Georgia Administrative Code

(1) For purposes of this Rules Chapter and Rule , the terms that are defined in O.C.G.A. § 7-1-700 shall have the identical meaning. (2) Every applicant for a license shall demonstrate to the Department that such applicant has sufficient financial resources in the form of working…

(1) For the purposes of this Rule, Money Service Businesses ("MSBs") refer to a class of non-bank financial institutions defined in the Currency and Foreign Transactions Reporting Act of 1970 and its related regulations, including those set forth at 31 CFR Chapter X (together, th…

(1) Persons engaged in the business of cashing payment instruments shall be subject to the filing requirements for large currency transactions as prescribed in Article 11 of Chapter 1 of Title 7, and as further directed herein. (2) The reporting requirements contained in Article …

(1) Structuring to avoid reporting. Unless otherwise reporting to the appropriate federal agency under Paragraph (2) of Rule , every check casher and other persons who cash payment instruments for a fee shall report to the Department any instance involving such cashing of payment…

(1) Except as otherwise indicated, these fines and penalties apply to any person, partnership, association, corporation, or any other group of individuals, however organized, that is required to be licensed under Article 4A of Chapter 1 of Title 7. The Department, at its sole dis…

(1) Pursuant to O.C.G.A. § 50-36-1, the Department is required to obtain an affidavit verifying the lawful presence of every natural person that submits an application for a license as a check casher on behalf of an individual, business, corporation, partnership, limited liabilit…

(1) License issuance and renewals. (a) All applications for new or renewal licenses must be made through the Nationwide Multistate Licensing System and Registry ("NMLSR") unless otherwise expressly exempted from this requirement by the Department in writing. Fees for new applicat…

(1) In the event that a licensee provides notice under applicable federal or state law of an information security incident involving unauthorized access to personal information, then the licensee shall simultaneously provide a duplicate of such disclosure to the Department. For p…

All licensees shall create and maintain an information security program to safeguard the nonpublic personal information of customers to the extent required by 16 C.F.R. Part 314 (the "Safeguards Rule"). As part of its regulatory oversight, the Department shall review, to the exte…

(1) As required by O.C.G.A. § 7-1-703(f), applicants and licensees must have commercial background checks performed on all covered employees, as defined by O.C.G.A. § 7-1-700(7). Background checks on all covered employees must be completed and found satisfactory by an applicant p…

(1) The appropriation for the Department of Banking and Finance is enacted by the General Assembly and signed into law annually. An annual fee shall be assessed on financial institutions supervised or regulated by the Department. These fees are remitted to the Office of the State…

(1) Money transmitters. (a) The annual license fee is one thousand nine hundred dollars ($1,900) for money transmitters. (b) The annual renewal license fee is one thousand nine hundred dollars ($1,900) money transmitters and shall be due and must be received by the Department on …

(1) Examinations. That portion of annual appropriations allocable to regular examination and supervision activities shall be assessed in accordance with the following scale for depository financial institutions: (a) If the amount of Total Assets is: If the amount of Total Assets …

(a) Each borrower who obtains a mortgage loan as defined in O.C.G.A. § 7-1-1000(21) shall pay to the department a per loan fee of $10.00. The $10.00 fee will be due if the loan is secured by a deed to secure debt, security deed, mortgage, security instrument, deed of trust, a mod…

(1) The department may impose reasonable charges for the search, retrieval, or redaction of records which are subject to public inspection consistent with the provisions of Code Section 50-18-71. In addition to the charges for the search, retrieval, or redaction of records subjec…

(a) Applicants for approval by the Department for the addition of a single geographic common bond group shall pay an investigation fee of $1,000. (b) Applicants for Department approval of merger of two credit unions where neither is considered financially or otherwise unsafe or u…

(1) For installment loans made on or after July 1, 2022, the fees payable on the gross loan amount of each loan under the provisions of O.C.G.A. § 7-3-16 shall be payable to the Department by the licensee on a semiannual basis. More specifically, such fees for the period January …

(1) Any financial institution (except certain credit unions which operate under special operating hours authorized by Code Section 7-1-110) desiring to change temporarily the days that it normally conducts business may do so by posting a notice at least thirty (30) days in advanc…

(1) Whenever, in the discretion of a financial institution's Board of Directors or Chief Executive Officer, the safety of the customers, employees, or assets of a financial institution would be in jeopardy due to civil disorder, fire, acts of God, disruption or failure of utility…

(1) The management of a financial institution may permanently close a banking location in accordance with O.C.G.A. § 7-1-110.1 by satisfying the following requirements: (a) Deliver to the Department a copy of the federal notice, or a letter form notification that contains the fol…

(1) Fixed and variable annuities may be sold by financial institutions in Georgia, subject to regulations of the Department of Banking and Finance, regulations of the Department of Insurance and other applicable law. (2) Financial institutions may sell or market fixed and variabl…

A financial institution that wishes to sell annuities must give prior notification to the Office of the Commissioner of Insurance pursuant to Rule .

(1) A financial institution that intends to sell annuities either through an independent agent or through its own licensed employees shall be considered an Agency under Department of Insurance Regulation § and must meet any requirements of that Regulation Chapter (2) Any individu…

(1) An arrangement for the sale of annuities between an independent insurance/annuity agent or agency and a financial institution must be governed by a written agreement approved by the financial institution's board of directors. Such agreements will not be required if the agent …

(1) When insurance/annuity agent services are provided on the premises of a financial institution, the insurance/annuity agent and the financial institution have a heightened responsibility to ensure appropriate measures are implemented to clearly segregate and distinguish the in…

(1) Advertisements for fixed or variable annuities physically located in financial institutions shall be subject to Department of Insurance law (O.C.G.A. §33-6) and regulation and applicable Department of Banking and Finance law and regulation. (2) The insurance/annuity agent mus…

(1) "Advertisement" for the purposes of these regulations shall mean, consistent with Chapter 120-2-11 of the regulations of the Department of Insurance, any oral or written promotional or sales material which is directed to the public and concerns annuity products offered throug…

(1) At the time of sale of an annuity product, the written disclosure below or one which contains all its elements shall be made. The annuity products described or referred to: (a) Are not deposits and are not insured by the FDIC; (b) Are not obligations of or guaranteed by the f…

(1) Solicitation and sale of annuity products in association with a financial institution may be provided only by appropriately licensed insurance/annuity agents. Unlicensed employees of the insurance/annuity agent or financial institution may, however, provide clerical or minist…

If any provision of the rules in this Chapter 80-5-3 or the application of them to any financial institution or circumstance is held invalid, such invalidity shall not affect the provisions or applications of the rules herein which can be given effect without the invalid portion.…

(1) Insurance may be sold by financial institutions in Georgia, subject to regulations of the Department of Banking and Finance, regulations of the Office of the Commissioner of Insurance and other applicable state law including but not limited to O.C.G.A. § 33-3-23. Sale of annu…

A financial institution that wishes to sell insurance must give prior notification to the Office of the Commissioner of Insurance pursuant to Rule .

(1) A financial institution that intends to sell insurance either through an independent agent or through its own licensed employees shall be considered an Agency under Department of Insurance Regulation § and must meet any requirements of that Regulation Chapter. (2) Any individ…

(1) An arrangement for the sale of insurance between an independent insurance agent or agency and a financial institution must be governed by a written agreement approved by the financial institution's board of directors. Such agreements will not be required if the agent is an em…

(1) When insurance agent services are provided on the premises of a financial institution, the insurance agent and the financial institution have a heightened responsibility to ensure appropriate measures are implemented to clearly segregate and distinguish the insurance agent se…

(1) Advertisements for insurance products physically located in financial institutions shall be subject to Department of Insurance law (O.C.G.A. § 33-6-1et seq.) and regulation and any applicable Department of Banking and Finance law and regulation. (2) The insurance agent must d…

(1) "Advertisement" for the purposes of these regulations shall mean, consistent with O.C.G.A. § 33-6-1et seq. and related regulations of the Department of Insurance, any oral or written promotional or sales material which is directed to the public and concerns insurance products…

(1) In order to determine what types of disclosure are required, banks must be diligent in their assessment of the nature of any nondeposit product. Products may take various forms: e.g., investment products such a mutual funds or annuities, and insurance products such as homeown…

(1) Solicitation and sale of insurance products in association with a financial institution may be provided only by state licensed and regulated insurance agents. Unlicensed employees of the insurance agent or financial institution may, however, provide clerical or ministerial as…

If any provision of the rules in this Chapter 80-5-4 or the application of them to any financial institution or circumstance is held invalid, such invalidity shall not affect the provisions or applications of the rules herein which can be given effect without the invalid portion.…