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 13 - LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS (§§ 7-1-1000 — 7-1-1021) › Section 7-1-1003.7 - Approval of mortgage industry related courses; application; renewal applications; audits

(a)
Any education provider which offers mortgage industry related courses designed to satisfy education requirements as provided in subsection (d) of Code Section
7-1-1004
and associated department rules shall be approved by the department.
(b)
An application under this Code section shall be made in writing, under oath, and in such form as the department may prescribe. The application shall include the following:
(1)
The name and address of the applicant and, if the entity is not a sole proprietorship, the name of every member, officer, principal, or director thereof;
(2)
The name under which the applicant will conduct business in Georgia;
(3)
A proposed certificate program or course of study which lists each subject to be taught and credit or classroom hours for each course designed to satisfy education requirements;
(4)
Qualifications and credentials of any and all instructors teaching courses named in paragraph (3) of this subsection; and
(5)
Other information as may be required by the department.
(c)
The initial application shall be filed with the department along with fees established by rule, no portion of which shall be refunded or prorated. Upon receipt of an application, the department shall conduct such investigation as it deems necessary to determine that the applicant and the individuals who direct the affairs or establish policy for the applicant, including the officers, directors, or the equivalent, are of good character and ethical reputation; that the applicant and such persons meet the requirements of subsection (i) of Code Section
7-1-1004
; that the applicant and such persons demonstrate reasonable financial responsibility; that the applicant has and maintains a registered agent for service in this state; and that the applicant and such persons are qualified by education and experience to present courses directly related to the mortgage brokering process.
(d)
All education providers approved under this Code section shall be required to file a renewal application on an annual basis in writing, under oath, and in such a form as the department may prescribe. A fee established by the department shall be paid with each renewal application, which fee shall not be refunded or prorated. Failure to file a renewal application shall result in the education provider being removed from the department list of approved mortgage education providers.
(e)
The department may audit or investigate course offerings of the applicant or approved mortgage education provider as it deems necessary and without cost to the department.
Amended by 2023 Ga. Laws 348,§ 42, eff. 7/1/2023.
Amended by 2011 Ga. Laws 169,§ 13, eff. 7/1/2011.
Amended by 2010 Ga. Laws 624,§ 7, eff. 6/3/2010.
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 7-1-1004.1 - Reports of condition

Each mortgage broker and mortgage lender shall submit to the Nationwide Multistate Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the department and the Nationwide Multistate Licensing System and Registry may require.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Amended by 2016 Ga. Laws 450,§ 6-1, eff. 7/1/2016.
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 7-1-1004.2 - Licensees' ability to challenge information

The department shall establish a process whereby licensees may challenge information entered into the Nationwide Multistate Licensing System and Registry by the department.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Amended by 2016 Ga. Laws 450,§ 6-1, eff. 7/1/2016.
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 7-1-1004.3 - Visibility requirement for unique identifier of individuals originating residential mortgage loan

The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards, websites, and any other documents as established by rule, regulation, or order of the department.
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 7-1-1006 - Contents of license; posting of license; transferring of license; transacting business under other name; change of address; opening a new additional office without prior approval; approval of branch manager

(a)
Each license issued under this article shall state the name of the licensee.
(b)
A licensee shall post a copy of such license in a conspicuous place in each place of business of the licensee.
(c)
A license shall not be transferred or assigned.
(d)
No licensee shall transact business under any name or names other than those designated in the records of the department.
(e)
For mortgage brokers and mortgage lenders, each licensee shall notify the department in writing of any change in the address of the principal place of business or of any additional location of business in Georgia, any change in registered agent or registered office, any change of executive officer or contact person for consumer complaints, or of any material change in the licensee's financial statement. Notice of changes shall be received by the department no later than 30 business days after the change is effective.
(f)
No mortgage broker or mortgage lender shall open a new additional office in Georgia without prior approval of the department. Applications for such additional office shall be made in writing on a form prescribed by the department and shall be accompanied by payment of a $350.00 nonrefundable application fee. The application shall be approved unless the department finds that the applicant has not conducted business under this article efficiently, fairly, in the public interest, and in accordance with law. The application shall be deemed approved if notice to the contrary has not been mailed by the department to the applicant within 45 days of the date the application is received by the department.
(g)
All branch managers in Georgia shall be approved by the department. A mortgage broker or mortgage lender may place a new branch manager subject to the department's approval but shall file for approval within 15 days of the placement and shall remove the person immediately should the department deny approval.
Amended by 2020 Ga. Laws 492,§ 19, eff. 1/1/2021.
Amended by 2009 Ga. Laws 66,§ 1, eff. 7/1/2009.
Amended by 2007 Ga. Laws 256,§ 35, eff. 7/1/2007.
Amended by 2005 Ga. Laws 160,§ 34, 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 13 - LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS (§§ 7-1-1000 — 7-1-1021) › Section 7-1-1010 - Annual financial statements

(a)
If a mortgage broker is a United States Department of Housing and Urban Development loan correspondent, such broker shall also submit to the department the audit that is required for the United States Department of Housing and Urban Development. The department may require the mortgage broker to have made an audit of the books and affairs of the licensed business and submit to the department an audited financial statement if the department finds that such an audit is necessary to determine whether the mortgage broker is complying with the provisions of this article and the rules and regulations adopted in furtherance of this article.
(b)
Each mortgage lender licensed under this article shall at least once each year have made an audit of the books and affairs of the licensed business and submit to the department at renewal an audited financial statement, except that a mortgage lender licensed under this article which is a subsidiary shall comply with this provision by annually providing a consolidated audited financial statement of its parent company and a financial statement, which may be unaudited, of the licensee which is prepared in accordance with generally accepted accounting principles. A lender who utilizes a bond in lieu of an audit need not supply such audit, unless specially required by the department. An audit shall be less than 15 months old to be acceptable. The department may by regulation establish additional minimum standards for audits and reports under this Code section.
Amended by 2024 Ga. Laws 474,§ 1-28, eff. 7/1/2024.
Amended by 2009 Ga. Laws 66,§ 1, eff. 7/1/2009.
Amended by 2004 Ga. Laws 517, § 14, 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 7-1-1011 - Annual fees

(a)
The department may, by regulation, prescribe annual fees to be paid by licensees , which fees shall be set at levels necessary to defray costs and expenses incurred by the state in providing the examinations and supervision required by this article and its federally mandated participation in the Nationwide Multistate Licensing System and Registry, and which fees may vary according to whether a person is a licensee or is a mortgage loan originator, mortgage broker, or a mortgage lender.
(b)
(1)
As used in this subsection, the term 'collecting agent' means the person listed as the secured party on a security deed or other loan document that establishes a lien on the residential real property taken as collateral at the time of the closing of the mortgage loan transaction.
(2)
There shall be imposed on the closing of every mortgage loan subject to regulation under this article which, as defined in Code Section
7-1-1000
, includes all mortgage loans, whether or not closed by a mortgage broker or mortgage lender licensee , a fee of $10.00. The fee shall be paid by the borrower to the collecting agent at the time of closing of the mortgage loan transaction. The collecting agent shall remit the fee to the department at the time and in the manner specified by regulation of the department. Revenue collected by the department pursuant to this subsection shall be deposited in the general fund of the state.
(3)
The fee imposed by this subsection shall be a debt from the borrower to the collecting agent until such assessment is paid and shall be recoverable at law in the same manner as authorized for the recovery of other debts. Any collecting agent who neglects, fails, or refuses to collect the fee imposed by this subsection shall be liable for the payment of the fee.
Amended by 2024 Ga. Laws 474,§ 1-29, eff. 7/1/2024.
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 2010 Ga. Laws 360,§ 1-18, eff. 5/12/2010.
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 7-1-1012 - Rules and regulations

Without limitation on the power conferred by Article 1 of this chapter, the department may make reasonable rules and regulations, not inconsistent with law, for the enforcement of this article, to effectuate the purposes of this article, and to clarify the meaning of terms.
Amended by 2009 Ga. Laws 66,§ 1, eff. 7/1/2009.
Amended by 2001 Ga. Laws 299, § 15, 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 13 - LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS (§§ 7-1-1000 — 7-1-1021) › Section 7-1-1014 - Regulations governing disclosure required to applicants for mortgage loans

In addition to such other rules, regulations, and policies as the department may promulgate to effectuate the purposes of this article, the department shall promulgate regulations governing the disclosure required to be made to applicants for mortgage loans, including, without limitation, the following requirements:
(1)
Any person required to be licensed under this article shall provide to each applicant for a mortgage loan prior to accepting an application fee or any third-party fee such as a property appraisal fee, credit report fee, or any other similar fee a disclosure of the fees payable and the conditions under which such fees may be refundable;
(2)
Any mortgage lender required to be licensed under this article shall make available to each applicant for a mortgage loan at or before the time a commitment to make a mortgage loan is given a written disclosure of the fees to be paid in connection with the commitment and the loan, or the manner in which such fees shall be determined and the conditions under which such fees may be refundable; and
(3)
Any mortgage lender required to be licensed under this article shall disclose to each borrower of a mortgage loan that failure to meet every condition of the mortgage loan may result in the loss of the borrower's property through foreclosure. The borrower shall be required to sign the disclosure at or before the time of the closing of the mortgage loan.
The department may prescribe standards regarding the accuracy of required disclosures and may provide for applicable administrative or civil penalties or fines for failure to provide the disclosures or to meet the prescribed standards.
Amended by 2024 Ga. Laws 474,§ 1-31, eff. 7/1/2024.
Amended by 2009 Ga. Laws 66,§ 1, eff. 7/1/2009.
Amended by 2001 Ga. Laws 299, § 16, 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 13 - LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS (§§ 7-1-1000 — 7-1-1021) › Section 7-1-1015 - Rules relative to escrow accounts

The department may promulgate rules with respect to the placement in escrow accounts by any person required to be licensed by this article of any money, fund, deposit, check, or draft entrusted to it by any persons dealing with it as a residential mortgage loan originator, mortgage broker, mortgage lender, or servicer.
Amended by 2024 Ga. Laws 474,§ 1-32, eff. 7/1/2024.
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 7-1-1016 - Regulations relative to advertising

In addition to such other rules, regulations, and policies as the department may promulgate to effectuate the purpose of this article, the department shall prescribe regulations governing the advertising of mortgage loans, including, without limitation, the following requirements:
(1)
(A)
Advertisements for loans regulated under this article shall not be false, misleading, or deceptive. No person whose activities are regulated under this article shall advertise in any manner so as to indicate or imply that its interest rates or charges for loans are in any way "recommended," "approved," "set," or "established" by the state or this article.
(B)
An advertisement shall not include an individual's loan number, loan amount, or other publicly available information unless it is clearly and conspicuously stated in boldface type at the beginning of the advertisement that the person disseminating it is not authorized by, in sponsorship with, or otherwise affiliated with the individual's lender, which shall be identified by name. Such an advertisement shall also state that the loan information contained therein was not provided by the recipient's lender; and
(2)
All advertisements, including websites, disseminated by a licensee in this state by any means shall contain the name, which shall conform to a name on record with the department, and unique identifier, which shall clearly indicate that the number was issued by the Nationwide Multistate Licensing System and Registry, of the licensee .
Amended by 2024 Ga. Laws 474,§ 1-33, eff. 7/1/2024.
Amended by 2020 Ga. Laws 492,§ 22, eff. 1/1/2021.
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 2009 Ga. Laws 66,§ 1, eff. 7/1/2009.
Amended by 2007 Ga. Laws 256,§ 38, eff. 7/1/2007.
Amended by 2002 Ga. Laws 945, § 13, 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 13 - LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS (§§ 7-1-1000 — 7-1-1021) › Section 7-1-1019 - Criminal penalties

Any person and the several members, officers, directors, agents, and employees thereof who:
(1)
Shall violate the provisions of subsection (a) or (a.1) of Code Section
7-1-1002
, by the willful transaction of a mortgage business without a license or exemption, shall be guilty of a felony punishable as provided in Code Section
7-1-845
; or
(2)
Shall violate any of the other provisions of this article shall be guilty of a misdemeanor and shall be punished by imprisonment for not more than one year or by a fine of not more than $1,000.00, or by both fine and imprisonment.
Amended by 2015 Ga. Laws 9,§ 7, eff. 3/13/2015.
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 7-1-1020 - Construction

Nothing in this article shall limit any statutory or common law right of any person to bring any action in any court for any act involved in the mortgage business or the right of the state to punish any person for any violation of any law. Without limiting the generality of the foregoing, nothing in this article shall be construed as limiting in any manner the application of Part 2 of Article 15 of Chapter 1 of Title 10, the "Fair Business Practices Act of 1975."
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 7-1-1021 - Regulations governing lock-in and commitment agreements

The department may promulgate regulations governing the use and contents of lock-in agreements and commitment agreements.
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 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 1 - BANKING BY FOREIGN ENTITIES (§§ 7-1-1100 — 7-1-1110) › Section 7-1-1101 - Limitations on doing business; exceptions

(a)
A foreign bank may not engage in business in this state except to the extent permitted by this article.
(b)
Unless subject to an order to cease and desist under Code Section
7-1-1108
, the following activities of a foreign bank shall not be considered engaging in business in this state for purposes of subsection (a) of this Code section and, therefore, such subsection shall not prohibit a foreign bank:
(1)
From engaging in business at a licensed federal branch or federal agency in this state in accordance with federal law;
(2)
That does not maintain a branch or agency in this state or conduct business from a location in this state from making unsecured loans in this state or loans secured by liens on real or personal property located in this state or enforcing those loans in this state, to the extent permitted by other law; or
(3)
Organized under the laws of a territory of the United States the deposits of which are insured by the Federal Deposit Insurance Corporation from establishing and operating an interstate branch in this state in its capacity as a state bank pursuant to Part 20 of Article 2 of this chapter.
(c)
A foreign bank may engage in business as expressly authorized by the department.
(d)
For purposes of subsection (a) of this Code section, a foreign bank is not considered to be engaging in business in this state merely because a subsidiary or affiliate engages in business in this state, including business that a depository institution subsidiary or affiliate may lawfully conduct in this state as an agent for the foreign bank, to the extent authorized by the laws of this state.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 1 - BANKING BY FOREIGN ENTITIES (§§ 7-1-1100 — 7-1-1110) › Section 7-1-1102 - Record keeping

Each Georgia state branch, Georgia state agency, or Georgia state representative office shall maintain and make available appropriate books, accounts, and records reflecting:
(1)
All transactions effected by or on behalf of the office of the foreign bank; and
(2)
All other actions taken in this state by employees of the foreign bank located in this state to effect transactions on behalf of an office of the foreign bank located outside this state.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 1 - BANKING BY FOREIGN ENTITIES (§§ 7-1-1100 — 7-1-1110) › Section 7-1-1103 - Examination; fees

(a)
The department may make examinations of a Georgia state branch, Georgia state agency, or Georgia state representative office as the department considers necessary to determine whether the office of the foreign bank is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. Such examinations shall be conducted in the same manner as examinations for financial institutions pursuant to Code Section
7-1-64
.
(b)
A foreign bank that maintains a Georgia state branch, Georgia state agency, or Georgia state representative office shall pay fees for licensing, registration, assessment, and examination to the department in accordance with this article and rules or regulations adopted pursuant to this article.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 1 - BANKING BY FOREIGN ENTITIES (§§ 7-1-1100 — 7-1-1110) › Section 7-1-1104 - Written reports; requirements; penalty for failure to comply

(a)
A foreign bank operating in this state through a Georgia state branch, Georgia state agency, or Georgia state representative office shall make written reports to the department that:
(1)
Are in English;
(2)
Are submitted at the times and in the form specified by the department;
(3)
Are under oath of one of the foreign bank's officers, managers, or agents located at a branch, agency, or representative office in this state;
(4)
Show the amount of the foreign bank's assets and liabilities, expressed in United States currency;
(5)
With respect to a Georgia state branch or Georgia state agency, show the amount of the branch or agency's assets and liabilities, expressed in United States currency; and
(6)
Contain other information that the department requires.
(b)
A license or registration of a foreign bank under this article may be revoked, or the foreign bank may be subject to an order to cease and desist under Code Section
7-1-1108
, if the foreign bank fails to make a report required under subsection (a) of this Code section or makes a material misrepresentation in such report.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 1 - BANKING BY FOREIGN ENTITIES (§§ 7-1-1100 — 7-1-1110) › Section 7-1-1105 - Changes in control

A foreign bank that operates a Georgia state branch, Georgia state agency, or Georgia state representative office shall inform the department in writing of the direct or indirect acquisition of control of the foreign bank by any person or entity, or group of persons or entities acting in concert, within 14 calendar days after such change in control. Such foreign bank shall provide to the department any additional information the department may require in connection with such change in control.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 1 - BANKING BY FOREIGN ENTITIES (§§ 7-1-1100 — 7-1-1110) › Section 7-1-1106 - Rights, privileges, and other duties

(a)
Except as otherwise provided by the International Banking Act, other applicable federal laws or regulations, other applicable state laws or regulations, or otherwise determined by the department, the operations of a foreign bank at a Georgia state branch, a Georgia state agency, or a Georgia state representative office shall be conducted with the same rights and privileges and subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply if the Georgia state branch, Georgia state agency, or Georgia state representative office were operated by a Georgia state bank operating at the same location.
(b)
Notwithstanding subsection (a) of this Code section, a Georgia state branch, Georgia state agency, or Georgia state representative office shall not have greater rights than afforded a Georgia state bank under applicable state and federal laws.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 1 - BANKING BY FOREIGN ENTITIES (§§ 7-1-1100 — 7-1-1110) › Section 7-1-1107 - Offices

(a)
For purposes of this Code section, offices of foreign banks in this state shall be divided into classes and ranked in descending order as a:
(1)
Georgia state branch;
(2)
Georgia state agency; and
(3)
Georgia state representative office.
(b)
A foreign bank may change a lower class office into a higher class office by applying for the higher class office pursuant to Code Section
7-1-1111
. On approval of the application to establish the higher class office and after all conditions to the approval have been satisfied, the foreign bank may change the lower class office into the higher class office, and the department shall issue a license authorizing the bank to maintain the higher class office. Upon issuance of the license for the higher class office, the license or registration previously issued by the department in connection with the lower class office shall be deemed surrendered and rescinded.
(c)
A foreign bank may change a higher class office into a lower class office by applying for approval to close the higher class office pursuant to Code Section
7-1-1125
. On approval of the application to close the higher class office and after conditions precedent to the closing have been satisfied, the foreign bank may change the higher class office into the lower class office, and the department shall issue a license or registration authorizing the bank to maintain the lower class office. Upon issuance of the license or registration for the lower class office, the license or registration previously issued by the department in connection with the higher class office shall be deemed surrendered and rescinded.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 1 - BANKING BY FOREIGN ENTITIES (§§ 7-1-1100 — 7-1-1110) › Section 7-1-1109 - Regulatory authority

Without limiting the power conferred by this title, the department may make reasonable rules and regulations, not inconsistent with law, for the interpretation and enforcement of this article, including, but not limited to, prescribing administrative fines for violations of this article and of any rules promulgated by the department pursuant to this article.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 1 - BANKING BY FOREIGN ENTITIES (§§ 7-1-1100 — 7-1-1110) › Section 7-1-1110 - Service of process

Except as provided in Code Sections
7-1-1109
,
7-1-1112
,
7-1-1127
, and
7-1-1135
, a foreign bank operating in this state at a branch, agency, or representative office shall be subject to service of process at such location.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1111 - Application procedures

(a)
A foreign bank that desires to establish and maintain a Georgia state branch or Georgia state agency shall submit an application to the department. Such application shall:
(1)
Be accompanied by all application fees and commitments for the pledge of assets required by this article and applicable rules and regulations;
(2)
Be in the form specified by the department;
(3)
Be signed and acknowledged by an officer of the foreign bank;
(4)
Have attached a complete copy of the foreign bank's notice or application to the Board of Governors of the Federal Reserve System under
12 U.S.C. Section 3105(d)
of the International Banking Act for the same Georgia state branch or Georgia state agency location and, when issued, the order from the Board of Governors approving the application or acknowledging its nonobjection;
(5)
Be submitted simultaneously with the federal notice or application to the Board of Governors of the Federal Reserve System; and
(6)
Include on its face or in accompanying documents:
(A)
The name of the foreign bank;
(B)
The street and mailing address where the principal office of the Georgia state branch or Georgia state agency is to be located, and the name of the person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency;
(C)
The location of its initial registered office in this state;
(D)
The managerial resources of the foreign bank, including the competence, experience, and integrity of the officers and directors, the integrity of its principal shareholders, and management's experience and capacity to engage in international banking;
(E)
The competence, experience, and integrity of the natural person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency;
(F)
A detailed, audited statement of the foreign bank's financial condition as of a date not more than 360 days before the date of the application;
(G)
An email address at which the foreign bank can receive official communications, including, but not limited to, administrative orders; and
(H)
Other information that is requested by the department.
(b)
The department may adopt rules and regulations prescribing abbreviated application procedures and standards applicable to applications by foreign banks to establish additional Georgia state branches or Georgia state agencies that have already established an initial Georgia state branch or Georgia state agency.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1114 - Certificate of authority; notification of revocation of certificate of authority; foreign corporation requirements

(a)
After the department has issued a license permitting a foreign bank to establish and maintain a Georgia state branch or Georgia state agency, the foreign bank shall obtain a certificate of authority from the Secretary of State pursuant to Code Section
14-2-1501
. The foreign bank shall provide the certificate of authority to the department prior to commencing operations of a Georgia state branch or Georgia state agency.
(b)
A foreign bank shall notify the department within three business days if its certificate of authority is revoked by the Secretary of State.
(c)
Notwithstanding the definition of the term 'foreign corporation' in paragraph (13) of Code Section
14-2-140
, all of the provisions of Article 15 of Chapter 2 of Title 14, relating to foreign corporations, shall apply to all foreign banks establishing and maintaining a Georgia state branch or Georgia state agency in this state. Such foreign banks shall file an annual registration with the Secretary of State as set forth in Code Section
14-2-1622
.
Amended by 2024 Ga. Laws 474,§ 1-36, eff. 7/1/2024.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1115 - Maintenance of federal branch or agency

(a)
A foreign bank licensed under this article to establish and maintain a Georgia state branch or Georgia state agency shall not concurrently maintain a federal branch or federal agency in this state.
(b)
A foreign bank which maintains a federal branch or federal agency in this state shall not concurrently be licensed under this article to maintain a Georgia state branch or Georgia state agency.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1118 - Amending license; requirements

(a)
A foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency shall apply to the department for an amended license if it changes its corporate name, changes the duration of its corporate existence, or desires to pursue in this state other or additional purposes than those set forth in its prior application for the foreign bank's license then in effect.
(b)
The requirements with respect to the form and contents of an application under subsection (a) of this Code section, the manner of its execution, the issuance of an amended license, and the effect of the amended license shall be the same as in the case of an initial application for a license to establish and maintain a Georgia state branch or Georgia state agency.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1119 - "Relocation" defined; act of relocating; notice

(a)
For purposes of this Code section, the term "relocation" means the location of an existing Georgia state branch or Georgia state agency is to be moved to a new location which is to be constructed, purchased, or leased within the State of Georgia.
(b)
A foreign bank may submit a letter form application to the department to relocate an existing Georgia state branch or Georgia state agency. Unless the department denies the application, the approval to relocate an existing Georgia state branch or Georgia state agency under this Code section shall be effective at the earlier of:
(1)
The date of an approval letter from the department; or
(2)
Ten business days following the date of the department's acknowledged receipt of the application.
(c)
At least 30 days before the relocation, a foreign bank shall post a notice to consumers of such proposed relocation in a conspicuous location at the affected Georgia state branch or Georgia state agency and on its website.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1120 - Treatment of assets

Each foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency in this state shall keep the assets of its business in this state separate and apart from the assets of its business outside this state.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1121 - Notice of uninsured deposits

Each foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency shall give clear and conspicuous notice consistent with
12 C.F.R. 347.207
that deposits and credit balances in the Georgia state branch or Georgia state agency are not insured by the Federal Deposit Insurance Corporation.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1122 - Operations

A foreign bank with an out-of-state branch or agency may, with the approval of the department:
(1)
Establish a Georgia state branch or Georgia state agency;
(2)
Acquire or merge with another foreign bank maintaining a Georgia state branch or Georgia state agency and after the acquisition or merger continue the operations as its own; or
(3)
Acquire or establish a Georgia state branch or Georgia state agency through another means not inconsistent with
12 U.S.C. Section 3102
of the International Banking Act.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1125 - Approval for closure; requirements

(a)
A foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency may not close the Georgia state branch or Georgia state agency without filing an application with, and obtaining the prior approval of, the department. An application by a foreign bank under this Code section shall be in such form and include such information as the department requires.
(b)
The commissioner shall approve such application if the department finds that the closing of the Georgia state branch or Georgia state agency will not be substantially detrimental to the foreign bank's depositors and creditors in this state. An application may be approved subject to conditions imposed by the department for the continued protection of the foreign bank's depositors and creditors in this state, including a condition that the foreign bank pledge assets in the manner specified by Code Section
7-1-1123
or maintain assets as contemplated by Code Section
7-1-1124
for a specified period of time.
(c)
When an application by a foreign bank under this Code section has been approved and all conditions precedent to the closing have been fulfilled, the foreign bank shall deliver to the department:
(1)
All existing copies of examination reports or other property of the department;
(2)
A statement under oath by an authorized officer, manager, or agent of the foreign bank that all deposit and other liabilities of the Georgia state branch or Georgia state agency to depositors and creditors in this state have been properly discharged by payment or pledge or otherwise assumed or retained by a financial institution;
(3)
An appropriate board resolution closing the Georgia state branch or Georgia state agency; and
(4)
A statement of the location where the Georgia state branch or Georgia state agency records will be kept after the closing.
Upon receipt of adequate documentation, the department shall provide written authorization that the foreign bank may close the Georgia state branch or Georgia state agency.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1126 - Revocation

The department may revoke the license of a Georgia state branch or Georgia state agency if the department by examination or other credible evidence finds that the foreign bank:
(1)
Does not currently meet the criteria established by this article for the original issuance of a license;
(2)
Has refused to permit the department to examine its books, papers, accounts, records, or affairs in accordance with Code Sections
7-1-1102
and
7-1-1103
;
(3)
Has failed to make a report required under this article or made a material false or misleading statement in such report;
(4)
Has violated this article, another law or rule applicable to a foreign bank or a Georgia state branch or Georgia state agency, or a final and enforceable order of the department;
(5)
Has misrepresented or concealed a material fact in the application for licensure;
(6)
Has violated a condition of its license or an agreement between the foreign bank and the department or other functional regulatory agency;
(7)
Has had its authorization to act dissolved, revoked, or otherwise terminated in its jurisdiction of incorporation or jurisdiction where it is operating a branch, agency, or representative office;
(8)
One or more grounds for receivership, including insolvency, as specified in Code Section
7-1-1129
, exists; or
(9)
Conducts business in an unsafe and unsound manner.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1127 - Notice of revocation; acceptance of new business; confidentiality; review

(a)
Notice of the department's intention to enter an order revoking a license of a Georgia state branch or Georgia state agency shall be given to the foreign bank in writing, sent via email to the foreign bank at the email address provided to the department by such foreign bank for receipt of notifications. Within 20 days of the date of issuance of the notice of intention to enter an order of revocation under this article, the foreign bank may request in writing a hearing to contest the order. If a hearing is not requested in writing within 20 days of the date of issuance of such notice of intention, the department shall enter a final order regarding the revocation. A final order of the department revoking a license shall state the grounds upon which it is based and shall be effective on the date of issuance. The department shall promptly send a copy of such order by email to the foreign bank at the email address provided to the department by such foreign bank.
(b)
A foreign bank may not accept new business during the pendency of a hearing requested pursuant to subsection (a) of this Code section unless the commissioner gives prior written approval, except that such foreign bank shall comply with any stricter requirements imposed by
12 U.S.C. Section 3105(e)
of the International Banking Act.
(c)
Information relating to the financial condition and business affairs of the foreign bank, except previously published statements and information, is confidential and shall not be disclosed by the commissioner or an employee of the department except as provided by Code Section
7-1-70
.
(d)
A decision by the department denying an application for license or of an order revoking a license shall be subject to review in accordance with Code Section
50-13-19
.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1128 - Effective date of revocation

Unless stayed by the superior court that has jurisdiction over an appeal under Code Section
50-13-19
, a final order of the commissioner revoking a license is effective immediately, and the foreign bank shall immediately cease all activity in this state requiring a license.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 14 - FOREIGN BANKING INSTITUTIONS (§§ 7-1-1100 — 7-1-1138) › Part 2 - LICENSING (§§ 7-1-1111 — 7-1-1130) › Section 7-1-1130 - Dissolution, termination or cancelation of foreign corporation; obligations

(a)
If a foreign bank licensed to maintain a Georgia state branch or Georgia state agency in this state is dissolved, has its authority or existence terminated or canceled in the jurisdiction of its incorporation, or has its authority to maintain a Georgia state branch or Georgia state agency terminated by the Board of Governors of the Federal Reserve System under
12 U.S.C. Section 3105(e)
of the International Banking Act, an officer, manager, or agent of the foreign bank shall immediately deliver to the department:
(1)
A certified copy of:
(A)
A certificate of the official responsible for records of banking corporations of the foreign bank's jurisdiction of incorporation attesting to the occurrence of dissolution or of termination or cancellation of its authority or existence;
(B)
An order or decree of a court directing the dissolution of the foreign bank or the termination or cancellation of its authority or existence; or
(C)
An order of the Board of Governors of the Federal Reserve System terminating its authority under
12 U.S.C. Section 3105(e)
of the International Banking Act; and
(2)
The documents and information required by subsection (c) of Code Section
7-1-1125
.
(b)
The filing of the certificate, order, or decree has the same effect provided by Code Section
7-1-1128
as if the license issued under this article were revoked by the department as of the effective date of termination or cancellation specified in the certificate, order, or decree unless the department orders an earlier effective date, subject to the procedural protections of Code Section
7-1-1127
.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.