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 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 3 - STATE REPRESENTATIVE OFFICES (§§ 7-1-1131 — 7-1-1138) › Section 7-1-1131 - Establishment of state representative offices; application requirements; annual registration; rules and regulations

(a)
A foreign bank may establish a Georgia state representative office upon approval by the department of an application for registration. Such application shall:
(1)
Be accompanied by all registration fees required by rule or regulation;
(2)
Be in the form specified by the department;
(3)
Be signed and acknowledged by an officer of the foreign bank;
(4)
Contain as an exhibit or attachment a copy of the foreign bank's notice or application submitted to the Board of Governors of the Federal Reserve System under
12 U.S.C. Section 3107
of the International Banking Act, and, when issued, the order or notification from the Board of Governors indicating that the representative office has been approved, if such notice or application is required;
(5)
Be submitted when the federal notice or application is submitted to the Board of Governors of the Federal Reserve System; and
(6)
Directly or in exhibits or attachments contain:
(A)
The name of the foreign bank;
(B)
The street and mailing address where each Georgia state representative office is to be located in this state and the name of the person who shall be in charge of the business and affairs of the Georgia state representative office;
(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)
A complete and detailed audited statement of the financial condition of the foreign bank as of a date not more than 360 days before the date of the filing; and
(F)
Other information the department requires.
(b)
Each Georgia state representative office shall submit an annual registration with the department as set forth in the rules and regulations enacted by the department.
(c)
The department may adopt rules and regulations prescribing abbreviated registration procedures and standards for foreign banks that have already established an initial Georgia state representative office to establish additional Georgia state representative offices.
(d)
A foreign bank that maintains a Georgia state branch, a federal branch, a Georgia state agency, or a federal agency in this state is authorized to establish or maintain one or more Georgia state representative offices.
Added by 2023 Ga. Laws 348,§ 48, 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 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 3 - STATE REPRESENTATIVE OFFICES (§§ 7-1-1131 — 7-1-1138) › Section 7-1-1132 - Location and authority of offices; relocation

A Georgia state representative office may engage in the activities authorized by this article at each location registered with the department as a representative office. A Georgia state representative office may change its location in this state by filing a letter form application with the department containing the street address and mailing address of the new location. Unless the department denies the application, the approval to relocate an existing Georgia state representative office under this Code section will be effective at the earlier of:
(1)
The date of an approval letter from the department; or
(2)
Ten business days following the date of the department's acknowledged receipt of the application.
All relocations shall include a notice to customers posted in a conspicuous place of the affected location as well as on the bank's website at least 30 days before relocating.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
Added by 2023 Ga. Laws 348,§ 48, 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 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 3 - STATE REPRESENTATIVE OFFICES (§§ 7-1-1131 — 7-1-1138) › Section 7-1-1133 - Authorized activities

A registered Georgia state representative office of a foreign bank may engage in:
(1)
Representational and administrative functions in connection with the banking activities of the foreign bank that:
(A)
May include soliciting new business for the foreign bank, conducting research, acting as liaison between the foreign bank's head office and customers in the United States, performing preliminary and servicing steps in connection with lending, or performing back-office functions;
(B)
May include such other activities as are permitted for representative offices of foreign banks under
12 C.F.R. 211.24(d)
; and
(C)
May include such other activities as are permitted for representative offices of foreign banks pursuant to federal law or regulation, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section
7-1-296
; but
(D)
Do not include contracting for any deposit or deposit-like liability, lending money, or engaging in any other banking activity for the foreign bank;
(2)
Making credit decisions if:
(A)
The foreign bank also operates one or more branches or agencies in the United States;
(B)
The loans approved at the representative office are made by a branch or agency of the foreign bank;
(C)
The loan proceeds are not disbursed in the representative offices; and
(D)
Authorized for representative offices of foreign banks pursuant to federal law or regulation, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section
7-1-296
; and
(3)
Other functions for or on behalf of the foreign bank or its affiliates, including operating as a regional administrative office of the foreign bank, but only to the extent that the functions are not banking activities and are not prohibited by applicable federal or state law.
Added by 2023 Ga. Laws 348,§ 48, 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 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 3 - STATE REPRESENTATIVE OFFICES (§§ 7-1-1131 — 7-1-1138) › Section 7-1-1134 - Denial or revocation of licensure

The department may deny an application for registration or revoke the registration of a representative office if the department by examination or other credible evidence finds that the foreign bank:
(1)
Has refused to permit the department to examine the books, papers, accounts, records, or affairs of a Georgia state representative office in accordance with Code Sections
7-1-1102
and
7-1-1103
;
(2)
Has violated this article, another law or rule applicable to the foreign bank or a Georgia state representative office, or a final and enforceable order of the department;
(3)
Has misrepresented or concealed a material fact in the original or subsequent registration applications;
(4)
Has violated a condition of an agreement between the foreign bank and the department or other functional regulatory agency;
(5)
Has had its authority or existence terminated or canceled in its jurisdiction of incorporation; or
(6)
Conducts business in an unsafe and unsound manner.
Added by 2023 Ga. Laws 348,§ 48, 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 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 3 - STATE REPRESENTATIVE OFFICES (§§ 7-1-1131 — 7-1-1138) › Section 7-1-1135 - Notice of revocation or denial; acceptance of new business; confidentiality; review

(a)
Notice of the department's intention to enter an order revoking a registration or denying an application for registration shall be given to the foreign bank in writing, sent via email to the foreign bank at the email address provided to the department by such foreign bank for receipt of notifications. Within 20 days of the date of issuance of the notice of intention to enter an order of revocation or denial under this article, the foreign bank may request in writing a hearing to contest the order. If a hearing is not requested in writing within 20 days of the date of issuance of such notice of intention, the department shall enter a final order regarding the revocation or denial. Any final order of the department revoking a registration or denying an application for registration shall state the grounds upon which it is based and shall be effective on the date of issuance. The department shall promptly send a copy of such order by email to the foreign bank.
(b)
If the Georgia state representative office's registration has been approved and the department issues a subsequent notice of intent to revoke registration, the foreign bank shall not accept new business during the pendency of the hearing unless the commissioner gives prior written approval, except that it shall comply with any stricter requirements imposed by
12 U.S.C. Section 3105(e)
of the International Banking Act.
(c)
Information relating to the financial condition and business affairs of the foreign bank, except previously published statements and information, is confidential and may not be disclosed by the commissioner or an employee of the department except as provided by Code Section
7-1-70
.
(d)
A decision by the department denying an application for registration or of an order revoking a registration shall be subject to review in accordance with Code Section
50-13-19
.
Added by 2023 Ga. Laws 348,§ 48, 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 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 3 - STATE REPRESENTATIVE OFFICES (§§ 7-1-1131 — 7-1-1138) › Section 7-1-1136 - Cessation of activities

A foreign bank that has had its Georgia state representative office registration revoked under this part shall cease all activities in this state except to the extent authorized by Code Section
7-1-1101
. Continued activity in this state of an unregistered foreign bank is subject to Code Section
7-1-5
.
Added by 2023 Ga. Laws 348,§ 48, 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 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 3 - STATE REPRESENTATIVE OFFICES (§§ 7-1-1131 — 7-1-1138) › Section 7-1-1137 - Reporting to department; impact of filings

(a)
If a foreign bank with a registered Georgia state representative office is dissolved, has its authority or existence terminated or canceled in the jurisdiction of its incorporation, or has its authority to maintain its Georgia state representative office terminated by the Board of Governors of the Federal Reserve System under
12 U.S.C. Section 3107(b)
of the International Banking Act, an officer, manager, or agent of the foreign bank shall deliver to the department a certified copy of:
(1)
A certificate of the official responsible for records of banking corporations of the foreign bank's jurisdiction of incorporation attesting to the occurrence of dissolution or of termination or cancellation of authority or existence;
(2)
An order or decree of a court directing the dissolution of the foreign bank or the termination or cancellation of its authority or existence; or
(3)
An order of the Board of Governors of the Federal Reserve System terminating its authority under
12 U.S.C. Section 3107(b)
of the International Banking Act.
(b)
The filing with the department of such certificate, order, or decree has the same effect as provided in Code Section
7-1-1136
as if the registration made under this article were revoked by the department.
Added by 2023 Ga. Laws 348,§ 48, 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 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 3 - STATE REPRESENTATIVE OFFICES (§§ 7-1-1131 — 7-1-1138) › Section 7-1-1138 - Continuing registration

Every Georgia state representative office registered with the department under the provisions of Code Section
7-1-721
as of June 30, 2023, shall remain registered and be allowed to conduct business in Georgia. Such Georgia state representative offices shall comply with this part and Part 1 of this article.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-1 - Incorporation procedures

(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.
(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.
(d)
Upon receipt of the approval of the department, the Secretary of State shall thereupon issue a certificate of incorporation to the petitioners.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-2 - Amendments to articles

Amendments to the articles of incorporation, adopted by a vote of two-thirds of the member financial institutions present at an annual meeting or a special meeting called for that purpose, shall be filed with the Secretary of State in the same manner as the original articles and shall become effective upon approval by the department and subsequent notification of the Secretary of State.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-3 - Adoption and amendment of bylaws

(a)
At its organizational meeting, the membership of the corporation shall adopt bylaws to govern the operations of the corporation. These bylaws shall be submitted to the department for approval and, if found to be consistent with this chapter, conducive to the purposes for which the corporation was formed, and equitable to all members, the bylaws shall be approved by the department.
(b)
The original bylaws shall be adopted by and may thereafter be amended by a vote of at least a majority of the members present and voting at any regular meeting or special meeting called for such purpose. Bylaws may also be amended by the vote of at least two-thirds of the members of the board of directors of the corporation. Amendments adopted by the board may be rescinded at the next regular or special meeting of the members in the same manner as is provided for adoption of amendments by the members.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-4 - Powers

The corporation may:
(1)
Enter into contracts, including contracts for reinsurance;
(2)
Sue and be sued;
(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;
(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;
(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;
(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;
(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;
(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.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-5 - Membership - Acquisition and termination

(a)
Any financial institution, as defined in Code Section
7-1-4
or chartered under the laws of the United States or of any state or territory of the United States, may become a member of the corporation upon application by its directors, recommendation of the department, and approval of the directors of the corporation.
(b)
Before making its recommendation, the department shall consider:
(1)
The history, financial condition, and management policies of the applicant;
(2)
The economic advisability of insuring the applicant without undue risk to the fund;
(3)
The general character and fitness of the applicant's management; and
(4)
The convenience and needs of the members to be served by the applicant.
(c)
Membership in the corporation may be terminated upon 30 days' written notice to the corporation and after providing evidence satisfactory to the department that alternate, comparable insurance of deposits has been obtained by the financial institution. Upon termination of membership, the financial institution shall be entitled to the refunds set forth in subsection (d) of Code Section
7-2-7
.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-6.1 - Powers and privileges of members

Any financial institution insured by the corporation shall have the same powers and privileges as any other state-chartered financial institution of the same class even though such other financial institution is insured under some other state or federal program. Such equality of powers shall not relieve the financial institution, whether insured under this chapter or under an alternative state or federal program, from taking appropriate action to amend its articles of incorporation or bylaws or from obtaining appropriate regulatory approvals before exercising such powers and privileges.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-8 - Premiums and special assessments; distribution of assets on liquidation

(a)
A regular annual premium, not to exceed one-twelfth of 1 percent of the deposits and shares of the member financial institution, shall be levied by the directors of the corporation. Such premium may be raised, lowered, waived, or refunded, in whole or in part, with prior approval by the department, in the event that the total funds held by the corporation justify or require such change. The corporation may charge its financial institutions variable rate premiums based upon determination of risk to the fund, provided that such risk rating is made according to formulas adopted by the directors of the corporation and approved by the department.
(b)
In the event of potential impairment of the corporation's funds, special assessments may be levied by the directors of the corporation with the prior approval of the department, provided that such special assessments shall not exceed, in the aggregate, 1 percent of the deposits and shares of each member financial institution. Such special assessments shall be in the form of loans from the member financial institution to the corporation.
(c)
Membership fees, annual premiums, and special assessments shall be based upon deposits and shares of member financial institutions as reported to the department in its most recent call report of condition and shall be payable within 30 days of the date on which the corporation notifies its members of any such premium or assessment.
(d)
Annual premiums paid under this Code section shall be charged to the operating expenses of each member financial institution.
(e)
In the event of liquidation of the corporation, all assets remaining after the payment or provision for payment of all debts and taxes and expenses of liquidation, including distributions to former members as provided for in Code Section
7-2-7
, shall be distributed to the then existing member financial institutions in proportion to their membership fees paid into the corporation.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-9 - Insurance of deposits and shares

(a)
Upon receipt of the first installment of the prescribed membership fee from the financial institutions which have agreed to become members of the corporation as provided in this chapter, the corporation may commence its insurance of the deposits and shares of the member financial institutions.
(b)
Each insured financial institution may advise its members and advertise that its deposits and shares are insured by the corporation, in such manner established by the directors of the corporation and approved by the department, upon receipt of a notification from the corporation that it has been accepted for membership in the corporation by its directors and upon payment of any required premiums or fees.
(c)
The amount of insurance coverage on deposits and shares provided by the corporation may be increased from time to time by the directors of the corporation with the approval of the department; provided, however, that in no event may the insurance be increased to an amount greater than the largest amount insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration.
(d)
The corporation may insure or partially insure the uninsured shares and deposits of any financial institution primarily insured by it or some other governmental or private insurance program, at a cost to be determined by the directors of the corporation with the approval of the department, provided the department approves the financial institution for such coverage. Financial institutions having excess deposit insurance coverage shall not be required to be members of the corporation by virtue of such insurance coverage.
(e)
No other forms of insurance except that authorized by this Code section may be sold or offered by the corporation.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-10 - Conduct of business by incorporators and directors

The corporation's business shall be conducted by the incorporators, who shall serve until the organizational meeting of the corporation, at which time not less than three directors shall be elected by the members of the corporation in accordance with the bylaws. Thereafter, the corporation's business shall be conducted by the directors.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-11 - Exclusive supervision by department; rules and regulations

(a)
The corporation shall not be deemed an insurance company within the meaning of the laws of the State of Georgia relating to insurance or providing for the supervision of insurance companies, but it shall be subject to the exclusive supervision of the department. The department shall exercise the same powers and authority over the corporation as is now or hereafter exercised over banks and credit unions under its jurisdiction and shall issue such rules and regulations as shall be necessary to carry out its responsibilities under this chapter.
(b)
Any other company which is engaged in the insurance of deposits in financial institutions in this state when approved by the department based upon the criteria set forth in subsection (c) of Code Section
7-2-1
shall be subject to the jurisdiction of the department to the extent of its deposit insurance activities and to the same extent as a corporation organized pursuant to this chapter. Nothing contained in this chapter shall amend, modify, or otherwise restrict any authority or jurisdiction possessed by the Commissioner of Insurance prior to July 1, 1984. In the event a conflict exists between this chapter and Title 33, the "Georgia Insurance Code," Title 33 shall control.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
Amended by 2017 Ga. Laws 275,§ 7, eff. 5/9/2017.
Amended by 2016 Ga. Laws 450,§ 7-23, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-12 - Copies of members' reports sent to corporation; additional examinations or audits; ordering corrective action or revoking membership

(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.
(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.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-13 - Administrative review of corporation or department decision; exhaustion of remedies

(a)
If a financial institution is aggrieved by a decision or order of the corporation or if the corporation is aggrieved by a decision or order of the department, the financial institution or the corporation, as the case may be, shall, upon appropriate petition and after due notice, be entitled to a hearing and administrative review of the action before the department, which may stay enforcement of such actions pending the administrative review.
(b)
Judicial review of such decisions or orders, other than decisions or orders to revoke the membership of a financial institution, shall not be available unless the aggrieved party has sought administrative review under this Code section.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 2 - CREDIT UNION DEPOSIT INSURANCE CORPORATION (§§ 7-2-1 — 7-2-14) › Section 7-2-14 - Tax exemption

The corporation shall be exempt from all state and local taxes except real property taxes.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 1 - GENERAL PROVISIONS (§§ 7-3-1 — 7-3-7) › Section 7-3-1 - Short title

This chapter shall be known and may be cited as the "Georgia Installment Loan Act."
Amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
See 2020 Ga. Laws 409, § 10.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 1 - GENERAL PROVISIONS (§§ 7-3-1 — 7-3-7) › Section 7-3-2 - Transfer to Department of Banking and Finance

(a)
The powers, functions, and duties of the office of the Commissioner of Insurance relative to this chapter are transferred to the Department of Banking and Finance effective July 1, 2020. All action taken by the office of the Commissioner of Insurance prior to that date shall be considered valid, and the department shall, as of July 1, 2020, assume all ongoing and continuing obligations pursuant to this chapter. All personnel, supplies, records, materials, furniture, furnishings, books, equipment, motor vehicles, and services of the office of the Commissioner of Insurance utilized pursuant to the authority granted under this chapter shall be transferred to the department on July 1, 2020. Any action or investigation pending pursuant to this chapter shall remain in full force and effect and any powers relating to such action or investigation shall be transferred to the department on July 1, 2020.
(b)
All rules, orders, and actions adopted by the Commissioner of Insurance pursuant to this chapter shall remain in full force and effect as rules, orders, and actions of the department unless amended, repealed, or superseded by rule, order, or action of the department.
(c)
All property, real and personal, funds, accounts receivable, contracts, liabilities, and obligations of the office of the Commissioner of Insurance for effectuating this chapter shall become the property, funds, accounts receivable, contracts, liabilities, and obligations of the department on July 1, 2020. Appropriations to the Commissioner of Insurance for functions transferred to the department pursuant to this Code section shall be transferred as provided in Code Section
45-12-90
.
Amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 1 - GENERAL PROVISIONS (§§ 7-3-1 — 7-3-7) › Section 7-3-3 - Definitions

As used in this chapter, the term:
(1)
"Control" or "controlling" means the direct or indirect possession of power to direct or cause the direction of management and policies of a person.
(2)
"Covered employee" means any employee of a licensee engaged in any function related to making installment loans or servicing installment loans made by others, excluding loans made by affiliated entities.
(3)
"Department" means the Department of Banking and Finance.
(4)
"Executive officer" means an individual who performs significant managerial, supervisory, or policy-making functions on behalf of a person, including, but not limited to, the vice presidents, chief executive officer, president, chief financial officer, chief operating officer, secretary, and treasurer.
(5)
"Individual" means a natural person.
(6)
"Installment lender" or "lender" means any person that advertises, solicits, offers, or makes installment loans or services installment loans made by others, excluding loans made by affiliated entities.
(7)
"Installment loan" or "loan" means a contract or agreement to make a loan to an individual in an amount of $3,000.00 or less, including the renewal or refinancing of any such loan.
(8)
"License" means an authorization issued by the department or required to be obtained under this chapter to engage in the business of making installment loans.
(9)
"Licensee" means a person to whom a license under this chapter has been issued.
(10)
"Nationwide Multistate Licensing System and Registry" means a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of certain persons engaged in nondepository activities.
(11)
"Owner" means a person that:
(A)
Owns, directly or indirectly, 10 percent or more interest in a corporation or any other form of business organization;
(B)
Owns, directly or indirectly, 10 percent or more of the voting shares of any corporation or any other form of business organization; or
(C)
Exerts control, directly or indirectly, over a corporation or any other form of business organization, regardless of whether such person owns or controls such interest through one or more individuals or one or more proxies, powers of attorney, nominees, corporations, associations, limited liability companies, partnerships, trusts, joint stock companies, other entities or devices, or any combination thereof.
(12)
"Person" means any individual, sole proprietorship, corporation, limited liability company, partnership, trust, or any other group of individuals, however organized.
(13)
"Unique identifier" means a number or other identifier assigned by protocols established by the Nationwide Multistate Licensing System and Registry.
Amended by 2022 Ga. Laws 748,§ 37, eff. 7/1/2022.
Amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 1 - GENERAL PROVISIONS (§§ 7-3-1 — 7-3-7) › Section 7-3-4 - Licensing requirement; exemptions

(a)
No person shall engage in the business of making installment loans or acting as an installment lender in this state unless such person is licensed in accordance with this chapter or exempt from licensure as provided in subsection (b) of this Code section. No person within the operation of this chapter shall charge, contract for, or receive directly or indirectly on or in connection with any loan, any interest, charge, fee, compensation, or consideration which is greater than the rates for same provided in this chapter.
(b)
This chapter shall not apply to:
(1)
Businesses chartered or licensed under the authority of any law of this state or of the United States as banks, trust companies, savings and loan associations, savings banks, or credit unions or to the transactions of such businesses;
(2)
Banks or credit unions chartered under the authority of any state which have deposits that are federally insured or to the transactions of such businesses;
(3)
Pawnbrokers, as defined in Code Section
44-12-130
, or to the transactions of pawnbrokers;
(4)
The University System of Georgia or its educational units, private colleges and universities in this state and associations thereof, or student loan transactions of such educational entities;
(5)
An individual employed by a licensee or any person exempted from the licensing requirements of this chapter when acting within the scope of employment and under the supervision of the licensee or exempted person as an employee and not as an independent contractor;
(6)
Any agency, division, or instrumentality of the federal government of the United States of America; the government of the State of Georgia or the government of any other state; or any county or municipal government in the State of Georgia; and the transactions of all such governmental entities;
(7)
Retail installment transactions engaged in by retail installment sellers, as those terms are defined in Code Section
10-1-31
;
(8)
Retail installment transactions engaged in by retail sellers, as those terms are defined in Code Section
10-1-2
;
(9)
Transactions in which a lender offers a consumer a line of credit of more than $3,000.00 but the consumer utilizes $3,000.00 or less of such line of credit so long as there are no restrictions in place that would limit the consumer's ability to utilize more than $3,000.00 of the line of credit at any one time; or
(10)
A tax exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986 that does not impose any interest, fees, or other charges in connection with installment loans or the servicing of such loans.
Amended by 2023 Ga. Laws 348,§ 45, eff. 7/1/2023.
Amended by 2022 Ga. Laws 748,§ 38, eff. 7/1/2022.
Renumbered from §
7-3-6
and amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
Amended by 2016 Ga. Laws 450,§ 7-4, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 1 - GENERAL PROVISIONS (§§ 7-3-1 — 7-3-7) › Section 7-3-5 - [Repealed] Applicability of chapter - Transactions by which money is paid others

Repealed by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 1 - GENERAL PROVISIONS (§§ 7-3-1 — 7-3-7) › Section 7-3-6 - [Renumbered as 7-3-4] Redesignated

Renumbered as §
7-3-4
by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
Amended by 2016 Ga. Laws 450,§ 7-4, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 1 - GENERAL PROVISIONS (§§ 7-3-1 — 7-3-7) › Section 7-3-7 - through 7-3-9 - [Repealed]

Repealed by Ga. L. 2020, p. 156, § 2/SB 462, eff 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 2 - RESTRICTIONS (§§ 7-3-10 — 7-3-19) › Section 7-3-10 - [Renumbered from 7-3-13] False advertising prohibited

No person shall advertise, display, distribute, or broadcast in any manner whatsoever any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions for loans subject to this chapter.
Renumbered from §
7-3-13
by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 2 - RESTRICTIONS (§§ 7-3-10 — 7-3-19) › Section 7-3-12 - Limitation on further charges

No licensee shall charge, contract for, or receive any other or further amount in connection with any loans authorized by this chapter in addition to those provided in Code Section
7-3-11
, except the actual lawful fees paid to a public official or agency of the state for filing, recording, or, on loans over $100.00, the amount of the lawful premiums, no greater than such fees, actually paid for insurance against the risk of nonrecording or releasing any instrument securing the loan; the court costs and attorney fees authorized by law incurred in the collection of any contract in default; and the actual and reasonable expenses of repossessing, storing, and selling any collateral pledged as security for any contract in default. No licensee shall divide into separate parts any contract for the purpose or with the effect of obtaining charges in excess of those authorized by this chapter.
Renumbered from §
7-3-15
and amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 2 - RESTRICTIONS (§§ 7-3-10 — 7-3-19) › Section 7-3-13 - Licensee's compliance when purchasing notes and other documents

If a licensee purchases or receives by transfer or assignment any note, bill of sale to secure debt, title retention contract, conditional sales contract, or any other similar contract that would otherwise be governed by this chapter, the licensee shall comply with the provisions of this chapter when making a loan for the purpose of paying off all or any part of such instrument.
Renumbered from §
7-3-16
and amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 2 - RESTRICTIONS (§§ 7-3-10 — 7-3-19) › Section 7-3-14 - Payment before maturity; refund of prepaid interest; continuing insurance

Notwithstanding the provisions of any contract to the contrary, a borrower may at any time prepay all or any part of the unpaid balance to become payable under any installment loan. If the borrower prepays the loan in full before maturity, the licensee shall refund to the borrower a portion of the prepaid interest, calculated in complete even months (odd days omitted), as follows: the amount of the refund shall represent at least as great a proportion of the total interest as the sum of the periodical time balance after the date of prepayment bears to the sum of all periodical time balances under the schedule of payments in the original contract. Where the amount of the refund due to anticipation of payment is less than $1.00, no refund need be made. If the borrower has been required to purchase insurance coverage other than insurance coverage in a blanket policy when the borrower has paid no acquisition cost, the borrower shall have the option to continue such insurance in force for the balance of the policy period, with all rights transferred to the borrower or his or her assigns, in which event no refund of insurance premiums shall be made.
Renumbered from §
7-3-17
and amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 2 - RESTRICTIONS (§§ 7-3-10 — 7-3-19) › Section 7-3-15 - Delivery of copy of contract or itemized statement; receipts

In addition to any applicable disclosure requirements, at the time the installment loan is made, each licensee under this chapter shall deliver to the borrower or, if there are multiple borrowers, to one of the borrowers a copy of the loan contract or a written itemized statement in the English language showing in clear terms the date and amount of the loan, a schedule of the payments or a description thereof, the type of security for the loan, the licensee's name, unique identifier, business address, the actual amount of cash advanced to or on behalf of the borrower, the amount of each class of insurance carried and the premiums paid thereon, and the amount of interest and fees. Each licensee shall give a receipt for every cash payment made.
Renumbered from §
7-3-18
and amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 2 - RESTRICTIONS (§§ 7-3-10 — 7-3-19) › Section 7-3-16 - Additional loan fees; interest; penalties

(a)
On and after July 1, 2022, in addition to all other fees, license fees, fines, or other charges now or hereafter levied or assessed, there is imposed on each loan made pursuant to this chapter a fee of 0.125 percent of the gross loan amount. Such per loan fee shall become due on the making of any such loan, including, but not limited to, the closing of a loan, the renewal or refinancing of a loan, or a modification of a loan which results in the execution of a new or amended loan agreement.
(b)
Such per loan fee is levied and assessed against the person so licensed and shall be paid by such person and shall not be added in any manner as an additional fee or charge against the borrower. Such per loan fee shall be remitted to the department at the time and in the manner specified by rules and regulations of the department.
(c)
In the event any person fails or refuses to remit the fees required by this Code section within the time prescribed, the fees shall bear interest at the rate of 1 percent per month. Interest shall begin to accrue from the date the fees are due until the date the fees are paid. For purposes of this Code section, any period of less than one month shall be considered to be one month.
(d)
In the event any person fails or refuses to remit the per loan fees required by this Code section within the time prescribed, there shall be added to the fees a penalty equivalent to 25 percent of the fees due, but in no case shall the penalty so added be less than $5.00. In the event any person fraudulently remits the incorrect fees, there shall be added to the fees a penalty equivalent to 50 percent of the fees due, but in no case shall the penalty so added be less than $5.00.
(e)
The 2022 revisions of Code Sections
7-3-16
,
7-3-17
, and
7-3-18
shall not affect the fees, taxes, and related interest and penalties owed pursuant to the earlier versions of such Code sections for any time prior to July 1, 2022.
(f)
The department and its authorized examiners and employees shall have the right to inspect all records of any person licensed pursuant to this chapter, and the department is authorized to promulgate rules and regulations relative to the enforcement of this Code section.
Amended by 2022 Ga. Laws 748,§ 40, eff. 7/1/2022.
Renumbered from §
7-3-19
and amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.