reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 15 - CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS (§§ 7-1-550 — 7-1-557) › Section 7-1-550 - Authority for national bank or federal savings bank conversions; requirements

(a)
Subject to this part and any applicable branching law or regulation, a national bank may convert to a bank or trust company upon:
(1)
Compliance with the applicable laws of the United States, including any provisions thereof relating to approval of said conversion by the shareholders and directors of the national bank and to dissenting rights of shareholders in such national bank, and compliance with any other requirements prescribed by the department to protect the shareholders or members or the safety and soundness of the institution;
(2)
Reserved;
(3)
Approval of the conversion by the department as provided in this part; and
(4)
Issuance of the appropriate certificate by the Secretary of State as provided in this part.
(b)
Reserved.
(c)
A federal savings bank may apply to the department to convert to a state charter. The provisions of Code Section
7-1-293
shall apply to the resulting bank, and the conversion procedure shall be the same as for national bank conversions.
Amended by 2021 Ga. Laws 174,§ 12, eff. 7/1/2021.
Amended by 2005 Ga. Laws 160,§ 10, eff. 5/5/2005.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 15 - CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS (§§ 7-1-550 — 7-1-557) › Section 7-1-551 - National bank to state bank or trust company conversions - Articles of conversion

(a)
The party or parties desiring to consummate a conversion authorized by Code Section
7-1-550
shall, upon requisite approval of the plan by their directors and shareholders, file with the department articles of conversion together with the fee required by Code Section
7-1-862
.
(b)
The articles of conversion shall be signed by two duly authorized officers of the national bank under its seal and shall contain:
(1)
Its name and the name of the resulting bank or trust company;
(2)
The street address and county of its main office;
(3)
The name and initial registered agent and the street address where the initial registered office will be located;
(4)
The votes by which the plan of conversion was adopted and the time, place, and notice of each meeting in connection with such adoption;
(5)
The name and county of residence of each director of the resulting bank or trust company;
(6)
The provisions required in articles of a new bank or trust company by paragraphs (5), (6), (7), and (10) of subsection (a) of Code Section
7-1-392
; and
(7)
The plan of conversion.
Amended by 2021 Ga. Laws 174,§ 13, eff. 7/1/2021.
Amended by 2015 Ga. Laws 64,§ 13, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 15 - CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS (§§ 7-1-550 — 7-1-557) › Section 7-1-552 - National bank to state bank or trust company conversions - Filings with department

In the case of a conversion, the national bank shall file with the department:
(1)
Information desired by the department in order to evaluate the proposed conversion, in the form specified by the department;
(2)
Applicable fees established by regulation of the department to defray the expenses of its investigation under Code Section
7-1-553
; and
(3)
A certificate of the Secretary of State showing that the proposed name of the resulting bank or trust company has been reserved under Code Section
7-1-131
.
Amended by 2021 Ga. Laws 174,§ 14, eff. 7/1/2021.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 15 - CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS (§§ 7-1-550 — 7-1-557) › Section 7-1-553 - National bank to state bank or trust company conversions - Approval or disapproval by department; federal approval or disapproval

(a)
In the case of a conversion, the department shall conduct such investigation as it may deem necessary to ascertain whether:
(1)
The articles of conversion and supporting items satisfy the requirements of this chapter;
(2)
The plan adequately protects the interests of depositors, other than creditors and shareholders; and
(3)
The requirements for a conversion under all applicable laws have been satisfied and the resulting institution would satisfy the requirements of this chapter applicable to it.
(b)
Within 90 days after receipt of the articles and the filings required by Code Section
7-1-552
, the department shall, in its discretion, approve or disapprove the articles on the basis of its investigation and the criteria set forth in subsection (a) of this Code section. If the department shall approve the articles, it shall deliver its written approval with a copy of the articles attached to the Secretary of State and notify the national bank, and any other parties to the plan, of its action, provided that, if approval of any federal agency is required, the department may elect to not act on the application until such federal approval is given. If the department shall disapprove, at its option, the application, it shall give written notice to the national bank and any other parties to the plan of its disapproval and a statement to them generally of the reasons for its decision. The decision of the department shall be conclusive, except that it may be subject to judicial review under Code Section
7-1-90
.
Amended by 2021 Ga. Laws 174,§ 15, eff. 7/1/2021.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 15 - CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS (§§ 7-1-550 — 7-1-557) › Section 7-1-554 - National bank to state bank or trust company conversions - Issuance of certificate of conversion

If all the taxes, fees, and charges required by law shall have been paid and if the name of the resulting bank or trust company continues to be reserved or is available on the records of the Secretary of State, upon the receipt of the written approval of the department, the Secretary of State shall immediately issue to the resulting bank or trust company a certificate of conversion and shall retain a copy of such certificate, the articles, and the approval from the department.
Amended by 2021 Ga. Laws 174,§ 16, eff. 7/1/2021.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 15 - CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS (§§ 7-1-550 — 7-1-557) › Section 7-1-555 - National bank to state bank or trust company conversions - Effect of issuance of certificate

Issuance of a certificate of conversion shall have the following effect:
(1)
As of the issuance of the certificate of conversion by the Secretary of State, the conversion shall become effective;
(2)
The certificate of conversion shall be conclusive evidence of the performance of all conditions required by this chapter for conversion of a national bank to a state bank or trust company, except as against the state;
(3)
When a conversion becomes effective, the existence of the national bank shall continue in the resulting bank or trust company which shall have except as provided in paragraph (2) of this Code section, without further act or deed, all the property, rights, powers, trusts, duties, and obligations of the national bank;
(4)
The articles of the resulting institution shall be the provisions stated in the articles of conversion;
(5)
The bank or trust company shall have the authority to engage only in such lines of business and activities and exercise only such powers or hold such assets as are then permissible upon original incorporation under this chapter and shall be subject to the same prohibitions and limitations as it would then be subject to upon original incorporation; provided, however, that, if the converting institution owns or holds assets, engages in any business, or has powers that would not be allowed for a state bank, then the plan of conversion shall include a plan for holding or disposal of such nonconforming assets or the continuation or termination of such line of business, activity, or power. The department shall review the plan to determine whether, in the interest of safety and soundness and the other objectives of Code Section
7-1-3
, the activity, power, asset, or line of business should be approved, denied, or phased out within a reasonable period of time, to be determined by the department; and
(6)
No liability of the national bank or of its shareholders, directors, or officers shall be affected, nor shall any lien on any property of the national bank be impaired, by the conversion. Any claim existing or action pending by or against the national bank may be prosecuted to judgment as if the conversion had not taken place, or the resulting bank or trust company may be substituted in its place.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
Amended by 2021 Ga. Laws 174,§ 17, eff. 7/1/2021.
Amended by 2001 Ga. Laws 299, § 7, eff. 7/1/2001.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 15 - CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS (§§ 7-1-550 — 7-1-557) › Section 7-1-556 - State bank or trust company to national bank or federal savings institution conversions

(a)
A bank or trust company may convert to a national bank or a federal savings institution upon:
(1)
Authorization by and compliance with the laws of the United States; and
(2)
Adoption of a plan of conversion by the affirmative vote of at least:
(A)
A majority of its directors; and
(B)
The holders of two-thirds of each class of its shares at a meeting held upon not less than ten days' notice to all shareholders.
(b)
A state bank or trust company which converts to a national bank or a federal savings institution shall:
(1)
Notify the department of the proposed conversion;
(2)
Provide such evidence of the adoption of the plan of conversion as the department may request;
(3)
Notify the department of any abandonment or disapproval of the plan; and
(4)
File with the department and with the Secretary of State a certificate of the approval of the conversion by the appropriate federal regulator.
(c)
Conversion of a state institution to a national banking association or a federal savings institution shall be effective upon completion of the requirements in subsection (b) of this Code section. Upon receipt of written confirmation from the department that the requirements of subsection (b) of this Code section have been satisfied, the institution's articles as an institution existing under the laws of this state shall be automatically terminated.
Amended by 2021 Ga. Laws 174,§ 18, eff. 7/1/2021.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 15 - CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS (§§ 7-1-550 — 7-1-557) › Section 7-1-557 - [Repealed]

Repealed by 2021 Ga. Laws 174,§ 19, eff. 7/1/2021.
Amended by 2007 Ga. Laws 256,§ 12, eff. 7/1/2007.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 16 - SALE AND OTHER DISPOSITION OF ASSETS (§§ 7-1-570 — 7-1-572) › Section 7-1-570 - Secured transactions and other dispositions of assets not requiring shareholder approval

(a)
Unless the articles or bylaws otherwise provide, the board of directors may authorize any of the following transactions without any vote or consent of the shareholders:
(1)
Any mortgage or pledge of, or creation of a security interest in, or conveyance of title to, all or any part of the property and assets of the bank or trust company of any description, or any interest therein, for the purpose of securing the payment or performance of any contract, note, bond, or other obligation of the bank or trust company; or
(2)
Any sale, lease, exchange, or other disposition of less than substantially all the property and assets of the bank or trust company.
(b)
Any transaction made as permitted by this Code section without any vote or consent of the shareholders may be upon such terms and conditions and for such consideration as the board may deem to be in the best interests of the bank or trust company.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 16 - SALE AND OTHER DISPOSITION OF ASSETS (§§ 7-1-570 — 7-1-572) › Section 7-1-572 - Right of shareholder to dissent

A shareholder of a bank or trust company shall have the right to dissent from any sale, lease, exchange, or other disposition of all, or substantially all, the property and assets of a bank or trust company pursuant to Code Section
7-1-571
, except for a sale wholly for cash pursuant to a plan by which all, or substantially all, of the net proceeds of the sale will be distributed to the shareholders in accordance with their respective interests within one year after the date of the sale. The shareholders' right of dissent shall be exercised as provided in Chapter 2 of Title 14, known as the "Georgia Business Corporation Code."
Amended by 2019 Ga. Laws 270,§ 16, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 17 - REPRESENTATIVE OFFICES AND REGISTRATION (§§ 7-1-590 — 7-1-594) › Section 7-1-590 - Definitions

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.
(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.
(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 to the borrower, 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.
(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.
Amended by 2024 Ga. Laws 474,§ 1-7, eff. 7/1/2024.
Amended by 2022 Ga. Laws 748,§ 11, eff. 7/1/2022.
Amended by 2018 Ga. Laws 339,§ 11, eff. 5/3/2018.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 17 - REPRESENTATIVE OFFICES AND REGISTRATION (§§ 7-1-590 — 7-1-594) › Section 7-1-591 - Establishment of representative office by bank or bank holding company domiciled in state; out-of-state activities

(a)
A bank domiciled in this state and operating under the laws of this state or a subsidiary of such bank may establish a representative office anywhere in the state upon registering with the department. A bank holding company domiciled in this state and operating under the laws of this state or a nonbank subsidiary of such bank holding company may establish a representative office anywhere in this state upon registering with the department.
(b)
Subject to any limitation or restrictions of the host state and upon registering the representative office with the department, a Georgia chartered bank may conduct any activities at any representative office outside Georgia that are authorized by Georgia law or that are permissible for a bank chartered by the host state where the representative office is located, except to the extent such activities are expressly prohibited by the laws of this state or by any regulation or order of the commissioner applicable to the Georgia chartered bank and except where the activity is one that requires approval from the department, in which case such approval must be secured; provided, however, that the commissioner may waive any prohibition or requirement for approval if he or she determines, by order or regulation, that the involvement of out-of-state representative offices of the Georgia chartered bank in particular activities would not threaten the safety or soundness of such bank.
Amended by 2022 Ga. Laws 748,§ 12, eff. 7/1/2022.
Amended by 2020 Ga. Laws 492,§ 5, eff. 1/1/2021.
Amended by 2016 Ga. Laws 450,§ 2-8, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 17 - REPRESENTATIVE OFFICES AND REGISTRATION (§§ 7-1-590 — 7-1-594) › Section 7-1-592 - Establishment of representative office by bank or holding company domiciled in state or outside of state; conformance with requirements of primary regulator; permissible activities

A bank or bank holding company domiciled in this state and operating under the laws of the United States or domiciled outside this state and operating under the laws of such other state or territory or of the United States, or its subsidiary, may establish representative offices anywhere in this state, provided that such bank or bank holding company conforms to the requirements of its primary regulator. The permissible activities conducted at such a representative office are governed by federal law if the bank is a national bank or by the law of the state or territory where the bank is domiciled if chartered by another state, except to the extent such activities are expressly prohibited by the laws of this state or by any regulation of the commissioner.
Amended by 2022 Ga. Laws 748,§ 13, eff. 7/1/2022.
Amended by 2016 Ga. Laws 450,§ 2-9, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 17 - REPRESENTATIVE OFFICES AND REGISTRATION (§§ 7-1-590 — 7-1-594) › Section 7-1-593 - Notification of bank representative office closure

(a)
Prior to closing a representative office, a bank, bank holding company, or a subsidiary of a bank or bank holding company shall post notice of the closing as required by Code Section
7-1-110.1
.
(b)
The department may review the operations of any representative office annually or at such greater frequency as it deems necessary to assure that the office does not transact a banking business.
Amended by 2022 Ga. Laws 748,§ 14, eff. 7/1/2022.
Amended by 2020 Ga. Laws 492,§ 6, eff. 1/1/2021.
Amended by 2016 Ga. Laws 450,§ 2-10, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 17 - REPRESENTATIVE OFFICES AND REGISTRATION (§§ 7-1-590 — 7-1-594) › Section 7-1-594 - [Repealed] Registration of banks or bank holding companies conducting agency relationships

Amended by 2017 Ga. Laws 275,§ 7, eff. 5/9/2017.
Repealed by 2016 Ga. Laws 450,§ 2-11, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 18 - BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES (§§ 7-1-600 — 7-1-612) › Section 7-1-600 - Definitions

As used in this part, the term:
(1)
"Bank" means any moneyed corporation authorized by law to receive deposits of money and commercial paper, to make loans, to discount bills, notes, and other commercial paper, to buy and sell bills of exchange, and to issue bills, notes, acceptances, or other evidences of debt, and shall include incorporated banks, savings banks, banking companies, trust companies, and other corporations doing a banking business and may include corporations who provide some or all of the financial services listed in this paragraph by technological means in lieu of or in addition to traditional geographically based delivery systems but, unless the context otherwise indicates, shall not include national banks or similar corporations. Such term shall include "main office" and any "branch office," unless the context indicates that it does not.
(2)
"Bank holding company" means "bank holding company" as defined in Code Section
7-1-605
.
(3)
"Banking office" or "banking location" means either a main office or a branch office.
(4)
"Banking services" shall include all those offerings or services resulting from the exercise of banking powers as granted to banks in this title or by other applicable federal or state law or regulation.
(5)
"Branch office" means any location of a bank other than the main office where banking services are offered to the public. It does not include a representative office as defined in Code Section
7-1-590
or a bank extension as defined in Code Section
7-1-603
. The department may provide by regulation that certain other activities do or do not constitute the formation of a branch office.
(6)
"Main office" means the principal banking location of a bank as such location appears in the records of the department. A bank shall indicate its principal banking location with the department, and if it fails to do so, the department shall choose a banking location of such bank to be the main office and shall so notify such bank.
Amended by 2016 Ga. Laws 450,§ 7-12, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 18 - BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES (§§ 7-1-600 — 7-1-612) › Section 7-1-601 - Branch offices

(a)
Branch offices may be established by banks doing a lawful banking business in Georgia with the prior approval of the department as follows:
(1)
New or additional branch offices may be established de novo in the manner provided in Code Section
7-1-602
;
(2)
New or additional branch offices may be established through merger, share exchange, consolidation, or sale of assets pursuant to Part 14, 15, 16, 19, or 20 of this article;
(3)
A bank may acquire a branch office from another bank without acquisition of the entire bank; or
(4)
A bank with two or more existing banking offices in Georgia may redesignate its existing main office as a branch office in accordance with the procedures established by the department.
(b)
A bank not doing a lawful banking business in Georgia may become the owner of a branch office in Georgia provided such transaction is consummated under Section 12 or 13 of the Federal Deposit Insurance Act,
12 U.S.C. Section 1811
, et seq., as amended.
(c)
Taxation of all banks shall be in the manner provided in Chapter 6 of Title 48.
(d)
Each branch office will operate under the control and direction of the board of directors and executive officers of the bank, and the bank shall be responsible for adequately staffing the branch office to conduct the business of the branch office in accordance with this chapter, federal law, and the rules and regulations of the department.
Amended by 2016 Ga. Laws 450,§ 2-12, eff. 7/1/2016.
Amended by 2007 Ga. Laws 256,§ 13, eff. 7/1/2007.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 18 - BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES (§§ 7-1-600 — 7-1-612) › Section 7-1-604 - Banking business prohibited except as allowed by Title 7 or applicable federal law

No bank shall carry on or conduct or do a banking business in this state except in accordance with the provisions of this title or federal law directly applicable to the bank. A "banking business" is the business which a bank is authorized to do pursuant to this title.
Amended by 2016 Ga. Laws 450,§ 2-15, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 18 - BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES (§§ 7-1-600 — 7-1-612) › Section 7-1-607 - Bank holding companies that control a bank - Registration, reporting, examinations, and control

(a)
On an annual basis, each bank holding company that controls a bank chartered by the department shall register with the commissioner on forms provided or prescribed by him or her, which may include such information with respect to the financial condition, operation, management, and intercompany relationships of the bank holding company and its subsidiaries and related matters as the commissioner may deem necessary or appropriate to carry out the purposes of this part.
(b)
The commissioner is authorized to issue such regulations and orders as may be necessary to enable him or her to administer and carry out the purposes of this Code section.
(c)
The commissioner from time to time may require reports under oath to keep him or her informed as to whether the provisions of this Code section and such regulations and orders thereunder issued by him or her have been complied with; may make examinations of each bank holding company and each subsidiary thereof, the cost of which may be assessed against and paid by such holding company; and shall, as far as possible, use the reports of examination made by the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System for the purposes of this Code section.
(d)
Bank holding companies that control a bank chartered by the department and subsidiaries or affiliates thereof shall be regulated, controlled, and examined by the commissioner to the same extent that he or she regulates, controls, and examines state banks under his or her jurisdiction, which would be in addition to the authority of the Federal Reserve Board as fixed by the laws of the United States. The commissioner is authorized, directed, and required to promulgate, with precision, rules and regulations and investment procedures in the regulation, examination, and control of bank holding companies that control a bank chartered by the department.
Amended by 2022 Ga. Laws 748,§ 17, eff. 7/1/2022.
Amended by 2017 Ga. Laws 57,§ 13, eff. 6/1/2017.
Amended by 2016 Ga. Laws 450,§ 2-16, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 18 - BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES (§§ 7-1-600 — 7-1-612) › Section 7-1-609 - Civil actions by department to enforce part

The department may bring an appropriate civil action to enforce any provision of this part, whether by injunction or otherwise, in any superior court of this state having jurisdiction of one or more of the defendants.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 18 - BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES (§§ 7-1-600 — 7-1-612) › Section 7-1-610 - National bank rights

National banks shall have the same but no greater rights under or by virtue of this part than the rights granted to banks and trust companies organized under the laws of this state.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 18 - BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES (§§ 7-1-600 — 7-1-612) › Section 7-1-611 - Penalties for violations

Any bank, bank holding company, or company (as defined in Code Section
7-1-605
) which violates subsection (a) of Code Section
7-1-601
or any provision of Code Section
7-1-602
, Code Section
7-1-603
, or Code Sections
7-1-605
through
7-1-608
shall be subject to civil monetary penalties of not less than $500.00 nor more than $5,000.00 unless it shall cease and desist therefrom within 60 days after notice of any such violation served on it by the department. Each day on which such violation occurs shall constitute a separate offense.
Amended by 2016 Ga. Laws 450,§ 7-14, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 18 - BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES (§§ 7-1-600 — 7-1-612) › Section 7-1-612 - [Reserved] Power of banks to contract with other banks for trust services

Repealed and reserved by 2023 Ga. Laws 348,§ 7, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 19 - INTERSTATE ACQUISITIONS OF BANKS AND BANK HOLDING COMPANIES (§§ 7-1-620 — 7-1-627) › Section 7-1-620 - Purpose of this part

This part governs the acquisition of banks having banking offices in Georgia by bank holding companies controlling bank subsidiaries having banking offices outside this state. It further governs the acquisition of banks having banking offices outside this state by bank holding companies controlling bank subsidiaries having banking offices in Georgia. It sets forth application, notice, and other related requirements. Acquisitions of banks having banking offices only in Georgia by bank holding companies controlling only bank subsidiaries having banking offices solely in Georgia are governed by the provisions of Code Sections
7-1-605
through
7-1-608
.
Amended by 2016 Ga. Laws 450,§ 2-17, eff. 7/1/2016.
Amended by 2004 Ga. Laws 564, § 7, eff. 5/13/2004.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 19 - INTERSTATE ACQUISITIONS OF BANKS AND BANK HOLDING COMPANIES (§§ 7-1-620 — 7-1-627) › Section 7-1-624 - Prohibited acquisitions

(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.
Amended by 2016 Ga. Laws 450,§ 2-20, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 19 - INTERSTATE ACQUISITIONS OF BANKS AND BANK HOLDING COMPANIES (§§ 7-1-620 — 7-1-627) › Section 7-1-625 - Provisions applicable to, and qualification of, bank holding companies in state; reciprocal agreements; confidentiality of reports

(a)
Any Georgia bank holding company controlling a bank having banking offices in Georgia and any out-of-state bank holding company controlling a Georgia state bank shall be subject to the provisions of Code Sections
7-1-605
through
7-1-611
and the rules and regulations of the department applicable to bank holding companies.
(b)
Any out-of-state bank holding company that has a bank subsidiary with banking offices in Georgia that is not otherwise organized under the laws of this state or qualified to do business in this state shall qualify to do business in this state as a foreign corporation.
(c)
The department may enter into cooperative and reciprocal agreements with the bank regulatory authorities of any state or the United States for the periodic examination of bank holding companies and may accept reports of examination and other records from such authorities in lieu of conducting its own examinations. The department may enter into joint actions with other regulatory bodies having concurrent jurisdiction or may enter into such actions independently to carry out its responsibilities under this title and assure compliance with the laws of this state. Any examinations or reports originated by Georgia or by another bank supervisory agency shall be deemed and treated as confidential according to Georgia law, and such confidentiality shall not be affected by the sharing of the examinations or reports. The department shall not be obligated to provide or disclose such examinations and reports to any third party. Agreements to share such examinations or reports shall contain provisions for dealing with confidentiality and subpoenas.
Amended by 2023 Ga. Laws 348,§ 9, eff. 7/1/2023.
Amended by 2022 Ga. Laws 748,§ 20, eff. 7/1/2022.
Amended by 2018 Ga. Laws 339,§ 12, eff. 5/3/2018.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 19 - INTERSTATE ACQUISITIONS OF BANKS AND BANK HOLDING COMPANIES (§§ 7-1-620 — 7-1-627) › Section 7-1-626 - Severability; construction with other laws

(a)
It is the express intention of the Georgia General Assembly to provide a unified and orderly method of permitting limited interstate banking. Thus, if any provision of this part establishing the framework within which interstate banking may occur or providing for registration, approval, and supervisory powers of the department and the commissioner is determined by final, nonappealable order of any Georgia or federal court of competent jurisdiction to be invalid or unconstitutional, the remaining provisions of this part shall not be affected and shall continue to apply to any bank, bank holding company, foreign bank, or other person or circumstance.
(b)
Nothing contained in this part shall be construed to amend or modify the provisions of any other part of this chapter governing the supervision or regulation of banks and bank holding companies, as defined in this part, or the organization and powers of the department and the commissioner with respect thereto as provided in such other parts.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 20 - INTERSTATE BANKING AND BRANCHING BY MERGER (§§ 7-1-628 — 7-1-628.15) › Section 7-1-628 - Purpose and scope of part

(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, 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.
(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.
(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, as amended by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.
Amended by 2022 Ga. Laws 748,§ 21, eff. 7/1/2022.
Amended by 2021 Ga. Laws 174,§ 21, eff. 7/1/2021.
Amended by 2016 Ga. Laws 450,§ 2-21, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 20 - INTERSTATE BANKING AND BRANCHING BY MERGER (§§ 7-1-628 — 7-1-628.15) › Section 7-1-628.2 - Mergers permitted; applicable provisions

Interstate merger transactions between out-of-state banks and Georgia banks including Georgia state banks shall be permitted provided that the applicable conditions, approvals, and filing requirements are met by participating banks and bank holding companies. The approval procedure for mergers involving banks having offices located only in this state are governed by Part 14 of this article. To the extent a bank participating in a merger is owned or controlled by a bank holding company, the provisions of Part 19 of this article shall also apply to the transaction.
Amended by 2021 Ga. Laws 174,§ 22, eff. 7/1/2021.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 20 - INTERSTATE BANKING AND BRANCHING BY MERGER (§§ 7-1-628 — 7-1-628.15) › Section 7-1-628.3 - Prohibited interstate merger transactions

(a)
Except as otherwise expressly provided in this subsection, an interstate merger transaction shall not be permitted under this part if, upon consummation of such transaction, the resulting bank (including all insured depository institutions that would be "affiliates," as defined in
12 U.S.C. Section 1841(k)
of the resulting bank) would control 30 percent or more of the total amount of deposits held by all insured depository institutions in this state. The 30 percent limitation shall not apply, in the discretion of the commissioner, to transactions complying with paragraph (1) of subsection (b) of Code Section
7-1-623
. The commissioner may by regulation adopt a procedure whereby the foregoing limitations on concentration of deposits may be waived upon showing good cause.
(b)
An interstate merger transaction shall not be permitted under this part unless the Georgia bank shall have been in existence and continuously operating or incorporated as a bank on the date of such merger or acquisition for a period of at least three years, subject to any applicable exception contained in Code Section
7-1-608
.
Amended by 2021 Ga. Laws 174,§ 23, eff. 7/1/2021.
Amended by 2015 Ga. Laws 64,§ 15, eff. 7/1/2015.
Amended by 2002 Ga. Laws 793, § 3, eff. 5/10/2002.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 20 - INTERSTATE BANKING AND BRANCHING BY MERGER (§§ 7-1-628 — 7-1-628.15) › Section 7-1-628.4 - Permissible interstate merger transactions

(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.
(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
.
Amended by 2022 Ga. Laws 748,§ 22, eff. 7/1/2022.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 20 - INTERSTATE BANKING AND BRANCHING BY MERGER (§§ 7-1-628 — 7-1-628.15) › Section 7-1-628.5 - Requirement for out-of-state bank that is resulting bank of interstate merger transaction

(a)
An out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a Georgia state bank shall notify the commissioner of the proposed merger not later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory agency, provide such information as required by rule or regulation or as the commissioner may otherwise specify, and pay any filing fee required by regulation.
(b)
Prior to consummation of an interstate merger between an out-of-state bank and a Georgia state bank, the resulting bank shall provide the commissioner with satisfactory evidence of all required approvals from all relevant bank supervisory agencies.
(c)
Prior to consummation of an interstate merger between an out-of-state bank and a Georgia state bank, and continuously thereafter, the out-of-state bank shall maintain deposit insurance issued by a federal public body while it has a branch or any other location in this state.
(d)
Any holding company of the resulting bank from an interstate merger transaction between an out-of-state bank and a Georgia state bank shall comply with Part 19 of this article and Code Sections
7-1-605
through
7-1-611
.
Amended by 2023 Ga. Laws 348,§ 10, eff. 7/1/2023.
Amended by 2017 Ga. Laws 57,§ 15, eff. 6/1/2017.
Amended by 2016 Ga. Laws 450,§ 2-23, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 20 - INTERSTATE BANKING AND BRANCHING BY MERGER (§§ 7-1-628 — 7-1-628.15) › Section 7-1-628.6 - Powers of out-of-state banks branching into Georgia

(a)
An out-of-state state bank which establishes and maintains one or more branches in Georgia under this part may conduct any activities at such branch or branches that are authorized under the law of this state for Georgia state banks.
(b)
A Georgia state bank may conduct any activities at any branch outside Georgia that are authorized by Georgia law or that are permissible for a bank chartered by the host state where the branch is located, except to the extent such activities are expressly prohibited by the laws of this state or by any regulation or order of the commissioner applicable to the Georgia state bank and except where the activity is one that requires approval from the department, in which case such approval must be secured; provided, however, that the commissioner may waive any prohibition or requirement for approval if he or she determines, by order or regulation, that the involvement of out-of-state branches of the Georgia state bank in particular activities would not threaten the safety or soundness of such bank.
(c)
An out-of-state bank that has established or acquired a branch in Georgia under this part may establish or acquire additional branches in Georgia to the same extent, but to no greater extent, that any Georgia bank may establish or acquire a branch in Georgia under applicable federal and state law.
Amended by 2020 Ga. Laws 492,§ 9, eff. 1/1/2021.
Amended by 2016 Ga. Laws 450,§ 2-24, eff. 7/1/2016.
Amended by 2001 Ga. Laws 299, § 8, eff. 7/1/2001.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 20 - INTERSTATE BANKING AND BRANCHING BY MERGER (§§ 7-1-628 — 7-1-628.15) › Section 7-1-628.8 - Restrictions on de novo branches

(a)
As used in this Code section, the term "de novo branch" means a branch of a bank which:
(1)
Is originally established by the bank as a branch; and
(2)
Does not become a branch of the bank as a result of the acquisition of another bank or of a branch of another bank or as the result of the merger, consolidation, or conversion of any such bank or branch.
(b)
An out-of-state bank that does not have a branch in Georgia and whose deposits are federally insured may, upon obtaining the necessary approvals from its home state regulator, establish and maintain a de novo branch in this state to the extent that any Georgia bank could establish such a de novo branch.
(c)
A Georgia state bank may establish and maintain a de novo branch in another state. Such Georgia state bank shall comply with the provisions of this article, including, but not limited to, obtaining approval from the department prior to establishing the branch.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
Amended by 2021 Ga. Laws 174,§ 25, eff. 7/1/2021.
Amended by 2016 Ga. Laws 450,§ 2-25, eff. 7/1/2016.
Amended by 2002 Ga. Laws 793, § 4, eff. 5/10/2002.