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 7-1-1108 - Cease and desist orders; notice; failure to comply; judicial review; fines

(a)
The department may issue an order requiring a foreign bank to cease and desist immediately from unauthorized activities whenever it shall appear to the department that:
(1)
A foreign bank is operating outside the scope of the authority granted by its license or registration;
(2)
The foreign bank is operating in an unsafe or unsound manner;
(3)
The foreign bank has violated any law of this state or any order or regulation of the department; or
(4)
The foreign bank is directly or indirectly engaged in activities in violation of any law of this state or any order or regulation of the department.
Such cease and desist order shall be final 20 days after it is issued unless the foreign bank to whom it is issued makes a written request within such 20 day period for a hearing.
(b)
Such cease and desist order shall be 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 and as is on record with the department. Any cease and desist order sent to a foreign bank at its email address that is returned to the department as "undeliverable" or to a foreign bank that has not provided an email address to the department shall be served by the department under any other method of lawful service.
(c)
Any hearing authorized under subsection (a) of this Code section shall be conducted in accordance with Chapter 13 of Title 50, the "Georgia Administrative Procedure Act."
(d)
If a foreign bank shall fail to comply with the terms of a final order or decision of the department issued pursuant to this article, the department may, through the Attorney General and upon notice of three days to such foreign bank, petition the court of the county in which the foreign bank has conducted operations for an order directing such foreign bank to obey the order of the department within the period of time as shall be fixed by the court. Upon the filing of such petition, the court shall allow a motion to show cause why it should not be granted. After a hearing upon the merits or after failure of such foreign bank to appear when ordered, the court shall grant the petition of the department upon a finding that the order of the department was properly issued.
(e)
Any foreign bank that violates the terms of any final order or decision issued pursuant to this article shall be liable for a civil penalty not to exceed $10,000.00. Each day the violation continues shall constitute a separate offense. In determining the amount of penalty, the department shall take into account the appropriateness of the penalty relative to the size of the financial resources of such foreign bank, the good faith efforts of such foreign bank to comply with the order, the gravity of the violation, the history of previous violations by such foreign bank, and such other factors or circumstances that contributed to the violation. The department may at its discretion compromise or modify any penalty which is subject to imposition or has been imposed pursuant to this Code section. Any foreign bank assessed as provided in this subsection shall have the right to request a hearing into the matter within ten days after notification of the assessment has been served upon the licensee involved; otherwise, such penalty shall be final except as to judicial review as provided in Code Section
7-1-90
.
(f)
Judicial review of any final order or decision of the department entered pursuant to this article shall be available solely in the Superior Court of DeKalb County, where the department's main office is located.
(g)
In addition to any other administrative penalties authorized by this article, the department may, by rule or regulation, prescribe administrative fines for violations of this article and any rules and regulations promulgated by the department pursuant to this article.
Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.