Such regulations shall to the extent feasible be consistent with federal regulations and may provide for exemption of such transactions as the commissioner determines are clearly of a legitimate nature for which mandatory reporting would serve no useful purpose. The regulations shall provide for adequate safeguards against unauthorized currency transactions or transactions otherwise inconsistent with this article.

(c) The commissioner in his discretion may exercise the authority granted in Code Section 7-1-64 to assure that financial institutions subject to this article are in compliance herewith.

(c) The commissioner in his discretion may exercise the authority granted in Code Section 7-1-64 to assure that financial institutions subject to this article are in compliance herewith.

(d) No person shall for the purpose of evading the reporting requirements of this Code section: (1) Cause or attempt to cause a financial institution to fail to file a report required pursuant to this Code section; (2) Cause or attempt to cause a financial institution to file a report required pursuant to this Code section that contains a material omission or misstatement of fact; or (3) Structure or assist in structuring or attempt to structure or assist in structuring any currency transaction with one or more financial institutions.

(d) No person shall for the purpose of evading the reporting requirements of this Code section:

(1) Cause or attempt to cause a financial institution to fail to file a report required pursuant to this Code section;

(1) Cause or attempt to cause a financial institution to fail to file a report required pursuant to this Code section;

(2) Cause or attempt to cause a financial institution to file a report required pursuant to this Code section that contains a material omission or misstatement of fact; or

(2) Cause or attempt to cause a financial institution to file a report required pursuant to this Code section that contains a material omission or misstatement of fact; or

(3) Structure or assist in structuring or attempt to structure or assist in structuring any currency transaction with one or more financial institutions.

(3) Structure or assist in structuring or attempt to structure or assist in structuring any currency transaction with one or more financial institutions.

(e) For purposes of this Code section, the term: (1) “Material omission or misstatement” shall include the furnishing of a false or erroneous name, address, taxpayer identification number, and business, profession, or occupation for the person performing the currency transaction or the beneficiary of such transaction or displaying or otherwise producing physical proof of identity on such persons which is forged, falsified, or otherwise altered; and (2) “Structuring” of a currency transaction means the division of a transaction which would otherwise be reportable under this Code section into two or more transactions which if considered separately would not be reportable.

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

(1) “Material omission or misstatement” shall include the furnishing of a false or erroneous name, address, taxpayer identification number, and business, profession, or occupation for the person performing the currency transaction or the beneficiary of such transaction or displaying or otherwise producing physical proof of identity on such persons which is forged, falsified, or otherwise altered; and

(1) “Material omission or misstatement” shall include the furnishing of a false or erroneous name, address, taxpayer identification number, and business, profession, or occupation for the person performing the currency transaction or the beneficiary of such transaction or displaying or otherwise producing physical proof of identity on such persons which is forged, falsified, or otherwise altered; and

(2) “Structuring” of a currency transaction means the division of a transaction which would otherwise be reportable under this Code section into two or more transactions which if considered separately would not be reportable.

(2) “Structuring” of a currency transaction means the division of a transaction which would otherwise be reportable under this Code section into two or more transactions which if considered separately would not be reportable.
O.C.G.A. § 7-1-790 — GA Code / Title 7 / Chapter 1 / Section 7-1-790
Georgia Code Title 7. Banking and Finance § 7-1-790
Status: in_force

A savings and loan association may receive deposits in the name of an administrator, executor, guardian, trustee, or other fiduciary in trust for a named or an unnamed beneficiary or beneficiaries. Such a deposit and dividends or interest thereon or other rights relating thereto may be paid or delivered, in whole or in part, to such fiduciary or may be exercised by such fiduciary without regard to any notice to the contrary so long as such fiduciary is living and until the association has received notice of the death of such fiduciary. The payment or delivery to any such fiduciary or a receipt or acquittance signed by any such fiduciary, to whom any such payment or any such delivery of rights is made, shall be a valid and sufficient release and discharge of such association for the payment or delivery so made.
O.C.G.A. § 7-1-628 — GA Code / Title 7 / Chapter 1 / Section 7-1-628
Georgia Code Title 7. Banking and Finance § 7-1-628
Status: in_force

(a) It is the purpose of this part to permit interstate banking and branching by merger under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, 1 subject to the limitations and requirements set out in this part and in Parts 14, 18, and 19 of this article.

(a) It is the purpose of this part to permit interstate banking and branching by merger under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, 1 subject to the limitations and requirements set out in this part and in Parts 14, 18, and 19 of this article.

(b) The scope of this part covers mergers where, upon consummation of the interstate merger transaction, the resulting bank will have banking locations in Georgia and at least one other state. It provides for certain approval, notice, and other requirements.

(b) The scope of this part covers mergers where, upon consummation of the interstate merger transaction, the resulting bank will have banking locations in Georgia and at least one other state. It provides for certain approval, notice, and other requirements.

(c) In authorizing the expansion of interstate banking to this state, and in the interests of its citizens, the General Assembly finds that primary consideration should be given to the following: (1) Affording protection and promoting convenience to bank depositors and other customers of financial institutions in this state; (2) Preserving the advantages of a sound dual banking system and the competitive equality of state chartered institutions with federally chartered institutions; and (3) Providing to the Department of Banking and Finance sufficient powers and responsibilities to implement these considerations.

(c) In authorizing the expansion of interstate banking to this state, and in the interests of its citizens, the General Assembly finds that primary consideration should be given to the following:

(1) Affording protection and promoting convenience to bank depositors and other customers of financial institutions in this state;

(1) Affording protection and promoting convenience to bank depositors and other customers of financial institutions in this state;

(2) Preserving the advantages of a sound dual banking system and the competitive equality of state chartered institutions with federally chartered institutions; and

(2) Preserving the advantages of a sound dual banking system and the competitive equality of state chartered institutions with federally chartered institutions; and

(3) Providing to the Department of Banking and Finance sufficient powers and responsibilities to implement these considerations.

(3) Providing to the Department of Banking and Finance sufficient powers and responsibilities to implement these considerations.

(d) This part is not intended to discriminate against out-of-state bank holding companies or against foreign bank holding companies in any manner that would violate Section 3(d) of the Bank Holding Company Act, 2 as amended by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.

(d) This part is not intended to discriminate against out-of-state bank holding companies or against foreign bank holding companies in any manner that would violate Section 3(d) of the Bank Holding Company Act, 2 as amended by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.

1 12 U.S.C.A. § 1831u.

2 12 U.S.C.A. § 1842(d).
O.C.G.A. § 7-1-950 — GA Code / Title 7 / Chapter 1 / Section 7-1-950
Georgia Code Title 7. Banking and Finance § 7-1-950
Status: in_force

(a) Except as provided in subsections (b) and (c) of this Code section and subject to the approval of the department, the articles may be amended by the votes of the shareholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds of the votes to which the members shall be entitled.

(a) Except as provided in subsections (b) and (c) of this Code section and subject to the approval of the department, the articles may be amended by the votes of the shareholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds of the votes to which the members shall be entitled.

(b) No amendment shall be adopted which is inconsistent with the general purposes expressed in paragraph (3) of subsection (a) of Code Section 7-1-941 or which authorizes any additional class of stock to be issued or which would tend to impair the ability of the department to examine and supervise the corporation.

(b) No amendment shall be adopted which is inconsistent with the general purposes expressed in paragraph (3) of subsection (a) of Code Section 7-1-941 or which authorizes any additional class of stock to be issued or which would tend to impair the ability of the department to examine and supervise the corporation.

(c) No amendment of the articles which increases the obligation of a member to make loans to the corporation or makes any change in the principal amount, interest rate, or maturity date or in the security or credit position of any outstanding loan of a member to the corporation or affects a member's right to withdraw from membership as provided in Code Section 7-1-948 or affects a member's voting rights as provided in this article shall be made without the consent of each member affected by such amendment.

(c) No amendment of the articles which increases the obligation of a member to make loans to the corporation or makes any change in the principal amount, interest rate, or maturity date or in the security or credit position of any outstanding loan of a member to the corporation or affects a member's right to withdraw from membership as provided in Code Section 7-1-948 or affects a member's voting rights as provided in this article shall be made without the consent of each member affected by such amendment.

(d) Within 30 days after any meeting at which an amendment to the articles is approved, it shall be submitted to the department together with such information as the department shall require. If the department finds in its discretion that the proposed amendment is in conformity with the objectives and requirements of this article, it shall issue its certificate approving the amendment. If the amendment is disapproved, the department shall briefly state its reasons for such action to the corporation. The decision of the department shall be conclusive, except as it may be subject to judicial review as provided in Code Section 7-1-90 .

(d) Within 30 days after any meeting at which an amendment to the articles is approved, it shall be submitted to the department together with such information as the department shall require. If the department finds in its discretion that the proposed amendment is in conformity with the objectives and requirements of this article, it shall issue its certificate approving the amendment. If the amendment is disapproved, the department shall briefly state its reasons for such action to the corporation. The decision of the department shall be conclusive, except as it may be subject to judicial review as provided in Code Section 7-1-90 .

(e) Upon the approval of the department, articles of amendment signed and sworn to by the president, treasurer, and a majority of the directors, setting forth such amendment and due adoption thereof, shall, together with the department's certificate of approval, be submitted to the Secretary of State, who shall examine them and, if he finds that they conform to the requirements of this article, shall so certify and endorse his approval thereon.

(e) Upon the approval of the department, articles of amendment signed and sworn to by the president, treasurer, and a majority of the directors, setting forth such amendment and due adoption thereof, shall, together with the department's certificate of approval, be submitted to the Secretary of State, who shall examine them and, if he finds that they conform to the requirements of this article, shall so certify and endorse his approval thereon.
O.C.G.A. § 7-1-441 — GA Code / Title 7 / Chapter 1 / Section 7-1-441
Georgia Code Title 7. Banking and Finance § 7-1-441
Status: in_force

(a) In a derivative action involving a right which a bank or trust company may have properly asserted, but which its representatives wrongfully failed to enforce that has been brought by one or more shareholders of a bank or trust company to procure a judgment in its favor, the complaint shall be verified and shall allege that the plaintiff is a shareholder of record at the time of bringing the action. It shall further allege: (1) That the plaintiff had purchased his or her shares or was a shareholder of record at the time of the transaction of which he or she complains or that his or her shares thereafter devolved on him or her through one or more transfers by operation of law from one who was a holder of record or member at such time; or (2) That the plaintiff is the holder of record of shares which at the time of the transaction of which he or she complains were held of record by a trustee of a trust in which the plaintiff held a beneficial interest or in which a beneficial interest was held by one from whom the shares have devolved upon the plaintiff through one or more transfers by operation of law.

(a) In a derivative action involving a right which a bank or trust company may have properly asserted, but which its representatives wrongfully failed to enforce that has been brought by one or more shareholders of a bank or trust company to procure a judgment in its favor, the complaint shall be verified and shall allege that the plaintiff is a shareholder of record at the time of bringing the action. It shall further allege:

(1) That the plaintiff had purchased his or her shares or was a shareholder of record at the time of the transaction of which he or she complains or that his or her shares thereafter devolved on him or her through one or more transfers by operation of law from one who was a holder of record or member at such time; or

(1) That the plaintiff had purchased his or her shares or was a shareholder of record at the time of the transaction of which he or she complains or that his or her shares thereafter devolved on him or her through one or more transfers by operation of law from one who was a holder of record or member at such time; or

(2) That the plaintiff is the holder of record of shares which at the time of the transaction of which he or she complains were held of record by a trustee of a trust in which the plaintiff held a beneficial interest or in which a beneficial interest was held by one from whom the shares have devolved upon the plaintiff through one or more transfers by operation of law.

(2) That the plaintiff is the holder of record of shares which at the time of the transaction of which he or she complains were held of record by a trustee of a trust in which the plaintiff held a beneficial interest or in which a beneficial interest was held by one from whom the shares have devolved upon the plaintiff through one or more transfers by operation of law.

(b) In any such action the complaint shall also allege with particularity the efforts of the plaintiff to secure the initiation of such action by the board of directors or comparable authority, or the reasons for not making such effort.

(b) In any such action the complaint shall also allege with particularity the efforts of the plaintiff to secure the initiation of such action by the board of directors or comparable authority, or the reasons for not making such effort.

(c) Such action shall not be discontinued, compromised, or settled without the approval of the court having jurisdiction of the action. If the court shall determine that the interests of the members or of the shareholders of any class or classes will be substantially affected by such discontinuance, compromise, or settlement, the court shall direct that notice, by publication or otherwise, of the action and the proposed discontinuance, compromise, or settlement thereof be given to the members or to the shareholders of the class or classes whose interests it determines will be so affected; if notice is so directed to be given, the court may determine which one or more of the parties to the action shall bear the expense of giving the same in such amount as the court shall determine and find to be reasonable in the circumstances.

(c) Such action shall not be discontinued, compromised, or settled without the approval of the court having jurisdiction of the action. If the court shall determine that the interests of the members or of the shareholders of any class or classes will be substantially affected by such discontinuance, compromise, or settlement, the court shall direct that notice, by publication or otherwise, of the action and the proposed discontinuance, compromise, or settlement thereof be given to the members or to the shareholders of the class or classes whose interests it determines will be so affected; if notice is so directed to be given, the court may determine which one or more of the parties to the action shall bear the expense of giving the same in such amount as the court shall determine and find to be reasonable in the circumstances.

(d) If such action is successful, in whole or in part, or if anything is received by the plaintiff or plaintiffs as the result of the judgment or compromise or settlement of the action, the court may award the plaintiff or plaintiffs reasonable expenses, including reasonable fees of attorneys, and shall direct him or them to account to the bank or trust company for the remainder of the proceeds so received by him or them.

(d) If such action is successful, in whole or in part, or if anything is received by the plaintiff or plaintiffs as the result of the judgment or compromise or settlement of the action, the court may award the plaintiff or plaintiffs reasonable expenses, including reasonable fees of attorneys, and shall direct him or them to account to the bank or trust company for the remainder of the proceeds so received by him or them.

(e) In any such action, the court having jurisdiction, upon final judgment and a finding that the action was brought without reasonable cause, may require the plaintiff or plaintiffs to pay to the parties named as defendants the reasonable expenses, including fees of attorneys, incurred by them in the defense of such action; and such damages as the court may assess shall be paid to the bank or trust company for damages such bank or trust company may have sustained due to adverse publicity brought about as a result of action brought without reasonable cause.

(e) In any such action, the court having jurisdiction, upon final judgment and a finding that the action was brought without reasonable cause, may require the plaintiff or plaintiffs to pay to the parties named as defendants the reasonable expenses, including fees of attorneys, incurred by them in the defense of such action; and such damages as the court may assess shall be paid to the bank or trust company for damages such bank or trust company may have sustained due to adverse publicity brought about as a result of action brought without reasonable cause.
O.C.G.A. § 7-1-708-1 — GA Code / Title 7 / Chapter 1 / Section 7-1-708-1
Georgia Code Title 7. Banking and Finance § 7-1-708.1
Status: in_force

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

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

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

(b) Where an applicant or licensee has been found not in compliance with an order for child support as provided in Code Section 19-6-28.1 or 19-11-9.3 , such action shall be sufficient grounds for denial of an application or suspension of a license. In such actions, the hearing and appeal procedures provided for in Code Section 19-6-28.1 or 19-11-9.3 shall be the only such procedures required under this article. The department shall be permitted to share, without liability, information on its applications or other forms with appropriate state agencies to assist them in recovering child support.
O.C.G.A. § 7-1-63 — GA Code / Title 7 / Chapter 1 / Section 7-1-63
Georgia Code Title 7. Banking and Finance § 7-1-63
Status: in_force

(a) The department shall issue regulations classifying records kept by financial institutions and prescribing the period, if any, for which records of each class shall be retained and the form in which such records shall be maintained. Such periods may be permanent or for a lesser term of years. In issuing such regulations, consideration shall be given to the objectives of this chapter and to: (1) Evidentiary effect in actions at law and administrative proceedings in which the production of records of financial institutions might be necessary or desirable; (2) State and federal statutes of limitation applicable to such actions or proceedings; (3) Availability of information contained in the records of the financial institution from other sources; (4) Requirements of electronic systems of transferring funds; and (5) Other pertinent matters; so that financial institutions will be required to retain records for as short a period as is commensurate with interests of customers, shareholders, and the people of this state.

(a) The department shall issue regulations classifying records kept by financial institutions and prescribing the period, if any, for which records of each class shall be retained and the form in which such records shall be maintained. Such periods may be permanent or for a lesser term of years. In issuing such regulations, consideration shall be given to the objectives of this chapter and to:

(1) Evidentiary effect in actions at law and administrative proceedings in which the production of records of financial institutions might be necessary or desirable;

(1) Evidentiary effect in actions at law and administrative proceedings in which the production of records of financial institutions might be necessary or desirable;

(2) State and federal statutes of limitation applicable to such actions or proceedings;

(2) State and federal statutes of limitation applicable to such actions or proceedings;

(3) Availability of information contained in the records of the financial institution from other sources;

(3) Availability of information contained in the records of the financial institution from other sources;

(4) Requirements of electronic systems of transferring funds; and

(4) Requirements of electronic systems of transferring funds; and

(5) Other pertinent matters;

(5) Other pertinent matters;

so that financial institutions will be required to retain records for as short a period as is commensurate with interests of customers, shareholders, and the people of this state.

(b) The regulations of the department shall not require financial institutions to maintain originals of checks or items for the payment of money or original computer tapes or original records with respect to accounts which have been inactive for a period of 12 successive months. Where a financial institution employs computers, its records may consist of legible products of computer operations.

(b) The regulations of the department shall not require financial institutions to maintain originals of checks or items for the payment of money or original computer tapes or original records with respect to accounts which have been inactive for a period of 12 successive months. Where a financial institution employs computers, its records may consist of legible products of computer operations.
O.C.G.A. § 7-3-47 — GA Code / Title 7 / Chapter 3 / Section 7-3-47
Georgia Code Title 7. Banking and Finance § 7-3-47
Status: in_force

(a) Except as provided in this Code section, information obtained by the department pursuant to this chapter, which shall include any information disclosed through the Nationwide Multistate Licensing System and Registry, is confidential as provided in Code Section 7-1-70 .

(a) Except as provided in this Code section, information obtained by the department pursuant to this chapter, which shall include any information disclosed through the Nationwide Multistate Licensing System and Registry, is confidential as provided in Code Section 7-1-70 .

(b) In addition to the exceptions set forth in subsection (b) of Code Section 7-1-70 , the department is authorized to share information obtained under this chapter with other regulatory or law enforcement authorities. In the case of such sharing, the safeguards to confidentiality already in place within such agencies or authorities shall be deemed adequate. A designated employee or agent of the department may disclose such information as is necessary to conduct a civil or administrative investigation or proceeding related to the business of making installment loans.

(b) In addition to the exceptions set forth in subsection (b) of Code Section 7-1-70 , the department is authorized to share information obtained under this chapter with other regulatory or law enforcement authorities. In the case of such sharing, the safeguards to confidentiality already in place within such agencies or authorities shall be deemed adequate. A designated employee or agent of the department may disclose such information as is necessary to conduct a civil or administrative investigation or proceeding related to the business of making installment loans.

(c) The department is authorized to make the following information available to the public on the department's website, upon receipt by the department of a written request, or in the Nationwide Multistate Licensing System and Registry: (1) The name, business address, telephone number, facsimile number, and unique identifier of a licensee; (2) The names and titles of the executive officers of a licensee; (3) The names of the owners of a licensee; (4) The name, business address, telephone number, and facsimile number of all locations of a licensee; (5) The terms of or a copy of any bond filed by a licensee; (6) Information concerning any violation of this chapter or any rule, regulation, or order issued pursuant to this chapter, provided that such information is derived from a final order of the department; (7) The imposition of an administrative fine or penalty under this chapter; and (8) The address of a licensee's registered agent for service of process in this state.

(c) The department is authorized to make the following information available to the public on the department's website, upon receipt by the department of a written request, or in the Nationwide Multistate Licensing System and Registry:

(1) The name, business address, telephone number, facsimile number, and unique identifier of a licensee;

(1) The name, business address, telephone number, facsimile number, and unique identifier of a licensee;

(2) The names and titles of the executive officers of a licensee;

(2) The names and titles of the executive officers of a licensee;

(3) The names of the owners of a licensee;

(3) The names of the owners of a licensee;

(4) The name, business address, telephone number, and facsimile number of all locations of a licensee;

(4) The name, business address, telephone number, and facsimile number of all locations of a licensee;

(5) The terms of or a copy of any bond filed by a licensee;

(5) The terms of or a copy of any bond filed by a licensee;

(6) Information concerning any violation of this chapter or any rule, regulation, or order issued pursuant to this chapter, provided that such information is derived from a final order of the department;

(6) Information concerning any violation of this chapter or any rule, regulation, or order issued pursuant to this chapter, provided that such information is derived from a final order of the department;

(7) The imposition of an administrative fine or penalty under this chapter; and

(7) The imposition of an administrative fine or penalty under this chapter; and

(8) The address of a licensee's registered agent for service of process in this state.

(8) The address of a licensee's registered agent for service of process in this state.
O.C.G.A. § 7-1-74 — GA Code / Title 7 / Chapter 1 / Section 7-1-74
Georgia Code Title 7. Banking and Finance § 7-1-74
Status: in_force

For each calendar year the department shall compile and publish in print or electronically an annual report in such form and containing such information as it may determine necessary to summarize reasonably its operations. The report may contain recommendations which the department may have for changes in the laws governing financial institutions.
O.C.G.A. § 7-1-1005 — GA Code / Title 7 / Chapter 1 / Section 7-1-1005
Georgia Code Title 7. Banking and Finance § 7-1-1005
Status: in_force

(a) Except as otherwise specifically provided in this article, all licenses and registrations issued pursuant to this article shall expire on December 31 of each year, and application for renewal shall be made annually on or before December 1 of each year.

(a) Except as otherwise specifically provided in this article, all licenses and registrations issued pursuant to this article shall expire on December 31 of each year, and application for renewal shall be made annually on or before December 1 of each year.

(b) Any licensee or registrant making proper application on or before December 1 for the renewal of a license or registration for the following calendar year shall be permitted to continue to operate pending final approval or disapproval of the application if the application for the license or registration is not acted upon prior to January 1. For purposes of this subsection, a “ proper application ” shall include a requirement that all documentation requesting a renewal has been completed, the requisite continuing education has been successfully obtained, and payment has been made of all outstanding fines and applicable fees required by this article.

(b) Any licensee or registrant making proper application on or before December 1 for the renewal of a license or registration for the following calendar year shall be permitted to continue to operate pending final approval or disapproval of the application if the application for the license or registration is not acted upon prior to January 1. For purposes of this subsection, a “ proper application ” shall include a requirement that all documentation requesting a renewal has been completed, the requisite continuing education has been successfully obtained, and payment has been made of all outstanding fines and applicable fees required by this article.

(c) No investigation fee shall be payable in connection with the renewal application, but an annual license or registration fee established by regulation of the department to defray the cost of supervision shall be paid with each renewal application, which fee shall not be refunded.

(c) No investigation fee shall be payable in connection with the renewal application, but an annual license or registration fee established by regulation of the department to defray the cost of supervision shall be paid with each renewal application, which fee shall not be refunded.

(d) Any person holding a license or registration pursuant to this article who fails to file a proper application for a license or registration renewal for the following license year on or before December 1 and who files an application after December 1 may be required to pay, in addition to the license or registration fees, a fine in an amount to be established by regulations promulgated by the department.

(d) Any person holding a license or registration pursuant to this article who fails to file a proper application for a license or registration renewal for the following license year on or before December 1 and who files an application after December 1 may be required to pay, in addition to the license or registration fees, a fine in an amount to be established by regulations promulgated by the department.

(e) The minimum standards for license renewal for mortgage loan originators shall include: (1) The mortgage loan originator continues to meet the minimum standards for license issuance; (2) The mortgage loan originator has satisfied the annual continuing education requirements; (3) The mortgage loan originator has paid all required fees for renewal of the license; and (4) The mortgage loan originator is in compliance with any and all written orders issued by the department.

(e) The minimum standards for license renewal for mortgage loan originators shall include:

(1) The mortgage loan originator continues to meet the minimum standards for license issuance;

(1) The mortgage loan originator continues to meet the minimum standards for license issuance;

(2) The mortgage loan originator has satisfied the annual continuing education requirements;

(2) The mortgage loan originator has satisfied the annual continuing education requirements;

(3) The mortgage loan originator has paid all required fees for renewal of the license; and

(3) The mortgage loan originator has paid all required fees for renewal of the license; and

(4) The mortgage loan originator is in compliance with any and all written orders issued by the department.

(4) The mortgage loan originator is in compliance with any and all written orders issued by the department.

(f) A mortgage loan originator license shall become inactive in the event that the mortgage loan originator is no longer sponsored by a mortgage lender or mortgage broker that is licensed. A mortgage loan originator shall not act as a mortgage loan originator in this state while the license is inactive. A mortgage loan originator license shall remain in inactive status until the license expires pursuant to subsection (a) of this Code section, the licensee surrenders the license, the license is revoked or suspended, or the licensee obtains sponsorship.

(f) A mortgage loan originator license shall become inactive in the event that the mortgage loan originator is no longer sponsored by a mortgage lender or mortgage broker that is licensed. A mortgage loan originator shall not act as a mortgage loan originator in this state while the license is inactive. A mortgage loan originator license shall remain in inactive status until the license expires pursuant to subsection (a) of this Code section, the licensee surrenders the license, the license is revoked or suspended, or the licensee obtains sponsorship.

(g) The department may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Multistate Licensing System and Registry.

(g) The department may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Multistate Licensing System and Registry.
O.C.G.A. § 7-2-12 — GA Code / Title 7 / Chapter 2 / Section 7-2-12
Georgia Code Title 7. Banking and Finance § 7-2-12
Status: in_force

(a) The department shall forward to the corporation copies or summaries of all examination reports of member financial institutions. In the event a summary is provided, the corporation may request a complete and full report.

(a) The department shall forward to the corporation copies or summaries of all examination reports of member financial institutions. In the event a summary is provided, the corporation may request a complete and full report.

(b) The corporation may request the department to conduct additional examinations or to order independent audits of the records of member financial institutions. The department shall cooperate with the corporation upon such a request but shall use its discretion in determining the scope and timing of such additional examinations or audits.

(b) The corporation may request the department to conduct additional examinations or to order independent audits of the records of member financial institutions. The department shall cooperate with the corporation upon such a request but shall use its discretion in determining the scope and timing of such additional examinations or audits.

(c) If the directors of the corporation ascertain evidence of carelessness, unsound practices, or mismanagement of any member financial institution which appears to affect adversely the solvency of the financial institution or threatens undue loss to the corporation, the directors may order that corrective action be taken or revoke the membership of the financial institution in the corporation or recommend to the department that the financial institution be liquidated. The department shall be provided a copy of any such order or letter of revocation. In the event of revocation of its membership, the financial institution shall notify all of its members of such revocation and that the deposits and shares are no longer insured by the corporation, provided that, in the event membership is revoked, insurance coverage shall continue in effect for 180 days. No refund required by subsection (e) of Code Section 7-2-7 shall be payable until after insurance coverage is terminated.

(c) If the directors of the corporation ascertain evidence of carelessness, unsound practices, or mismanagement of any member financial institution which appears to affect adversely the solvency of the financial institution or threatens undue loss to the corporation, the directors may order that corrective action be taken or revoke the membership of the financial institution in the corporation or recommend to the department that the financial institution be liquidated. The department shall be provided a copy of any such order or letter of revocation. In the event of revocation of its membership, the financial institution shall notify all of its members of such revocation and that the deposits and shares are no longer insured by the corporation, provided that, in the event membership is revoked, insurance coverage shall continue in effect for 180 days. No refund required by subsection (e) of Code Section 7-2-7 shall be payable until after insurance coverage is terminated.

(d) If any member financial institution shall fail to pay any assessment, premium, or membership fee lawfully required under this chapter, the directors of the corporation shall notify the department, and the department shall forthwith notify the financial institution in writing. The failure of such financial institution to make such payment within 15 days after the said written notice may subject the financial institution to the sanctions set forth in subsection (c) of this Code section.

(d) If any member financial institution shall fail to pay any assessment, premium, or membership fee lawfully required under this chapter, the directors of the corporation shall notify the department, and the department shall forthwith notify the financial institution in writing. The failure of such financial institution to make such payment within 15 days after the said written notice may subject the financial institution to the sanctions set forth in subsection (c) of this Code section.
O.C.G.A. § 7-2-4 — GA Code / Title 7 / Chapter 2 / Section 7-2-4
Georgia Code Title 7. Banking and Finance § 7-2-4
Status: in_force

The corporation may:

(1) Enter into contracts, including contracts for reinsurance;

(1) Enter into contracts, including contracts for reinsurance;

(2) Sue and be sued;

(2) Sue and be sued;

(3) Adopt, use, and display a corporate seal;

(3) Adopt, use, and display a corporate seal;

(4) Advance funds, in accordance with agreed terms and conditions, to aid member financial institutions to operate and to meet liquidity requirements;

(4) Advance funds, in accordance with agreed terms and conditions, to aid member financial institutions to operate and to meet liquidity requirements;

(5) Assume control of the property and business of any member financial institution upon the written direction of the department and operate the financial institution in accordance with the recommendations of the department;

(5) Assume control of the property and business of any member financial institution upon the written direction of the department and operate the financial institution in accordance with the recommendations of the department;

(6) Assist in the merger, consolidation, or liquidation of member financial institutions;

(6) Assist in the merger, consolidation, or liquidation of member financial institutions;

(7) Receive money or other property from its member financial institutions or from any corporation, association, or person;

(7) Receive money or other property from its member financial institutions or from any corporation, association, or person;

(8) Invest its funds in such manner as permitted to credit unions under the laws of this state and in such other manner as may be approved by the department;

(8) Invest its funds in such manner as permitted to credit unions under the laws of this state and in such other manner as may be approved by the department;

(9) Borrow money from any source upon such terms and conditions as the board of directors may determine;

(9) Borrow money from any source upon such terms and conditions as the board of directors may determine;

(10) Purchase in its own name, hold, and convey property of any nature necessary for the convenient transaction of its business;

(10) Purchase in its own name, hold, and convey property of any nature necessary for the convenient transaction of its business;

(11) Receive by assignment or purchase from its members any property of any nature owned by those members;

(11) Receive by assignment or purchase from its members any property of any nature owned by those members;

(12) Sell, assign, mortgage, encumber, or transfer property of any nature;

(12) Sell, assign, mortgage, encumber, or transfer property of any nature;

(13) Declare and pay dividends on membership fees with the approval of the department; and

(13) Declare and pay dividends on membership fees with the approval of the department; and

(14) Adopt and amend bylaws, rules, and regulations carrying out the purposes of the corporation.

(14) Adopt and amend bylaws, rules, and regulations carrying out the purposes of the corporation.
O.C.G.A. § 7-1-590 — GA Code / Title 7 / Chapter 1 / Section 7-1-590
Georgia Code Title 7. Banking and Finance § 7-1-590
Status: in_force

As used in this part, the term:

(1) “Bank” and “bank holding company” shall have the same meaning as in Part 18 of this article. A “ banking business ” is the business which a bank is authorized to do pursuant to this title. The power to receive deposits or the performance of any transaction directly or through an affiliate or agent relative to a deposit account shall be presumed to constitute a banking business.

(1) “Bank” and “bank holding company” shall have the same meaning as in Part 18 of this article. A “ banking business ” is the business which a bank is authorized to do pursuant to this title. The power to receive deposits or the performance of any transaction directly or through an affiliate or agent relative to a deposit account shall be presumed to constitute a banking business.

(2) “ Deposit production office ” means a form of a representative office with the authority to solicit deposits, provide information about deposit products, and assist consumers to complete the application forms to open deposit accounts, provided that such office does not open deposit accounts, take deposits, or conduct any other banking business.

(2) “ Deposit production office ” means a form of a representative office with the authority to solicit deposits, provide information about deposit products, and assist consumers to complete the application forms to open deposit accounts, provided that such office does not open deposit accounts, take deposits, or conduct any other banking business.

(3) “ Domicile ” means the home state as defined in paragraph (12) of Code Section 7-1-621 where a bank is chartered or where a bank holding company is incorporated.

(3) “ Domicile ” means the home state as defined in paragraph (12) of Code Section 7-1-621 where a bank is chartered or where a bank holding company is incorporated.

(4) “ Loan production office ” is a form of a representative office, where the solicitation of loans or of leases of personal property may occur, but not the closing of loans, the disbursement of loan proceeds, nor any other banking business. It shall be established and registered as a representative office.

(4) “ Loan production office ” is a form of a representative office, where the solicitation of loans or of leases of personal property may occur, but not the closing of loans, the disbursement of loan proceeds, nor any other banking business. It shall be established and registered as a representative office.

(5) “ Representative office ” is an office established by a bank, a bank holding company, or an agent or subsidiary of either for the purpose of conducting business activities other than a banking business and includes, but is not limited to, deposit production offices, loan production offices, and trust production offices. It shall not be considered to be a branch office or main office.

(5) “ Representative office ” is an office established by a bank, a bank holding company, or an agent or subsidiary of either for the purpose of conducting business activities other than a banking business and includes, but is not limited to, deposit production offices, loan production offices, and trust production offices. It shall not be considered to be a branch office or main office.

(6) “ Trust production office ” means a trust sales office of a qualifying individual or corporate fiduciary which office is not performing fiduciary activities. Sales activities shall consist primarily of marketing or soliciting in this state using mail, telephone, or electronic means or in person to act or propose to act as a fiduciary.

(6) “ Trust production office ” means a trust sales office of a qualifying individual or corporate fiduciary which office is not performing fiduciary activities. Sales activities shall consist primarily of marketing or soliciting in this state using mail, telephone, or electronic means or in person to act or propose to act as a fiduciary.
O.C.G.A. § 7-1-702 — GA Code / Title 7 / Chapter 1 / Section 7-1-702
Georgia Code Title 7. Banking and Finance § 7-1-702
Status: in_force

(a) Each applicant for a license under this article shall: (1) Submit an application in writing, which is made 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 office address of the person applying for the license; (B) The name, residence, and business address of each director, ultimate equitable owner, and executive officer; (C) If the applicant has one or more branches or other locations at or through which the applicant proposes to cash payment instruments within this state, the complete address of each such location; and (D) The location where the initial registered office will be located in this state; and (3) Submit such other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, trustees, officers, members, ultimate equitable owners, or agents.

(a) Each applicant for a license under this article shall:

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

(1) Submit an application in writing, which is made 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 office address of the person applying for the license; (B) The name, residence, and business address of each director, ultimate equitable owner, and executive officer; (C) If the applicant has one or more branches or other locations at or through which the applicant proposes to cash payment instruments within this state, the complete address of each such location; and (D) The location where the initial registered office will be located in this state; and

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

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

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

(B) The name, residence, and business address of each director, ultimate equitable owner, and executive officer;

(B) The name, residence, and business address of each director, ultimate equitable owner, and executive officer;

(C) If the applicant has one or more branches or other locations at or through which the applicant proposes to cash payment instruments within this state, the complete address of each such location; and

(C) If the applicant has one or more branches or other locations at or through which the applicant proposes to cash payment instruments within this state, the complete address of each such location; and

(D) The location where the initial registered office will be located in this state; and

(D) The location where the initial registered office will be located in this state; and

(3) Submit such other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, trustees, officers, members, ultimate equitable owners, or agents.

(3) Submit such other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, trustees, officers, members, ultimate equitable owners, or agents.

(b) The application for license shall be filed together with: (1) An investigation and supervision fee established by rule or regulation which shall not be refundable but which, if the license is granted, shall satisfy the fee requirement for the first licensed year or the remaining part thereof; (2) Items required by other provisions of this article, including but not limited to Code Section 7-1-703 and subsection (c) of Code Section 7-1-707 ; and (3) Other information as may be required by the department.

(b) The application for license shall be filed together with:

(1) An investigation and supervision fee established by rule or regulation which shall not be refundable but which, if the license is granted, shall satisfy the fee requirement for the first licensed year or the remaining part thereof;

(1) An investigation and supervision fee established by rule or regulation which shall not be refundable but which, if the license is granted, shall satisfy the fee requirement for the first licensed year or the remaining part thereof;

(2) Items required by other provisions of this article, including but not limited to Code Section 7-1-703 and subsection (c) of Code Section 7-1-707 ; and

(2) Items required by other provisions of this article, including but not limited to Code Section 7-1-703 and subsection (c) of Code Section 7-1-707 ; and

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

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

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

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

(d) The department shall enact rules and regulations regarding the time frame by which all persons must submit an original or renewal application for licensure through the Nationwide Multistate Licensing System and Registry.

(d) The department shall enact rules and regulations regarding the time frame by which all persons must submit an original or renewal application for licensure through the Nationwide Multistate Licensing System and Registry.
O.C.G.A. § 7-3-44 — GA Code / Title 7 / Chapter 3 / Section 7-3-44
Georgia Code Title 7. Banking and Finance § 7-3-44
Status: in_force

(a) Notice of the department's intention to enter an order denying an application or suspending or revoking a license shall be sent to the applicant or licensee in writing by registered or certified mail or statutory overnight delivery addressed to the principal business address of such applicant or licensee. If a person refuses to accept service of such notice, the notice shall be served by the department under any other method of lawful service, and the person shall be liable to the department for a sum equal to the actual costs incurred to serve the notice. Such liability shall be paid upon notice and demand by the department and shall be assessed and collected in the same manner as other fees or fines administered by the department.

(a) Notice of the department's intention to enter an order denying an application or suspending or revoking a license shall be sent to the applicant or licensee in writing by registered or certified mail or statutory overnight delivery addressed to the principal business address of such applicant or licensee. If a person refuses to accept service of such notice, the notice shall be served by the department under any other method of lawful service, and the person shall be liable to the department for a sum equal to the actual costs incurred to serve the notice. Such liability shall be paid upon notice and demand by the department and shall be assessed and collected in the same manner as other fees or fines administered by the department.

(b) Within 20 days of the date of the notice issued pursuant to subsection (a) of this Code section, the applicant or licensee may request in writing a hearing to contest the order. If no such hearing is requested, the department shall enter a final order stating the grounds for the denial, suspension, or revocation. Such final order shall be effective on the date of issuance, and the department shall promptly mail a copy thereof to the principal business address of such applicant or licensee.

(b) Within 20 days of the date of the notice issued pursuant to subsection (a) of this Code section, the applicant or licensee may request in writing a hearing to contest the order. If no such hearing is requested, the department shall enter a final order stating the grounds for the denial, suspension, or revocation. Such final order shall be effective on the date of issuance, and the department shall promptly mail a copy thereof to the principal business address of such applicant or licensee.

(c) A decision by the department denying an application for licensure or an order of the department suspending or revoking a license shall be subject to review in accordance with Chapter 13 of Title 50, the “Georgia Administrative Procedure Act,” except that judicial review shall be available solely in the superior court of the county of domicile of the department.

(c) A decision by the department denying an application for licensure or an order of the department suspending or revoking a license shall be subject to review in accordance with Chapter 13 of Title 50, the “Georgia Administrative Procedure Act,” except that judicial review shall be available solely in the superior court of the county of domicile of the department.

(d) The department may pursue any administrative action initiated under this chapter against an applicant or licensee to its conclusion, regardless of whether the applicant or licensee withdraws its application or whether a licensee does not renew or surrenders its license.

(d) The department may pursue any administrative action initiated under this chapter against an applicant or licensee to its conclusion, regardless of whether the applicant or licensee withdraws its application or whether a licensee does not renew or surrenders its license.

(e) The suspension, revocation, or expiration of a license shall not alter, ameliorate, or void the duties, defenses, and liabilities of either a borrower or a licensee under any existing agreement or contract entered into by the licensee prior to such suspension, revocation, or expiration.

(e) The suspension, revocation, or expiration of a license shall not alter, ameliorate, or void the duties, defenses, and liabilities of either a borrower or a licensee under any existing agreement or contract entered into by the licensee prior to such suspension, revocation, or expiration.
O.C.G.A. § 7-1-662 — GA Code / Title 7 / Chapter 1 / Section 7-1-662
Georgia Code Title 7. Banking and Finance § 7-1-662
Status: in_force

Credit unions shall not be subject to any tax except the ad valorem tax upon property imposed by the Constitution of this state unless made subject thereto by express provision of the law specifically naming credit unions and making them subject thereto. All ad valorem taxes against credit unions shall be assessed upon the value of their shares, including surplus and undivided profits, and not upon their assets, other than real estate; and the rate of taxation shall not exceed the rate of taxation imposed on banking corporations, provided that, so long as federal credit unions are exempt from the payment of the tax imposed under this Code section, state credit unions shall likewise be exempt.
O.C.G.A. § 7-7-3 — GA Code / Title 7 / Chapter 7 / Section 7-7-3
Georgia Code Title 7. Banking and Finance § 7-7-3
Status: in_force

Each principal of a loan broker may be sanctioned for the actions of the loan broker, including its agents or employees, in the course of business of the loan broker.
O.C.G.A. § 7-3-50 — GA Code / Title 7 / Chapter 3 / Section 7-3-50
Georgia Code Title 7. Banking and Finance § 7-3-50
Status: in_force

(a) Any person, including the executive officers, directors, trustees, owners, agents, and employees of such person, that willfully engages in the business of making installment loans without a license or an exemption pursuant to Code Section 7-3-4 shall be guilty of a felony and punished as provided in Code Section 7-1-845 .

(a) Any person, including the executive officers, directors, trustees, owners, agents, and employees of such person, that willfully engages in the business of making installment loans without a license or an exemption pursuant to Code Section 7-3-4 shall be guilty of a felony and punished as provided in Code Section 7-1-845 .

(b) Any person who makes a false statement under oath in an application for a license under this chapter or who engages in the business of making installment loans while the license of such person under this chapter is suspended shall be guilty of a misdemeanor.

(b) Any person who makes a false statement under oath in an application for a license under this chapter or who engages in the business of making installment loans while the license of such person under this chapter is suspended shall be guilty of a misdemeanor.

(c) Any contract made under this chapter by a person guilty of a felony or misdemeanor under subsection (a) or (b) of this Code section shall be null and void.

(c) Any contract made under this chapter by a person guilty of a felony or misdemeanor under subsection (a) or (b) of this Code section shall be null and void.

(d) Any installment lender who fails to comply with this chapter shall be liable to the borrower or borrowers thereon for a single penalty in an amount equal to twice the amount of all interest and loan fees charged to said borrower or borrowers on the most recent loan made by the lender to said borrower or borrowers; provided, however, that the liability under this subsection shall not be less than $100.00.

(d) Any installment lender who fails to comply with this chapter shall be liable to the borrower or borrowers thereon for a single penalty in an amount equal to twice the amount of all interest and loan fees charged to said borrower or borrowers on the most recent loan made by the lender to said borrower or borrowers; provided, however, that the liability under this subsection shall not be less than $100.00.

(e) A licensee shall have no liability under subsection (d) of this Code section if, within 15 days after discovering an error or violation and prior to the institution of an action under this Code section or the receipt of written notice of the error or violation, the lender notifies the person concerned of the error or violation and makes any necessary adjustments in the appropriate account to ensure that such person will not be required to pay charges in excess of those permitted by this chapter.

(e) A licensee shall have no liability under subsection (d) of this Code section if, within 15 days after discovering an error or violation and prior to the institution of an action under this Code section or the receipt of written notice of the error or violation, the lender notifies the person concerned of the error or violation and makes any necessary adjustments in the appropriate account to ensure that such person will not be required to pay charges in excess of those permitted by this chapter.

(f) A licensee shall not be liable for a violation of this chapter if the licensee shows by a preponderance of the evidence that the violation was not intentional and resulted from a bona fide clerical or typographical error, notwithstanding the maintenance of procedures reasonably adopted to avoid any such error, and makes any necessary adjustments in the appropriate account to ensure that no borrower will be required to pay charges in excess of those permitted by this chapter.

(f) A licensee shall not be liable for a violation of this chapter if the licensee shows by a preponderance of the evidence that the violation was not intentional and resulted from a bona fide clerical or typographical error, notwithstanding the maintenance of procedures reasonably adopted to avoid any such error, and makes any necessary adjustments in the appropriate account to ensure that no borrower will be required to pay charges in excess of those permitted by this chapter.

(g) A claim of violation of this chapter against a licensee may be asserted in an individual action only and may not be the subject of a class action under Code Section 9-11-23 or any other provision of law. A claim of violation of this chapter against an unlicensed lender may be asserted in a class action under Code Section 9-11-23 or any other provision of law.

(g) A claim of violation of this chapter against a licensee may be asserted in an individual action only and may not be the subject of a class action under Code Section 9-11-23 or any other provision of law. A claim of violation of this chapter against an unlicensed lender may be asserted in a class action under Code Section 9-11-23 or any other provision of law.

(h) If a contract is made in good faith in conformity with an interpretation of this chapter by the appellate courts of this state or in a rule or regulation promulgated by the department, no provision in this Code section imposing any penalty shall apply, notwithstanding that, after such contract is made, such rule or regulation is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.

(h) If a contract is made in good faith in conformity with an interpretation of this chapter by the appellate courts of this state or in a rule or regulation promulgated by the department, no provision in this Code section imposing any penalty shall apply, notwithstanding that, after such contract is made, such rule or regulation is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.

(i) Any installment lender who shall knowingly and willfully with intent to defraud a borrower make a contract in violation of this chapter shall be guilty of a misdemeanor, and the contract so made shall be null and void.

(i) Any installment lender who shall knowingly and willfully with intent to defraud a borrower make a contract in violation of this chapter shall be guilty of a misdemeanor, and the contract so made shall be null and void.