Georgia Commons

Title 7. BANKING AND FINANCE

Chapter 1. FINANCIAL INSTITUTIONS

570 sections · 7-1-1 to 7-1-1138

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 1. PURPOSES AND PRELIMINARY MATTERS

  1. 7-1-1Short title.
  2. 7-1-2Legislative findings.
  3. 7-1-3Objectives of chapter; standards for construction and regulation.
  4. 7-1-4Definitions.
  5. 7-1-5Unauthorized activity as a financial institution.
  6. 7-1-6Notices; waivers of notice.
  7. 7-1-7Publication of notices or advertisements.
  8. 7-1-8Applicability of common law.
  9. 7-1-9Reservation of power over financial institutions.
  10. 7-1-10Rules of construction.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 2. ORGANIZATION AND PERSONNEL OF DEPARTMENT OF BANKING AND FINANCE

  1. 7-1-30Department created.
  2. 7-1-31Position and term of commissioner.
  3. 7-1-32Qualifications of commissioner.
  4. 7-1-33Removal or suspension of commissioner.
  5. 7-1-34Vacancy in office of commissioner.
  6. 7-1-35Deputy commissioners, examiners, and assistants.
  7. 7-1-36Oath of commissioner, deputy commissioner, and examiners.
  8. 7-1-37Prohibited transactions.
  9. 7-1-38Commissioner’s office expenses.
  10. 7-1-39Seal of department; evidentiary effect.
  11. 7-1-40Delegation of authority by commissioner.
  12. 7-1-41Prescribing fees; payment procedure.
  13. 7-1-42Enforcement of payment.
  14. 7-1-43Disposition of fees collected; payment of expenses from appropriations.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 3. OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE

  1. 7-1-60General scope of supervision.
  2. 7-1-61Rules and regulations.
  3. 7-1-61.1Expansion of power for banks and credit unions; role of commissioner; documentation to legislative committees.
  4. 7-1-62Accounting procedures.
  5. 7-1-63Retention of records.
  6. 7-1-64Department examinations and investigations; disclosure of information or prior notice regarding examinations of financial institutions.
  7. 7-1-65Examinations and investigations on request.
  8. 7-1-66Method of examination and investigations; special examiners; subpoenas.
  9. 7-1-67Reports of examinations.
  10. 7-1-68Reports to department; penalty for noncompliance.
  11. 7-1-69Retention of reports.
  12. 7-1-70Disclosure of information.
  13. 7-1-71Removal of officers, directors, or employees.
  14. 7-1-72Regulation of persons performing services for financial institutions.
  15. 7-1-73Regulation of affiliates.
  16. 7-1-74Annual report of department.
  17. 7-1-75Discretion of department.
  18. 7-1-76Department may act after time limit without resubmittal; withdrawal of applications and requests; imposition of conditions; nullification.
  19. 7-1-77Approval by commissioner of state rules and regulations affecting financial institutions.
  20. 7-1-78Agreements with other supervisory or regulatory authorities.
  21. 7-1-79Discretionary expedited approval process; considerations.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 4. PROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE

  1. 7-1-90Judicial review of department actions.
  2. 7-1-91Orders by department; enforcement; civil penalty.
  3. 7-1-92Forfeiture proceedings.
  4. 7-1-93Injunction and other actions by department.
  5. 7-1-94Evidential value of results of examinations or investigations; editing out of information tending to undermine public confidence in financial institution.
  6. 7-1-95Admissibility of department’s certificates and copies.Reserved
  7. 7-1-96Liability on bonds for nonperformance of duty.Reserved
  8. 7-1-97Costs of actions by or against department.Reserved
  9. 7-1-98Department of Law to advise department.
  10. 7-1-99Duties and responsibilities of department regarding interest and usury complaints; advisory opinions; effect.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 5. PERMISSIVE CLOSING DAYS, EMERGENCY CLOSINGS, BUSINESS RESTRICTIONS, AND VOLUNTARY LIQUIDATIONS

  1. 7-1-110Permissive closing days; deferral of business conducted on Saturday.
  2. 7-1-110.1Posting notice of intent to close banking location.
  3. 7-1-111Emergency closings.
  4. 7-1-112Business restrictions.
  5. 7-1-113Voluntary dissolution prior to commencement of business; failure to properly file articles of dissolution; power of department to seek dissolution.
  6. 7-1-114Voluntary dissolution after commencement of business.
  7. 7-1-115Winding up voluntary dissolution proceedings.
  8. 7-1-116Articles of dissolution where business commenced; procedure if not filed.
  9. 7-1-117Certificate of dissolution.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 6. NAMES, REGISTERED OFFICES, AND ADVERTISING

  1. 7-1-130Permissible names.
  2. 7-1-131Reservation of name.
  3. 7-1-132Registered agent and office.
  4. 7-1-133Prohibited advertising.
  5. 7-1-134Unfair competition, unfair trade practice, and trade name and trademark laws unaffected.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 7. RECEIVERSHIP POWERS AND PROCEDURES GENERALLY

  1. 7-1-150Taking of possession by department; cumulative remedies.
  2. 7-1-151Status of department as receiver; restrictions on appointment.
  3. 7-1-152General assignment prohibited; taking of possession upon request.
  4. 7-1-153Posting of notice of taking possession.
  5. 7-1-154Certificate of possession; naming deputy receiver.
  6. 7-1-155Injunction to restrain department.
  7. 7-1-156Supervision of department by court.
  8. 7-1-157General powers of department in possession.
  9. 7-1-158Appointment of deputy receivers, counsel, and other assistants.
  10. 7-1-159Suspension or continuation of business.
  11. 7-1-160Determination to liquidate; filing of supplemental certificate.
  12. 7-1-161Powers and duties of department before and after determination to liquidate.
  13. 7-1-162Inventory and appraisement.
  14. 7-1-163Notice to holders of assets; power of court to order transfer.
  15. 7-1-164Power of department to borrow money.
  16. 7-1-165Surrender of burdensome assets.
  17. 7-1-166Compromise of claims; extension of mortgages or notes.
  18. 7-1-167Payment of mortgages and liens; protection of equities.
  19. 7-1-168Sales of real property.
  20. 7-1-169Leases of property.
  21. 7-1-170Sales or exchanges of securities; sales of liens or personal property.
  22. 7-1-171Deposit of moneys by department.
  23. 7-1-172Disposition of property in safe-deposit vault or held for safekeeping.
  24. 7-1-173Bringing or defending actions.
  25. 7-1-174Surrender of possession by department prior to final liquidation; special liquidations and reorganizations.
  26. 7-1-175Ability of department to reject executory contract or lease of financial institution in receivership.
  27. 7-1-176Sale of assets of financial institution in receivership.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 8. CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS

  1. 7-1-190Preservation of assets; proceedings in lieu of attachment, execution, or repossession.
  2. 7-1-191Exclusivity of claims procedure; effect of receivership on pending actions.
  3. 7-1-192Notice to depositors and other creditors to present claims.
  4. 7-1-193Proof of claims of depositors.
  5. 7-1-194Proof of claims of creditors.
  6. 7-1-195Allowance of claims.
  7. 7-1-196Advance payment of dividends to depositors.
  8. 7-1-197Expenses of administration.
  9. 7-1-198Filing or ordering partial or final account; notice of filing; exceptions.
  10. 7-1-199Adjudication of rejected claims and exceptions to account.
  11. 7-1-200Confirmation of account; distribution of dividends; final disposition of assets insufficient for distribution; cancellation of articles.
  12. 7-1-201Unclaimed dividends.
  13. 7-1-202Order of payment of liabilities; secured or preferred claims and liens.
  14. 7-1-203Subrogation of insurer of deposits or shares.
  15. 7-1-204Liquidation of excess assets by trustees.
  16. 7-1-205Destruction of records.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 9. RECEIVERSHIP PROCEDURES INVOLVING TRUST OR POOLED ASSETS

  1. 7-1-220Definitions and applicability.
  2. 7-1-221Status of department in relation to trust and pooled assets.
  3. 7-1-222Jurisdiction of court over trust and pooled assets.
  4. 7-1-223Substituted trustee or manager for trust and pooled assets.
  5. 7-1-224Transfers to substituted trustee or manager without accounting.
  6. 7-1-225Transfers to substituted trustee or manager with accounting; deficiencies.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 10. CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS

  1. 7-1-230Definitions.
  2. 7-1-231Acquisition of control without approval prohibited.
  3. 7-1-232Procedure for approval or disapproval of proposed acquisition.
  4. 7-1-233Notice of proposed acquisition.
  5. 7-1-234Grounds for disapproving proposal.
  6. 7-1-235Provisions inapplicable to bank holding company transactions.
  7. 7-1-236Report of change in control.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 11. COSTS ON JUDICIAL PROCESS

  1. 7-1-237Reimbursement of costs incurred in answering subpoena, garnishment, or order; subpoena to be answered within five days.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 12. DEPOSITS OF DECEASED DEPOSITORS

  1. 7-1-239Definitions; payment of large deposits of deceased intestate depositors; affidavit for disbursement; form for affidavit.
  2. 7-1-239.1Payment of checks or instruments payable to deceased intestate persons; affidavit included with application for payment.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 13. BANK FEES

  1. 7-1-239.5Fee for instruments drawn on other institutions.Reserved
  2. 7-1-239.6Convenience fees.

Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 14. SAVINGS PROMOTION RAFFLES

  1. 7-1-239.10Definitions; conduct of savings promotion raffles; application.

Article 2. BANKS AND TRUST COMPANIES · Part 1. GENERAL MATTERS

  1. 7-1-240Powers and restrictions applicable when acting as bank and trust company.
  2. 7-1-241Restrictions on engaging in banking business.
  3. 7-1-242Restriction on corporate fiduciaries.
  4. 7-1-243Restrictions on banking and trust nomenclature.
  5. 7-1-244Deposit insurance requirements; public notices when deposits not properly insured.

Article 2. BANKS AND TRUST COMPANIES · Part 2. GENERAL POWERS OF BANKS AND TRUST COMPANIES

  1. 7-1-260General corporate powers.
  2. 7-1-261Additional operational powers.
  3. 7-1-262Power to hold real estate; prior approval of acquisitions.
  4. 7-1-263Property held to avoid loss.

Article 2. BANKS AND TRUST COMPANIES · Part 3. POWERS OF BANKS

  1. 7-1-280Major banking powers.
  2. 7-1-281Participation in federal programs.
  3. 7-1-282Direct leasing of personal and real property.
  4. 7-1-283Participations.
  5. 7-1-284Acceptances.
  6. 7-1-285Limits on obligations of one person or corporation.
  7. 7-1-286Real estate loans; acquisition by bank or trust company of ownership interest.
  8. 7-1-287Dealings in securities; conflicts of interest; divestiture and fines.
  9. 7-1-288Corporate stock and securities.
  10. 7-1-289Security for deposits.
  11. 7-1-290Powers as surety or guarantor.
  12. 7-1-291Borrowings; liabilities not subject to restrictions; restrictions; borrowing for emergencies.
  13. 7-1-292Interest and fees.
  14. 7-1-293Savings banks and state savings and loan associations.
  15. 7-1-294Transaction of business on holidays and outside of banking hours.
  16. 7-1-295Transaction fees charged by operators of automated teller machines.
  17. 7-1-296Exercise of federal powers.

Article 2. BANKS AND TRUST COMPANIES · Part 4. POWERS OF TRUST COMPANIES

  1. 7-1-310Powers to act as fiduciary and in other representative capacities; authority to exercise trust powers.
  2. 7-1-311Operations as a fiduciary.
  3. 7-1-312Nonfiduciary investments.
  4. 7-1-313Collective investment funds.
  5. 7-1-314Purchase in fiduciary capacity of securities underwritten by syndicate including institution.
  6. 7-1-315Satisfaction of fiduciary obligations respecting investment of funds awaiting investment or distribution and charging of fees.
  7. 7-1-316Irrevocable letter of credit or pledge of securities for receivership contingency.
  8. 7-1-317Minimum amount of capital.
  9. 7-1-318Prohibition on pledging or creating a lien by trust companies; void actions.

Article 2. BANKS AND TRUST COMPANIES · Part 4A. AFFILIATE TRANSFERS

  1. 7-1-320Definitions.
  2. 7-1-321Affiliate transfers authorized; powers and duties of affiliated trust company transferees.
  3. 7-1-322Effect of affiliate transfer on bank; abandonment of transfer; substituted fiduciary.
  4. 7-1-323Appointment of affiliated trust company as agent for bank; liability of bank for actions of agent.
  5. 7-1-324Designation of affiliate trust company as successor fiduciary.
  6. 7-1-325Other banking laws unaffected by part.

Article 2. BANKS AND TRUST COMPANIES · Part 5. FIDUCIARY INVESTMENT COMPANIES

  1. 7-1-330Definitions.
  2. 7-1-331Organization; approval by department.
  3. 7-1-332Incorporation.
  4. 7-1-333Limitations on investments.
  5. 7-1-334Corporate powers; limitations and restrictions.
  6. 7-1-335Rules and regulations; examinations.
  7. 7-1-336Advertisement of participation; financial reports.
  8. 7-1-337Investment advisers.
  9. 7-1-338Prohibition on refusing participation.

Article 2. BANKS AND TRUST COMPANIES · Part 6. DEPOSITS, SAFE-DEPOSIT AGREEMENTS, AND MONEY RECEIVED FOR TRANSMISSION

  1. 7-1-350Notice of rules governing deposits.
  2. 7-1-351Minors’ deposits and safe-deposit agreements.
  3. 7-1-352Deposit by agent, trustee, or other fiduciary.
  4. 7-1-353Adverse claims to deposits and property held in safe deposit.
  5. 7-1-354Money received for transmission.
  6. 7-1-355Agreements concerning safe deposits.
  7. 7-1-356Procedures on death or incompetence of safe depositor.
  8. 7-1-357Payment of deposit of deceased depositor; deposit by nursing home of moneys left in its possession upon death of resident.Reserved
  9. 7-1-358Dormant accounts.
  10. 7-1-359Fee prohibited for conducting search of dormant, abandoned, or unclaimed deposit accounts; commission or finder’s fee allowed.
  11. 7-1-360Third-party claims; notification of disclosure by third party to depositor; motion to quash disclosure.

Article 2. BANKS AND TRUST COMPANIES · Part 7. BANKING DEPOSITORIES, RESERVES, AND REMISSIONS

  1. 7-1-370Deposits by financial institutions.
  2. 7-1-371Legal reserve requirements; notice of deficiency; penalty; effect of deficiency.
  3. 7-1-372Collection charge; service charge.

Article 2. BANKS AND TRUST COMPANIES · Part 8. INCORPORATION OF BANKS AND TRUST COMPANIES

  1. 7-1-390Incorporators.
  2. 7-1-390.1Organization as limited liability company; rules and regulations; applicable law.
  3. 7-1-391Prohibition of promoters’ fees.
  4. 7-1-392Articles of incorporation; advertisement of articles or notice of application; naming registered agent.
  5. 7-1-393Additional filings with department; fees.
  6. 7-1-394Investigation; approval or disapproval by department; abbreviated procedures.
  7. 7-1-395Issuance of certificate of incorporation.
  8. 7-1-396Effect of certificate of incorporation; permit to begin business.
  9. 7-1-397Organizational meetings.
  10. 7-1-398Liability for premature business.

Article 2. BANKS AND TRUST COMPANIES · Part 9. FINANCIAL STRUCTURE

  1. 7-1-410Minimum capital stock.
  2. 7-1-411Paid-in capital and appropriated retained earnings.Reserved
  3. 7-1-412Beginning business expense fund.Reserved
  4. 7-1-413Classes of shares.
  5. 7-1-414Purchase, redemption, and convertibility of shares and debt securities.
  6. 7-1-415Consideration for shares.
  7. 7-1-416Method of issuance.
  8. 7-1-417Share certificates and debt security instruments.
  9. 7-1-418Issuance and transfer of fractional shares or scrip.
  10. 7-1-419Subordinated securities.

Article 2. BANKS AND TRUST COMPANIES · Part 10. SHAREHOLDERS

  1. 7-1-430Liability of subscribers and shareholders.
  2. 7-1-431Preemptive rights.
  3. 7-1-432Meetings of shareholders.
  4. 7-1-433Closing of transfer books or fixing record date.
  5. 7-1-434Voting list.
  6. 7-1-435Quorum of shareholders.
  7. 7-1-436Voting of shares.
  8. 7-1-437Proxies.
  9. 7-1-438Shareholders’ agreements.
  10. 7-1-439Books and records.
  11. 7-1-440Derivative actions by shareholders; when proper.
  12. 7-1-441Derivative actions by shareholders.

Article 2. BANKS AND TRUST COMPANIES · Part 11. DIVIDENDS, DISTRIBUTIONS, AND PREFERRED SHARE ACQUISITION

  1. 7-1-460Restrictions on payment of dividends; limitation of actions for dividends or distributions.
  2. 7-1-461Distribution upon reduction of capital stock or paid-in capital.
  3. 7-1-462Dividends and distributions must be authorized by chapter.
  4. 7-1-463Preferred share acquisition.

Article 2. BANKS AND TRUST COMPANIES · Part 12. MANAGEMENT

  1. 7-1-480Board of directors.
  2. 7-1-481Adopting, amending, and repealing bylaws.
  3. 7-1-482Number, term, and compensation of directors; effect of failure to maintain at least five directors.
  4. 7-1-483Meetings of board; quorum; committees; acting without meeting.
  5. 7-1-484Oath of directors; liability of persons who have not subscribed to such oath.
  6. 7-1-485Removal of directors; vacancies.
  7. 7-1-486Honorary and advisory positions.
  8. 7-1-487Audits and financial reports.
  9. 7-1-488Officers, agents, and employees; employee share plans.
  10. 7-1-489Fidelity bonds.
  11. 7-1-490Responsibility of directors and officers; delegation of investment decisions.
  12. 7-1-491Financing involving directors or officers.
  13. 7-1-492Prohibitions applicable to directors, officers, and employees.
  14. 7-1-493Actions against directors and officers.
  15. 7-1-494Liability of directors in certain cases.

Article 2. BANKS AND TRUST COMPANIES · Part 13. AMENDMENT OF ARTICLES

  1. 7-1-510Authorized amendments; articles entirely restated; notice to Secretary of State.
  2. 7-1-511Proposal and adoption of amendments.
  3. 7-1-512Execution, contents, filing, and effect of articles of amendment.
  4. 7-1-513Certification of articles of amendment; delivery to bank or trust company; publication of notice.
  5. 7-1-514Approval or disapproval of articles of amendment.
  6. 7-1-515Issuance of certificate of amendment.
  7. 7-1-516Effect of certificate of amendment.

Article 2. BANKS AND TRUST COMPANIES · Part 14. MERGER AND CONSOLIDATION OF STATE BANKS AND TRUST COMPANIES

  1. 7-1-530Authority to merge, consolidate, or exchange shares; requirements.
  2. 7-1-531Merger, share exchange, or consolidation plan.
  3. 7-1-532Articles of merger, share exchange, or consolidation; publication of notice.
  4. 7-1-533Additional filings with department.
  5. 7-1-534Approval or disapproval by department; resulting bank or trust company not chartered by department.
  6. 7-1-535Federal approval or disapproval; issuance of certificate of merger, share exchange, or consolidation.
  7. 7-1-536Effect of merger, share exchange, or consolidation.
  8. 7-1-537Rights of dissenting shareholders; surrender of certificates.

Article 2. BANKS AND TRUST COMPANIES · Part 15. CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS

  1. 7-1-550National bank or federal savings bank to state bank or trust company conversions.
  2. 7-1-551Articles of conversion; fee.
  3. 7-1-552Filings with department.
  4. 7-1-553Approval or disapproval by department.
  5. 7-1-554Issuance of certificate of conversion.
  6. 7-1-555Effect of issuance of certificate of conversion.
  7. 7-1-556State bank or trust company to national bank or federal savings institution conversions.

Article 2. BANKS AND TRUST COMPANIES · Part 16. SALE AND OTHER DISPOSITION OF ASSETS

  1. 7-1-570Secured transactions and other dispositions of assets not requiring shareholder approval.
  2. 7-1-571Sale, lease, exchange, or other disposition of assets requiring shareholder approval.
  3. 7-1-572Right of shareholder to dissent.

Article 2. BANKS AND TRUST COMPANIES · Part 17. REPRESENTATIVE OFFICES AND REGISTRATION

  1. 7-1-590Definitions.
  2. 7-1-591Bank or bank holding company domiciled in state; out-of-state activities.
  3. 7-1-592Bank or bank holding company operating under federal or other state law; permissible activities.
  4. 7-1-593Notice of representative office closure; review of operations.

Article 2. BANKS AND TRUST COMPANIES · Part 18. BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES

  1. 7-1-600Definitions.
  2. 7-1-601Branch offices.
  3. 7-1-602Applications for branch offices.
  4. 7-1-603Authorized extensions; restrictions.
  5. 7-1-604Banking business prohibited except as allowed by Title 7 or applicable federal law.
  6. 7-1-605Bank holding companies; when company deemed to control bank or company; subsidiaries of bank holding companies.
  7. 7-1-606Prohibited activities of bank holding company or subsidiary; exceptions.
  8. 7-1-607Registration, reporting, and examination of bank holding companies that control a bank.
  9. 7-1-608Bank holding companies; lawful and unlawful acquisitions; waiver.
  10. 7-1-609Civil actions by department to enforce part.
  11. 7-1-610National bank rights.
  12. 7-1-611Penalties for violations.
  13. 7-1-612Power of banks to contract with other banks for trust services.Repealed

Article 2. BANKS AND TRUST COMPANIES · Part 19. INTERSTATE ACQUISITIONS OF BANKS AND BANK HOLDING COMPANIES

  1. 7-1-620Purpose of this part.
  2. 7-1-621Definitions.
  3. 7-1-622Permissible acquisitions; ruling by department; scope of part.
  4. 7-1-623Acquisitions not requiring department approval; notifications.
  5. 7-1-624Prohibited acquisitions.
  6. 7-1-625Provisions applicable to, and qualification of, bank holding companies in state; reciprocal agreements; confidentiality of reports.
  7. 7-1-626Severability; construction with other laws.

Article 2. BANKS AND TRUST COMPANIES · Part 20. INTERSTATE BANKING AND BRANCHING BY MERGER

  1. 7-1-628Purpose; legislative findings; scope of part.
  2. 7-1-628.1Definitions.
  3. 7-1-628.2Mergers permitted; applicable provisions.
  4. 7-1-628.3Prohibited interstate merger transactions.
  5. 7-1-628.4Permissible interstate merger transactions.
  6. 7-1-628.5Requirement for out-of-state bank that is resulting bank of interstate merger transaction.
  7. 7-1-628.6Powers of out-of-state banks branching into Georgia.
  8. 7-1-628.7Examinations and reports; powers of commissioner.
  9. 7-1-628.8Restrictions on de novo branches.
  10. 7-1-628.9Establishment of out-of-state bank branches through acquisition.
  11. 7-1-628.10Enforcement actions by commissioner.
  12. 7-1-628.11Regulations; administrative fees.
  13. 7-1-628.12Reporting by of out-of-state banks.
  14. 7-1-628.13Notice of merger, consolidation, or other transaction involving out-of-state bank.Reserved
  15. 7-1-628.14Severability; construction with other laws.
  16. 7-1-628.15Tax treatment.

Article 3. CREDIT UNIONS · Part 1. GENERAL PROVISIONS; ORGANIZATION

  1. 7-1-630Subscribers; articles; filings; fee; application for certificate of incorporation; directors.
  2. 7-1-631Additional filings with department.Reserved
  3. 7-1-632Approval or disapproval by department; certificate of incorporation.
  4. 7-1-633Organizational meeting of directors; commencing of business.
  5. 7-1-634Amendment of articles and bylaws; fee for investigation; approval or denial by department.
  6. 7-1-635Procedure for approval or disapproval.
  7. 7-1-635.1Out-of-state credit unions.
  8. 7-1-636Effect on articles and duration of existing credit unions.

Article 3. CREDIT UNIONS · Part 2. CREDIT UNION CONSERVATORS

  1. 7-1-640Appointment of conservators; authority; reporting requirement.
  2. 7-1-641Certificate of appointment.
  3. 7-1-642Costs; immunity.
  4. 7-1-643Appointment of department as conservator.
  5. 7-1-644Bond.
  6. 7-1-645Show cause requirement; appointment of receiver; role of conservator; limitation on court’s role.

Article 3. CREDIT UNIONS · Part 3. OPERATION AND REGULATION

  1. 7-1-650Powers.
  2. 7-1-651Membership; shares.
  3. 7-1-651.1In-person annual meetings; requirements for remote options; impact of emergency declaration.
  4. 7-1-652Joint, minor, and trust shares and deposits; preferred capital base shares.
  5. 7-1-653Expulsions and withdrawals; disposition of deposits, interest, shares, or dividends; reinstatement.
  6. 7-1-654Capital; right to offset loans, dues, and fines.
  7. 7-1-655Board of directors; committees; officers.
  8. 7-1-656Directors; duties; meetings; quorum; voting; prohibited activities.
  9. 7-1-657Duties of audit committee; inspections; comprehensive annual audits; use of independent accountants.
  10. 7-1-658Loans.
  11. 7-1-659Entrance fees; reserves; exclusion of state and federal credit union reserves from tax calculations.
  12. 7-1-660Dividends.
  13. 7-1-661Fiscal year; special meetings of members; voting and proxies.
  14. 7-1-662Taxes to which subject.
  15. 7-1-663Rules and regulations.
  16. 7-1-664Credit union equipment, operations, and locations.
  17. 7-1-665Main office and branch offices.
  18. 7-1-666Deposit insurance requirements; public notices when deposits not properly insured.
  19. 7-1-667Mergers.
  20. 7-1-668Conversion of state and federal credit unions.
  21. 7-1-669Corporate credit union.
  22. 7-1-670Third-party payment services.Reserved
  23. 7-1-671Exercise of federal powers.

Article 4. MONEY TRANSMISSION

  1. 7-1-680Definitions.
  2. 7-1-681Licensing requirements.
  3. 7-1-682Exemption from licensing requirements.
  4. 7-1-683Requirements and procedure for licensure.
  5. 7-1-683.1Business locations; use of authorized agents.
  6. 7-1-683.2Minimum tangible net worth; bonding; permissible investments.
  7. 7-1-683.3Use of Nationwide Multistate Licensing System and Registry.
  8. 7-1-684Investigation of applicants; background checks on employees and others.
  9. 7-1-684.1Reporting to Nationwide Multistate Licensing System and Registry.
  10. 7-1-684.2Use of unique identifier of licensee.
  11. 7-1-685Expiration and renewal of licenses.
  12. 7-1-686Display of license; license nontransferable and nonassignable; notification of additional locations.
  13. 7-1-687Notice of action against licensee by creditor or claimant; other notification requirements.
  14. 7-1-688Approval required of new ultimate equitable owner, other change of control, or executive officer of licensee; denial of application; application of statute.
  15. 7-1-689Record keeping; investigation and examination requirements and powers; limitations on civil liability.
  16. 7-1-690Rules and regulations.
  17. 7-1-691Prohibited activities while engaged in money transmission.
  18. 7-1-692Denial, suspension, or revocation of license or authorization; procedure.
  19. 7-1-693Permissible and impermissible grounds for refusal or suspension.
  20. 7-1-694Cease and desist orders; civil penalties; judicial review; administrative fines.
  21. 7-1-695Liability for payment.
  22. 7-1-696Penalties for violations.
  23. 7-1-697No limitation on common law liability or state prosecution.
  24. 7-1-698Continuing effectiveness of existing licenses.

Article 4A. CASHING OF PAYMENT INSTRUMENTS

  1. 7-1-700Definitions.
  2. 7-1-701Licensing requirements.
  3. 7-1-701.1Exemption from licensing requirements.
  4. 7-1-702Requirements and procedure for licensure.
  5. 7-1-702.1Operation of mobile payment instrument cashing facility.
  6. 7-1-702.2Use of Nationwide Multistate Licensing System and Registry.
  7. 7-1-703Investigation of applicants; background checks of employees and others.
  8. 7-1-703.1Reporting on condition to Nationwide Multistate Licensing System and Registry.
  9. 7-1-703.2Use of unique identifier of licensee.
  10. 7-1-704Renewal of licenses.
  11. 7-1-704.1Posting of license; license is nontransferable and nonassignable; notification of new facilities.
  12. 7-1-705Written notice of claims against licensee, judgments, or other misconduct by employees, directors, or others; written notice of change of executive officer.
  13. 7-1-705.1Approval required for change of control or ultimate equitable owner; additional requirements; denial and notification of reasons.
  14. 7-1-706Record keeping; investigation and examination requirements and powers; limitation on civil liability.
  15. 7-1-706.1Regulatory interpretation and enforcement.
  16. 7-1-707Required endorsement by licensee; immediate payments; deferment of payment; identification requirements; acceptable fee for services.
  17. 7-1-707.1Posting of fees for cashing payment instruments.
  18. 7-1-708Grounds for denial, suspension, or revocation of license; procedure.
  19. 7-1-708.1Permissible and impermissible grounds for denial or suspension.
  20. 7-1-708.2Issuance of cease and desist orders; administrative and judicial enforcement; penalty for noncompliance.
  21. 7-1-709Penalty for violation of article.
  22. 7-1-709.1No limitation on common law liability or state prosecution.
  23. 7-1-709.2Continuing effectiveness of existing licenses.

Article 5. INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES

  1. 7-1-710 to 7-1-721(no catchline printed)Reserved

Article 5A. DOMESTIC INTERNATIONAL BANKING FACILITIES

  1. 7-1-730Short title.
  2. 7-1-731Domestic international banking facility.
  3. 7-1-732Eligibility to operate domestic international banks; registration required; records; exemption from taxes and license fees.
  4. 7-1-733Rejection or revocation of registration as a domestic international banking facility.
  5. 7-1-734Examination and supervision by the department; agreements with other bank regulatory authorities.

Article 6. BUSINESS DEVELOPMENT CORPORATIONS

  1. 7-1-740Definitions.
  2. 7-1-741Contents, execution, and presentation of articles.
  3. 7-1-742Action on articles by department; preconditions to doing business.
  4. 7-1-743Approval or disapproval of department.
  5. 7-1-744Filing of articles.
  6. 7-1-745Powers of corporation.
  7. 7-1-746Right to deal in corporation’s stock or obligations.
  8. 7-1-747Applying for membership; loans by members.
  9. 7-1-748Duration of membership; withdrawal.
  10. 7-1-749Powers of shareholders and members; voting.
  11. 7-1-750Amendment of articles.
  12. 7-1-751Board of directors; officers and agents.
  13. 7-1-752Earned surplus; fiscal year.
  14. 7-1-753Deposit of corporate funds; corporation not to accept deposits.
  15. 7-1-754Supervision.
  16. 7-1-755First meeting and organization.
  17. 7-1-756Duration and dissolution of corporation.
  18. 7-1-757State credit not pledged.
  19. 7-1-758Tax exemptions; state and local occupational license taxes.

Article 7. BUILDING AND LOAN ASSOCIATIONS AND SAVINGS AND LOAN ASSOCIATIONS

  1. 7-1-770Definitions.
  2. 7-1-771Members of building and loan association; voting.Reserved
  3. 7-1-772Presentation, contents, and execution of articles of building and loan association.Reserved
  4. 7-1-773Approval or disapproval of articles of building and loan association by department.Reserved
  5. 7-1-774Approval of articles of building and loan association; renewals or amendments to existing charters.Reserved
  6. 7-1-775Filing and processing articles of incorporation and amendments for building and loan association.Reserved
  7. 7-1-776Certificate of incorporation or amendment issued by Secretary of State.Reserved
  8. 7-1-777Principal and branch offices.
  9. 7-1-778Rules and regulations governing building and loan associations.Reserved
  10. 7-1-779Use of “savings and loan” or other terms likely to mislead public as to nature of business.
  11. 7-1-780Lien on deposits to secure loans.
  12. 7-1-781Conversion into savings and loan association.
  13. 7-1-782Effect of conversion into savings and loan association.Reserved
  14. 7-1-783Previous conversions into savings and loan associations ratified.
  15. 7-1-784Conversion into building and loan association.Reserved
  16. 7-1-785Effect of conversion into building and loan association.Reserved
  17. 7-1-786Taxation.
  18. 7-1-787Exemption from securities regulations.
  19. 7-1-788Notaries and other officers not disqualified by interest in association; validation of prior instruments.
  20. 7-1-789Minors’ deposits, safe-deposit boxes, and third-party payment accounts; validity of releases.
  21. 7-1-790Deposits of fiduciaries.
  22. 7-1-791Payment on death of depositor.
  23. 7-1-792Deposits applied to funeral expenses.
  24. 7-1-793Investment of funds in insured deposits.
  25. 7-1-794Deposits as security or in lieu of bond.
  26. 7-1-795Savings account books and certificates.
  27. 7-1-796Insanity, incompetency, bankruptcy, or death of depositor.

Article 8. MULTIPLE-PARTY ACCOUNTS

  1. 7-1-810Definitions.
  2. 7-1-811Applicability of provisions as to beneficial ownership and protection of financial institutions.
  3. 7-1-812Ownership during lifetime.
  4. 7-1-813Rights of survivorship.
  5. 7-1-814Changing terms of account.
  6. 7-1-815Survivorship transfers nontestamentary.
  7. 7-1-816Multiple-party accounts authorized; payment on signature of one party; inquiry as to deposits or withdrawals not required.
  8. 7-1-817Payment from joint account after death or disability.
  9. 7-1-818Payment of P.O.D. account.
  10. 7-1-819Payment of trust account.
  11. 7-1-820Discharge upon proper payment; notice not to permit withdrawals.
  12. 7-1-821Right to setoff.

Article 9. CRIMINAL AND RELATED PROVISIONS

  1. 7-1-840Criminal prosecutions; assisting law enforcement.
  2. 7-1-841Applicability of Title 16.
  3. 7-1-842Felonies of directors, officers, agents, and employees of financial institutions; aiding and abetting false entries.
  4. 7-1-843Certain misdemeanors of directors, officers, agents, and employees of financial institutions.
  5. 7-1-844Other misdemeanors of directors, officers, agents, and employees of financial institutions.
  6. 7-1-845Miscellaneous felonies; when punished as misdemeanors.
  7. 7-1-846Punishment for misdemeanor violations.

Article 10. TRANSITION PROVISIONS; FEES OF SECRETARY OF STATE

  1. 7-1-860Application of chapter.
  2. 7-1-861Completion of pending transactions; continuation of existing charters, appointments, regulations, and fees.
  3. 7-1-862Fees to be paid to Secretary of State.

Article 11. RECORDS AND REPORTS OF CURRENCY TRANSACTIONS

  1. 7-1-910Purpose.
  2. 7-1-911Definitions.
  3. 7-1-912Reporting requirements.
  4. 7-1-913Access to reports.
  5. 7-1-914Civil penalties; action for recovery.
  6. 7-1-915Criminal penalties; penalties imposed by other Code sections not superseded.
  7. 7-1-916Forfeiture of property involved in illegal transactions.
  8. 7-1-917Venue for the offense of money laundering.

Article 12. SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS

  1. 7-1-940Definitions.
  2. 7-1-941Creation of corporations; contents of articles of incorporation; subscription and acknowledgment.
  3. 7-1-942Approval of articles by department.
  4. 7-1-943Standards for approval of articles by department; timing.
  5. 7-1-944Filing departmental approval with Secretary of State.
  6. 7-1-945Corporate powers.
  7. 7-1-946Bond and stock holding authority; member loans to corporation not discriminatory.
  8. 7-1-947Application for membership; requirements for loans to corporation; member loan limits.
  9. 7-1-948Duration of membership; withdrawal.
  10. 7-1-949Powers of shareholders and members.
  11. 7-1-950Amendment of articles.
  12. 7-1-951Board of directors; officers and agents.
  13. 7-1-952Setting apart net earnings; fiscal year.
  14. 7-1-953Deposit of corporate funds.
  15. 7-1-954Departmental power over corporations.
  16. 7-1-955First meeting.
  17. 7-1-956Duration of corporation; dissolution.
  18. 7-1-957State indebtedness not to be created.
  19. 7-1-958Tax exemptions, credits, and privileges; occupational license taxes.

Article 13. LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS

  1. 7-1-1000Definitions.
  2. 7-1-1001Exemption for certain persons and entities; registration requirements; authorized actions of licensed mortgage lenders; violations.
  3. 7-1-1001.1Requirement for mortgage loan originator license; application to sellers of mobile homes.
  4. 7-1-1002Prohibited transactions; liability.
  5. 7-1-1003Requirements and procedure for licensure.
  6. 7-1-1003.1Physical place of business.Reserved
  7. 7-1-1003.2Financial requirements for licensing and registration; bond requirements.
  8. 7-1-1003.3Application for registration.Reserved
  9. 7-1-1003.4Notification statement.Reserved
  10. 7-1-1003.5Use of Nationwide Multistate Licensing System and Registry.
  11. 7-1-1003.6Privileged or confidential nature of information; exception.
  12. 7-1-1003.7Approval of mortgage industry related courses; application; renewal applications; audits.
  13. 7-1-1004Investigation of applicant; requirements for applicant; denial and revocation of license.
  14. 7-1-1004.1Reports of condition.
  15. 7-1-1004.2Licensees’ ability to challenge information.
  16. 7-1-1004.3Visibility requirement for unique identifier of individuals originating residential mortgage loan.
  17. 7-1-1005Renewal of licenses; expiration.
  18. 7-1-1006Names of licensees; license nontransferable; posting, notification, and location requirements.
  19. 7-1-1007Notification requirements.
  20. 7-1-1008Prohibited acquisitions of shares without prior approval.
  21. 7-1-1009Record keeping; investigations and examinations; exemptions from civil liability.
  22. 7-1-1010Annual financial statements.
  23. 7-1-1011Annual fees.
  24. 7-1-1012Rules and regulations.
  25. 7-1-1013Prohibition of certain acts.
  26. 7-1-1014Regulations governing disclosure required to applicants for mortgage loans.
  27. 7-1-1015Rules relative to escrow accounts.
  28. 7-1-1016Regulations relative to advertising.
  29. 7-1-1017Suspension or revocation of licenses or mortgage broker education approval; notice; judicial review; effect on preexisting contract.
  30. 7-1-1018Cease and desist orders; enforcement procedure; civil penalty; fines.
  31. 7-1-1019Criminal penalties.
  32. 7-1-1020Construction.
  33. 7-1-1021Regulations governing lock-in and commitment agreements.
  34. 7-1-1022Captial, net worth, and liquidity requirements.
  35. 7-1-1023Board of directors; alternatives; responsibilities; audits; risk assessment.

Article 14. FOREIGN BANKING INSTITUTIONS · Part 1. BANKING BY FOREIGN ENTITIES

  1. 7-1-1100Definitions.
  2. 7-1-1101Limitations on doing business; exceptions.
  3. 7-1-1102Record keeping.
  4. 7-1-1103Examination; fees.
  5. 7-1-1104Written reports; requirements; penalty for failure to comply.
  6. 7-1-1105Changes in control.
  7. 7-1-1106Rights, privileges, and other duties.
  8. 7-1-1107Offices.
  9. 7-1-1108Cease and desist orders; notice; failure to comply; judical review; fines.
  10. 7-1-1109Regulatory authority.
  11. 7-1-1110Service of process.

Article 14. FOREIGN BANKING INSTITUTIONS · Part 2. LICENSING

  1. 7-1-1111Application procedures.
  2. 7-1-1112Notification of intent to deny application; notice; confidentiality; conditons; review.
  3. 7-1-1113Required determinations prior to licensing; nontransferable and non-assignable licenses.
  4. 7-1-1114Certificate of authority; notification of revocation of certificate of authority; foreign corporation requirements.
  5. 7-1-1115Maintenance of federal branch or agency.
  6. 7-1-1116Application of other provisions; activities; maintenance of books or records.
  7. 7-1-1117Acting as a fiduciary.
  8. 7-1-1118Amending license; requirements.
  9. 7-1-1119Act of relocating; notification.
  10. 7-1-1120Treatment of assets.
  11. 7-1-1121Notice of uninsured deposits.
  12. 7-1-1122Operations.
  13. 7-1-1123Value of pledged assets and deposits; minimum requirements; reporting.
  14. 7-1-1124Asset maintenance.
  15. 7-1-1125Approval for closure; requirements.
  16. 7-1-1126Revocation.
  17. 7-1-1127Notice of revocation; acceptance of new business; confidentiality; review.
  18. 7-1-1128Effective date of revocation.
  19. 7-1-1129Possession by department; receivership proceedings; venue; contesting decision; liquidation and transfer of assets.
  20. 7-1-1130Dissolution, termination, or cancellation of foreign corporation; obligations.

Article 14. FOREIGN BANKING INSTITUTIONS · Part 3. STATE REPRESENTATIVE OFFICES

  1. 7-1-1131Establishment of state representative offices; application requirements; annual registration; rules and regulations.
  2. 7-1-1132Location and authority of offices; relocation.
  3. 7-1-1133Authorized activities.
  4. 7-1-1134Denial or revocation of licensure.
  5. 7-1-1135Notice of revocation or denial; acceptance of new business; confidentiality; review.
  6. 7-1-1136Cessation of activities.
  7. 7-1-1137Reporting to department; impact of filings.
  8. 7-1-1138Continuing registration.Reserved