7-1-591. Bank or bank holding company domiciled in state; out-of-state activities.

A bank domiciled in this state and operating under the laws of this state or a subsidiary of such bank may establish a representative office anywhere in the state upon registering with the department. A bank holding company domiciled in this state and operating under the laws of this state or a nonbank subsidiary of such bank holding company may establish a representative office anywhere in this state upon registering with the department.#

Subject to any limitation or restrictions of the host state and upon registering the representative office with the department, a Georgia chartered bank may conduct any activities at any representative office outside Georgia that are authorized by Georgia law or that are permissible for a bank chartered by the host state where the representative office is located, except to the extent such activities are expressly prohibited by the laws of this state or by any regulation or order of the commissioner applicable to the Georgia chartered bank and except where the activity is one that requires approval from the department, in which case such approval must be secured; provided, however, that the commissioner may waive any prohibition or requirement for approval if he or she determines, by order or regulation, that the involvement of out-of-state representative offices of the Georgia chartered bank in particular activities would not threaten the safety or soundness of such bank.#