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 20 - INTERSTATE BANKING AND BRANCHING BY MERGER (§§ 7-1-628 — 7-1-628.15) › Section 7-1-628.9 - Conditions under which out-of-state bank permitted to establish and maintain branches through in-state acquisition; conditions under which Georgia banks permitted to establish and maintain branches in another state through acquisition

(a)
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 branch in this state through the acquisition of a branch.
(b)
A Georgia state bank may establish and maintain a branch in another state through the acquisition of a branch in compliance with the provisions of this article, including, but not limited to, obtaining approval from the department prior to acquiring the branch.
Amended by 2021 Ga. Laws 174,§ 26, eff. 7/1/2021.
Amended by 2016 Ga. Laws 450,§ 2-26, 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 7-1-628.10 - Enforcement actions by commissioner

If the commissioner determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of any provision of the laws of this state, the commissioner shall have the authority to take all such enforcement actions as he or she would be empowered to take if the branch were a Georgia state bank, provided that the commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state state bank and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving said enforcement action.
Amended by 2021 Ga. Laws 174,§ 27, 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 7-1-628.11 - Regulations; administrative fees

The commissioner may promulgate such regulations and may provide for the payment of such reasonable filing, application, assessment, and administrative fees as he or she determines to be necessary or appropriate in order to implement the provisions of this part.
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 7-1-628.12 - Reporting by of out-of-state banks

In order to determine compliance with Georgia law on deposit concentration limits or other areas of state compliance, reporting by out-of-state banks may be required by the commissioner.
Amended by 2021 Ga. Laws 174,§ 28, 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 7-1-628.13 - [Repealed] Notice of merger, consolidation, or other transaction involving out-of-state bank

Repealed by 2021 Ga. Laws 174,§ 29, eff. 7/1/2021.
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 20 - INTERSTATE BANKING AND BRANCHING BY MERGER (§§ 7-1-628 — 7-1-628.15) › Section 7-1-628.14 - Severability; construction with other laws

(a)
If any provision of this part or the application of such provision is found by any court of competent jurisdiction in the United States to be invalid as it pertains to any bank, bank holding company, foreign bank, or other person or circumstances, or is found to be superseded explicitly by federal law, 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 chapter, or with respect to the organization and powers of the department and the commissioner 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 7-1-628.15 - Tax treatment

(a)
All banks engaged in interstate banking and branching in this state shall be obliged to adhere to the tax laws and regulations of Title 48 which pertain to such activities.
(b)
The Department of Revenue shall address the tax treatment of financial organizations before June 1, 1997, in order to provide timely and appropriate taxation of banks which have adjusted their corporate structures according to this part and federal law.
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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 1 - GENERAL PROVISIONS; ORGANIZATION (§§ 7-1-630 — 7-1-636) › Section 7-1-631 - [Repealed] Additional filings with department

Repealed by 2005 Ga. Laws 160,§ 12, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 1 - GENERAL PROVISIONS; ORGANIZATION (§§ 7-1-630 — 7-1-636) › Section 7-1-632 - Approval or disapproval by department; certificate of incorporation

(a)
The department shall make an appropriate investigation of the articles and bylaws for the purpose of determining:
(1)
Whether the articles and bylaws conform to this article;
(2)
The general character and qualifications of the subscribers and the financial stability and future prospects of the sponsoring company, if any;
(3)
The economic advisability of establishing the proposed credit union and such other facts and circumstances bearing on the proposed credit union as in the opinion of the department may be relevant;
(4)
That a common bond exists in accordance with Code Section
7-1-630
; and
(5)
That the subscribers and person or corporation sponsoring the credit union are in agreement as to the services, if any, that the sponsor will provide.
(b)
If the department determines to its satisfaction that the proposed credit union meets the criteria set forth above, it shall, within 90 days from receipt of the articles and in compliance with Code Section
7-1-630
, send a copy of the articles and written approval of the articles to the Secretary of State after making such changes in the articles or bylaws consistent with this article and with the consent of the subscribers that it deems appropriate. Such approval shall indicate any changes made to the articles including changes from the proposed field of membership. If the department shall disapprove the articles, the procedures of subsection (b) of Code Section
7-1-635
shall be followed.
(c)
Upon receipt of the approval of the department, the Secretary of State shall thereupon issue a certificate attesting to the incorporation of the credit union. The credit union shall, however, confine itself to organizational activities until it receives a permit to do business.
Amended by 2005 Ga. Laws 160,§ 13, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 1 - GENERAL PROVISIONS; ORGANIZATION (§§ 7-1-630 — 7-1-636) › Section 7-1-633 - Organizational meeting of directors; commencing of business

(a)
Within 30 days after receipt of the certificate of incorporation from the Secretary of State, an organizational meeting of the board of directors named in the articles of incorporation shall be held for the purpose of accepting the certificate and bylaws, appointing an audit committee and a credit committee or, in lieu thereof, loan officers pursuant to Code Section
7-1-658
, naming the president, and electing or appointing other executive officers, as provided in Code Section
7-1-655
, who shall serve until the first directors' meeting after the first annual meeting. Notice of the meeting shall be given at least five days prior to the date of the meeting.
(b)
When the organization has been completed, the credit union shall notify the department of this fact and may commence business subject to its obtaining deposit insurance as required in Code Section
7-1-666
.
Amended by 2024 Ga. Laws 474,§ 1-11, eff. 7/1/2024.
Amended by 2022 Ga. Laws 748,§ 23, eff. 7/1/2022.
Amended by 2019 Ga. Laws 270,§ 19, eff. 7/1/2019.
Amended by 2004 Ga. Laws 517, § 4, eff. 7/1/2004.
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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 1 - GENERAL PROVISIONS; ORGANIZATION (§§ 7-1-630 — 7-1-636) › Section 7-1-634 - Amendment of articles and bylaws; fee for investigation; approval or denial by department

(a)
Amendments to the bylaws of a credit union may be adopted and amendments of the articles may be requested by the affirmative vote of two-thirds of the authorized number of members of the board of directors at any duly held meeting thereof if the members of the board have been given prior written notice of said meeting and the notice has contained a copy of the proposed amendment or amendments. No amendment of the bylaws or of the articles shall become effective until approved in writing by the department.
(b)
Every proposed amendment of the articles shall be filed with the department together with the fee specified in Code Section
7-1-862
. Proposed amendments of the bylaws shall be filed with the department.
(c)
The credit union may amend its bylaws to change its field of membership by adding additional groups of persons subject to the following conditions:
(1)
Each new group must have a common bond that meets one of the descriptions in subsection (b) of Code Section
7-1-630
; and
(2)
The credit union must pay such fee as may be established by the department to defray the cost of investigation.
(d)
The department shall grant or deny approval of a complete and accepted application to amend the bylaws within 90 days, subject to safety and soundness and other criteria established by the department for these applications.
(e)
The department shall maintain a permanent record of any approved amendment to the bylaws of a credit union which changes the field of membership proposed in the original articles or as subsequently amended.
Amended by 2015 Ga. Laws 64,§ 17, eff. 7/1/2015.
Amended by 2005 Ga. Laws 160,§ 14, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 1 - GENERAL PROVISIONS; ORGANIZATION (§§ 7-1-630 — 7-1-636) › Section 7-1-635 - Procedures for department

(a)
The department shall, in its discretion, approve or disapprove of proposed amendments to the articles or to the bylaws within 90 days after they are submitted by the credit union and within that time shall so advise the Secretary of State of any changes to the articles and inform the credit union in writing of its approval or disapproval.
(b)
If the department should disapprove any articles or proposed amendments to articles or bylaws, it shall state the reasons for its disapproval. The subscribers or credit union shall have reasonable time, not more than 90 days from the date of disapproval or such additional time as the department may allow, to correct any matters causing its disapproval. If such matter is corrected, the department shall then advise the Secretary of State and credit union in writing of its approval of changes to the articles or the credit union alone in writing of its approval in the case of amendment of the bylaws.
(c)
Final action by the department in approving or disapproving articles or amendments thereto or to the bylaws shall be conclusive, except that it may be subject to judicial review under Code Section
7-1-90
.
Amended by 2005 Ga. Laws 160,§ 15, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 1 - GENERAL PROVISIONS; ORGANIZATION (§§ 7-1-630 — 7-1-636) › Section 7-1-635.1 - Out-of-state credit unions

(a)
A credit union organized in another state may conduct business and establish a place of business in this state with the approval of the department. The department must find that the out-of-state credit union:
(1)
Is a credit union organized under laws of a state other than the State of Georgia or of the United States, which state grants similar authority to credit unions organized under the laws of this state;
(2)
Is financially solvent and operates in conformance with the laws and regulations of its charter jurisdiction; and
(3)
Has deposit insurance issued by a federal public body that is comparable to that required for credit unions chartered in this state.
(b)
The out-of-state credit union must agree to:
(1)
Grant loans at rates not in excess of the rates permitted for credit unions incorporated under the laws of Georgia;
(2)
Comply with the same consumer protection provisions that credit unions incorporated under this chapter must obey; and
(3)
Designate and maintain an agent for the service of process in this state.
(c)
The department may examine the operations of any out-of-state credit union for the purpose of determining that the scope of its activities does not exceed that allowed pursuant to this chapter and that the facility is otherwise operating in compliance with the applicable laws of this state. The department may by regulation establish minimum requirements for the maintenance of books and records in sufficient form to enable the department to carry out its responsibilities under this Code section.
(d)
The department may enter into cooperative and reciprocal agreements with the credit union regulatory authority of any government for the periodic examination of credit union offices and facilities of any kind located within this state and may accept reports from such authorities in lieu of conducting its own examination for compliance with the laws of this state.
(e)
A credit union which is approved under this Code section shall be exempt from the requirements of Article 15 of Chapter 3 of Title 14.
Amended by 2024 Ga. Laws 474,§ 1-12, eff. 7/1/2024.
Amended by 2015 Ga. Laws 64,§ 18, eff. 7/1/2015.
Amended by 2005 Ga. Laws 160,§ 16, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 1 - GENERAL PROVISIONS; ORGANIZATION (§§ 7-1-630 — 7-1-636) › Section 7-1-636 - Effect on articles and duration of existing credit unions

(a)
Nothing in this chapter shall be construed to impair the validity of the articles of a credit union existing on April 1, 1975.
(b)
Each credit union existing on April 1, 1975, shall have perpetual duration unless its articles are amended under this chapter to provide for a limited period of duration.
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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 2 - CONSERVATORSHIP (§§ 7-1-640 — 7-1-645) › Section 7-1-640 - Appointment of conservators; authority; reporting requirement

(a)
The department may, in its discretion, appoint itself or a third party as conservator for a credit union when the credit union:
(1)
Is insolvent or in an unsafe and unsound condition;
(2)
Has suspended payment of obligations without authority of law;
(3)
Has violated its articles or an order, statute, rule, or regulation and the department determines that its continued control of its own affairs threatens injury to the public, the financial community, members, or creditors; or
(4)
Requests the department, by its board of directors, to appoint a conservator for the benefit of members or creditors.
(b)
The right of the department to act as conservator of a credit union shall be in addition to all other rights, remedies, and powers of the department.
(c)
The department may, in its discretion, before or after taking conservatorship, petition the principal court of a credit union for the appointment of a conservator pursuant to Code Section
7-1-643
.
(d)
The conservator shall conduct the business of the credit union and take steps toward the removal of the causes and conditions that have necessitated the appointment of a conservator. The conservator shall be immediately authorized to:
(1)
Assume all powers of the members, directors, officers, and committees of the credit union;
(2)
Take charge of the credit union and all of its property, books, records, and effects;
(3)
Take any and all actions to operate the credit union in its own name or to conserve its assets as directed by the department, including, but not limited to, terminating or adopting any executory contracts to which the credit union may be a party;
(4)
Take all necessary measures to preserve, protect, and recover any assets or property of the credit union, including any claim or cause of action belonging to or which may be asserted by the credit union, and administer the same in its own name as conservator;
(5)
File, prosecute, and defend any suit that has been filed or may be filed by or against the credit union that is deemed by the conservator to be necessary to protect all interested parties or any property affected thereby;
(6)
Exercise all rights, powers, and duties conferred on the credit union by this chapter; and
(7)
Take any other actions that are necessary or incidental to carrying out the role of conservator.
(e)
The conservator shall make reports to the department from time to time as may be required by the department.
Added by 2015 Ga. Laws 64,§ 19, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 2 - CONSERVATORSHIP (§§ 7-1-640 — 7-1-645) › Section 7-1-641 - Certificate of appointment

(a)
The department shall, immediately after appointing a conservator, file with the principal court of a credit union a certificate to be known as a certificate of appointment.
(b)
The certificate of appointment shall set forth the basis for the department's appointment of a conservator and state the name of the conservator.
(c)
If the department does not appoint a conservator prior to the date of the filing of the certificate of appointment or it appoints a new or additional conservator, the department shall file a supplement to the certificate of appointment setting forth such facts.
(d)
The certificate of appointment and any supplement will be listed in the judgment index in the name of the credit union as defendant and the department as plaintiff.
Added by 2015 Ga. Laws 64,§ 19, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 2 - CONSERVATORSHIP (§§ 7-1-640 — 7-1-645) › Section 7-1-642 - Costs; immunity

(a)
All costs incident to conservatorship will be charged against the assets of the credit union to be allowed and paid as the department may determine.
(b)
The department, its employees, and third parties acting as conservators are not subject to liability for actions related to a conservatorship, including, but not limited to, the appointment of a conservator, and no department funds shall be required to be expended on behalf of the credit union, its creditors, employees, or members, or any other party or entity.
Added by 2015 Ga. Laws 64,§ 19, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 2 - CONSERVATORSHIP (§§ 7-1-640 — 7-1-645) › Section 7-1-643 - Appointment of department as conservator

(a)
Whenever any court, upon the initiation of the department or other person entitled by law to institute such proceedings, determines that a conservator should be appointed, for any reason whatsoever, it shall appoint the department as conservator. Except as provided in subsection (c) of this Code section, such court shall appoint only the department as conservator of a credit union.
(b)
When appointed conservator by a court, the department shall serve in the same manner and with the same limitations and shall have the same rights, powers, and duties as if it were to become conservator without appointment by a court pursuant to Code Section
7-1-640
. No court shall impose upon the department as conservator any duties or restrictions in conflict with this chapter.
(c)
(1)
In any proceeding for the appointment of a conservator of a credit union whose shares are insured by a public body of the United States, the court may, upon the recommendation of the department, whether or not the department is a party, appoint such public body as conservator.
(2)
If a public body accepts the appointment, it shall have all the rights, powers, and duties of the department as conservator under this chapter and all the rights, powers, and duties as conferred by other applicable law.
(3)
The posting of a bond shall not be required when a public body acts as conservator.
Added by 2015 Ga. Laws 64,§ 19, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 2 - CONSERVATORSHIP (§§ 7-1-640 — 7-1-645) › Section 7-1-644 - Bond

(a)
If the department appoints a conservator other than a public body of the United States that insures the shares of a credit union, an employee of the department, or the department itself, the conservator and any assistants shall provide a bond, payable to the credit union and executed by a surety company authorized to do business in this state.
(b)
The amount of such bond shall be approved by the department and be in an amount to ensure the faithful discharge of duties in connection with the conservatorship and take into account the amount of money under the control of the conservator.
(c)
The cost of such bond shall be paid from the assets of the credit union.
(d)
Any person injured by a breach of the conditions on such bond has a right to bring a civil remedy in order to seek to collect on such bond.
(e)
A bond of a credit union shall be deemed satisfactory if the department determines it covers a conservator and any assistants.
Added by 2015 Ga. Laws 64,§ 19, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 2 - CONSERVATORSHIP (§§ 7-1-640 — 7-1-645) › Section 7-1-645 - Show cause requirement; appointment of receiver; role of conservator; limitation on court's role

(a)
No later than ten days after the date a conservator is appointed pursuant to Code Section
7-1-640
, a credit union may apply to its principal court for an order requiring the department to show cause why it should not be enjoined from continuing the conservatorship.
(b)
If at any time the department determines that a credit union is not in a condition to continue business under a conservator, the department may appoint a receiver in accordance with Code Section
7-1-150
.
(c)
A conservator may conduct the business of a credit union and take steps toward the removal of the causes and conditions that have necessitated the appointment of a conservator until such time as:
(1)
The department shall permit such credit union to continue business subject to such terms and conditions as may be imposed by the department;
(2)
Such credit union is liquidated in accordance with the provisions of subsection (b) of this Code section; or
(3)
Otherwise ordered by the principal court of such credit union.
(d)
Except as provided in this chapter, no court shall take any action, except at the request of the department, to restrain or affect the exercise of powers or functions of a conservator.
Added by 2015 Ga. Laws 64,§ 19, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-651 - Membership; shares

(a)
The membership of the credit union shall consist of the initial subscribers and such other persons within the field of membership as may have subscribed to one share, which has been paid by a person or the credit union, together with the required entrance fee and complied with all other requirements contained in the bylaws. No subscriber or other member shall hold more than one share out of any class of shares. The bylaws may provide for separate classes of shares for borrowers and depositors and for the par value of each share for each class, but in no event shall the par value be less than $1.00.
(b)
Societies, associations, partnerships, limited liability companies, and corporations composed of persons who are eligible for membership or headquartered within the field of membership may be admitted to membership in the same manner and under the same conditions as such persons.
(c)
A person or corporation who leaves the field of membership may be permitted to retain his membership in the credit union at the discretion of the board of directors.
(d)
Customers of a bank that have been acquired by a credit union as a result of a merger or purchase and where the bank will cease to exist, due to a voluntary or involuntary dissolution, shall become members of the credit union upon the effective date of the underlying transaction; provided, however, that nothing herein shall be deemed as permitting a public body to be a member of a credit union. As used in this subsection, the term "public body" shall have the same meaning as provided in Code Section
45-8-1
.
Amended by 2024 Ga. Laws 474,§ 1-13, eff. 7/1/2024.
Amended by 2019 Ga. Laws 270,§ 21, eff. 7/1/2019.
Amended by 2017 Ga. Laws 57,§ 18, eff. 6/1/2017.
Amended by 2015 Ga. Laws 64,§ 20, eff. 7/1/2015.
Amended by 2009 Ga. Laws 31,§ 7, eff. 7/1/2009.
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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-651.1 - In-person annual meetings; requirements for remote options; impact of emergency declaration

(a)
Except as provided in subsection (c) of this Code section, the annual meeting of the members shall be held in person.
(b)
Members may participate and vote remotely at the meetings of the members if the bylaws of the credit union explicitly provide an option for remote participation and voting. If the bylaws so provide, the board of directors shall:
(1)
Implement reasonable measures to:
(A)
Provide members a reasonable opportunity to remotely participate in such meetings. Such measures may include, but are not limited to, audio webcast or other broadcast of the meeting but, in every instance, shall provide members the ability to communicate substantially concurrently with the proceedings;
(B)
Enable members to vote at such meetings by means of electronic communication. Such measures may include, but are not limited to, telephonic or internet voting; and
(C)
Verify that each person deemed present and permitted to vote remotely is a member in order to ensure the integrity of the vote;
(2)
Provide the option for remote participation and voting at no cost to members; and
(3)
Keep a record of remote attendance by members and any vote or other action taken by a member participating remotely.
(c)
In the event of a proclaimed emergency pursuant to Code Section
7-1-111
, the board of directors may apply to the department for authorization to conduct a meeting of the members solely through remote participation. If such application is approved by the department, the board of directors shall comply with the requirements of subsection (b) of this Code section.
Amended by 2022 Ga. Laws 748,§ 25, eff. 7/1/2022.
Added by 2021 Ga. Laws 174,§ 30, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-653 - Expulsions and withdrawals; disposition of deposits, interest, shares, or dividends; reinstatement

(a)
At any regular or called meeting of the members, by a two-thirds' vote of those present, the members may expel from the credit union any member thereof. A member may withdraw from a credit union and a nonmember may withdraw deposits as provided in this Code section by filing a written notice of such intention. All deposits of an expelled or withdrawing member or nonmember with any interest accrued shall be paid to such member or nonmember, subject to 60 days' notice, after deducting any amounts due to the credit union by such member or nonmember. A credit union, upon the resignation or expulsion of a member, shall cancel the share, deposits, or dividends or interest due thereon and may apply the withdrawal value of such funds toward the liquidation of such member's indebtedness. Said expelled or withdrawing member or nonmember shall have no further right in said credit union or to any of its benefits, but such expulsion or withdrawal shall not operate to relieve said member or nonmember from any remaining liability to the credit union.
(b)
A member may be expelled for reasons defined in the bylaws by a two-thirds' vote of the board of directors. An expelled member may obtain reinstatement by an affirmative vote of the majority of the members voting at the next annual meeting of the credit union.
(c)
(1)
In addition to the other powers set forth in this Code section, the board of directors may, by a two-thirds' vote of the directors, adopt and enforce a policy with respect to expulsion from membership based on:
(A)
Nonparticipation by a member in the affairs of the credit union. Such policy shall require the board to consider a member's failure to maintain deposits, shares, or loans with the credit union;
(B)
Activity inconsistent with the safe and sound operation of the credit union, which may include, but shall not be limited to:
(i)
Causing a financial loss to the credit union;
(ii)
Disrupting the operations of the credit union;
(iii)
Committing fraud, attempted fraud, or other illegal behavior;
(iv)
Engaging in inappropriate behavior; and
(v)
Violating the membership agreement of the credit union.
(2)
If such a policy is adopted, written notice of the policy and the effective date of such policy shall be provided to each member of the credit union not less than 30 days prior to the effective date of such policy. In addition, each new member shall be provided written notice of any such policy prior to or upon applying for membership.
Amended by 2021 Ga. Laws 174,§ 31, eff. 7/1/2021.
Amended by 2019 Ga. Laws 270,§ 22, eff. 7/1/2019.
Amended by 2010 Ga. Laws 624,§ 7, eff. 6/3/2010.
Amended by 2005 Ga. Laws 160,§ 18, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-654 - Capital; right to offset loans, dues, and fines

The capital of the credit union shall consist of the payments that have been made to it by the members on their qualifying shares. A credit union shall have a lien on a member's share and deposits and on dividends or interest payable thereon for and to the extent of any loan made by it to such member and of any dues and fines payable to it by such member.
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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-657 - Duties of audit committee; inspections; comprehensive annual audits; use of independent accountants

(a)
The audit committee shall be responsible for securing a comprehensive audit of the credit union at least once each year unless such time period is modified pursuant to the rules and regulations of the department. Except as provided for in subsection (c) of this Code section, the committee shall employ the services of a licensed, independent certified public accountant or firm of such accountants to make such comprehensive audit. The results of the audit shall be submitted to the board, and the committee shall present a summary of the results of the audit to the membership. The committee shall make recommendations to the board for the correction of any deficiencies disclosed by the audit. The annual audit shall include a confirmation of the share, deposit, and loan accounts of the members and such other procedures as the department might require. The annual audit shall be preserved with the records of the credit union, and a copy of such audit shall be filed with the department upon request by the department.
(b)
The audit committee, from time to time, may conduct or cause to be conducted other audit functions or reviews of operations or may make or cause to be made an inspection of the assets and the liabilities of the credit union. The committee shall report the results of any such reviews to the board of directors and shall be responsible for making specific recommendations to the board regarding any unsafe, unsound, or unauthorized activities discovered.
(c)
Based upon the total assets of a credit union, the complexity of a credit union, or other factors, the department may enact rules and regulations authorizing certain credit unions to obtain the required comprehensive audit from an individual or entity that is not a licensed, independent certified public accountant or firm of such accountants so long as the individual or entity is independent or otherwise qualified.
Amended by 2019 Ga. Laws 270,§ 25, eff. 7/1/2019.
Amended by 2017 Ga. Laws 57,§ 19, eff. 6/1/2017.
Amended by 2015 Ga. Laws 64,§ 23, eff. 7/1/2015.
Amended by 2002 Ga. Laws 945, § 7, eff. 7/1/2002.
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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-659 - Entrance fees; reserves; exclusion of state and federal credit union reserves from tax calculations

(a)
A credit union may charge entrance fees as provided in the bylaws. All such fees shall, after payment of organizational expense, be known as reserve income and shall be added to the regular reserve of the credit union.
(b)
Immediately before the payment of each dividend, the gross earnings of the credit union shall be determined. There shall be set aside from that amount, as allowances for credit losses, sums adequate to cover such anticipated losses, based on the risk characteristics of the loan portfolio.
(c)
All credit unions shall be subject to the capital and reserve requirements of Part 702 of the Rules and Regulations of the National Credit Union Administration, known as Prompt Corrective Action. Credit unions that are less than ten years old shall operate according to a business plan which shall contain requirements for reserves and which shall be approved by the department. The department shall have the discretion to require additional capital and reserves to assure the safety and soundness of any credit union.
(d)
In addition to regular reserves, special reserves to protect the interest of members shall be established when found necessary in any special case by the board of directors of the credit union or by the department.
(e)
All reserves of credit unions or federal credit unions established in accord with generally accepted accounting principles or upon the specific direction of the department or any federal regulatory body or for the purpose of complying with any conditions lawfully imposed by the department or any federal regulatory body shall not be considered as surplus or undivided profits of any credit union for tax purposes.
Amended by 2023 Ga. Laws 348,§ 14, eff. 7/1/2023.
Amended by 2002 Ga. Laws 945, § 8, eff. 7/1/2002.
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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-660 - Dividends

(a)
As used in this Code section, the term "dividend" means a designated distribution of earnings other than the payable contracted rate of interest due to members and depositors in all deposit and share account categories.
(b)
At such intervals and for such periods as the board of directors may authorize, dividends from undivided earnings may be declared at such amounts as are determined by the board, provided that such dividends shall not be paid until provision for the transfer to the allowances for credit losses has been made. Dividends in excess of specified amounts prescribed by regulations of the department to ensure that credit unions maintain an adequate capital structure shall not be paid without the prior approval of the department. In such cases, the proposed dividend or interest may be paid after approval by the department upon its determination that such payment would be in the continued best interest of the credit union, would promote its stability, and would not impair its ability to repay its creditors other than its members and depositors.
Amended by 2023 Ga. Laws 348,§ 15, eff. 7/1/2023.
Amended by 2010 Ga. Laws 624,§ 7, eff. 6/3/2010.
Amended by 2006 Ga. Laws 453,§ 7, eff. 4/14/2006.
Amended by 2005 Ga. Laws 160,§ 20, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-661 - Fiscal year; special meetings of members; voting and proxies

The credit union fiscal year shall end at the close of business on December 31, unless the bylaws of the credit union specify a different fiscal year. Unless the articles of incorporation or bylaws provide otherwise, special meetings of the members may be held by order of the chairperson of the board of directors, the president or chief executive officer, or at least 20 percent of the directors in office. In addition, special meetings of the members may be held on written request of 5 percent of the members or such other amount as the articles of incorporation or bylaws shall specify; provided, however, that such articles or bylaws shall not require written request from more than 25 percent of the members for a special meeting to be held. At all meetings a member shall have but one vote. No member may vote by proxy; but a society, association, partnership, or corporation having membership in the credit union may be represented by one person duly authorized by said society, association, partnership, or corporation to represent it. At any meeting the members may decide on any matter of interest to the credit union and may overrule the board of directors, provided that the notice of the meeting shall have stated the question to be considered.
Amended by 2024 Ga. Laws 474,§ 1-17, eff. 7/1/2024.
Amended by 2023 Ga. Laws 348,§ 16, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-662 - Taxes to which subject

Credit unions shall not be subject to any tax except the ad valorem tax upon property imposed by the Constitution of this state unless made subject thereto by express provision of the law specifically naming credit unions and making them subject thereto. All ad valorem taxes against credit unions shall be assessed upon the value of their shares, including surplus and undivided profits, and not upon their assets, other than real estate; and the rate of taxation shall not exceed the rate of taxation imposed on banking corporations, provided that, so long as federal credit unions are exempt from the payment of the tax imposed under this Code section, state credit unions shall likewise be exempt.
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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-663 - Rules and regulations of department

Without limitation on the authority conferred by Article 1 of this chapter, the department is authorized to make such rules and regulations not inconsistent with this article and other applicable statutes governing the operation of credit unions as it may consider reasonable and proper for the protection of all funds invested. The department shall solicit comments from credit unions at least annually for recommended changes to the department's rules and regulations.
Amended by 2005 Ga. Laws 160,§ 21, 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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-666 - Deposit insurance requirements; public notices when deposits not properly insured

(a)
Every credit union shall be required to obtain deposit insurance satisfactory to the department before it may conduct business and accept deposits, except that credit unions which have had their deposit insurance coverage withdrawn or canceled may, in the discretion of the department, continue to accept deposits, provided that, within six months after withdrawal or cancellation of insurance, such credit unions shall obtain deposit insurance written by an insurance company authorized to transact business in this state and acceptable to the department or by the National Credit Union Administration. The department may, in its discretion, for cause shown, extend the time limitation in which deposit insurance must be obtained.
(b)
Deposit insurance required to be obtained in subsection (a) of this Code section need not be in excess of amounts insured by the National Credit Union Administration at the time the insurance is obtained; but, whenever the insurance coverage is, in the opinion of the department, less than amounts insured by the National Credit Union Administration, the credit union shall be required to post a sign in boldface print, in letters at least four inches high, at a conspicuous place near the entrance of such credit union, which states "Deposits Not Insured" or "Deposits Insured Up To (insert amount of deposit insurance)." Such wording shall also follow the name of the credit union wherever it is written or printed and shall be posted in writing which is easily legible in letters at least one inch high at each window or desk receiving deposits.
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 3 - CREDIT UNIONS (§§ 7-1-630 — 7-1-671) › Part 3 - OPERATION AND REGULATION (§§ 7-1-650 — 7-1-671) › Section 7-1-670 - [Repealed] Third-party payment services

Amended by 2016 Ga. Laws 450,§ 3-5, eff. 7/1/2016.
Amended by 2007 Ga. Laws 256,§ 16, eff. 7/1/2007.
Amended by 2005 Ga. Laws 160,§ 26, eff. 5/5/2005.
Amended by 2001 Ga. Laws 299, § 9, 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 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-681 - Licensing requirements; engagement in money transmission defined; liabilities

(a)
Pursuant to this article, the department may license a person to engage in money transmission.
(b)
No person, regardless of the location of such person, its facilities, or its agents, shall engage in money transmission in this state without having first obtained a license authorizing such activity under this article. This prohibition applies whether or not a person utilizes a branch, subsidiary, affiliate, or agent in this state. A person is deemed to be engaged in money transmission if the person advertises that service, provides that service with or without compensation, solicits to provide that service, or holds itself out as providing that service to or from this state, even if the person has no physical presence in this state.
(c)
Every person that directly or indirectly controls another that violates subsection (b) of this Code section, including, but not limited to, each general partner, executive officer, joint venture, ultimate equitable owner, or director of such person, and every person occupying a similar status or performing similar functions as such person violates with and to the same extent as such person. Any person that directly or indirectly controls a person that violates subsection (b) of this Code section may avoid liability if such person sustains the burden of proof that the person did not know and, in the exercise of reasonable care, could not have known of the existence of the facts by reason of which the original violation is alleged to exist.
Amended by 2023 Ga. Laws 348,§ 19, eff. 7/1/2023.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.