7-1-1111. Application procedures.

A foreign bank that desires to establish and maintain a Georgia state branch or Georgia state agency shall submit an application to the department. Such application shall:#

1. (1)

   Be accompanied by all application fees and commitments for the pledge of assets required by this article and applicable rules and regulations;#

2. (2)

   Be in the form specified by the department;#

3. (3)

   Be signed and acknowledged by an officer of the foreign bank;#

4. (4)

   Have attached a complete copy of the foreign bank’s notice or application to the Board of Governors of the Federal Reserve System under 12 U.S.C. Section 3105(d) of the International Banking Act for the same Georgia state branch or Georgia state agency location and, when issued, the order from the Board of Governors approving the application or acknowledging its nonobjection;#

5. (5)

   Be submitted simultaneously with the federal notice or application to the Board of Governors of the Federal Reserve System; and#

6. (6)

   Include on its face or in accompanying documents:#

   1. (A)

      The name of the foreign bank;#

   2. (B)

      The street and mailing address where the principal office of the Georgia state branch or Georgia state agency is to be located, and the name of the person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency;#

   3. (C)

      The location of its initial registered office in this state;#

   4. (D)

      The managerial resources of the foreign bank, including the competence, experience, and integrity of the officers and directors, the integrity of its principal shareholders, and management’s experience and capacity to engage in international banking;#

   5. (E)

      The competence, experience, and integrity of the natural person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency;#

   6. (F)

      A detailed, audited statement of the foreign bank’s financial condition as of a date not more than 360 days before the date of the application;#

   7. (G)

      An email address at which the foreign bank can receive official communications, including, but not limited to, administrative orders; and#

   8. (H)

      Other information that is requested by the department.#

The department may adopt rules and regulations prescribing abbreviated application or notice procedures and standards applicable to foreign banks to establish additional Georgia state branches or Georgia state agencies that have already established an initial Georgia state branch or Georgia state agency.#