reglab/statecodes huggingface dataset:
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-2 - AGENCY RELATIONSHIPS OF FINANCIAL INSTITUTIONS; BANK SERVICE CONTRACTS › Rule 80-1-2-.06 - Bank Service Contracts

Current through Rules and Regulations filed through June 27, 2024
(1) If a state-chartered bank is required to disclose a bank service contract to the Federal Deposit Insurance Corporation or the Board of Governors of the Federal Reserve System, a duplicate of such disclosure will simultaneously be submitted to the Department.
(2) A state-chartered bank entering into a bank service contract with a third party service provider must maintain the following information on file at the bank and shall not execute a contract with a third party service provider unless this information has been obtained.
(a) A copy of the contract under which the services are provided;
(b) A schedule of fees to be charged for each type of service to be performed;
(c) Written assurance from the third party service provider that:
1. The records of the bank for which the services are to be performed will be subject to examination and regulation by the department as if the records were maintained by the bank on its own premises,
2. The records of the bank in the service provider's possession shall be available to examiners promptly upon receipt of notice; and
3. The department shall have the authority to periodically review the internal routine and controls of the servicers to ascertain that the operations are being conducted in a sound manner in keeping with generally accepted banking procedures and requirements;
(d) A listing of all reports, and printouts which the third party service provider is offering the bank and the time required, after receipt of notice of examination, to provide those reports or information in readable form to the examiners;
(e) Evidence of financial stability, to include a copy of the third party service provider's most recent audit and financial statement, both of which should be aged no more than 18 months; and
(f) Biographical information on key officers may be desirable where a provider is not a publicly traded company.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-2 - AGENCY RELATIONSHIPS OF FINANCIAL INSTITUTIONS; BANK SERVICE CONTRACTS › Rule 80-1-2-.07 - Reserved

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. Sec. 7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-2 - AGENCY RELATIONSHIPS OF FINANCIAL INSTITUTIONS; BANK SERVICE CONTRACTS › Rule 80-1-2-.08

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 80-1 - BANKS › Subject 80-1-2 - AGENCY RELATIONSHIPS OF FINANCIAL INSTITUTIONS; BANK SERVICE CONTRACTS › Rule 80-1-2-.09 - Debt Cancellation Contracts and Debt Suspension Agreements

Current through Rules and Regulations filed through June 27, 2024
(1) State chartered banks may offer Debt Cancellation Contracts and Debt Suspension Agreements to customers, subject to this rule and policies and procedures of the Department. Policies of the Department include requirements for disclosures and certain prohibited practices. Banks are expected to comply with all these requirements. Such products will not be considered insurance products in this state when offered by banks.
(2) Definitions and Explanation:
(a) A "Debt Cancellation Contract" (DCC) is a contractual agreement modifying loan terms that is linked to a bank's extension of credit, under which the bank agrees to cancel all or part of a customer's obligation to repay an extension of credit from that bank upon the occurrence of a specified event.
(b) A "Debt Suspension Agreement" (DSA) is a contractual agreement that modifies loan terms and that is linked to an extension of credit, wherein the bank agrees to suspend all or part of a customer's obligation to repay an extension of credit upon the occurrence of some specified event.
(c) Typically these products are tied to the life, injury or disability of the borrower, although some products are based on the occurrence of some other specified event, such as termination of employment.
(d) Fees are assessed to the borrower for the ability to cancel or suspend loan payments on the loan, in accordance with the terms of the agreement.
(e) To "underwrite" in the context of this rule means to directly provide for any losses resulting from the operation of the product.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-3 - BOOKS AND RECORDS › Rule 80-1-3-.02 - Minimum Records Retention Periods

Current through Rules and Regulations filed through June 27, 2024
Retention of records by state chartered banks shall be in accordance with the provisions of Regulation 80-10-1.
Ga. L. 1974, pp. 733, 849.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-3 - BOOKS AND RECORDS › Rule 80-1-3-.03 - Notice of Unauthorized Access to Customer Information

Current through Rules and Regulations filed through June 27, 2024
Pursuant to 15 USC §
										6801 et seq., 12 CFR Part 364, and 12 CFR Part 208, banks are required to develop and implement a response program that will be utilized in the event unauthorized access to customer information has taken place. Customer information is any record containing nonpublic information about a customer, whether in paper, electronic, or other form maintained by or on behalf of a bank. Federal law and regulations require disclosure to federal regulators of unauthorized access of customer information in certain circumstances. If disclosure of such unauthorized access is required under federal law, then a duplicate of such disclosure will simultaneously be submitted to the Department.
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 80-1 - BANKS › Subject 80-1-3 - BOOKS AND RECORDS › Rule 80-1-3-.04 - Notification of Computer Security Incident

Current through Rules and Regulations filed through June 27, 2024
Pursuant to 12 C.F.R. Part 304 and 12 CFR Part 225 banks and bank holding companies are required to notify the appropriate federal regulator no later than 36 hours after the financial institution determinates that a computer security incident, which rises to the level of a notification incident, has occurred. A computer security incident is an occurrence that results in actual harm to the confidentiality, integrity, or availability of an information system or the information that the system processes, stores, or transmits. If notification of a computer security incident is required to be provided under federal law, then a duplicate of such notification will simultaneously be submitted to the Department.
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 80-1 - BANKS › Subject 80-1-3 - BOOKS AND RECORDS › Rule 80-1-3-.05 - Repealed

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1983, Act No . 255, effective March 16, 1983.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-4 - INVESTMENT SECURITIES › Rule 80-1-4-.01 - Permissible Investments and Limitations

Current through Rules and Regulations filed through June 27, 2024
Subject to such further restrictions and approvals as its board of directors may set forth in its investment policy, a bank may purchase, sell, and hold securities, as set forth in the following:
(1) Debt Obligations.
(a) Obligations of the United States Government or Agencies of the United States Government.
The following may be held without limitation:
1. Securities issued by the United States government or an agency of the United States government;
2. Securities guaranteed as to principal and interest by the United States government or an agency of the United States government;
3. Securities issued under the U.S. Treasury's Separate Trading of Registered Interest and Principal (STRIP's) program, which are offered in book entry form and which are direct obligations of the U.S. Government, as authorized by Subtitle III, Chapter 31 of Title 31 U.S.C.; and
4. Securities which are pre-refunded, with the redemption proceeds invested in securities issued by the United States Government or an Agency of the United States Government.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-4 - INVESTMENT SECURITIES › Rule 80-1-4-.02 - Securities Underwriting

Current through Rules and Regulations filed through June 27, 2024
(1) A bank with statutory capital base of less than $20,000,000:
(a) Shall not underwrite or otherwise participate as principal in the marketing of securities except to the extent authorized by law or regulation and except for the account of and upon specific instructions from its customer.
(b) Such bank may, with the permission of the department, underwrite or otherwise participate in the marketing of obligations (including limited obligation bonds, revenue bonds, and obligations that satisfy the requirements of Section 142(b)(1) of the Internal Revenue Code of 1986) issued by or on behalf of any state or political subdivision of a state, including any municipal corporate instrumentality of one or more states, or any public agency or authority of any state or political subdivision of a state ("certain municipal bonds").
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-4 - INVESTMENT SECURITIES › Rule 80-1-4-.03 - Accounting and Record Keeping for Investments

Current through Rules and Regulations filed through June 27, 2024
(1) Investment securities transactions shall be accounted for in accordance with generally accepted accounting principles.
(2) Banks shall maintain documentation sufficient to identify adequately the nature of all securities owned. For all securities other than direct investment in government bonds, notes, or debentures, documentation may include annual reports, offering circulars, credit analyses published by nationally recognized rating firms, or inhouse analyses, reflecting an evaluation of the degree of risk in regard to liquidity, marketability, price volatility, and eligibility for pledging.
(3) Investments in the form of "Zero Coupon" obligations shall be recorded at cost plus accretion to maturity over the life of the obligations. Legal limitations applicable to such securities shall be measured against the actual cost of the security. Provided, however, except in the case of U.S. Government issues, to the extent that the cash investment plus accretions of income earned, but not collected, exceed the legal limitation on any zero coupon security, such amount shall be set aside into a capital reserve and excluded in considering capital adequacy.
O.C.G.A. Sec. 7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-4 - INVESTMENT SECURITIES › Rule 80-1-4-.04 - Custody and Safekeeping

Current through Rules and Regulations filed through June 27, 2024
(1) Securities may be held in physical or book entry form.
(2) Physical possession of securities shall be maintained:
(a) In the vault of the investing bank;
(b) In safekeeping at any:
1. FDIC-insured, correspondent bank or trust company;
2. Federal Reserve Bank or Federal Home Loan Bank;
3. Broker-dealer insured under the Securities Investors Protection Act provided the market value of such securities does not exceed $500,000; or
(c) As otherwise specifically approved by the department.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-5 - LOANS AND DISCOUNTS › Rule 80-1-5-.02 - Real Estate Loans

Current through Rules and Regulations filed through June 27, 2024
(1) A real estate loan (including a leasehold) within the meaning of Part 365 of the Federal Deposit Insurance Corporation's rules and regulations, including 12 CFR 365.1 and 365.2 and the Interagency Guidelines for Real Estate Lending Policies in Appendix A, and 12 C.F.R. 208.51 and the guidelines contained in 12 C.F.R. Part 208 in the case of Federal Reserve member banks, shall comply with the Real Estate Lending Standards of the above laws.
(2) If a loan could be made without real estate as security, a bank will not be penalized for adding real estate as collateral in an abundance of caution. A notation in the loan file must indicate this lack of reliance on the real estate and must meet general safety and soundness standards for credit risk. This does not constitute a waiver of O.C.G.A. §
									7-1-285, related Department rules and regulations, or requirements of federal law, and the soundness of the loan should always be considered.
(3) Except as expressly authorized by O.C.G.A. §§
									7-1-262 or 7-1-263, banks may not acquire directly or indirectly any ownership interest in real estate without the prior written approval of the Department.
O.C.G.A. §§
											7-1-61; 7-1-286.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-5 - LOANS AND DISCOUNTS › Rule 80-1-5-.03 - Commodity Loans

Current through Rules and Regulations filed through June 27, 2024
(1) In order that commodity loans and advances may be exempt from the twenty-five (25) percent legal loan limitation of the lending bank, strict compliance with the following requirements must be met.
(a) The commodity must have a market value with ready sale in the open market.
(b) First lien security title to the commodity must be indicated on record in the name of the bank. Where commodities are stored in a warehouse, such lien must be evidenced by the bank's physical possession of warehouse receipts covering the commodities or, if electronic warehouse receipts are utilized, by recordation of bank's lien position on the electronic warehouse receipt or the electronic records of the state approved electronic receipt provider, which must be accessible to the bank. Bank must also have appropriately executed security agreements and financing statements.
(c) The commodity must be covered by insurance against fire and other appropriate hazards with loss payee designated as the lending bank.
(d) The initial advance or loan shall not exceed eighty-five (85) percent of the market value of the commodity on the date of the loan, the margin of fifteen (15) percent between the market value and outstanding loan is maintained at all times, and to that end, the bank shall have the right to call for additional collateral if the margin falls below fifteen (15) percent, and, if the additional collateral is not provided, the bank shall have the right to sell the commodity on the open market. For purposes of this paragraph, "market value" shall mean the local cash price bid for the commodity in question or the nearby future price applicable to future contracts to sell existing commodities but in no event shall the market value exceed fifty (50) percent of the originating bank's statutory capital base.
(e) Where the borrower is not independent of the warehouseman or other person holding the commodity, the commodity must be subjected to inspection by the lender or his agent at least monthly and a written record of such inspections must be maintained.
(f) The obligation matures in not more than twelve (12) months if secured by nonperishable staples; or the obligation matures in not more than six (6) months if secured by refrigerated or frozen staples.
(g) There must be a written agreement, signed by both the bank and the borrower, which clearly outlines the requirements of the bank and the duties and responsibilities of the borrower.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-5 - LOANS AND DISCOUNTS › Rule 80-1-5-.04 - Participation Loans

Current through Rules and Regulations filed through June 27, 2024
(1) That portion of a loan which is sold by the originating bank to another bank must conform to all laws and regulations applicable to that category of loan to the same extent as if the purchasing bank had itself originated the loan; i.e., collateral documentation, maturity, loan-to-collateral value ratio, maximum loan limits, etc. The purchasing bank shall obtain from the selling bank copies of all pertinent documents or a summary of sufficient information therefrom to allow that bank to conclude that all legal and regulatory requirements have been met and that the loan may be legally carried upon its books.
(2) Participation in Pools of Loans or Discount Lines:
(a) Loans contained in the pool or discount line must be physically marked or specifically identified on the selling bank's records.
(b) The participation agreement must call for the participant to share pro rata in losses experienced by the pool or discount line.
(c) The participation agreement must provide for periodic, at least quarterly, reports by the seller to the purchaser as settlement for losses incurred and providing past due status of loans contained in the pool or discount line.
(d) Where the participation purchased is in excess of fifteen (15) percent of the purchasing bank's statutory capital base, the participation must have the prior written approval of the bank's Board of Directors or Loan Committee.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-5 - LOANS AND DISCOUNTS › Rule 80-1-5-.05 - Discounted Dealer Paper

Current through Rules and Regulations filed through June 27, 2024
(1) Purchases of dealer paper, with or without recourse, may generally be made without limitation; however, where the aggregate amount of such paper outstanding exceeds twenty-five (25) percent of the bank's statutory capital base and the paper has been taken with recourse or pursuant to an agreement to repurchase between the bank and the dealer, the following conditions must be met:
(a) The dealer must maintain a dealer's reserve in an amount equal to at least five (5) percent of the total outstanding balance on notes discounted with recourse or pursuant to the repurchase agreement and such reserve must be under the control of the lending bank.
(b) The bank must maintain a balance sheet and profit and loss statement on the dealer covering the most recent fiscal period for which such information is available, but in no event shall the statements be more than eighteen months old.
(c) The obligors on all such notes shall have been notified that the bank is owner of the note and payments are to be made directly to the bank.
(d) The dealers shall not be permitted to make payments on the discount notes but shall be required to take over, in full, any note which is past due four months or more.
(e) There must be a written agreement, signed by both the bank and the dealer, which clearly outlines the requirements of the bank and the duties and responsibilities of the dealer.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-5 - LOANS AND DISCOUNTS › Rule 80-1-5-.06 - Loans Secured by Capital Securities

Current through Rules and Regulations filed through June 27, 2024
No bank may lend upon the capital securities of any corporation which is registered as a bank holding company for such lender bank, unless such securities have an established market for resale and market prices for such securities are regularly quoted by an established exchange or over the counter. This restriction shall not be applicable to loans made prior to the effective date of this section nor to violations resulting from a merger, consolidation or acquisition of the lender occurring after the date of loan, provided such loans are repaid in accordance with the contracted terms. This restriction shall not be applicable to the taking of a security interest to such securities to prevent losses on debts previously contracted. This restriction shall also not be applicable where both the aggregate number of shares in which a security interest is held does not exceed ten (10) percent of the total number of shares outstanding and the credit extended upon the basis of such shares as security does not exceed the book value of such shares.
Ga. L. 1974, pp. 733, 798.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-5 - LOANS AND DISCOUNTS › Rule 80-1-5-.07 - Extensions of Credit Involving Directors or Officers

Current through Rules and Regulations filed through June 27, 2024
(1) The definition and commentary contained in Federal Reserve Regulation "O" shall be applied to effect the intent of Code Section 7-1-491.
(2) The Department may use its discretion in applying the non-preferential loan prohibition, and in particular may find a violation where it discovers that a bank is attempting to circumvent a prohibition where it would otherwise apply.
O.C.G.A. Sec. 7-1-491.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-5 - LOANS AND DISCOUNTS › Rule 80-1-5-.08 - Bank Guaranty of Customer Credit Card Obligations at Another Bank

Current through Rules and Regulations filed through June 27, 2024
(1) A bank which does not issue its own credit card but acts as an agent for a correspondent bank may guarantee obligations of established customers in the form of revolving lender credit card accounts at another bank provided the guaranteeing bank establishes a maximum limit for each such account, is not obligated for any amount in excess of such limit, and maintains records updated at least monthly reflecting the current outstanding balance on each account, the approved limit on each account, and the current past due or payment status on each account.
(2) Guarantees outstanding in compliance with the foregoing shall be considered to be in the nature of standby letters of credit and shall be reflected as such on the books and records of the guaranteeing bank. Outstanding guarantees shall be added to customer liabilities in determining compliance with legal loan limitations.
Ga. L. 1974, pp. 733, 801.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-5 - LOANS AND DISCOUNTS › Rule 80-1-5-.09 - Repealed

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1974, p. 733, Ga. L. 1989, p. 1252.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-5 - LOANS AND DISCOUNTS › Rule 80-1-5-.10 - Real Estate Leasing

Current through Rules and Regulations filed through June 27, 2024
(1) A bank may become the owner and lessor of real property under certain circumstances described in O.C.G.A. §
									7-1-282.
(2) A bank that desires to lease real property under the conditions in O.C.G.A. §
									7-1-282 must make a letter application to the Department to conduct the activity. Such letter application shall include:
(a) A business plan that addresses the accounting, tax and legal implications of this type of leasing and the projected volume and scope of the activity;
(b) Documentation of the experience and expertise of management that indicates ability to handle credit risk and administer the leasing program in conformity with accounting, legal and tax requirements;
(c) Detailed risk analysis to include the potential impact of the activity on the financial and operating condition of the bank;
(d) A copy of any required federal application and approval; and
(e) Any other items requested by the Department.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-5 - LOANS AND DISCOUNTS › Rule 80-1-5-.11 - Combination of Debt for Legal Lending Limit Purposes

Current through Rules and Regulations filed through June 27, 2024
(a) General Rule. Pursuant to Code Section 7-1-285, loans or extensions of credit to one person will be attributed to another person and each person will be deemed a borrower:
(1) When proceeds of a loan or extension of credit are to be used for the direct benefit of the other person, to the extent of the proceeds so used;
(2) When a common enterprise is deemed to exist between the persons as the persons within the group are directly or indirectly related through common control including where one borrower is directly or indirectly controlled by another borrower;
(3) When there is a common use of funds between the persons; or
(4) When a person has a financial obligation on a loan or an extension of credit, to the extent of such obligation.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-5 - LOANS AND DISCOUNTS › Rule 80-1-5-.12 - Conditional Waiver of Applicability of Revised Statutory Capital Base Definition

Current through Rules and Regulations filed through June 27, 2024
(1) Prior to June 1, 2017, the definition of statutory capital base meant the "sum of the capital stock, paid-in capital, appropriated retained earnings, and capital debt of a bank or trust company less any amount of good will, core deposit intangibles, or other intangible assets related to the purchase, acquisition, or merger of a bank charter or accumulated deficit (negative retained earnings)." The revised definition of statutory capital base expressly provides that the Department has the authority to phase in the revised definition for those banks that will have a decreased statutory capital base.
(2) Any bank that has a decrease in its statutory capital base as of July 1, 2017, may submit a letter form application seeking a waiver from the applicability of the revised definition. Any such request for a waiver must be received by the Department no later than August 15, 2017. The application should provide information pertinent to the request, including, but not limited to, a calculation of the statutory capital base under both formulas.
(3) The Department shall take into consideration competitive, financial, managerial, safety and soundness, and other concerns in evaluating any waiver request. The Department is authorized to impose conditions on the grant of any request for a waiver.
(4) All waivers, conditional or otherwise, issued pursuant to this Rule shall expire on August 31 of each year, and application for renewal of a waiver shall be made annually on or before August 1 of each year.
O.C.G.A. §§
										7-1-4; 7-1-61; 7-1-285.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-6 - BANK FINANCIAL AND OTHER REPORTS › Rule 80-1-6-.01 - Reports to Department

Current through Rules and Regulations filed through June 27, 2024
Every bank shall within ten (10) days after knowledge thereof report:
(a) The election of any new chief executive officer or president;
(b) The resignation or removal of the chief executive officer, president, or any director, giving the reason for such action; and
(c) The transfer of any common stock of the bank aggregating fifteen (15) percent of the outstanding shares of common stock of the bank or any smaller transfer resulting in the new owner holding in the aggregate more than twenty-five (25) percent of the outstanding common stock of the bank.
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 80-1 - BANKS › Subject 80-1-6 - BANK FINANCIAL AND OTHER REPORTS › Rule 80-1-6-.02 - Reports to Shareholders

Current through Rules and Regulations filed through June 27, 2024
(1) On or before the date of the annual stockholders' meeting of any bank, the shareholders of the bank, regardless of class or voting rights, shall each be provided with the following schedules for the last fiscal year on a comparative basis with the preceding fiscal year:
(a) Statement of Assets, Liabilities, and Capital;
(b) Statement of Earnings and Expenses; and
(c) Reconcilement of Changes in Capital Accounts.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-6 - BANK FINANCIAL AND OTHER REPORTS › Rule 80-1-6-.03 - Directors' Financial Reports

Current through Rules and Regulations filed through June 27, 2024
Each director of a bank or trust company shall maintain on file with the chief executive officer of the bank or trust company for which he/she serves as a director a financial statement on forms prescribed by the Department. Such financial statement shall be revised annually, but in no event shall the statement on file be more than eighteen (18) months old. At the discretion of the Board of Directors of each bank or trust company, such financial statements may be maintained in sealed envelopes available for inspection only by state or federal examiners.
Ga. L. 1974, p. 733; 1975, S.B. 145.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-6 - BANK FINANCIAL AND OTHER REPORTS › Rule 80-1-6-.04 - Repealed

Current through Rules and Regulations filed through June 27, 2024
Authority Ga. L. 1919, p. 144, 1972, pp. 556 to 558.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-6 - BANK FINANCIAL AND OTHER REPORTS › Rule 80-1-6-.05 - Repealed

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1919, p. 144.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-6 - BANK FINANCIAL AND OTHER REPORTS › Rule 80-1-6-.06 - Repealed

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1919, p. 144.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-7 - LEGAL RESERVES › Rule 80-1-7-.01 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) Legal Reserve:
(a) Lawful money of the United States in the office and vaults of the financial institution.
(b) Moneys on deposit subject to immediate call with other federally insured financial institutions such as approved by the Department of Banking and Finance pursuant to Code Section 7-1-370 or with a Federal Reserve Bank, except where such deposits are for the purpose of meeting reserve requirements against assets pursuant to the Federal Credit Control Act of 1969 and regulations pursuant thereto.
1.Reciprocal demand balances due to such financial institutions shall be deducted from the balance due from those financial institutions before making any calculations.
2.Outgoing cash letters shall be included and incoming cash letters deducted before making any calculations of available moneys on deposit.
(c) Cash items and clearings held over shall not be regarded as Legal Reserves within the meaning of this regulation.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-7 - LEGAL RESERVES › Rule 80-1-7-.02 - Records to Be Maintained

Current through Rules and Regulations filed through June 27, 2024
Where reserves are required pursuant to Rule  80-1-7-.03(2), each financial institution shall maintain, for a period of not less than two calendar years, a record of its biweekly calculations of reserve requirements and reserves maintained. Such record shall be subject to review during examinations of the financial institution. A copy of the recommended format to be used in calculating reserves will be available from the Department of Banking and Finance, but alternative forms may be utilized if they provide the same basic information as provided by the recommended form.
Ga. L. 1974, pp. 733, 820-822.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-7 - LEGAL RESERVES › Rule 80-1-7-.03 - Amounts of Reserves to Be Maintained

Current through Rules and Regulations filed through June 27, 2024
(1) Every financial institution shall maintain a minimum of the legal reserves required to be maintained pursuant to the federal "Monetary Control Act of 1980" and other applicable federal requirements. The reserve requirement is the minimum acceptable for a financial institution whose overall financial condition is fundamentally sound, which is well-managed and which has not material or significant operational or financial weaknesses. In the event the Department concludes that a financial institution does not satisfy these standards, the Department may establish a higher reserve requirement for a financial institution to maintain.
(2) Financial institutions which are governed by 12 C.F.R. §
										204 shall, in lieu of the reserve herein required, keep and maintain such reserve in accordance with the applicable federal requirements.
Ga. L. 1974, pp. 733, 802-822.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-8 - DORMANT ACCOUNTS › Rule 80-1-8-.01 - Dormant Accounts: Service Charges

Current through Rules and Regulations filed through June 27, 2024
(1) Dormant accounts are hereby defined as follows:
(a) Demand Deposit Accounts are deemed to be dormant when the depositor, which for the purposes of this rule shall include a member in the case of credit unions and a shareholder in the case of savings and loan associations, has neither increased or decreased the amount of the deposit nor corresponded with the financial institution regarding the deposit for a period of not less than twelve months immediately preceding the determination.
(b) Time and Savings Deposits, including Certificates of Deposit, are deemed to be dormant when the depositor has neither increased or decreased the amount of the deposit or shares nor corresponded with the financial institution regarding the deposit or shares for a period of not less than five (5) years from the date upon which the deposit or share first became eligible for withdrawal.
(c) Certified and Official Checks shall be deemed to be dormant when they have not been presented for payment within two (2) years of the date of issue, or if the issuing financial institution has not had correspondence with the registered owner of the check for a period of two (2) years immediately preceding the determination of dormancy.
(d) For purposes of this regulation, the term, "Demand Deposit Accounts," shall include share draft accounts in the case of credit unions, as well as any "Time" or "Savings" account which by its terms is due and payable, either in whole or in part, within less than ninety days or upon less than ninety days notice by the depositor.
(e) For purposes of this regulation, the term "corresponded" or "correspondence" includes, but is not limited to:
(i) any communication, indication of interest, or relationship set forth in O.C.G.A. §
											44-12-197(a) (2) -(5); or
(ii) a depositor accessing an online account.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-8 - DORMANT ACCOUNTS › Rule 80-1-8-.02 - Repealed

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1972, p. 762; Ga. L. 1974, p. 733.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-8 - DORMANT ACCOUNTS › Rule 80-1-8-.03 - Repealed

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1972, p. 762; Ga. L. 1974, p. 733.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-8 - DORMANT ACCOUNTS › Rule 80-1-8-.04 - Repealed

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1972, p. 762; Ga. L. 1974. p. 733.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-9 - BORROWED MONEY › Rule 80-1-9-.01 - Borrowed Money Defined

Current through Rules and Regulations filed through June 27, 2024
Borrowed money for purposes of this Regulation and as used in O.C.G.A. §
									7-1-291 shall mean the sum of all moneys owed by a bank including participations sold with recourse but excluding:
(a) Liabilities for deposits and official checks recorded during the regular course of business,
(b) Liabilities for moneys accrued as expenses payable or income deferred,
(c) Liabilities for commercial paper rediscounted,
(d) Liabilities to Federal Reserve Bank on account of money borrowed or rediscounts,
(e) Liabilities on account of the acquisition of reserve balances at a Federal Reserve Bank or other reserve agent from a member or nonmember bank,
(f) Liabilities on account of agreements to repurchase securities sold by the bank (commonly known as "repurchase agreements"),
(g) Liabilities which result from the purchase of Federal or Correspondent Funds in excess of amounts excluded under subparagraph (d) herein to the extent that such Federal or Correspondent Funds are held for resale to other financial institutions,
(h) Liabilities which result from the acquisition of excess funds of any state or federal savings and loan association for the purpose of investing such funds in the "federal fund" market at the direction of the association,
(i) Liabilities which result from borrowing from the Export-Import Bank of the United States to the extent that such borrowings are secured by obligations to the bank which are guaranteed by the Export-Import Bank, and
(j) Liabilities in the form of subordinated securities pursuant to O.C.G.A. §
									7-1-419.
Ga. L. 1974, pp. 733, 801, 802.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-9 - BORROWED MONEY › Rule 80-1-9-.02 - Reserved

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1974, pp. 733, 801, 802. O.C.G.A. Sec. 7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-10 - FIXED ASSETS AND ASSETS ACQUIRED D.P.C › Rule 80-1-10-.01 - Limitation on Fixed Asset Investment; Excessive Investments

Current through Rules and Regulations filed through June 27, 2024
(1) Banks may purchase, hold, and convey real estate only such as shall be necessary for the convenient transaction of its business and recreational use of its employees, except that real estate commonly referred to as Other Real Estate and as defined herein may be held for not longer than five (5) years unless the time limitation is extended by the Department of Banking and Finance.
(2) The aggregate investment by a bank in real estate, bank premises, and furniture and fixtures, stock in any real estate holding subsidiary, and leasehold as defined herein shall not exceed sixty (60) percent of the bank's statutory capital base; except that a greater sum may be invested with the prior approval of the Department of Banking and Finance.
(3) Applications for approval to invest in fixed assets an amount in excess of the limitations set forth in paragraph (2) shall be in letter form and must provide for an orderly plan for restoring the fixed asset investment to the sixty (60) percent limitation within not more than five (5) years through one of the following means:
(a) Regular annual depreciation charges consistent with current Federal Income Tax regulations, or
(b) Predetermined plans for restructuring the capital accounts to increase the sixty (60) percent legal limitation, or
(c) Any combination of the methods set forth in (a) and (b) above.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-10 - FIXED ASSETS AND ASSETS ACQUIRED D.P.C › Rule 80-1-10-.02 - Purchase of Real Estate for Future Expansion; Letter Notification

Current through Rules and Regulations filed through June 27, 2024
(1) The purchase of real property for expansion purposes may be made without the prior consent of the Department of Banking and Finance and by only a letter notification when:
(a) The real property is to be utilized as bank premises within five years of the date of purchase;
(b) The purchase of the real property does not result in the bank exceeding the fixed asset limitation;
(c) The bank is not subject to any special requirements whereby the Department requires prior approval for such purchases; and
(d) If an insider is involved, a certification is provided stating that all requirements of O.C.G.A. §
										7-1-492 and the provisions of the Federal Reserve Board known as Regulation 0 have been met.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-10 - FIXED ASSETS AND ASSETS ACQUIRED D.P.C › Rule 80-1-10-.03 - Expansion of Existing Facilities

Current through Rules and Regulations filed through June 27, 2024
(1) Expansion of bank premises may be performed by a bank without the prior approval of the Department of Banking and Finance wherever the ultimate and final cost of the expansion or extension will not result in a fixed asset investment by the bank in excess of the sixty (60) percent legal limitation and
(a) The proposed extension will be physically connected to the existing banking house, or
(b) The proposed extension will be located on the same contiguous area of property as the existing banking house, and
(c) In either the case of subparagraph (a) or (b) the proposed extension will not involve the purchase of real property.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-10 - FIXED ASSETS AND ASSETS ACQUIRED D.P.C › Rule 80-1-10-.04 - Relocation: Construction of New Facilities

Current through Rules and Regulations filed through June 27, 2024
Any relocation or construction of new bank premises which will result in a change of the official street address of any bank, whether or not such change can be accomplished within the legal limitation on fixed asset investment, must have the prior approval of the Department of Banking and Finance.
Ga. L. 1974, pp. 733, 789.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-10 - FIXED ASSETS AND ASSETS ACQUIRED D.P.C › Rule 80-1-10-.05 - Organization of Real Estate Holding Subsidiaries

Current through Rules and Regulations filed through June 27, 2024
(1) With the prior approval of the Department of Banking and Finance, any bank may invest in all of the outstanding capital stock of a subsidiary corporation organized for the purpose of owning bank premises which might be legally owned by such bank and such investment shall be included as fixed assets in determining whether the bank's total investment in fixed assets is within the limitations prescribed by law.
(2) Such real estate holding subsidiaries shall not be permitted to own or otherwise invest its funds in Other Real Estate, furniture and fixtures other than for its own use, securities, or any other assets inconsistent with the purpose for which it was originally organized.
(3) Such real estate holding subsidiaries shall be subject to all of the limitations, prohibitions, and requirements with respect to the purchase, ownership, and expansion of bank premises that the bank would be subject to, except the limitation imposed on fixed asset investment, but provided that the Department of Banking and Finance may set such limitations on the total investment in fixed assets, the total authorized borrowings, the total capitalization, and the annual rental charges of the real estate holding subsidiary as it considers necessary to the sound operation of the company.
(4) Banks may invest in the stock of such corporations and such investments shall be included in determining the bank's legal limitation on investment in fixed assets.
(5) Such real estate holding subsidiaries shall be subject to examination by the Commissioner of Banking and Finance on the same basis as the parent corporation.
O.C.G.A. §§
											7-1-61; 7-1-262.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-10 - FIXED ASSETS AND ASSETS ACQUIRED D.P.C › Rule 80-1-10-.06 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1974, pp. 733, 849.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-10 - FIXED ASSETS AND ASSETS ACQUIRED D.P.C › Rule 80-1-10-.07 - Leasehold Interests in Fixed Assets

Current through Rules and Regulations filed through June 27, 2024
Lease contracts covering land, buildings, or furniture, fixtures, and equipment which result in a bank obtaining title to the property at the expiration of the lease or at any time prior thereto for the payment of any moneys less than the fair market value of the property at time title is acquired shall be considered as fixed assets within the meaning of Georgia Law and this Regulation and shall be reflected on the books of the bank as such and an appropriate liability account similarly established.
Ga. L. 1974, pp. 733, 789.