reglab/statecodes huggingface dataset:
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-1 - SUPERVISION, EXAMINATION, REGISTRATION AND INVESTIGATION FEES ADMINISTRATIVE LATE FEES › Rule 80-5-1-.04 - Levy, Collection, and Remittance of Georgia Residential Mortgage Act Per Loan Fee

Current through Rules and Regulations filed through June 27, 2024
(a) Each borrower who obtains a mortgage loan as defined in O.C.G.A. §
									7-1-1000(21)  shall pay to the department a per loan fee of $10.00. The $10.00 fee will be due if the loan is secured by a deed to secure debt, security deed, mortgage, security instrument, deed of trust, a modification of a security deed, or other form or modification of a security interest which has been recorded. A change to a security instrument made solely for the purpose of correcting a clerical error will not be subject to a $10.00 fee. Any person who closes mortgage loans that are subject to regulation under Article 13, regardless of whether said person is required to be licensed or registered under the Georgia Residential Mortgage Act, shall act as collecting agent for payment to the department of said per loan fee for each mortgage loan closed by that person. A mortgage loan shall be deemed to have been closed by a person if such person is indicated as the secured party on the security deed or any other loan document that establishes a lien on the residential real estate taken as collateral for the mortgage loan.
(b) The fees payable under the provisions of subsection (a) shall be payable to the department by the collecting agent, who is the person responsible for remittance of such fees on a semiannual basis. More specifically, such fees for the period January 1 through June 30 of each year shall be remitted to the department no later than the first business day of September of each year and such fees for the period July 1 through December 31 of each year shall be remitted to the department no later than the first business day of March of each year. A fee statement indicating the number of mortgage loans closed during the applicable reporting period by the collecting agent shall accompany the fees remitted. The per loan fees and the corresponding fee statement shall be remitted to the Department through its online reporting and payment system located on the Department's website. Failure to timely remit per loan fees along with the corresponding fee statement via the online reporting and payment system may result in the imposition of a fine.
Ga. L. 1974, pp. 732, 733; Ga. L. 1988, p. 243; 1993, p. 543; O.C.G.A. §
										7-1-41; §
										7-1-61; §
										7-1-1011; §
										7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-1 - SUPERVISION, EXAMINATION, REGISTRATION AND INVESTIGATION FEES ADMINISTRATIVE LATE FEES › Rule 80-5-1-.05 - Other Charges and Fees

Current through Rules and Regulations filed through June 27, 2024
(1) The department may impose reasonable charges for the search, retrieval, or redaction of records which are subject to public inspection consistent with the provisions of Code Section 50-18-71. In addition to the charges for the search, retrieval, or redaction of records subject to public inspection, persons requesting copies of such records shall pay 10 cents per page of copy as provided in subsection (c) of Code Section 50-18-71. One copy of any department publication not available electronically may be provided without charge to financial institutions paying supervision fees pursuant to Rule  80-5-1-.02. Copies of records of the department available for public inspection shall be made by department personnel.
(2) Requests for non-consumer related letter rulings submitted by persons other than persons under the direct supervision of the department shall be accompanied by a fee of $250.
(3) A charge of $1,500 shall be paid by parties requesting public hearings before the department pursuant to Rule Chapter 80-1-1. In addition, where a hearing officer not regularly employed by the department conducts the hearing, the actual charge for the services of such person shall be paid.
(4) Persons requesting affidavits certifying to the authenticity of any documents shall pay a fee of $25 in addition to any copy charges.
(5) Each person required to submit fingerprint cards to the department for any reason, including but not limited to: initial application, change in control, addition of new officer or director or person managing the business, or expanded background check of an employee, shall submit a money order or certified check in an amount as directed by the department a fee to cover the cost of the required number of fingerprints for each individual background check.
Ga. L. 1974, pp. 732, 733; Ga. L. 1988, p. 243; 1993, p. 543; O.C.G.A. §
										7-1-41; §
										7-1-61; §
										7-1-1004.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-1 - SUPERVISION, EXAMINATION, REGISTRATION AND INVESTIGATION FEES ADMINISTRATIVE LATE FEES › Rule 80-5-1-.06 - Fees for Credit Unions

Current through Rules and Regulations filed through June 27, 2024
(a) Applicants for approval by the Department for the addition of a single geographic common bond group shall pay an investigation fee of $1,000.
(b) Applicants for Department approval of merger of two credit unions where neither is considered financially or otherwise unsafe or unsound shall pay an investigation fee of $1,000.
(c) Applicants for Department approval of conversion from a federal or out of state credit union to a state credit union shall pay an investigation fee of $1,000.
(d) Applicants for Department approval of a credit union subsidiary shall pay a processing fee of $500 for each application that is processed as a regular application. Applicants for approval of a credit union subsidiary are not required to pay a processing fee for each application that is processed as an expedited application.
(e) Applicants for Department approval of conversion of a financial institution, other than a credit union, to a state credit union shall pay an investigation fee of $1,000.
(f) Applicants for new branch offices or relocations of branches shall pay an investigation fee of $1,250 for each application that is processed as a regular application. Applicants for new branch offices or relocations of branches are not required to pay an investigation fee for each application that is processed as an expedited application. A simple redesignation of an existing credit union location, which does not entail the closure or opening of a location, only requires a written application but does not require a fee.
(g) Applicants for approval of a new credit union shall pay an investigation fee of $20,000 for each application.
(h) If a credit union satisfies the factors set out in the Department's Statement of Policies, the fee to exercise a single trust power is $250 and the processing is expedited to 7 days. A completed letter form application to exercise limited trust powers will be reviewed in 15 days; the fee is $750. A credit union that desires to exercise full trust powers files a regular application. A complete application will be reviewed in 30 days; the fee is $1,250.
(i) Applicants for Department approval of the acquisition of the majority of the assets of a bank shall pay an investigative fee of $5,000.
(j) The Department may in its discretion waive or reduce a fee based on the circumstances of the application.
O.C.G.A. §§
											7-1-41, 7-1-61, 7-1-663.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-1 - SUPERVISION, EXAMINATION, REGISTRATION AND INVESTIGATION FEES ADMINISTRATIVE LATE FEES › Rule 80-5-1-.07 - Collection and Remittance of Per Loan Fee on Loans Made by Installment Lenders

Current through Rules and Regulations filed through June 27, 2024
(1) For installment loans made on or after July 1, 2022, the fees payable on the gross loan amount of each loan under the provisions of O.C.G.A. §
									7-3-16 shall be payable to the Department by the licensee on a semiannual basis. More specifically, such fees for the period January 1 through June 30 of each year shall be remitted to the Department no later than the first business day of September of each year and such fees for the period July 1 through December 31 of each year shall be remitted to the Department no later than the first business day of March of each year. A fee statement indicating the number of installment loans made during the applicable reporting period by the installment lender, the gross loan amount of such loans, and the total amount of fees remitted for the period shall accompany the fees remitted. The per loan fees and the corresponding fee statement shall be remitted to the Department through its online reporting and payment system.
(2) In the event that any licensee fails to timely remit fees along with the corresponding fee statement via the online reporting and payment system, the unpaid fees shall bear interest at the rate of one percent (1%) per month from the date the fees are due until the date the fees are paid, and there shall be added to the fees a penalty equivalent to twenty-five percent (25%) of the fees, or not less than five dollars ($5). In the event that any licensee fraudulently remits the incorrect fees, there shall be added to the fees a penalty equivalent to fifty percent (50%) of the fees, or not less than five dollars ($5).
(3) For purposes of this rule, the "gross loan amount" is the total of all of the borrower's precomputed payments related to the loan. For loans requiring multiple payments, the obligations that have to be disclosed as the total of payments under 12 CFR 1026.18 shall be included in the gross loan amount.
O.C.G.A. §§
											7-3-16, 7-3-51.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-1 - SUPERVISION, EXAMINATION, REGISTRATION AND INVESTIGATION FEES ADMINISTRATIVE LATE FEES › Rule 80-5-1-.08 - Collection and Remittance of Per Loan Fee on Loans Made by Installment Lenders Through June 30, 2022

Current through Rules and Regulations filed through June 27, 2024
(1) A tax shall be paid on a semiannual basis on all interest charged on loans made under Chapter 3 of Title 7 (Georgia Installment Loan Act) through June 30, 2022. A licensee may report such tax on interest either on a "cash basis" or on an "accrual basis" as those terms are defined in subsection (b). However, once a licensee has made such an initial election, such basis shall not be changed without the prior written approval of the Commissioner, with any such approved change becoming effective at the commencement of the next semiannual reporting period.
(2) A licensee shall report this tax by use of one of the following methods:
(a) "Cash Method" is based on actual interest charged during the month as reported in the daily cash report. The charges of interest shall be increased by recoveries of interest on accounts previously written off and the interest may be reduced by interest on accounts to be presently written off and interest being refunded on accounts prepaid by cash, renewal, and refinancing. The net interest is subject to the tax.
(b) "Accrual method" is based principally on collections during the month of accounts under the Act. An accurate percentage comparison of interest charged to the gross loan is obtained by dividing the outstanding loans at the beginning of the month into unearned interest at the beginning of the month. The percent obtained is then multiplied by the collections for the month. The total obtained is subject to be taxed.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-2 - TEMPORARY CHANGES IN OPERATING HOURS; CLOSINGS › Rule 80-5-2-.01 - Temporary Changes in Operating Hours

Current through Rules and Regulations filed through June 27, 2024
(1) Any financial institution (except certain credit unions which operate under special operating hours authorized by Code Section 7-1-110) desiring to change temporarily the days that it normally conducts business may do so by posting a notice at least thirty (30) days in advance of the change at the impacted locations as well as on the financial institution's website, provided the institution has at least one office open for business during at least five days of each week in which the temporary change is to take place.
(2) In the discretion of its Board of Directors or Chief Executive Officer, and after notice to the Department, any financial institution may close in commemoration of local events generally recognized by the local governments in the communities they serve or in memory of deceased directors, officers, or employees of such financial institutions, provided such financial institutions are open for at least half of their normal business hours on that date and notice is posted with regard to such closing at the locations that will be closed as well as on the financial institution's website at least twenty-four (24) hours in advance.
O.C.G.A. §§
											7-1-61; 7-1-110.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-2 - TEMPORARY CHANGES IN OPERATING HOURS; CLOSINGS › Rule 80-5-2-.02 - Temporary Closings

Current through Rules and Regulations filed through June 27, 2024
(1) Whenever, in the discretion of a financial institution's Board of Directors or Chief Executive Officer, the safety of the customers, employees, or assets of a financial institution would be in jeopardy due to civil disorder, fire, acts of God, disruption or failure of utility, transportation, communication or information systems, or whenever a financial institution is rendered unable to conduct business due to like circumstances, the financial institution shall not be obligated to open for business.
(2) The financial institution shall make a continuing diligent effort to contact the Department or the Commissioner with regard to the emergency and for further direction as to a temporary closing.
(3) If unable to reach the Department, the Chief Executive Officer or a majority of the Board of Directors may, by implied order of the Commissioner, close all or part of the institution for such period as is necessary to alleviate the emergency. It is not expected that this period should exceed 24 hours. Upon being contacted by a financial institution, the Department shall either concur in the temporary closing or order the institution to reopen in normal or modified form as appropriate under the circumstances.
(4) The Commissioner or the Governor may declare that a state of emergency exists and such declaration shall authorize the closing of one or more financial institutions in this State in the impacted area. Whenever such closings are declared, the declaration will be disseminated through the various news media of the State or by specific direction to affected financial institutions. Such declaration shall be effective until modified by executive order of the Governor or, if the emergency was declared by the Commissioner, until the Commissioner or the Governor declares the emergency has ceased and affected institutions may reopen.
O.C.G.A. §§
											7-1-61; 7-1-111.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-2 - TEMPORARY CHANGES IN OPERATING HOURS; CLOSINGS › Rule 80-5-2-.03 - Permanent Closings

Current through Rules and Regulations filed through June 27, 2024
(1) The management of a financial institution may permanently close a banking location in accordance with O.C.G.A. §
									7-1-110.1 by satisfying the following requirements:
(a) Deliver to the Department a copy of the federal notice, or a letter form notification that contains the following information:
(i) The banking location to be closed;
(ii) A statement of the reason for the proposed closing and a summary of any supporting information; and
(iii) The proposed closing date.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-2 - TEMPORARY CHANGES IN OPERATING HOURS; CLOSINGS › Rule 80-5-2-.04

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. §
											7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-3 - REGULATIONS REGARDING THE SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 80-5-3-.02 - Notification of Intent to Sell Annuities

Current through Rules and Regulations filed through June 27, 2024
A financial institution that wishes to sell annuities must give prior notification to the Office of the Commissioner of Insurance pursuant to Rule  120-2-71-.03.
O.C.G.A. §§
											7-1-61, 7-1-261(11), 7-1-288.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-3 - REGULATIONS REGARDING THE SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 80-5-3-.03 - Licensure of Agents and Agency

Current through Rules and Regulations filed through June 27, 2024
(1) A financial institution that intends to sell annuities either through an independent agent or through its own licensed employees shall be considered an Agency under Department of Insurance Regulation §
									120-2-71-.04  and must meet any requirements of that Regulation Chapter
(2) Any individual who solicits, sells or markets annuities in association with a financial institution located in Georgia must be licensed as an insurance/annuity agent by the Department of Insurance.
O.C.G.A. Secs. 7-1-61, 7-1-261(11), 7-1-288.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-3 - REGULATIONS REGARDING THE SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 80-5-3-.04 - Agreement Between Independent Insurance/Annuity Agent or Agency and Financial Institution

Current through Rules and Regulations filed through June 27, 2024
(1) An arrangement for the sale of annuities between an independent insurance/annuity agent or agency and a financial institution must be governed by a written agreement approved by the financial institution's board of directors. Such agreements will not be required if the agent is an employee of the financial institution. Compliance with the agreement should be periodically monitored by the financial institution's senior management. The agreement must set forth the responsibilities of the parties, the terms and conditions of the arrangement, and the compensation to be received by the financial institution. The agreement must also, at a minimum, contain provisions which:
(a) Specify that each insurance/annuity agent will comply with all applicable laws and regulations;
(b) Authorize the financial institution, the Department of Banking and Finance, and the Department of Insurance to have access to the financial institution's premises where the insurance/annuity agent conducts annuities sales in order to inspect books and records and other relevant information maintained by the insurance/annuity agent with respect to such annuity sales and to perform such related regulatory functions;
(c) Authorize the financial institution to monitor the insurance/annuity agent and periodically review and verify that the insurance/annuity agent or agency and its representatives are complying with the agreement with the financial institution; and
(d) Require the insurance/annuity agent or agency contracting with the financial institution to indemnify the institution from any liability resulting from unlawful, wrongful, improper actions or representations on the part of the insurance/annuity agent with regard to the sale of annuities in its association with the financial institution.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-3 - REGULATIONS REGARDING THE SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 80-5-3-.05 - Location of Sale of Annuities

Current through Rules and Regulations filed through June 27, 2024
(1) When insurance/annuity agent services are provided on the premises of a financial institution, the insurance/annuity agent and the financial institution have a heightened responsibility to ensure appropriate measures are implemented to clearly segregate and distinguish the insurance/annuity agent services from retail deposit taking operations of the financial institution. Insurance/annuity agent services shall be conducted in a physical location distinct from the area where the financial institution's insured deposits are routinely taken.
(2) No insurance/annuity agent services shall be conducted from the teller area.
O.C.G.A Secs. 7-1-61, 7-1-261(11), 7-1-288.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-3 - REGULATIONS REGARDING THE SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 80-5-3-.06 - Signage

Current through Rules and Regulations filed through June 27, 2024
(1) Advertisements for fixed or variable annuities physically located in financial institutions shall be subject to Department of Insurance law (O.C.G.A. §
									33-6) and regulation and applicable Department of Banking and Finance law and regulation.
(2) The insurance/annuity agent must display his/her name and status as an agent in the area where annuity transactions occur.
O.C.G.A Secs. 7-1-61, 7-1-261(11), 7-1-288.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-3 - REGULATIONS REGARDING THE SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 80-5-3-.07 - Advertisements

Current through Rules and Regulations filed through June 27, 2024
(1) "Advertisement" for the purposes of these regulations shall mean, consistent with Chapter 120-2-11 of the regulations of the Department of Insurance, any oral or written promotional or sales material which is directed to the public and concerns annuity products offered through an insurance/annuity agent in association with a financial institution.
(2) Such advertisement shall conform to all the applicable law and regulations of the Department of Insurance, in addition to the regulations herein.
(3) All advertisements sent to prospective customers shall clearly reflect the source of the communication. If the insurance/annuity agent is an employee of the financial institution, he/she shall be identified as representing both the financial institution and the insurer. If the insurance/annuity agent is an independent agent not employed by the financial institution, he/she must disclose that fact.
(4) No advertisement shall suggest or convey any inaccurate or misleading impression about the nature of the annuity product. Premiums shall not be referred to as deposits. Terminology used in connection with annuity contracts must he distinguishable from that used in connection with traditional banking products. All advertisements must conspicuously disclose:
(a) The annuity product is not insured by the FDIC;
(b) The annuity product is not a deposit or other obligation of, and is not underwritten or guaranteed by, the financial institution; and
(c) The annuity product is subject to investment risks. The market value of the investment may fluctuate, causing possible loss of the principal amount invested.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-3 - REGULATIONS REGARDING THE SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 80-5-3-.08 - Disclosures

Current through Rules and Regulations filed through June 27, 2024
(1) At the time of sale of an annuity product, the written disclosure below or one which contains all its elements shall be made. The annuity products described or referred to:
(a) Are not deposits and are not insured by the FDIC;
(b) Are not obligations of or guaranteed by the financial institution; and
(c) Are subject to investment risk, including interest rate risk. The market value of the investment may fluctuate, causing possible loss of the principal amount invested; and
(d) Are unrelated to and not a condition to the provision or term of any banking service or activity.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-3 - REGULATIONS REGARDING THE SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 80-5-3-.09 - Activities of Licensed Agents; Bank Personnel

Current through Rules and Regulations filed through June 27, 2024
(1) Solicitation and sale of annuity products in association with a financial institution may be provided only by appropriately licensed insurance/annuity agents. Unlicensed employees of the insurance/annuity agent or financial institution may, however, provide clerical or ministerial assistance. Unlicensed employees of the financial institution may refer customers of the financial institution interested in the purchase of annuity products to the appropriate agent in the financial institution or may inform the customer how to reach the agent.
(2) Except as permitted by these regulations, an unlicensed employee of the financial institution shall not discuss or promote annuity products or respond to questions about such investments.
O.C.G.A. Secs. 7-1-61, 7-1-261(11), 7-1-288.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-3 - REGULATIONS REGARDING THE SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 80-5-3-.10 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of the rules in this Chapter 80-5-3 or the application of them to any financial institution or circumstance is held invalid, such invalidity shall not affect the provisions or applications of the rules herein which can be given effect without the invalid portion. To that end, the provisions of these rules are declared to be severable.
O.C.G.A. Secs. 7-1-61, 7-1-261(11), 7-1-288.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-4 - REGULATIONS REGARDING THE SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 80-5-4-.02 - Notification of Intent to Sell Insurance

Current through Rules and Regulations filed through June 27, 2024
A financial institution that wishes to sell insurance must give prior notification to the Office of the Commissioner of Insurance pursuant to Rule  120-2-76-.03.
O.C.G.A. §§
											7-1-61, 7-1-261(11).
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-4 - REGULATIONS REGARDING THE SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 80-5-4-.03 - Licensure of Agents and Agency

Current through Rules and Regulations filed through June 27, 2024
(1) A financial institution that intends to sell insurance either through an independent agent or through its own licensed employees shall be considered an Agency under Department of Insurance Regulation §
									120-2-3-.05  and must meet any requirements of that Regulation Chapter.
(2) Any individual who solicits, sells or markets insurance in association with a financial institution located in Georgia must be licensed as an insurance agent by the Office of Commissioner of Insurance.
O.C.G.A. Secs. 7-1-61, 7-1-261(11).
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-4 - REGULATIONS REGARDING THE SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 80-5-4-.04 - Agreement Between Independent Insurance Agent or Agency and Financial Institution

Current through Rules and Regulations filed through June 27, 2024
(1) An arrangement for the sale of insurance between an independent insurance agent or agency and a financial institution must be governed by a written agreement approved by the financial institution's board of directors. Such agreements will not be required if the agent is an employee of the financial institution. Compliance with the agreement should be periodically monitored by the financial institution's senior management. The agreement must set forth the responsibilities of the parties, the terms and conditions of the arrangement, and the compensation to be received by the financial institution. The agreement must also, at a minimum, contain provisions which:
(a) Specify that each insurance agent will comply with all applicable laws and regulations;
(b) Authorize the financial institution, the Department of Banking and Finance, and the Department of Insurance to have access to the financial institution's premises where the insurance agent conducts insurance sales in order to inspect books and records and other relevant information maintained by the insurance agent with respect to such insurance sales and to perform related regulatory functions;
(c) Authorize the financial institution to monitor the insurance agent and periodically review and verify that the insurance agent or agency and its representatives are complying with the agreement with the financial institution and with state and other applicable law; and
(d) Require the insurance agent or agency contracting with the financial institution to indemnify the institution from any liability resulting from unlawful, wrongful, or improper actions or representations on the part of the insurance agent with regard to the sale of insurance in its association with the financial institution.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-4 - REGULATIONS REGARDING THE SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 80-5-4-.05 - Location of Sale of Insurance

Current through Rules and Regulations filed through June 27, 2024
(1) When insurance agent services are provided on the premises of a financial institution, the insurance agent and the financial institution have a heightened responsibility to ensure appropriate measures are implemented to clearly segregate and distinguish the insurance agent services from retail deposit taking operations of the financial institution. Insurance agent services shall be conducted in a physical location distinct from the area where the financial institution's insured deposits are routinely taken.
(2) No insurance agent services shall be conducted from the teller area. The acceptance of mortgage payments which include insurance escrow payments will not be considered to be insurance agent services.
O.C.G.A. Secs. 7-1-61, 7-1-261(11).
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-4 - REGULATIONS REGARDING THE SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 80-5-4-.06 - Signage

Current through Rules and Regulations filed through June 27, 2024
(1) Advertisements for insurance products physically located in financial institutions shall be subject to Department of Insurance law (O.C.G.A. §
									33-6-1
et seq.
) and regulation and any applicable Department of Banking and Finance law and regulation.
(2) The insurance agent must display his/her name and status as a licensed agent in the area where insurance transactions occur.
O.C.G.A. Secs. 7-1-61, 7-1-261(11).
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-4 - REGULATIONS REGARDING THE SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 80-5-4-.07 - Advertisements

Current through Rules and Regulations filed through June 27, 2024
(1) "Advertisement" for the purposes of these regulations shall mean, consistent with O.C.G.A. §
									33-6-1
et seq.
and related regulations of the Department of Insurance, any oral or written promotional or sales material which is directed to the public and concerns insurance products offered through an insurance agent in association with a financial institution.
(2) Such advertisement shall conform to all the applicable law and regulations of the Department of Insurance, in addition to the regulations herein.
(3) All advertisements sent to prospective customers shall clearly reflect the source of the communication. If the insurance agent is an employee of the financial institution, he/she shall be identified as representing both the financial institution and the insurer. If the insurance agent is an independent agent not employed by the financial institution, he/she must disclose that fact.
(4) No advertisement shall suggest or convey any inaccurate or misleading impression about the nature of the insurance product. Premiums shall not be referred to as deposits. Terminology used in connection with insurance products must be distinguishable from that used in connection with traditional banking products. All advertisements must disclose:
(a) The insurance product is not insured by the FDIC;
(b) The insurance product is not a deposit or other obligation of, and is not underwritten or guaranteed by, the financial institution; and
(c) The insurance product is not a condition to the provision or term of any banking service or activity.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-4 - REGULATIONS REGARDING THE SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 80-5-4-.08 - Disclosures

Current through Rules and Regulations filed through June 27, 2024
(1) In order to determine what types of disclosure are required, banks must be diligent in their assessment of the nature of any nondeposit product. Products may take various forms: e.g., investment products such a mutual funds or annuities, and insurance products such as homeowners' insurance or life insurance. Hybrid products with features of more than one category will necessitate compliance with each category's requirements.
(2) Insurance Products. Many of the concerns about customer confusion in bank sales of investment products may also be present in bank sales of insurance products. Consequently, the disclosures required for sale of insurance will be similar to those required for sale of annuities and other investment products.
(a) At the time of sale of an insurance product, the written disclosure below or one which contains all its elements shall be made, except that if a financial institution does not take deposits and is not insured by the FDIC, (i) may be omitted.
1. The insurance products described or referred to:
(i) Are not deposits and are not insured by the FDIC;
(ii) Are not obligations of, underwritten or guaranteed by the financial institution selling the insurance product; and
(iii) Are not a condition to the provision or term of any banking service or activity.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-4 - REGULATIONS REGARDING THE SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 80-5-4-.09 - Activities of Licensed Agents; Bank Personnel

Current through Rules and Regulations filed through June 27, 2024
(1) Solicitation and sale of insurance products in association with a financial institution may be provided only by state licensed and regulated insurance agents. Unlicensed employees of the insurance agent or financial institution may, however, provide clerical or ministerial assistance. Unlicensed employees of the financial institution may refer customers of the financial institution interested in the purchase of insurance products to the appropriate agent in the financial institution or may inform the customer how to reach the agent.
(2) Except as permitted by these regulations, an unlicensed employee of the financial institution shall not discuss or promote insurance products or respond to questions about such products.
O.C.G.A. Secs. 7-1-61, 7-1-261(11).
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-4 - REGULATIONS REGARDING THE SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 80-5-4-.10 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of the rules in this Chapter 80-5-4 or the application of them to any financial institution or circumstance is held invalid, such invalidity shall not affect the provisions or applications of the rules herein which can be given effect without the invalid portion. To that end, the provisions of these rules are declared to be severable.
O.C.G.A, Secs. 7-1-61, 7-1-261(11).
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-5 - INCIDENTAL POWERS › Rule 80-5-5-.01 - Incidental Powers; Approval Procedures

Current through Rules and Regulations filed through June 27, 2024
(a) The Commissioner may, by a letter opinion, grant to an institution a power which does not already have a specified application process, so long as the exercise of such power is consistent with the objectives of Chapter 1 of Title 7, provided the activity is deemed by the Commissioner to be financial in nature or incidental to the business of banking, and provided the nature of the activity does not pose significant risks to the financial institution. The Commissioner at his or her discretion may seek public comment before he or she approves such an incidental power, if the Commissioner determines that an appropriate public purpose would be served. If such a determination is made, a 30 days' notice and request for comment shall be published in the department's regular monthly bulletin and to such other parties as the Commissioner deems necessary. The Commissioner shall take any comments received into account in making the final decision.
(b) An institution seeking such a specific power shall make a written application in letter form to the Commissioner. Such application shall set out the power or activity desired, the reason for it, the safeguards or protections which will be employed to ensure the continuing sound operation of the institution, any competitive reasons for the request, such as the ability of institutions not primarily regulated by the state of Georgia to perform such an activity, the need or convenience to customers which this activity would serve, any legal justification required under state law, and the financial ability of the institution to support the activity (including compliance with any investment limitations in a separate corporation pursuant to O.C.G.A. §
									7-1-288).
(c) The Commissioner shall review such requests, may request additional information, and after review of the overall economic and managerial condition of the institution, the complexity and risks involved in the activity, and the factors set out in this rule, as well as any other information deemed pertinent to the facts presented, shall reply by letter to the institution within 10 business days of receipt of complete information either granting, denying, or conditioning approval of the activity.
(d) The Department shall keep a record of all such powers granted, which shall be available at its office for review upon prior notice.
O.C.G.A. Secs. 7-1-61, 7-1-261.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-6 - QUALIFIED INTERMEDIARY › Rule 80-5-6-.01 - Financial Institutions Serving as a Qualified Intermediary Related to IRS Section 1031 Like-Kind Property Exchanges

Current through Rules and Regulations filed through June 27, 2024
(1) Any financial institution authorized to exercise full trust powers is permitted to act as a qualified intermediary on an IRS 1031 property exchange. Banks meeting this requirement should have qualified and trained personnel conducting this activity and should maintain the financial records related to these transactions separate from the financial records of the bank or its subsidiaries and shall meet the agency accounting requirements of GAAP in maintaining such records.
(2) If a bank that is not authorized to conduct full trust powers wishes to act as a 1031 qualified intermediary, either through the bank or a subsidiary of the bank, it should provide a written notification to the Department that it wishes to act in this capacity.
(a) The following should be fully documented in the notification to the Department:
1. A summary should be provided regarding the qualifications and training of the bank personnel that will be conducting this activity;
2. Written policies and procedures should be submitted to be utilized in the conduct of this activity that sufficiently mitigates risk, documents the activities of the bank and establishes proper controls over this activity;
3. The bank should provide an indication of what the impact of this activity will be on the fidelity and liability coverage of the bank, and if necessary, obtain coverage riders to protect the financial institution from liability in conducting this activity;
4. Procedures should be established for the bank, in the event of a customer default during a 1031 exchange; and
5. An indication should be given regarding the accounting for these transactions that reflects how these transactions will be segregated from the bank's records and how agency accounting in accordance with GAAP shall be maintained for these transactions.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-6 - HOLDING COMPANIES › Subject 80-6-1 - APPLICATIONS AND ACQUISTIONS › Rule 80-6-1-.01 - Holding Companies, Generally

Current through Rules and Regulations filed through June 27, 2024
(1) Georgia's holding company statutes govern all holding companies which have or wish to acquire, by purchase or formation, banks chartered by the Department. Once a holding company acquires a Georgia bank, it shall be registered annually with the Department. Subsequent acquisitions by that holding company may require approval, a letter form notification, or after the fact notification, depending upon the relationship of the acquisition to Georgia banks. The Department requires the submission of certain reports from Georgia bank holding companies and from holding companies that own Georgia banks.
(2) Interstate acquisitions by holding companies are dealt with in Part 19 of Article 2 of Title 7; related mergers of the banks in Part 20 of Article 2 of Title 7. Definitions in those Parts should be applied to interstate transactions.
(3) Expedited processing is available to holding companies which qualify under the criteria in Department of Banking and Finance Rule  80-6-1-.03  or  80-6-1-.04, depending on the transaction. A holding company lawfully owning a bank chartered by the Department that meets the criteria in Rule  80-6-1-.04  may qualify for expedited processing for formation of a de novo bank, provided the de novo bank is to be wholly owned by the holding company.
(4) A bank holding company which acquires a bank chartered by the Department must apply and seek approval from the Department pursuant to O.C.G.A. §
									7-1-622. Approval to become a bank holding company of a Georgia bank as defined in O.C.G.A. §
									7-1-605 is similarly required. A bank holding company lawfully owning a bank in Georgia, or lawfully owning a branch of a bank in Georgia which was formed by the acquisition and subsequent merger of a Georgia bank, may form a de novo bank with Department approval pursuant to O.C.G.A. §
									7-1-608(b)(3).
(5) A letter form application with a copy of the federal application may be used and public notice may be coordinated so long as the Department is referenced in the notice as a regulator to whom comments should be submitted.
(6) A Georgia bank holding company for the purposes of Chapter 80-6 shall be defined as in O.C.G.A. §
									7-1-621.
O.C.G.A. §
											7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-6 - HOLDING COMPANIES › Subject 80-6-1 - APPLICATIONS AND ACQUISTIONS › Rule 80-6-1-.02 - Regular Applications

Current through Rules and Regulations filed through June 27, 2024
(1) Regular applications for permission to become a bank holding company as defined in O.C.G.A. §
									7-1-605, to acquire control of a banking subsidiary, to acquire 5% or more of the shares of another bank holding company, or to continue to be a holding company after becoming a holding company under circumstances contemplated by O.C.G.A. §
									7-1-605 which are beyond the control of the company, shall be in letter form accompanied by the following exhibits:
(a) A copy of any form or documents filed with the Board of Governors of the Federal Reserve System;
(b) A letter from the applicant's legal counsel containing a definitive statement concerning whether any securities to be issued in the proposed transactions are subject to registration under State and/or Federal Securities Laws and stating that, in the opinion of such counsel, the applicant is taking the necessary action to comply with the applicable State and Federal Securities Laws and Regulations;
(c) A draft copy of any proposed proxy statements or offering circulars or letters prepared in connection with the applicant's proposed bank acquisition;
(d) A copy of the most recent independent audit, if any and if not already on file with the Department, of the applicant's books and records, performed by independent public accountants; and
(e) Proof of publication of the notice described in Rule  80-6-1-.05, if notice is required.