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 8 - MULTIPLE-PARTY ACCOUNTS (§§ 7-1-810 — 7-1-821) › Section 7-1-819 - Financial institution protection - Payment of trust account

Any trust account may be paid, on request, to any trustee. Payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the financial institution showing that his or their decedent was the survivor of all other persons named on the account either as trustee or beneficiary, unless:
(1)
The financial institution, with respect to a trust account as to which there is only one trustee, has received written notice, in a form satisfactory to the financial institution, that the beneficiary has a vested interest not dependent upon his surviving the trustee; or
(2)
The financial institution, with respect to a trust account as to which there is more than one trustee, has been provided with a copy of an agreement or resolution of all trustees, in a form satisfactory to the financial institution, to the effect that the beneficiary has a vested interest not dependent upon his surviving the trustees.
Payment may be made, on request, to a beneficiary or beneficiaries or the heirs or representative of a beneficiary or beneficiaries upon presentation to the financial institution of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees.
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 8 - MULTIPLE-PARTY ACCOUNTS (§§ 7-1-810 — 7-1-821) › Section 7-1-820 - Financial institution protection - Discharge upon proper payment; notice not to permit withdrawals

Payment made pursuant to Code Section
7-1-816
,
7-1-817
,
7-1-818
, or
7-1-819
discharges the financial institution from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees, or beneficiaries or their successors. The protection here given does not extend to payments made after a financial institution has received written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted.
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 8 - MULTIPLE-PARTY ACCOUNTS (§§ 7-1-810 — 7-1-821) › Section 7-1-821 - Financial institution protection - Right to setoff

Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party to a multiple-party account is indebted to a financial institution, the financial institution has a right to setoff against the account in which the party has or had immediately before his death a present right of withdrawal. The amount of the account subject to setoff is that proportion to which the debtor is or was immediately before his death beneficially entitled and, in the absence of proof of net contributions, an equal share with all parties having present rights of withdrawal.
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 9 - CRIMINAL AND RELATED PROVISIONS (§§ 7-1-840 — 7-1-846) › Section 7-1-841 - Applicability of Title 16

(a)
The following provisions of Title 16 are expressly made applicable to financial institutions, their directors, officers, agents, and employees and persons or corporations having dealings with, supervision over, or other contact with financial institutions:
(1)
Article 2 of Chapter 7 of Title 16, relating to damage to property;
(2)
Article 3 of Chapter 7 of Title 16, relating to arson and related offenses;
(3)
Article 1 of Chapter 7 of Title 16, relating to burglary and related offenses;
(4)
Chapter 9 of Title 16, relating to deceptive practices;
(5)
Chapter 8 of Title 16, relating to theft, including robbery;
(6)
Article 1 of Chapter 10 of Title 16, relating to abuse of government office; and
(7)
Article 4 of Chapter 10 of Title 16, relating to perjury and other falsifications.
(b)
Nothing in subsection (a) of this Code section shall be construed to indicate that the designated chapters of Title 16 were not applicable to the enumerated financial institutions, persons, or corporations prior to April 1, 1975, or that other provisions of Title 16 are not, in appropriate circumstances, also applicable to the enumerated financial institutions, persons, or corporations.
Amended by 2016 Ga. Laws 450,§ 7-19, 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 9 - CRIMINAL AND RELATED PROVISIONS (§§ 7-1-840 — 7-1-846) › Section 7-1-842 - Felonies of directors, officers, agents, and employees of financial institutions; aiding and abetting false entries

Any director, officer, agent, or employee of a financial institution who knowingly:
(1)
Makes any false entry in any book, report, or statement of the financial institution or who omits or concurs in omitting to make any material entry in its books or accounts with intent in either case to injure or defraud the financial institution or any other company, firm, or person or to deceive any officer of the financial institution, the commissioner, or any examiner and every person who with like intent aids or abets any officer, director, clerk, agent, or employee in making any false entry, report, or statement or omitting to make any material entry on its books and accounts shall be guilty of a felony and, upon conviction, shall be punished by imprisonment for not less than one year nor more than ten years.
(2)
While in charge of or employed in a financial institution, allows it to receive a deposit when he or she knows the financial institution to be insolvent shall be guilty of a felony and, upon conviction, shall be punished by imprisonment for not less than one year nor more than ten years if loss or injury shall result to such depositor.
(3)
By letterheads, newspaper advertisements, signs, circulars, or otherwise, represents the capital stock of any financial institution to be in excess of the capital actually paid in or who knowingly makes or concurs in making or publishing any written report, exhibit, or statement of its affairs or pecuniary condition containing any material statement therein which is false or who knowingly omits or concurs in omitting any statement required by law or to be contained therein shall be guilty of a felony and, upon conviction, shall be punished by imprisonment for not less than one year nor more than five years.
(4)
Uses information obtained through his or her association with the financial institution which he or she serves as a director, officer, agent, or employee, which is not otherwise publicly available, with the intent to realize personal gain or to cause financial harm to another party shall be guilty of a felony and, upon conviction, shall be punished by a fine not to exceed $10,000.00 or twice the amount of improper gain realized, whichever is less, or by imprisonment for not less than one year nor more than five years, or both.
Amended by 2016 Ga. Laws 450,§ 5-2, 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 9 - CRIMINAL AND RELATED PROVISIONS (§§ 7-1-840 — 7-1-846) › Section 7-1-844 - Other misdemeanors of directors, officers, agents, and employees of financial institutions

Any director, officer, agent, or employee of a financial institution who shall willfully violate or participate in the violation of any of the following provisions of this chapter shall be guilty of a misdemeanor:
(1)
Code Section
7-1-37
, relating to restrictions on department officials and employees;
(2)
Code Section
7-1-62
, relating to accounting requirements to be followed by financial institutions;
(3)
Code Section
7-1-285
, relating to loan limits on banks;
(4)
Code Section
7-1-291
, relating to borrowing limits on banks;
(5)
Code Section
7-1-311
, relating to operations as a fiduciary by a trust company;
(6)
Code Section
7-1-491
, relating to limitations on financing to directors and officers of banks and trust companies;
(7)
Code Section
7-1-492
, relating to prohibitions applicable to directors, officers, employees, and attorneys of bank and trust companies in dealings with the institutions with which they are connected; or
(8)
Code Section
7-1-658
, relating to loan limits on credit unions.
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 9 - CRIMINAL AND RELATED PROVISIONS (§§ 7-1-840 — 7-1-846) › Section 7-1-846 - Punishment for misdemeanor violations

Upon conviction of a misdemeanor as prescribed by the several provisions of this chapter, the offender shall be punished as prescribed by Code Section
17-10-3
, as now or hereafter amended.
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 10 - TRANSITION PROVISIONS; FEES OF SECRETARY OF STATE (§§ 7-1-860 — 7-1-862) › Section 7-1-860 - Application of chapter

This chapter applies to transactions and events occurring on and after April 1, 1975.
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 10 - TRANSITION PROVISIONS; FEES OF SECRETARY OF STATE (§§ 7-1-860 — 7-1-862) › Section 7-1-861 - Completion of pending transactions; continuation of existing charters, appointments, regulations, and fees

(a)
Transactions validly entered into before April 1, 1975, and the rights, duties, and interests flowing from them remain valid thereafter and may be terminated, completed, consummated, or enforced as required or permitted by any statute or other law amended or repealed by this chapter as though such repeal or amendment had not occurred.
(b)
The validity of existing articles and charters shall not be impaired by this chapter. Appointments of officers in effect on April 1, 1975, shall continue in force until changed as permitted by this chapter or other applicable law. Regulations which have been issued by the department or the commissioner and fee schedules established by either of them or existing pursuant to statute shall remain in effect until changed pursuant to this chapter.
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 10 - TRANSITION PROVISIONS; FEES OF SECRETARY OF STATE (§§ 7-1-860 — 7-1-862) › Section 7-1-862 - Fees to be paid to Secretary of State

The Secretary of State shall charge and collect fees with regard to filings by persons subject to the provisions of this chapter to the same extent as are charged and collected with regard to similar filings by corporations organized under Chapter 2 of Title 14, known as the "Georgia Business Corporation Code."
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 11 - RECORDS AND REPORTS OF CURRENCY TRANSACTIONS (§§ 7-1-910 — 7-1-917) › Section 7-1-910 - Purpose

It is the purpose of this article to require certain reports and records of transactions involving United States currency where such reports and records have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.
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 11 - RECORDS AND REPORTS OF CURRENCY TRANSACTIONS (§§ 7-1-910 — 7-1-917) › Section 7-1-913 - Access to reports

The Georgia Bureau of Investigation and the Department of Revenue shall have access to and shall be authorized to inspect and copy any reports filed with the department pursuant to this article. In addition, unless prohibited by federal law or by any agreements with federal authorities, the Georgia Bureau of Investigation and the Department of Revenue shall have access to and shall be authorized to inspect and copy any currency transaction report information received by the department from federal authorities.
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 11 - RECORDS AND REPORTS OF CURRENCY TRANSACTIONS (§§ 7-1-910 — 7-1-917) › Section 7-1-914 - Civil penalties; action for recovery

(a)
For each willful violation of this article, the commissioner may assess upon any financial institution and upon any director, officer, or employee thereof who willfully participates in the violation a civil penalty not exceeding $1,000.00.
(b)
In the event of the failure of any person to pay any penalty assessed under this Code section, a civil action for recovery thereof may, in the discretion of the commissioner, be brought in the name of the State of Georgia.
(c)
Whoever conducts or attempts to conduct a transaction described in subsection (c) of Code Section
7-1-915
is liable to the State of Georgia for a civil penalty of not more than the amount of the funds involved in the transaction or $10,000.00, whichever is greater.
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 11 - RECORDS AND REPORTS OF CURRENCY TRANSACTIONS (§§ 7-1-910 — 7-1-917) › Section 7-1-915 - Criminal penalties; penalties imposed by other Code sections not superseded

(a)
Except as provided in subsection (b) of this Code section, whoever willfully violates any provision of this article shall be guilty of a misdemeanor.
(b)
Whoever willfully violates any provision of this article where the violation is:
(1)
Committed in furtherance of the commission of any other violation of Georgia law; or
(2)
Committed as part of a pattern of illegal activity involving transactions exceeding $100,000.00 in any 12 month period
shall be guilty of a felony and, upon conviction thereof, shall be punished by a fine of not more than $500,000.00 or by imprisonment for not more than five years, or both.
(c)
Whoever, knowing that the moneys involved in a currency transaction represent the proceeds of some form of unlawful activity, conducts or attempts to conduct such a transaction which in fact involves the proceeds of specified unlawful activity:
(1)
With the intent to promote the carrying on of specified unlawful activity; or
(2)
Knowing that the transaction is designed in whole or in part to conceal or disguise the nature, the location, the source, the ownership, or the control of the proceeds of specified unlawful activity; or to avoid a transaction reporting requirement under this article
shall be sentenced to a fine of not more than $500,000.00 or twice the amount involved in the transaction, whichever is greater, or imprisonment for not more than 20 years, or both.
(d)
Nothing in subsection (c) of this Code section nor in subsection (c) of Code Section
7-1-914
shall supersede any provision of law imposing criminal or civil penalties or affording civil remedies in addition to those provided for in this Code section or in Code Section
7-1-914
.
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 11 - RECORDS AND REPORTS OF CURRENCY TRANSACTIONS (§§ 7-1-910 — 7-1-917) › Section 7-1-916 - Forfeiture of property involved in illegal transactions

All property of every kind used or intended for use in the course of, derived from, or realized through a transaction which in fact involves the proceeds of unlawful activity specified in Chapter 14 of Title 16 or otherwise subject to the provisions of this article shall be subject to forfeiture to the state. Forfeiture shall be had by the same procedure as is set forth in Chapter 16 of Title 9. As used in this Code section, the terms "proceeds" and "property" shall have the same meaning as set forth in Code Section
9-16-2
.
Amended by 2015 Ga. Laws 98,§ 3-6, 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 11 - RECORDS AND REPORTS OF CURRENCY TRANSACTIONS (§§ 7-1-910 — 7-1-917) › Section 7-1-917 - Venue for the offense of money laundering

In a prosecution under this article, when a currency transaction involves the movement or transfer of digital or electronic money or currency held in an account at a financial institution while knowing the moneys involved in a currency transaction represent the proceeds of some form of unlawful activity, the crime shall be considered as having been committed:
(1)
In any county in which the accused exercised control over such digital or electronic money or currency which was the subject of the transaction;
(2)
In any county in which any act was performed in furtherance of such transaction; or
(3)
In any county in which an alleged victim resides.
Added by 2023 Ga. Laws 345,§ 1, 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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-940 - Definitions

As used in this article, the term:
(1)
"Board of directors" means any board of directors of a corporation created under this article.
(2)
"Corporation" means a Georgia small minority business development corporation created under this article;
(3)
"Lending institution" means any bank or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, pension fund, or other institution engaged primarily in lending or investing funds.
(4)
"Loan limit" means, for any member, the maximum amount permitted to be outstanding at any one time on member loans made by such member to the corporation, as determined under this article.
(5)
"Member" means any lending institution authorized to do business in this state which shall undertake to make member loans to a corporation created under this article, upon its call, and in accordance with this article.
(6)
"Member loan" means a loan made by a member upon the call of the corporation pursuant to Code Section
7-1-947
.
(7)
"Minority person" means a lawful permanent resident of the United States who is:
(A)
Black;
(B)
Hispanic;
(C)
Asian-Pacific American;
(D)
Native American; or
(E)
Asian-Indian American.
(8)
"Small minority business" means any for profit corporation, partnership, proprietorship, association, or other business entity which:
(A)
Is at least 51 percent owned and controlled by minority persons and whose management and daily operation are controlled by one or more of the minority persons who own it;
(B)
Has gross revenue of less than $6 million in a 12 month fiscal year;
(C)
Has a net profit after taxes for each of the last two taxable years of less than $1 million;
(D)
Employs less than 500 people; and
(E)
Is not a lending institution.
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 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-942 - Approval of articles by department

Whenever the articles shall have been filed in the office of the Secretary of State and approved by the department and all filing fees and taxes prescribed by law have been paid, said entity shall constitute a corporation. Said corporation shall not be authorized to commence business until its articles are approved by the department. Upon such approval by the department, authorized stock of the corporation may thereafter be issued.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-943 - Standards for approval of articles by department; timing

(a)
Upon receipt of an application for approval of articles from a corporation organized pursuant to this article, the department shall exercise its discretion in its consideration of the application; but the department shall not approve the application until it has ascertained to its satisfaction:
(1)
That the public need and advantage will be promoted by the establishment of the corporation;
(2)
That conditions in the locality in which the corporation will transact business afford reasonable promise of a successful operation;
(3)
That the applicants may legally invest in the stock of the corporation and that such investment would not be to the detriment of the applicants; and
(4)
That the proposed officers and directors have sufficient experience, ability, and standing to afford reasonable promise of a successful operation.
(b)
Within 90 days after receipt of an application for approval of the articles, the department shall issue a certificate either granting or denying permission for the corporation to commence business, provided that in no instance shall the department grant such permission until it has ascertained to its satisfaction that the above conditions and circumstances have been met and that the articles are in accordance with this article.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-944 - Filing departmental approval with Secretary of State

Upon receiving the approval of the department, the incorporators shall file the same together with the fee specified by Code Section
7-1-862
with the Secretary of State.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-946 - Bond and stock holding authority; member loans to corporation not discriminatory

Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization, or trust indentures:
(1)
Any person, including all domestic corporations organized for the purpose of carrying on business within this state and further including, without implied limitation, public utility companies and insurance companies and foreign corporations licensed to do business within this state and all lending institutions as defined in Code Section
7-1-940
and all trusts are authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, securities, or other evidences of indebtedness created by or the shares of the corporation and, while owners of said shares, to exercise all the rights, powers, and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state, except as otherwise provided in this article;
(2)
All lending institutions are authorized to become members of the corporation and to make loans to the corporation as provided in this article and such membership shall not constitute a violation of the prohibitions contained in Code Section
7-6-1
;
(3)
Each lending institution which becomes a member of the corporation is authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, securities, or other evidences of indebtedness created by or the shares of the capital stock of the corporation and, while owners of said stock, to exercise all the rights, powers, and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the State of Georgia, provided that the amount of the capital of the corporation which may be acquired by any member pursuant to the authority granted in this Code section shall not exceed 5 percent of the capital base of such member; and
(4)
The amount of shares of the corporation which any member is authorized to acquire pursuant to the authority granted in this Code section is in addition to the amount of shares in the corporation which such member may otherwise be authorized to acquire.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-948 - Duration of membership; withdrawal

(a)
Membership in the corporation shall be for the duration of the corporation, provided that, upon written notice given to the corporation two years in advance, a member may withdraw from membership in the corporation at the expiration of such notice.
(b)
A member shall not be obligated to make any loans to the corporation pursuant to calls made subsequent to notice of the intended withdrawal of said member.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-949 - Powers of shareholders and members

(a)
The shareholders and the members of the corporation shall have the following powers of the corporation:
(1)
To determine the number of and elect directors as provided in Code Section
7-1-951
;
(2)
To amend its articles as provided in Code Section
7-1-950
;
(3)
To dissolve the corporation as provided in Code Section
7-1-956
; and
(4)
To exercise such other of the powers of the corporation, consistent with this article, as may be conferred on the shareholders and the members by the bylaws.
(b)
As to all matters requiring action by the shareholders and the members of the corporation, said shareholders and said members shall vote separately thereon by classes; and, except as otherwise provided in this article, such matters shall require the affirmative vote of a majority of the votes to which the shareholders present or represented at the meeting shall be entitled and the affirmative vote of a majority of the votes to which the members present or represented at the meeting shall be entitled.
(c)
Each shareholder shall have one vote, in person or by proxy, for each share of stock held by him; and each member shall have one vote, in person or by proxy, except that any member having a loan limit of more than $1,000.00 shall have one additional vote, in person or by proxy, for each additional $1,000.00 which such member is authorized to have outstanding on loans to the corporation at any one time, as determined under subsection (c) of Code Section
7-1-947
.
(d)
A holder of or subscriber to shares of the corporation or a member of the corporation shall be under no obligation to the corporation or its creditors with respect to such shares, subscriptions, or membership except in the circumstances set forth in Code Section
14-2-622
, except that this subsection does not affect the obligation of a member to lend funds to the corporation pursuant to valid call.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-950 - Amendment of articles

(a)
Except as provided in subsections (b) and (c) of this Code section and subject to the approval of the department, the articles may be amended by the votes of the shareholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds of the votes to which the members shall be entitled.
(b)
No amendment shall be adopted which is inconsistent with the general purposes expressed in paragraph (3) of subsection (a) of Code Section
7-1-941
or which authorizes any additional class of stock to be issued or which would tend to impair the ability of the department to examine and supervise the corporation.
(c)
No amendment of the articles which increases the obligation of a member to make loans to the corporation or makes any change in the principal amount, interest rate, or maturity date or in the security or credit position of any outstanding loan of a member to the corporation or affects a member's right to withdraw from membership as provided in Code Section
7-1-948
or affects a member's voting rights as provided in this article shall be made without the consent of each member affected by such amendment.
(d)
Within 30 days after any meeting at which an amendment to the articles is approved, it shall be submitted to the department together with such information as the department shall require. If the department finds in its discretion that the proposed amendment is in conformity with the objectives and requirements of this article, it shall issue its certificate approving the amendment. If the amendment is disapproved, the department shall briefly state its reasons for such action to the corporation. The decision of the department shall be conclusive, except as it may be subject to judicial review as provided in Code Section
7-1-90
.
(e)
Upon the approval of the department, articles of amendment signed and sworn to by the president, treasurer, and a majority of the directors, setting forth such amendment and due adoption thereof, shall, together with the department's certificate of approval, be submitted to the Secretary of State, who shall examine them and, if he finds that they conform to the requirements of this article, shall so certify and endorse his approval thereon.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-951 - Board of directors; officers and agents

The business affairs of the corporation shall be managed and controlled by a board of directors, a president, a vice-president, a secretary, a treasurer, and such other officers and such agents as the corporation shall authorize by its bylaws. The board of directors shall consist of such number, not less than nine nor more than 15, as shall be determined in the first instance by the incorporators and thereafter annually by the members and the shareholders of the corporation. The board of directors may exercise all the powers of the corporation except such as are conferred by law or by the bylaws of the corporation upon the shareholders or members and shall choose and appoint all the agents and officers of the corporation and fill all vacancies except vacancies in the office of director, which shall be filled as provided in this Code section. The annual meeting shall be held prior to May 1 or, if no annual meeting shall be held in the year of incorporation, then within 90 days after the approval of the articles at a special meeting as provided in this Code section. At such annual meeting or at each special meeting held as provided in this Code section, the members of the corporation shall elect one-fifth of the board of directors and the shareholders shall elect the remaining directors. The directors shall hold office until the next annual meeting of the corporation or special meeting held in lieu of the annual meeting after the election and until their successors are elected and qualified, unless sooner removed in accordance with provisions of the bylaws. Any vacancy in the office of a director elected by the members shall be filled by the directors elected by the members, and any vacancy in the office of a director elected by the shareholders shall be filled by the directors elected by the shareholders. Directors and officers shall not be responsible for losses unless the same shall have been occasioned by the willful misconduct of such directors and officers. Directors shall serve without compensation.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-952 - Setting apart net earnings; fiscal year

(a)
Each year the corporation shall set apart its net earnings for all the preceding fiscal year. Whenever the amount of minimum capital established in Code Section
7-1-941
shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors after providing for such reserves as said directors deem desirable, and the determination of the directors made in good faith shall be conclusive on all persons.
(b)
Corporations organized under this article shall adopt the calendar year as their fiscal year.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-953 - Deposit of corporate funds

The corporation shall not deposit any of its funds in any bank or other financial institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated. The corporation shall not receive money on deposit.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-954 - Departmental power over corporations

The department shall exercise the same power and authority over corporations organized under this article as is now or hereafter exercised over banks and trust companies by Articles 1 and 2 of this chapter where such law is not in conflict with this chapter.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-955 - First meeting

(a)
The first meeting of the corporation shall be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed or delivered to each incorporator at least five days before the day appointed for the meeting. Said first meeting may be held without such notice upon agreement in writing to that effect signed by all the incorporators. There shall be recorded in the minutes of the meeting a copy of said notice or of such unanimous agreement of the incorporators.
(b)
At such first meeting the incorporators shall organize by the choice, by ballot, of a temporary clerk; by the adoption of bylaws; by the election, by ballot, of directors; and by action upon such other matters within the powers of the corporation as the incorporators may see fit. The temporary clerk shall be sworn and shall make and attest a record of the proceedings. Four of the incorporators shall be a quorum for the transaction of business.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-956 - Duration of corporation; dissolution

(a)
The period of duration of the corporation shall be 35 years, subject, however, to the right of its shareholders and the members to dissolve the corporation prior to the expiration of said period as provided in subsection (b) of this Code section.
(b)
The corporation may, upon the votes of the shareholders and the members of the corporation, voting separately by classes, dissolve said corporation; and such dissolution shall require approval by the affirmative vote of two-thirds of the votes to which the shareholders shall be entitled. Upon any dissolution of the corporation, none of the corporation's assets shall be distributed to the shareholders until all sums due the members of the corporation as creditors thereof have been paid in full.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-957 - State indebtedness not to be created

Under no circumstances shall the credit of the State of Georgia be pledged to any corporation organized under this article nor shall acts of such corporation in any manner constitute or result in the creation of any indebtedness of the State of Georgia or any county or municipal corporation therein.
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 12 - SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-940 — 7-1-958) › Section 7-1-958 - Tax exemptions, credits, and privileges; occupational license taxes

(a)
Any tax exemptions, tax credits, or tax privileges granted to banks or trust companies and other lending institutions by any general laws of this state are granted to corporations organized pursuant to this article.
(b)
Every corporation organized and engaged in business under this article shall pay an annual state occupational license tax of $50.00. Counties and municipalities are authorized, in addition, to levy the occupational license taxes as prescribed; provided, however, that no county or municipality shall levy any such occupational license tax in a greater amount than those prescribed.
Amended by 2017 Ga. Laws 275,§ 7, eff. 5/9/2017.
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 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 13 - LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS (§§ 7-1-1000 — 7-1-1021) › Section 7-1-1001.1 - Requirement for mortgage loan originator license; application to sellers of mobile homes

(a)
It shall be prohibited for any person to engage in the activities of a mortgage loan originator without first obtaining and maintaining a mortgage loan originator license as set forth in this article.
(b)
The department shall have the broad administrative authority to administer, interpret, and enforce this article and the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, and promulgate rules or regulations implementing it, in order to carry out the intentions of the federal legislation. Such administrative authority of the department shall include, but shall not be limited to, the authority to promulgate rules and regulations to implement the provisions of such federal legislation related to the temporary authority of mortgage loan originators.
(c)
The provisions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 shall apply to the activities of retail sellers of manufactured homes to the extent determined by the United States Department of Housing and Urban Development through written guidelines, rules, regulations, or interpretive letters.
Amended by 2019 Ga. Laws 270,§ 33, eff. 7/1/2019.
Amended by 2011 Ga. Laws 169,§ 8, eff. 7/1/2011.
Added by 2009 Ga. Laws 66,§ 1, 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 13 - LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS (§§ 7-1-1000 — 7-1-1021) › Section 7-1-1003.1 - [Repealed] Physical place of business

Amended by 2020 Ga. Laws 492,§ 18, eff. 1/1/2021.
Amended by 2009 Ga. Laws 66,§ 1, 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 13 - LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS (§§ 7-1-1000 — 7-1-1021) › Section 7-1-1003.3 - [Reserved]

Reserved.
Amended by 2024 Ga. Laws 474,§ 1-22, eff. 7/1/2024.
Amended by 2009 Ga. Laws 66,§ 1, eff. 7/1/2009.
Amended by 2004 Ga. Laws 517, § 12, 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 13 - LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS (§§ 7-1-1000 — 7-1-1021) › Section 7-1-1003.4 - [Reserved]

Repealed and Reserved by 2009 Ga. Laws 66,§ 1, 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 13 - LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS (§§ 7-1-1000 — 7-1-1021) › Section 7-1-1003.5 - Nationwide Multistate Licensing System and Registry

(a)
The department is authorized to:
(1)
Participate in the Nationwide Multistate Licensing System and Registry in order to facilitate the sharing of information and standardization of the licensing and application processes for mortgage loan originators, mortgage brokers, and mortgage lenders by electronic or other means;
(2)
Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and other contracts necessary for the department's participation in the Nationwide Multistate Licensing System and Registry;
(3)
Request that the Nationwide Multistate Licensing System and Registry adopt an appropriate privacy, data security, and security breach notification policy that is in full compliance with existing state and federal law;
(4)
Disclose or cause to be disclosed without liability via the Nationwide Multistate Licensing System and Registry applicant and licensee information, including, but not limited to, violations of this article and enforcement actions to facilitate regulatory oversight of mortgage loan originators, mortgage brokers, and mortgage lenders across state jurisdictional lines;
(5)
Establish and adopt, by rule or regulation, requirements for participation by applicants and licensees in the Nationwide Multistate Licensing System and Registry upon the department's determination that each new or amended requirement is consistent with both the public interest and the purposes of this article; and
(6)
Pay all fees received from licensees and applicants related to applications, licenses, and renewals to the Office of the State Treasurer; provided, however, that the department may net such fees to recover the cost of participation in the Nationwide Multistate Licensing System and Registry.
(b)
Irrespective of its participation in the Nationwide Multistate Licensing System and Registry, the department retains full and exclusive authority over determinations whether to grant, renew, suspend, or revoke licenses issued to mortgage loan originators, mortgage brokers, and mortgage lenders under this article. Nothing in this Code section shall be construed to reduce this authority.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Amended by 2016 Ga. Laws 450,§ 6-1, eff. 7/1/2016.
Amended by 2012 Ga. Laws 684,§ 7, eff. 5/1/2012.
Amended by 2011 Ga. Laws 169,§ 11, eff. 7/1/2011.
Amended by 2010 Ga. Laws 621,§ 2, eff. 7/1/2010.
Amended by 2009 Ga. Laws 66,§ 1, eff. 7/1/2009.
Added by 2008 Ga. Laws 554,§ 1, eff. 7/1/2008.
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 13 - LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS (§§ 7-1-1000 — 7-1-1021) › Section 7-1-1003.6 - Privileged or confidential nature of information; exception

(a)
Except as otherwise provided in the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, the requirements under any federal law or Georgia state law regarding the privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensing System and Registry and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to such information or material after the information or material has been disclosed to the Nationwide Multistate Licensing System and Registry. Such information and material may be shared with all state and federal regulatory agencies or law enforcement authorities without the loss of privilege or the loss of confidentiality protection provided by federal or state law.
(b)
Information or material that is subject to privilege or confidentiality under subsection (a) of this Code section shall not be subject to:
(1)
Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or
(2)
Subpoena or discovery, or admission into evidence, in any private civil action unless with respect to any privilege held by the Nationwide Multistate Licensing System and Registry regarding such information or material, the person to whom such information or material pertains waives, in whole or in part, in the discretion of such person that privilege.
(c)
This Code section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, licensees that are included in the Nationwide Multistate Licensing System and Registry for access by the public.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Amended by 2016 Ga. Laws 450,§ 6-1, eff. 7/1/2016.
Amended by 2011 Ga. Laws 169,§ 12, eff. 7/1/2011.
Added by 2009 Ga. Laws 66,§ 1, eff. 7/1/2009.