7-1-1113. Required determinations prior to licensing; nontransferable and non-assignable licenses.

The department shall not issue a license to a foreign bank to establish and maintain a Georgia state branch or Georgia state agency unless the department determines that:#

1. (1)

   The foreign bank engages directly in the business of banking outside of the United States and the Board of Governors of the Federal Reserve System has concluded the foreign bank is subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in its home country or determined that comprehensive supervision or regulation is not required but the foreign bank’s application is otherwise subject to approval;#

2. (2)

   The foreign bank has furnished to the department the information it needs to act on the application;#

3. (3)

   The appropriate authorities in the home country of the foreign bank have consented to the proposed establishment of a branch or agency in the United States by the foreign bank;#

4. (4)

   The managerial resources of the foreign bank, including the foreign bank’s experience and capacity to engage in international banking, are sufficient to enable the Georgia state branch or Georgia state agency to operate in accordance with safe and sound banking practices;#

5. (5)

   The foreign bank has provided the department with adequate assurances that the bank will make available to the department such information on the operations or activities of the foreign bank and any affiliate of the bank that the department deems necessary to determine and enforce compliance with state law, the International Banking Act, and other applicable federal law;#

6. (6)

   The foreign bank is in compliance with applicable federal and state law;#

7. (7)

   The financial resources of the foreign bank, including the foreign bank’s capital position, projected capital position, profitability, level of indebtedness, and future prospects, are sufficient to enable the Georgia state branch or Georgia state agency to operate in accordance with safe and sound banking practices;#

8. (8)

   The directors, executive officers, and principal shareholders of the foreign bank are qualified by reason of their financial ability, reputation, and integrity and have sufficient banking and other business experience to indicate that they will manage and direct the affairs of the foreign bank in accordance with safe and sound banking practices;#

9. (9)

   The natural person who shall be in charge of the business and affairs of the Georgia state branch or Georgia state agency is of sufficient banking experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the Georgia state branch or Georgia state agency will operate in compliance with state law, the International Banking Act, and other applicable federal law;#

10. (10)

    Federal law permits the appropriate bank supervisory agency to issue a comparable license to the foreign bank;#

11. (11)

    The foreign bank has sufficient standing to justify a belief that the Georgia state branch or Georgia state agency will be free from improper or unlawful influence or interference with respect to the operation of the Georgia state branch or Georgia state agency in compliance with state law; and#

12. (12)

    The foreign bank is acting in good faith and the application does not contain a material misrepresentation.#

A license issued under this article is not transferable or assignable.#