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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-64 - Department examinations and investigations; disclosure of information or prior notice regarding examinations of financial institutions

(a)
Except as otherwise provided in subsection (b) of this Code section, the department shall examine all financial institutions at least once each year and may examine or investigate any financial institution more frequently at any time it deems such action necessary or desirable. At least once annually, the examination shall consist of a comprehensive review of the accounts, records, and affairs of the institution.
(b)
The department may, consistent with the objectives of this chapter and the purposes listed below, alter the examination frequency and scope as set out in subsection (a) of this Code section:
(1)
To achieve cooperation and coordination with other state and federal regulatory authorities, including but not limited to examination programs of banks or bank holding companies having multistate operations;
(2)
To assure that appropriate time and attention are devoted to the supervision of troubled financial institutions; or
(3)
To minimize the examination burden on well-managed financial institutions which have consistently been operated with safe and sound banking practices.
(c)
In the case of a financial institution which is a member of the Federal Reserve System or whose deposits are insured by a public body of the United States, the department may accept, in lieu of any examination required by this Code section, examinations or reports thereof made pursuant to the Federal Reserve Act or statutes of the United States authorizing such insurance.
(d)
Employees of the department shall not divulge any information or provide prior notice, directly or indirectly, to any officer, director, agent, representative, or employee of a financial institution concerning the time or date of examination of the financial institution except in accordance with internal policy prescribed by the commissioner. Employees violating the policy of the commissioner relating to information or prior notice concerning examinations shall be subject to immediate dismissal.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-65 - Examinations and investigations on request

When requested in writing by the board of directors or holders of a majority of the shares of a financial institution, the department, at a time fixed by it, shall examine or investigate the affairs and condition of the financial institution. However, this provision shall not be construed to mean that such institution, directors, or shareholders shall have any greater right to require the department to disclose the results of such examination or investigation than they have in case of any examination or investigation at the insistence of the department nor shall the department be required under this Code section to make more than one examination per year of any financial institution.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-66 - Method of examination and investigations; special examiners; subpoenas

(a)
Examinations and investigations shall be made by the commissioner or by qualified examiners or employees empowered in writing by the department to make examinations or investigations. The department may, when the occasion requires, appoint special examiners and prescribe their duties and powers.
(b)
Officials authorized to make examinations or investigations shall have the power and authority to administer oaths and to examine under oath any person (including any officer, director, agent, attorney, member, or employee of any financial institution) whose testimony may be relevant to the examination or investigation. Such officials shall have the authority and power to compel the appearance and attendance of any such person and the production by such person of pertinent books and papers, including books and papers to which the person has access because of his position with a financial institution, and for such purposes shall have the authority to issue a subpoena requiring the appearance and attendance of any such person or for the production of any pertinent books and papers.
(c)
If any person shall fail or refuse to obey an order or subpoena issued by the department, a court of appropriate jurisdiction, upon application by the department, may issue an order requiring such person to appear before the court to show cause as to why he or she should not be adjudged in contempt and punished accordingly for refusal to obey the subpoena.
Amended by 2017 Ga. Laws 57,§ 2, eff. 6/1/2017.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-67 - Reports of examinations

(a)
Any official who shall make an examination pursuant to this chapter shall reduce the result thereof to writing in such form as shall be prescribed by the department. Such report shall contain a full, true, and correct statement of the condition of the financial institution in the case of a comprehensive examination or of the matter subject to inquiry in the case of other examinations.
(b)
Each report shall be the property of the regulatory agency which generates such report; provided, however, that a copy of such report may be furnished to the examined financial institution for its internal, confidential use. A financial institution or any officer, director, or employee thereof shall not disclose a report or any portion of its contents. If a subpoena or discovery request is received for a report or any portion of its contents, the financial institution must deliver a copy of such subpoena or discovery request to the department immediately.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-68 - Reports to department; penalty for noncompliance

(a)
The department may require reports on the condition of or any particular facts concerning any financial institution at any time the department deems it necessary or advisable.
(b)
The form of all reports, the information to be contained in them, and the date on which they shall be due shall be prescribed by the department. The reports shall be verified by the oath or affirmation of the president, secretary, or other managing officer of the institution.
(c)
Any financial institution which fails to prepare any report in accordance with this Code section, or fails to provide any facts or information requested under subsection (a) of this Code section, shall pay the department a penalty of $100.00 for each day after the time fixed by the department for filing such report, but the department may, in its discretion, relieve any financial institution from the payment of such penalty, in whole or in part, if good cause be shown. If a financial institution fails to pay a penalty from which it has not been relieved, the department may, through the Attorney General, maintain an action at law to recover it.
Amended by 2016 Ga. Laws 450,§ 1-3, eff. 7/1/2016.
Amended by 2009 Ga. Laws 31,§ 2, 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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-69 - Retention of reports

The reports of examinations and investigations made by the department and reports made by financial institutions shall be preserved by the department for a period of five years, after which they may be destroyed.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-73 - Regulation of affiliates

The department may examine or investigate any affiliate of a financial institution for the purpose of determining the condition of the financial institution to the same extent and in the same manner as it may examine or investigate the financial institution itself.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-74 - Annual report of department

For each calendar year the department shall compile and publish in print or electronically an annual report in such form and containing such information as it may determine necessary to summarize reasonably its operations. The report may contain recommendations which the department may have for changes in the laws governing financial institutions.
Amended by 2010 Ga. Laws 615,§ 10, eff. 6/3/2010.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-75 - Discretion of department

Whenever in this chapter the department is authorized but not required to take any action, the taking of such action shall be within the discretion of the commissioner or his duly authorized deputy. The department shall not be required to grant opportunity for hearing except where such hearing is specifically required by this chapter or Chapter 13 of Title 50, the "Georgia Administrative Procedure Act." The department shall maintain accurate memoranda or transcripts of all hearings conducted by the department pursuant to this Code section.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-76 - Department may act after time limit without resubmittal; withdrawal of applications and requests; imposition of conditions; nullification

(a)
Failure of the department to act within any of the time limits established by this chapter or regulations issued pursuant thereto shall not deprive the department of jurisdiction thereafter to act in regard to the matter involved without need for resubmittal of any application, request, or similar action.
(b)
Any action, application, or request requiring department approval under this chapter may be withdrawn by the applicant prior to department action thereon without prejudice to the applicant's right to resubmit such application at a later date. If such application has been forwarded to the department through the Secretary of State, the department shall notify the Secretary of State of any such withdrawal and that the application or request is no longer pending.
(c)
The department may impose conditions on any approval, including but not limited to conditions designed to address competitive, financial, managerial, safety and soundness, convenience and needs, compliance, and other concerns, to ensure that such approval is consistent with the provisions of this chapter.
(d)
The department may nullify a decision on any request, action, or application if:
(1)
The department becomes aware of any material misrepresentation or omission by the applicant;
(2)
The department is not promptly informed by the applicant of a subsequent material change in circumstances;
(3)
The decision is contrary to law, regulation, or departmental policy; or
(4)
The decision was granted due to clerical or administrative error or was based on a material mistake of law or fact.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-77 - Approval by commissioner of state rules and regulations affecting financial institutions

Any rule, regulation, order, or administrative directive issued by a state official, agency, or entity which is intended to be applicable to banks, banking associations, bank holding companies, savings and loan associations, credit unions, or companies engaged in selling money orders or any other company or financial institution under the supervision of the commissioner and required to report to the commissioner or subject to rules and regulations issued by the commissioner shall be effective as to any such company or financial institution only after the rule, regulation, order, or other directive has been approved in writing by the commissioner. Nothing in this Code section shall be construed to modify, limit, or otherwise restrict the authority of the department to conduct an examination, bring a civil or administrative action, or otherwise enforce state or federal laws against a financial institution.
Amended by 2016 Ga. Laws 450,§ 7-3, 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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-78 - Agreements with other supervisory or regulatory authorities

(a)
The department may, at its discretion, enter into cooperative or reciprocal agreements with other supervisory or regulatory authorities or law enforcement and may furnish to such entities information contained in the examinations, reports, and institution files, provided that the information is to be used for confidential, regulatory purposes.
(b)
Furnishing information as permitted by this Code section shall not be deemed to change the confidential character of the information furnished.
(c)
The department may accept reports of examination and other records from such entities in lieu of conducting its own examination.
(d)
Any examination reports, reports of investigation, or other information obtained from such entities shall be deemed the property of the providing entity and not available for public review. Any requests for such information shall be made to the providing entity.
(e)
The department may take such actions as are reasonably necessary, either independently or with such entities, to facilitate the regulation of financial services providers doing business in this state.
Amended by 2015 Ga. Laws 64,§ 5, eff. 7/1/2015.
Amended by 2004 Ga. Laws 517, § 2, 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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 3 - OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-60 — 7-1-79) › Section 7-1-79 - Discretionary expedited approval process; considerations

(a)
The department may determine that formal approvals for certain transactions or activities to be conducted by its regulated entities are not necessary but may be replaced by a discretionary expedited approval process to begin with written notice to the department by the entity which describes the transaction or activity in a form and with a specificity acceptable to the department. For such instances, the department shall promulgate rules and regulations consistent with the authority provided to it in this chapter.
(b)
In the exercise of the discretion permitted by this Code section, the commissioner shall consider:
(1)
Whether the transaction or activity poses unacceptable safety and soundness risks;
(2)
Whether the transaction or activity is warranted only for financially strong and well-managed institutions, as such institutions are further defined in department regulations;
(3)
Whether the transaction or activity is necessary to reduce the burden on financial institutions or other entities which the department regulates;
(4)
Whether the transaction or activity will assist regulated entities in remaining competitive and responsive to both economic and consumer demands; and
(5)
Whether the transaction or activity is consistent with the objectives of this Code section.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 4 - PROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-90 — 7-1-99) › Section 7-1-90 - Judicial review of department actions

(a)
Any final action of the department or refusal of the department to act may be subject to judicial review by any person or corporation affected by such action. Such action shall be brought within 60 days of the final action or refusal of action by the department as a special statutory proceeding in the county in which the affected person or corporation resides or is domiciled if within this state (which in the case of a corporation shall be the county of its registered office if it has such an office) or in Fulton County if the affected person or corporation resides or is domiciled outside of this state. The review shall be conducted by the court without a jury. The court shall not substitute its judgment for that of the department but may:
(1)
Compel department action unlawfully withheld; or
(2)
Hold unlawful and set aside department action found to be:
(A)
In violation of constitutional or statutory provision;
(B)
In excess of statutory authority;
(C)
Made upon unlawful procedure; or
(D)
Arbitrary, capricious, or otherwise in abuse of discretion,
provided that any action reviewable under Chapter 13 of Title 50, the "Georgia Administrative Procedure Act," or through the injunction procedure of Code Section
7-1-155
shall be reviewed under that chapter or Code section and not under this Code section.
(b)
Appeals from all final orders and judgments entered by the superior court under this Code section may be taken to the Court of Appeals or the Supreme Court in the same manner as in other cases.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 4 - PROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-90 — 7-1-99) › Section 7-1-92 - Forfeiture proceedings

(a)
Articles of financial institutions existing under the laws of this state are subject to forfeiture:
(1)
In the case of an institution subject to such requirements, for failure to file its annual report with the Secretary of State or its annual license or occupation tax return within the time required by law;
(2)
For failure to maintain a registered office in this state as required by the provisions of Title 14, relating to corporations, or by Code Section
7-1-132
;
(3)
For having procured its articles through fraud;
(4)
For failure to organize and proceed to do business within a period of 24 months from the date of the certificate of incorporation;
(5)
For failure to obey a final court order issued pursuant to subsection (a) of Code Section
7-1-91
within the time specified in such order; or
(6)
Where, because of violation of law or its articles or the unsafe condition or manner of operation of the financial institution, its continued existence is likely to injure the public or the institution's creditors or depositors.
(b)
Where such grounds exist, the department, through the Attorney General and in the name of the state, is authorized to institute quo warranto or other appropriate proceedings in the principal court to vacate and forfeit the articles of any financial institution.
(c)
Where the articles of any financial institution shall be forfeited, the department shall, if it has not already done so, take charge of the business and assets of such institution and proceed to liquidate it in the same manner as is herein provided in cases where the department takes possession of a financial institution directly.
(d)
No action to forfeit the articles of any financial institution shall be brought except as provided herein, but any person or corporation shall have the right to submit to the department any facts which under the law would authorize the forfeiture of the articles of a financial institution.
(e)
On and after April 1, 1975, the provisions of Title 14, relating to forfeiture, shall not be applicable to financial institutions.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 4 - PROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-90 — 7-1-99) › Section 7-1-93 - Injunction and other actions by department

The department may bring an appropriate civil action to enforce any provision of this chapter or regulations issued hereunder, whether by injunction or otherwise, in the superior court of this state having jurisdiction over one or more of the defendants.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 4 - PROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-90 — 7-1-99) › Section 7-1-94 - Evidential value of results of examinations or investigations; editing out of information tending to undermine public confidence in financial institution

When the record of any examination or investigation of a financial institution by the department or the report by the examiner or employee of the department who conducted such examination or investigation is admissible in evidence under Title 24, the department, with the permission of the court, may edit out of the record or report any portion thereof which is not pertinent to the issue in question before the court or which would tend unnecessarily to affect adversely the public confidence in the financial institution.
Amended by 2011 Ga. Laws 52,§; 5, eff. 1/1/2013.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 4 - PROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-90 — 7-1-99) › Section 7-1-95 - [Repealed] Admissibility of department's certificates and copies

Repealed and reserved by 2011 Ga. Laws 52,§ 6, eff. 1/1/2013.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 4 - PROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-90 — 7-1-99) › Section 7-1-96 - [Repealed] Liability on bonds for nonperformance of duty

Repealed by 2016 Ga. Laws 450,§ 1-4, 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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 4 - PROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-90 — 7-1-99) › Section 7-1-97 - [Repealed] Costs of actions by or against department

Repealed by 2016 Ga. Laws 450,§ 1-4, 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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 4 - PROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-90 — 7-1-99) › Section 7-1-98 - Department of Law to advise department

It shall be the duty of the Department of Law to advise the department on any question of law submitted by it.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 4 - PROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE (§§ 7-1-90 — 7-1-99) › Section 7-1-99 - Duties and responsibilities of department regarding interest and usury complaints; advisory opinions; effect

(a)
Except as provided in Chapter 3 of this title, as amended, and Chapter 22 of Title 33, as amended, the department is designated as the appropriate agency of this state to receive and investigate complaints or allegations regarding violations of the interest and usury laws of this state. In processing such matters, the department may refer complaints or allegations to other state or federal officials or agencies which have jurisdiction over the lender involved for investigation or other action.
(b)
(1)
The department, in consultation with the Department of Law, may render and publish advisory opinions for the assistance and guidance of financial institutions as defined in this chapter.
(2)
Reliance in good faith upon an opinion issued as provided in paragraph (1) of this subsection shall constitute prima-facie evidence of good faith on the part of any person charged with any violation, resulting from the reliance, which subjects him to forfeiture or other sanctions imposed by the interest and usury laws. The provisions of this paragraph shall apply even if, following the reliance, the opinion is amended, rescinded, or determined by any judicial or other authority to be invalid.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 5 - PERMISSIVE CLOSING DAYS, EMERGENCY CLOSINGS, BUSINESS RESTRICTIONS, AND VOLUNTARY LIQUIDATIONS (§§ 7-1-110 — 7-1-117) › Section 7-1-110 - Permissive closing days; deferral of business conducted on Saturday

Any financial institution may remain closed one day each week in addition to Sundays and other legal holidays; and any act authorized, required, or permitted to be performed at or by any such financial institution on a day when it is closed may be performed on the next succeeding business day; and no liability or loss of rights of any kind shall result from the delay. Saturday shall not be construed to be a business day and any business conducted on Saturday may be deferred to the next succeeding business day, provided that such deferral is applicable to all business conducted by said financial institution on that day and is in accordance with a resolution adopted by the board of directors of the institution. Customers of any financial institution adopting such a deferral policy shall be notified of any such deferral of business by prominent notice posted in the lobby of the financial institution and by circularization in regular statement mailings at least 30 days prior to the effective date of any such deferral policy. Any financial institution changing its permissive closing day, temporarily or otherwise, shall post a notice of the change and the effective date thereof in a conspicuous place at each location affected by the change at least 30 days preceding the date of the change. Notwithstanding the foregoing, credit unions serving a limited membership base may establish uniform business hours and days consistent with the needs of their membership.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 5 - PERMISSIVE CLOSING DAYS, EMERGENCY CLOSINGS, BUSINESS RESTRICTIONS, AND VOLUNTARY LIQUIDATIONS (§§ 7-1-110 — 7-1-117) › Section 7-1-110.1 - Posting notice of intent to close banking location

Except in the case of an emergency closing, before a financial institution may close a banking location, it must post at such location in a conspicuous place at least 30 days in advance of such closing a notice of intent to close. Such notice must remain posted for at least 30 consecutive days. Customers of a banking location shall be considered to have received notice if the requirements of this Code section have been met.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 5 - PERMISSIVE CLOSING DAYS, EMERGENCY CLOSINGS, BUSINESS RESTRICTIONS, AND VOLUNTARY LIQUIDATIONS (§§ 7-1-110 — 7-1-117) › Section 7-1-111 - Emergency closings

Whenever it appears to the Governor that the welfare of this state or any region thereof or the welfare and security of any financial institution or the lives of the employees of the financial institution or the safety of the funds of depositors and property of the shareholders are endangered or placed in jeopardy by any impending or existing emergency or other catastrophe, including, but not limited to, economic crises, hurricanes, tornadoes, fire hazards, disruption or failure of utility, transportation, communication, or information systems, or civil disorders, the Governor may proclaim that an emergency exists and such state of emergency proclamation shall authorize financial institutions to elect to close. The Governor may also proclaim that any financial institution or type of financial institution shall be subject to special regulation as herein provided until the Governor, by a like proclamation, declares the period of such emergency to have terminated. The department may declare emergencies in specific cases for cause shown, and its declaration shall remain in effect until terminated by the Governor or the commissioner, whichever occurs first.
Amended by 2016 Ga. Laws 450,§ 1-5, eff. 7/1/2016.
Amended by 2015 Ga. Laws 64,§ 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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 5 - PERMISSIVE CLOSING DAYS, EMERGENCY CLOSINGS, BUSINESS RESTRICTIONS, AND VOLUNTARY LIQUIDATIONS (§§ 7-1-110 — 7-1-117) › Section 7-1-112 - Business restrictions

(a)
During the period of or as a result of any financial emergency proclaimed by the Governor or declared by the department, or during any impending or existing emergency situation as described in Code Section
7-1-111
, the department, in addition to all of the powers conferred upon it by law, shall have the authority to order any one or more financial institutions to restrict all or any part of their business and to limit or postpone for any length of time the payment of any amount or proportion of the deposits in any of the departments of the financial institutions as it may deem necessary or expedient. The department may further regulate the payments of such financial institutions as to time and amount, as in its opinion the interest of the public or of such financial institutions or the depositors thereof may require.
(b)
No liability or loss of any rights of any kind shall be incurred by any financial institution during any emergency period declared by the Governor or the department by reason of the delay in the payment of any item or by the return or transmission of any item or document if such delay is caused by orders of the Governor or the department, interruption of communication facilities, suspension of payments by another financial institution, war or emergency conditions, or other circumstances beyond the control of the financial institution if it exercises such diligence as the circumstances require.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 5 - PERMISSIVE CLOSING DAYS, EMERGENCY CLOSINGS, BUSINESS RESTRICTIONS, AND VOLUNTARY LIQUIDATIONS (§§ 7-1-110 — 7-1-117) › Section 7-1-114 - Voluntary dissolution after commencement of business

(a)
A financial institution which has commenced business may elect to dissolve voluntarily upon:
(1)
Adoption by the vote required of its shareholders under subsection (b) of this Code section of:
(A)
A plan of dissolution involving both a provision for assumption of its liabilities by another financial institution and a provision for continuance of its business if such assumption of its liabilities is not effected; or
(B)
Any other plan of dissolution providing for full payment of its liabilities; and
(2)
Approval by the department of the plan of dissolution after application for approval thereof in a manner prescribed by the department.
(b)
Adoption of the plan by the shareholders of the financial institution shall require the affirmative vote of the shareholders entitled to cast at least two-thirds of the votes which all shareholders are entitled to cast on the plan and, if any class of shareholders is entitled to vote on the plan as a class, of the holders of at least two-thirds of the outstanding shares of such class, provided that, in the case of a credit union, adoption of the plan may be made by the affirmative vote of at least two-thirds of the members present and entitled to vote at a meeting duly called for that purpose.
(c)
Upon receipt of an application for approval of a plan of dissolution, the department shall conduct such investigation as it may deem necessary to determine whether:
(1)
The plan satisfies the requirements of this chapter;
(2)
The plan adequately protects the interests of depositors, other creditors, and shareholders; and
(3)
If the plan involves an assumption of liabilities by another financial institution, such assumption would be consistent with adequate and sound banking and in the public interest on the basis of factors substantially similar to those set forth in Code Section
7-1-534
.
(d)
Within 90 days after receipt of the application, the department shall approve or disapprove the application on the basis of its investigation and shall immediately give to the financial institution written notice of its decision and, in the event of disapproval, a general statement of the reasons for its decision. The decision of the department shall be conclusive, except as it may be subject to judicial review under Code Section
7-1-90
.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 5 - PERMISSIVE CLOSING DAYS, EMERGENCY CLOSINGS, BUSINESS RESTRICTIONS, AND VOLUNTARY LIQUIDATIONS (§§ 7-1-110 — 7-1-117) › Section 7-1-116 - Articles of dissolution where business commenced; procedure if not filed

(a)
When all the liabilities of the financial institution have been discharged and all of its remaining assets have been distributed to its shareholders pursuant to Code Section
7-1-115
or its liabilities have been assumed by another financial institution, the articles of dissolution shall be signed by two duly authorized officers of the financial institution under its seal and shall contain:
(1)
The name of the financial institution and the post office address of its principal place of business;
(2)
A statement that the department has previously approved a plan to dissolve the institution and the date on which such approval was transmitted to the Secretary of State;
(3)
A statement that all liabilities of the financial institution have been discharged and that the remaining assets of the financial institution have been distributed to its shareholders or that its liabilities have been assumed as provided in this chapter; and
(4)
A statement that there are no actions pending against the financial institution.
(b)
The articles of dissolution shall be delivered to the department together with the filing fee required by Code Section
7-1-862
. If the department finds that the articles satisfy the requirements of this chapter, it shall deliver its written approval to the Secretary of State with a copy of the articles of dissolution attached.
(c)
Where a financial institution fails to file articles of dissolution within 180 days after the department determines that dissolution proceedings have been completed as provided in this part, the department may cause notice to be published in accordance with this chapter to the effect that persons having claims against the financial institution should notify the department within 30 days of the date of initial publication. If the department receives no such notifications or if claims are otherwise satisfied, the department shall notify the Secretary of State that the articles of incorporation or charter are no longer valid and should be promptly canceled of record in the offices of the Secretary of State.
Amended by 2015 Ga. Laws 64,§ 8, 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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 5 - PERMISSIVE CLOSING DAYS, EMERGENCY CLOSINGS, BUSINESS RESTRICTIONS, AND VOLUNTARY LIQUIDATIONS (§§ 7-1-110 — 7-1-117) › Section 7-1-117 - Certificate of dissolution

If all applicable fees, charges, and taxes required by law have been paid upon the receipt of the department's approval, under Code Section
7-1-113
or
7-1-116
, of the articles of dissolution, the Secretary of State shall immediately issue to the financial institution a certificate of dissolution with the approved articles of dissolution attached thereto and shall retain a copy of such certificate, the approval of the department, and the articles; and the existence of the financial institution shall cease.
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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 6 - NAMES, REGISTERED OFFICES, AND ADVERTISING (§§ 7-1-130 — 7-1-134) › Section 7-1-130 - Permissible names

(a)
The name of a financial institution shall not contain the words "Government," "Official," "Federal," "National," or "United States" or any abbreviation of any such words and shall not in the opinion of the department:
(1)
Be indistinguishable from the corporate name of another financial institution conducting a banking business in this state as reflected in the records of the department; or
(2)
Contain any word which may lead to the conclusion that the financial institution is authorized to perform any act or conduct any business which it is unauthorized or forbidden to perform by law, its articles, or otherwise.
(b)
A financial institution may, without regard to subsection (a) of this Code section, use:
(1)
Its name in use on April 1, 1975;
(2)
A name in use on April 1, 1975, by another financial institution which is adopted by:
(A)
A financial institution which is the resulting institution in a plan of merger or consolidation to which the institution using the name is a party; or
(B)
A financial institution which is incorporated under this chapter in pursuance of a plan of segregating the banking business and the trust business of the institution using the name; or
(3)
A name of another financial institution already transacting business with the consent of the latter institution, provided that the names are distinguishable in the records of 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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 6 - NAMES, REGISTERED OFFICES, AND ADVERTISING (§§ 7-1-130 — 7-1-134) › Section 7-1-131 - Reservation of name; term

(a)
The exclusive right to use a corporate name permitted to be used by a financial institution may be reserved by a person intending to incorporate such an institution, by a corporation intending to engage in business in this state as a financial institution, by a financial institution intending to change its name, or by a national bank, a federal credit union, or a savings and loan association intending to convert into a financial institution organized under the laws of this state.
(b)
Such reservation may be made by filing with the department a letter form application to reserve a specified name. If the department concludes that the use of the name complies with the requirements of Code Section
7-1-130
, is otherwise consistent with the purposes and provisions of this chapter, and is distinguishable upon the records of the Secretary of State from the name of any other corporation, limited partnership, or limited liability company, it shall approve the name and notify the Secretary of State to issue such name reservation.
(c)
The right to the exclusive use of a name reserved pursuant to this Code section may be transferred to anyone who would be entitled to reserve such name under this Code section except for such prior reservation by filing with the department a notice of the transfer which shall be executed by the transferor who reserved the name and which shall set forth the name and address of the transferee. The department shall send a copy of such notice to the Secretary of State.
(d)
Notwithstanding any other provisions of law, the process set forth in this Code section shall be the exclusive process for reserving the corporate name of a financial institution. Such reservation shall be valid for a period of six months.
Amended by 2021 Ga. Laws 174,§ 1, eff. 7/1/2021.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 6 - NAMES, REGISTERED OFFICES, AND ADVERTISING (§§ 7-1-130 — 7-1-134) › Section 7-1-132 - Registered agent and office

(a)
Every financial institution shall continuously maintain a registered agent and a registered office. Such agent and office shall be located in a county in this state where the financial institution is authorized to conduct its general business; and, in the case of financial institutions subject to Chapter 2 or 3 of Title 14, such agent and office shall be the same as is required under those chapters.
(b)
Not later than September 30, 1998, every financial institution shall file with the department a statement designating the name of its registered agent and the place of its registered office by street, post office address, and county. In the event of the failure of an institution to file said statement, the registered agent shall be the chief executive officer of the bank and the registered office of the institution shall be the business address where the chief executive officer is located.
(c)
A financial institution may change, and a new financial institution may establish, its registered agent and the location of its registered office by filing a statement with the department designating the name of the new registered agent or the street, post office address, and county of its new registered office or both, provided that no change in the registered agent or office shall affect actions or proceedings commenced before the time of said change.
(d)
Nothing contained in this Code section shall affect the obligation of a financial institution to file information 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 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 6 - NAMES, REGISTERED OFFICES, AND ADVERTISING (§§ 7-1-130 — 7-1-134) › Section 7-1-133 - Prohibited advertising

(a)
No person or corporation doing business in this state shall advertise in or through any newspaper, radio, television, letters, circulars, billheads, or in any way or through any medium seeking to induce any person to purchase an instrument which is purported to be insured or guaranteed in a manner comparable to an insured deposit or share account in any financial institution authorized to have such deposits or accounts when in fact such instrument does not possess comparable insurance coverage as determined by the department. Whenever any person, firm, or corporation doing business in this state shall compare, in any such advertising media, an investment or a return on an investment, except an investment or return on an investment in the form of a deposit or share account, to a deposit or share account or a return on a deposit or share account in an authorized financial institution, it shall be clearly stated in such advertising or solicitation that the investment is not a deposit insured by a public body of the United States or of this state.
(b)
No person or corporation shall use the terms "savings," "savings account," "deposit," or "withdrawal" or any equivalent thereof in any advertisement as above described in subsection (a) of this Code section indicating reference to instruments issued by or to be issued by the person or corporation.