reglab/statecodes huggingface dataset:
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-6 - HOLDING COMPANIES › Subject 80-6-1 - APPLICATIONS AND ACQUISTIONS › Rule 80-6-1-.03 - Qualifying Criteria for Expedited Processing; Acquisitions and One-bank Holding Company Formations

Current through Rules and Regulations filed through June 27, 2024
(1) The qualifying criteria for a bank holding company to be eligible for expedited processing for an acquisition is as follows:
(a) Well-capitalized organization.
1. Bank holding company (BHC). Both at the time of and immediately after the proposed transaction, the acquiring BHC is well capitalized.
2. Insured depository institutions. Both at the time of and immediately after the proposed transaction.
(i.) The lead insured depository institution of the acquiring BHC is well capitalized;
(ii.) Well-capitalized insured depository institutions control at least eighty (80) percent of the total average total assets of insured depository institutions controlled by the acquiring BHC; and
(iii.) No insured depository institution controlled by the acquiring BHC is undercapitalized.
(3) Well capitalized and undercapitalized shall be as defined in the appropriate capital regulation and guidance of the applicable institution's primary federal regulator.
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-.04 - Qualifying Criteria for Expedited Processing: Establishment of a De Novo Wholly Owned Bank Subsidiary By a Holding Company Lawfully Operating in Georgia

Current through Rules and Regulations filed through June 27, 2024
(1) Only a holding company which has lawfully purchased or acquired a bank in Georgia may qualify under this Rule to form a de novo bank, pursuant to provisions of O.C.G.A. §
									7-1-608(b)(3). The holding company must wholly own the proposed bank to qualify for expedited processing.
(2) An eligible holding company must have:
(a) An assigned composite rating of 2 or better at its most recent state or federal examination; and
(b) At least seventy-five (75) percent of its consolidated depository institution assets comprised of eligible depository institutions.
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-.05 - Public Notices

Current through Rules and Regulations filed through June 27, 2024
(1) The applicant shall publish not more than thirty (30) days prior to filing the application the following notice in a newspaper of general circulation in the county where the bank or holding company to be acquired is located:
NOTICE OF PROPOSED ACQUISITION OR MERGER BY A COMPANY OR A HOLDING COMPANY
Pursuant to the Official Code of Georgia and regulations of the Department of Banking and Finance, notice is given that (name of company in boldface type), (city and state of principal place of business), (a holding company) (company), proposes to (acquire shares of) (merge with) (name of bank or holding company), (city and state of principal place of business), and has applied to the Department of Banking and Finance for permission to take such actions.
Persons wishing to comment on this proposal should submit their views in writing within thirty (30) days of the date of publication of this notice to the Department of Banking and Finance, (insert address).
(2) Where an application for a de novo bank is made by a qualified holding company, a charter application notice for public comment will be required in such form as the Department may prescribe.
(3) In lieu of the foregoing, such publication may be in a form and location prescribed by the Federal Reserve Bank or other Regulatory Authority having concurrent jurisdiction, for such a transaction, provided it contains a reference to the Department of Banking and Finance with its address, as a regulator to whom comments should be sent.
O.C.G.A. §§
											7-1-61, 7-1-607.
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-.06 - Public Information

Current through Rules and Regulations filed through June 27, 2024
Applications and registration statements filed with the Department and documents submitted to the Department in connection with such filings shall be public information, subject to Rule  80-1-11-.01. Requests for confidential treatment shall be subject to review by the Department. Comments received pursuant to Rule  80-6-1-.05  shall be public information.
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-.07 - Hearings

Current through Rules and Regulations filed through June 27, 2024
(1) Notwithstanding the provisions of Rule  80-6-1-.05, the Commissioner may, in his discretion, require public hearings to be held with respect to an application pending before him. Such hearings shall be held in accordance with the provisions of Rule  80-1-1-.05.
(2) Whenever the Commissioner, in his/her discretion, has reason to believe that a company directly or indirectly exercises a controlling influence over the management or policies of a bank or another company, the Commissioner shall cause reasonable notice to be given to the banks or companies involved to show cause why such company should not be found to be a holding company as defined in O.C.G.A. §
									7-1-605 at a hearing to be held at such time and place as shall be specified in the notice. The form of the heretofore required notice and hearings shall be in accordance with the Georgia Administrative Procedures Act.
O.C.G.A. §§
											7-1-61, 7-1-607.
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-.08 - Proxies, Offering Circulars, Disclosure Statements

Current through Rules and Regulations filed through June 27, 2024
(1) It shall be a basis for denial of an application for any person to make any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading, or to engage in any fraudulent, deceptive or manipulative acts or practices in connection with any offer to purchase or exchange shares of stock in a bank or a holding company which is the subject of an application hereunder.
(2) No Georgia bank holding company or holding company owning a Georgia bank shall offer to purchase or exchange any stock of any banking subsidiary, either directly or indirectly, unless such offer is accompanied by an offering statement prepared in accordance with standards prescribed for securities required to be registered under The Georgia Securities Act of 2008, as amended. Purchases or exchanges of stocks which are subject to the registration requirements of The Securities Act of 1933, as amended (federal), or The Georgia Securities Act of 2008, as amended, or non-registered securities being acquired by a holding company whose securities are subject to registration under such acts, shall comply with the requirements under those acts.
O.C.G.A. §§
											7-1-61, 7-1-607.
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-.09 - Non-Banking Acquisitions

Current through Rules and Regulations filed through June 27, 2024
(1) Whenever a Georgia bank holding company or a holding company owning a Georgia bank plans to engage in, or to acquire shares of stock in a company to be or which is currently engaged in, non-banking activities, the Department shall be notified of such intention contemporaneously with the filing of any application with the Federal Reserve System for approval to engage in such activities or acquire such shares. In the event such approval is not required, the Department shall be notified of such intention within ten (10) days after the Board of Directors of the holding company authorizes such specific activities or acquisition or, alternatively, contemporaneously with any notice of engagement in such activities or acquisitions is filed with the Federal Reserve.
(2) Notice to the Department required pursuant to Section (1) of this Rule shall be in letter form and, insofar as is known at the time, shall state the following:
(a) Name and principal location of the company to be acquired, if any;
(b) Number of shares to be acquired, percentage of shares to be acquired to total shares outstanding, and price to be paid for such shares;
(c) Sources of funds to be used to pay for such shares and, if borrowed funds are to be used, the terms of any borrowings;
(d) Statement of Assets and Liabilities and Statement of Income for the most recent fiscal year and year-to-date on the company to be acquired or to otherwise be engaged in non-banking activities;
(e) Nature of business in which company is engaged or is to be engaged; and
(f) Description of additional markets to be served and additional nonbanking activities to be performed.
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-.10 - Unlawful Acquisitions, Corporate Restructuring

Current through Rules and Regulations filed through June 27, 2024
Transactions determined by the Commissioner to in substance constitute an internal corporate restructuring by a Georgia bank holding company shall not be considered to be an acquisition of control within the meaning of O.C.G.A. §
									7-1-608.
O.C.G.A. §§
											7-1-61, 7-1-607.
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-.11 - Repealed

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1976, pp. 168, 175; Ga. L. 1980, p. 542.
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-.12 - Repealed and Reserved

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 80-6 - HOLDING COMPANIES › Subject 80-6-1 - APPLICATIONS AND ACQUISTIONS › Rule 80-6-1-.13 - Repealed and Reserved

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 80-6 - HOLDING COMPANIES › Subject 80-6-1 - APPLICATIONS AND ACQUISTIONS › Rule 80-6-1-.14 - Repealed and Reserved

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 80-6 - HOLDING COMPANIES › Subject 80-6-1 - APPLICATIONS AND ACQUISTIONS › Rule 80-6-1-.15 - Reserved

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. Secs. 7-1-61, 7-1-607.
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-.16 - Repealed and Reserved

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 80-6 - HOLDING COMPANIES › Subject 80-6-2 - OPERATIONS › Rule 80-6-2-.01 - Audits

Current through Rules and Regulations filed through June 27, 2024
(1) Every Georgia bank holding company or a holding company that owns a Georgia bank and its non-banking subsidiaries shall be audited at least annually by independent public accountants in accordance with generally accepted auditing standards with copies of such audit maintained on file in the offices of the holding company.
(2) Audit reports in which the auditor expresses an unqualified opinion shall be provided to the Department upon request. Audit reports in which the auditor expresses anything other than an unqualified opinion, including, but not limited to, a qualified opinion, an adverse opinion, or a disclaimer of opinion, shall be provided to the Department within fifteen (15) days following receipt by the holding company. Audit reports submitted to the Department shall be accompanied by the Letter to Management, if applicable, detailing any reportable conditions discovered during the audit engagement. Failure to obtain the required opinion audit, or the auditor's report thereof, shall be reported to the Department within fifteen (15) days of discovery.
O.C.G.A. §§
											7-1-61; 7-1-607.
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 80-6-2 - OPERATIONS › Rule 80-6-2-.02 - Reports

Current through Rules and Regulations filed through June 27, 2024
(1) On or before the date of the annual stockholders' meeting of a Georgia bank holding company or a holding company owning a Georgia bank, the shareholders of the holding company, regardless of class or voting rights, shall be provided a copy of the audit report required in Rule  80-6-2-.01, or the following schedules prepared on the equity basis of accounting for the last fiscal year on a comparative basis with the preceding fiscal year:
(a) Year-end balance sheet on both a consolidated basis and a holding company only basis;
(b) Statement of income and expenses on both a consolidated and a holding company only basis;
(c) Reconcilement of changes in capital accounts on both a consolidated and a holding company only basis; and
(d) A statement of cash flows (holding company only).
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 80-6-2 - OPERATIONS › Rule 80-6-2-.03 - Liability Funding of Corporate Activities

Current through Rules and Regulations filed through June 27, 2024
No Georgia bank holding company or holding company owning a Georgia bank may enter into contractual debt obligations which in the aggregate are dependent upon revenues produced by subsidiaries for annual servicing during the term of the debt in excess of fifty (50) percent of the average annual consolidated net operating earnings of such subsidiaries for the three fiscal years immediately preceding the date of the extension of credit. The Department, upon specific written request of the holding company, may waive this requirement.
O.C.G.A. §§
											7-1-61, 7-1-607.
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 80-6-2 - OPERATIONS › Rule 80-6-2-.04 - Georgia Bank Holding Companies not Covered by Federal Bank Holding Company Act of 1956

Current through Rules and Regulations filed through June 27, 2024
Companies determined to be holding companies pursuant to O.C.G.A. §
									7-1-605, but not subject to the Federal Bank Holding Company Act of 1956, as amended, are required to file all reports and applications required by Rule Chapter 80-6-1 and Rule Chapter 80-6-2 notwithstanding such federal exemptions.
O.C.G.A. §§
											7-1-61, 7-1-607.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-7 - FOREIGN BANKING › Subject 80-7-1 - BANKING ACTIVITIES IN GEORGIA BY ORGANIZATIONS DOMICILED OUTSIDE OF GEORGIA › Rule 80-7-1-.01 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) Unless further defined herein, definitions contained in provisions of Georgia Code Ann. Title 7, the Financial Institutions Code of Georgia (FIC), shall be applicable to this Chapter.
(2) Definitions contained herein shall be applicable to FIC Sections 7-1-590 and 7-1-710 through 7-1-734.
(3) Further Definitions:
(a) "Parent Organization" shall mean the corporate entity containing any FBO located in this State and any affiliate (see FIC subsection 7-1-4(1)) of such entity.
(b) "Foreign Banking Organization (FBO)" shall mean an "International Bank Agency", an "International Bank Representative Office," a "Domestic International Banking Facility", and a "Business Production Office".
(c) "Business Production Office" shall mean a "Representative Office" as discussed in FIC Section 7-1-590 and shall include any corporate subsidiary (see FIC subsection 7-1-4(37)), of a bank domicile outside of this State which maintains an office within this State.
(d) "Temporary Advances" shall mean credit balances which bear interest.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-7 - FOREIGN BANKING › Subject 80-7-1 - BANKING ACTIVITIES IN GEORGIA BY ORGANIZATIONS DOMICILED OUTSIDE OF GEORGIA › Rule 80-7-1-.02 - Status of Georgia Institutions

Current through Rules and Regulations filed through June 27, 2024
Banks chartered by this State or National Banking Associations domiciled in this State shall, unless otherwise restricted, have the same rights, privileges, and responsibilities as are granted to FBO's herein or by statute.
Ga. L. 1974, pp. 705, 733, 922.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-7 - FOREIGN BANKING › Subject 80-7-1 - BANKING ACTIVITIES IN GEORGIA BY ORGANIZATIONS DOMICILED OUTSIDE OF GEORGIA › Rule 80-7-1-.03 - Applications and Registrations

Current through Rules and Regulations filed through June 27, 2024
(1) Applications and registrations of FBO's shall be on forms prescribed by and available through the Department.
(2) Applications and registration forms shall be accompanied by such additional information as is required by FIC Sections 7-1-713 and 7-1-715 in the case of an applicant for an International Bank Agency license or FIC Section 7-1-732 in the case of an applicant for a Domestic International Banking Facility.
(3) Domestic International Banking Facilities shall pay the same fees as an International Bank Agency under the provisions of Rule Chapter 80-5-1. Other FBO's shall pay fees in accordance with Rule 80-5-1.
(4) Applications and registrations shall be accepted only where the parent organization of the applicant or an affiliate of such organization is recognized by its chartering authority or other appropriate governmental body in the country of its domicile as a banking institution with the legal authority to accept deposits from the citizens of that country.
Ga. L. 1974, pp. 705, 733, 919; 1978, pp. 712, 713; 1981, pp. 770, 771.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-7 - FOREIGN BANKING › Subject 80-7-1 - BANKING ACTIVITIES IN GEORGIA BY ORGANIZATIONS DOMICILED OUTSIDE OF GEORGIA › Rule 80-7-1-.04 - Interpretations

Current through Rules and Regulations filed through June 27, 2024
(1) The phrase "deposits subject to check or draft" as used in FIC Sections 7-1-730 through 7-1-734 shall not include deposits withdrawn by wire transfer or by check or draft where the check or draft is payable to the owner of the deposit or an affiliate of the owner and where there are five or fewer checks/drafts in any thirty-day (30) period.
(2) For purposes of distinguishing between "deposits" and "credit balances", the following guidelines shall be applicable:
(a) The maintenance of all credit balances shall be supported by appropriate file memorandum relating to the class of credit balances generally, e.g. compensating loan balances, letter of credit transactions, or to the specific credit balance being maintained and its related exercise of lawful power. Such memorandum shall recite the terms under which the credit balance(s) is maintained, the nature of the transaction out of which the credit balance arose, and the terms under which the credit balance must be terminated.
(b) Access to credit balance accounts (other than by internally generated entry) may be by draft or transfer. Such items should not represent any significant volume relative to the nature of the account and should be two-party items, i.e. the payee should also be either the maker, the international bank, or an affiliate of the maker or international bank.
(c) The foregoing shall not be applicable to accounts (operating expenses) payable arising out of the operations of the International Bank Agency in the ordinary course of business, nor shall it curtail the right of such an Agency to borrow money and issue obligations to evidence such borrowings.
(d) Balances maintained by corporations and divisions affiliated with an International Bank Agency shall not be considered to be deposits even though not maintained in strict compliance with the foregoing.
(e) Balances maintained by salaried employees of an International Bank Agency shall not be considered deposits even though not maintained in strict compliance with the foregoing.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-7 - FOREIGN BANKING › Subject 80-7-1 - BANKING ACTIVITIES IN GEORGIA BY ORGANIZATIONS DOMICILED OUTSIDE OF GEORGIA › Rule 80-7-1-.05 - Operating Restrictions

Current through Rules and Regulations filed through June 27, 2024
(1) Balances maintained in violation of restrictions against deposits shall be returned to the owner within ninety (90) days of receipt of a notice from the Department to terminate the account unless a review by the Department at the written request of the FBO results in a determination that the balance should be allowed to remain on the books of the FBO.
(2) Each FBO shall maintain separate accounting records covering its assets, liabilities, income and expenses resulting from the operations located in this State. Such records may be reviewed by the Department to determine that the scope of the activities of the FBO in this state are within the limitations prescribed by law. The results of the Department review shall be maintained and treated by the Department in the same manner as Reports of Examination and may, in the discretion of Department, be provided to other regulatory authorities to whom the parent organization is accountable.
(3) No FBO shall be eligible to act as a fiduciary in the State or to provide fiduciary services as a consequence of its maintaining a place of business within this State or of its licensing or registration by the Department.
Ga. L. 1974, pp. 705, 733, 922; Ga. L. 1981, pp. 770, 773.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-7 - FOREIGN BANKING › Subject 80-7-1 - BANKING ACTIVITIES IN GEORGIA BY ORGANIZATIONS DOMICILED OUTSIDE OF GEORGIA › Rule 80-7-1-.06

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1974, pp. 705, 733.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-8 - AGENCY ORGANIZATION AND PROCEDURES › Subject 80-8-1 - AGENCY ORGANIZATION AND PROCEDURES › Rule 80-8-1-.01 - Organization

Current through Rules and Regulations filed through June 27, 2024
(1) The Department is organized pursuant to the provisions of O.C.G.A. §
									7-1-30 and is charged with the responsibility of supervising the activities of depository financial institutions and certain other financial entities operating pursuant to the provisions of Title 7.
(2) The administration of the Department is under the direction of the Commissioner of Banking and Finance. The Commissioner is assisted by a Senior Deputy and Divisional Deputies in the areas of Administration, Legal Affairs, Non-Depository Financial Institutions, and Financial Institution Supervision. The Financial Institutions Supervision Division administers laws, regulations and supervisory matters relating to credit unions, banks, domestic international banking facilities, foreign bank offices (Georgia state branches, Georgia state agencies, and Georgia state representative offices), trust companies, holding companies, merchant acquirer limited purpose banks, and state savings and loan associations; and processes applications for such entities. The state is geographically divided into districts or divisions, each of which is administered by a District Director. Legal Affairs is responsible for legal matters. Non-Depository Financial Institutions is responsible for regulation and supervision of mortgage lenders, mortgage brokers, and mortgage loan originators under the Georgia Residential Mortgage Act; the regulation and supervision of money service businesses, including check cashers and money transmitters; and the regulation of installment lenders. Administration is responsible for personnel and all budgetary matters.
(3) The Department is funded entirely from the examination, supervision, licensing and other fees paid by supervised financial institutions and other entities under its jurisdiction, and operates under the budgetary system of the state of Georgia.
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 80-8 - AGENCY ORGANIZATION AND PROCEDURES › Subject 80-8-1 - AGENCY ORGANIZATION AND PROCEDURES › Rule 80-8-1-.02 - Methods

Current through Rules and Regulations filed through June 27, 2024
(1) The DBF fulfills its responsibilities under Title 7 of the Official Code of Georgia Annotated through direct examination and investigation of financial institutions and other licensees, applications submitted by such institutions, and through administrative analysis of data submitted by such institutions.
(2) Direct examination and investigation of financial institutions and other licensees is conducted by a staff of professional examiners knowledgeable in financial analysis, credit evaluation, applicable law, and operating practices and controls of regulated entities. Examinations and investigations of financial institutions are coordinated with appropriate federal financial regulatory authorities having concurrent jurisdiction. Forms and methods utilized in carrying out examination activities are standardized with federal agencies; however, DBF may have supplementary forms and procedures as circumstances and regulatory requirements demand. Coordination of examination activities with federal regulatory agencies is designed to minimize unnecessary duplication of activities while providing all agencies the data necessary to fulfill their separate responsibilities. The Department publishes a Statement of Policies which details guidelines and interpretations in a number of areas relating to its examination, supervision and investigative duties. The Statement of Policies is updated and revised from time to time as required by industry and economic changes and is available from the Department. The Department also publishes an Applications Manual, which details requirements for all applications and refers to relevant code sections.
Ga. L. 1964, p. 338; 1974, p. 733.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-8 - AGENCY ORGANIZATION AND PROCEDURES › Subject 80-8-1 - AGENCY ORGANIZATION AND PROCEDURES › Rule 80-8-1-.03 - Requests and Inquiries

Current through Rules and Regulations filed through June 27, 2024
Specific information and inquiries concerning the activities of the DBF may be obtained by writing the Department of Banking and Finance, Suite 200, 2990 Brandywine Road, Atlanta, Georgia 30341. Requests for forms for submission of applications for approval to establish or expand a financial institution are governed by provisions of Chapter 80-1-1. Forms are available from the Department. Information concerning the internal affairs of a financial institution and the results of the examination and investigation activities of DBF are confidential as provided by Code Section 7-1-70 of the Official Code of Georgia Annotated.
Ga. L. 1964, p. 338; 1974, p. 733.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-8 - AGENCY ORGANIZATION AND PROCEDURES › Subject 80-8-1 - AGENCY ORGANIZATION AND PROCEDURES › Rule 80-8-1-.04 - Petition for Promulgation, Amendment, or Repeal of Rules

Current through Rules and Regulations filed through June 27, 2024
(1) Any affected party may petition the DBF to promulgate, amend or repeal a rule or regulation. Such petition shall be submitted to the DBF and shall be in writing, signed by the petitioner(s). Such petition shall state concisely the proposed change, the legal authority under which the DBF could implement such change, and a detailed discussion of the positive and negative implications of the proposed change.
(2) Within thirty (30) days of receipt of the petition or supplemental information, DBF shall either request additional information of the petitioner(s), deny the petition, or advise the petitioner(s) that DBF is initiating Administrative Procedures Act processes to propose the change requested; provided, however, if the DBF determines that a request for opinion in the matter should be made to the Attorney General, such thirty-day (30) period shall not begin to run until the DBF has received a response from the Attorney General.
Ga. L. 1964, p. 338; 1974, p. 733.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-8 - AGENCY ORGANIZATION AND PROCEDURES › Subject 80-8-1 - AGENCY ORGANIZATION AND PROCEDURES › Rule 80-8-1-.05 - Petition for Declaratory Rulings

Current through Rules and Regulations filed through June 27, 2024
Any affected party may petition the DBF for a declaratory ruling as to the applicability of any provision of law subject to the administration of the DBF or any Rule, order or policy of the DBF. Such petition shall be in writing, signed by the petitioner(s), and shall state concisely the situation involved and the law, rule or policy in question. Petitions shall be filed and processed in accordance with the provisions of Rule  80-8-1-.04.
Ga. L. 1964, p. 338; 1974, p. 733.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-9 - SUSPICIOUS ACTIVITIES › Subject 80-9-1 - CURRENCY TRANSACTION REPORTS AND SUSPICIOUS ACTIVITIES › Rule 80-9-1-.01 - State Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) A financial institution required to report any currency transaction in excess of $10,000 including a transaction in excess of $100,000 may satisfy state currency transaction filing and reporting requirements by filing a timely report (FinCEN Form 104) with the federal authority designated in the Currency and Foreign Transaction Reporting Act of 1970 ("Bank Secrecy Act").
(2) Banks and credit unions are required to follow federal guidelines for detecting abuses or the structuring of transactions designed to avoid Bank Secrecy Act reporting.
O.C.G.A. §§
											7-1-61, 7-1-689, 7-1-706.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-9 - SUSPICIOUS ACTIVITIES › Subject 80-9-1 - CURRENCY TRANSACTION REPORTS AND SUSPICIOUS ACTIVITIES › Rule 80-9-1-.02 - Suspicious Activities: State Financial Institutions

Current through Rules and Regulations filed through June 27, 2024
Financial institutions must comply with federal requirements for detecting and reporting any suspicious activities. A copy of any suspicious activity report ("SAR") filed by a financial institution shall be provided to the Department upon request.
O.C.G.A. §§
											7-1-61, 7-1-704.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-9 - SUSPICIOUS ACTIVITIES › Subject 80-9-1 - CURRENCY TRANSACTION REPORTS AND SUSPICIOUS ACTIVITIES › Rule 80-9-1-.03 - Exemptions

Current through Rules and Regulations filed through June 27, 2024
All financial institutions should review applicable exemptions from filing in the Bank Secrecy Act and such lawful exemptions shall apply under this chapter.
O.C.G.A. Secs. 7-1-61, 7-1-704.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-10 - RECORDS RETENTION › Subject 80-10-1 - RECORDS RETENTION › Rule 80-10-1-.01 - Minimum Records Retention Periods

Current through Rules and Regulations filed through June 27, 2024
(1) Financial institutions are required to maintain the following records for the minimum period of time set forth below:
(a)
Permanent
:
1. Minute books, including supporting documents utilized during meetings, of the financial institutions' shareholders or members, Board of Directors, and Board Committees.
2. Capital stock ownership, including the names and addresses of all shareholders and the number, class, and series, if any, of the shares, and transfer records.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-10 - RECORDS RETENTION › Subject 80-10-1 - RECORDS RETENTION › Rule 80-10-1-.02 - Format for Retaining Records and EDP Processing

Current through Rules and Regulations filed through June 27, 2024
(1) Consistent with applicable laws, records may be maintained in the following formats: original, microfilm, electronic, photocopy, or by other storage techniques capable of being used to reproduce the data contained in the records into legible form. The retention of records via the resultant medium for the periods of time designated in the applicable regulations shall be considered as complying with the regulations and the law. Notwithstanding this discretion, records must be maintained in a format that makes them readily accessible in a reasonable period of time.
(2) Electronic Data Processing operations are considered merely as extensions of the bookkeeping mechanics and shall not alter the retention requirements of the regulation. Print-outs of EDP records which provide essentially the same information as the conventional records listed herein may be retained in lieu of the records listed.
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 80-10 - RECORDS RETENTION › Subject 80-10-1 - RECORDS RETENTION › Rule 80-10-1-.03 - Applicability of Regulation to National Banks and Others

Current through Rules and Regulations filed through June 27, 2024
(1) To the extent that this regulation does not contravene any law or regulation of the United States regarding retention of records, the provisions contained herein shall apply to all financial institutions doing business in this State.
(2) The provisions of this regulation shall extend to service corporations performing services pursuant to Regulation 80-1-2 to the extent that they are maintaining records for financial institutions subject to the regulation.
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 80-10 - RECORDS RETENTION › Subject 80-10-1 - RECORDS RETENTION › Rule 80-10-1-.04 - Reimbursement for Cost of Production of Records

Current through Rules and Regulations filed through June 27, 2024
(1) A financial institution shall be reimbursed for costs which are reasonably necessary and which have been directly incurred in searching for, reproducing or transporting books, papers, records or other data of a customer required or requested to be produced pursuant to a lawful subpoena, summons, warrant or court order where the financial institution is not a party to the action or in cases of garnishment or attachment of funds held by the financial institution. Such costs shall be reasonably determined according to time spent, materials provided, and personnel level required, and any pertinent state law.
(2) Allowable reimbursements for costs incurred on the request of a state government or state law enforcement agency, other than the Department of Banking and Finance, are as follows:
(a) Search and processing costs for time spent in locating, retrieving, reproducing and preparing records shall be reimbursed at actual cost but in no event in excess of $15 per hour per person.
(b) Reproduction costs incurred in making copies of documents shall be reimbursed at 25 cents per page. Photographs, films and other material shall be reimbursed at actual costs.
(c) Transportation costs which are necessary to transport personnel to locate and retrieve material, or transportation costs necessary to convey the material to the place of examination shall be reimbursed at actual cost.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-1 - DISCLOSURE, ADVERTISING AND OTHER REQUIREMENTS › Rule 80-11-1-.01 - Disclosure Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) The disclosures and all other provisions of this Rule only apply to persons licensed, registered, or required to be licensed or registered under Article 13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated.
(2) Every mortgage lender or mortgage broker shall make the following disclosures in writing to applicants for residential mortgage loans:
(a) within three business days of receipt of the application but no later than seven business days before settlement or closing of the loan, a Loan Estimate, as required by federal law, including but not limited to 12 CFR §
											1026.19 and 12 CFR §
											1026.37;
(b) no later than three business days before settlement or closing of the loan, a Closing Disclosure, as required by federal law, including but not limited to 12 CFR §
											1026.19 and 12 CFR §
											1026.38;
(c) prior to the acceptance of a fee, including, but not limited to, an application fee, credit report fee, property appraisal fee, and all other third-party fees, the amount of the fee;
(d) prior to the acceptance of a fee, whether all or any part of the fee or charge is refundable prior to settlement of the mortgage loan, and the terms and conditions for obtaining a refund if all or any part of the fee or charge is refundable;
(e) prior to the acceptance of any fees, the specific services which will be provided or performed for the application fee; and
(f) in cases where the fees are being accepted by a mortgage lender or mortgage broker that such lender or broker cannot guarantee approval of the loan application or acceptance into a particular loan program.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-1 - DISCLOSURE, ADVERTISING AND OTHER REQUIREMENTS › Rule 80-11-1-.03 - Place of Business Requirements; Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) Each licensee with a physical place of business in Georgia shall provide to the Department a complete listing of all such offices or locations.
(2) Reserved.
(3) A "physical place of business" in this state shall mean an enclosed room or building where a licensee alone, if it has no employees, otherwise where one or more supervised employees conduct a residential mortgage business.
(4) A location, including a personal residence, shall be considered a branch for purposes of the Georgia Residential Mortgage Act if any of the following conditions are met:
(a) The location address is printed on or contained in letterheads, business cards, announcements, advertisements, solicitations for business, flyers, brochures, or the like;
(b) Georgia consumers are received at the location or are directed to deliver any information by any means to the location;
(c) Loan files, applications (approved, denied, pending and pre-qualification) and any other books and records required by Georgia Residential Mortgage Act or Department rules are located at the location;
(d) The licensee directly or indirectly reimburses for rent, utility bills or other expenses incurred for use of a location as a branch; or
(e) An independent contractor of a licensed mortgage broker operates from the location and all of the conditions for the exemption contained in O.C.G.A. §
										7-1-1001(a)(17)  are satisfied.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-1 - DISCLOSURE, ADVERTISING AND OTHER REQUIREMENTS › Rule 80-11-1-.04 - Branch Managers

Current through Rules and Regulations filed through June 27, 2024
(1) A "branch manager" shall mean an individual who supervises daily activities in Georgia of a licensee, whether at a main or branch location, and regardless of job title. Branch manager shall include an independent contractor of a mortgage broker as contemplated under O.C.G.A. §
									7-1-1001(a)(17) if such independent contractor works from a branch under  80-11-1-.03(3)(e).
(2) In order to be approved as a branch manager, an individual must be licensed by the Department as a mortgage loan originator.
(3) No individual shall be permitted to manage a location in Georgia without being approved by the Department as a branch manager. A branch manager may be put in place subject to departmental approval, but the Department must receive a complete application for approval within 15 calendar days of the placement. No individual may serve as the branch manager of more than one location of a licensee unless the licensee can demonstrate that the proposed branch manager will be able to effectively manage these locations to ensure that they operate in compliance with state and federal law, and that the manager can adequately supervise the daily functions performed by the employees at the locations. In order to qualify for the employee exemption, an employee must be supervised on a daily basis by the licensee. Considerations by the Department in determining whether a branch manager may supervise more than one location will include: proximity of branches to each other, volume of business at each, experience level of proposed manager and plans to handle the supervision.
(4) The Department shall conduct a background check, obtain a credit report, and require a financial statement and such other pertinent information as it may require to satisfy itself that the location will be operated by the branch manager responsibly and in compliance with the laws and rules of this state.
O.C.G.A. §§
											7-1-61, 7-1-1006, 7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-1 - DISCLOSURE, ADVERTISING AND OTHER REQUIREMENTS › Rule 80-11-1-.05 - Employee Background Checks; Covered Employees

Current through Rules and Regulations filed through June 27, 2024
(1) As required by O.C.G.A. §
									7-1-1004(l), applicants and licensees must complete background checks on all covered employees as defined in O.C.G.A. §
									7-1-1000(5.1). Background checks on all covered employees must be completed and found satisfactory by an applicant prior to the issuance of a license and by a licensee prior to the initial date of l hire of such covered employee. In the event the job responsibilities of an employee change so that the employee satisfies the covered employee definition in O.C.G.A. §
									7-1-1000(5.1), the required background check must be completed and found satisfactory prior to the change in job responsibilities.
(2) The term "access to residential mortgage loan origination, processing, or underwriting information" in O.C.G.A. §
									7-1-1000(5.1), shall mean any prospective borrower's personal electronic or printed information and documents, including but not limited to bank statements, W-2 forms, income tax returns, employment records, and other personal financial information required to be submitted in the course of making an application for a mortgage loan. It also includes access to documents maintained and generated by the licensee in the course of the application and administration of the mortgage loan, including but not limited to electronic or printed/written information on the mortgagor and their loan, including personal and loan database information, payments and payment history information, past due reports and schedules, coupon books, information generated for tax purposes, including escrow information, and any other information generated which would include the financial and loan history of the mortgagor. Documents would also include computer displays of personal and mortgage loan information on an individual borrower or client which may be disseminated by the licensee's personnel in the course of verifying information for customers and other business related inquiries.
(3) Pursuant to O.C.G.A. §
									7-1-1004(l), applicants and licensees shall conduct criminal background checks by utilizing a commercial entity. The commercial entity shall be in the business of conducting criminal background checks. The criminal background checks conducted by the commercial entity must not have any time period limitations, geographic limitations, or other restrictions in the search criteria, unless the time period limitation, geographic limitation, or other restriction on the background checks is required by applicable federal or state law. Any fees charged by the commercial entity for conducting background checks must be paid by the applicant or licensee.
O.C.G.A. §§
											7-1-61, 7-1-1004, 7-1-1012.