O.C.G.A. § 7-1-1111 — Application procedures

(a) 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) Be accompanied by all application fees and commitments for the pledge of assets required by this article and applicable rules and regulations; (2) Be in the form speciﬁed by the department; (3) Be signed and acknowledged by an officer of the foreign bank; (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) Be submitted simultaneously with the federal notice or application to the Board of Governors of the Federal Reserve System; and (6) Include on its face or in accompanying documents: (A) The name of the foreign bank; (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; (C) The location of its initial registered office in this state; (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; (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; (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; 588 7-1-1112 (G) An email address at which the foreign bank can receive official communications, including, but not limited to, administrative orders; and (H) Other information that is requested by the department. (b) The department may adopt rules and regulations prescribing abbreviated application procedures and standards applicable to applications by 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. History. Code 1981, § 7-1-1111, enacted by Ga. L. 2023, p. 651, § 48/HB 55, effective July 1, 2023. 7-1-1112. Notiﬁcation of intent to deny application; notice; conﬁdentiality; conditons; review. (a) After the application is complete and accepted for ﬁling and all required fees and deposits have been paid, the department shall determine from the application and initial investigation whether the conditions set forth by Code Section 7-1-1113 have been established. The department shall approve the application or give the applicant notice of the department’s intention to deny the application pursuant to subsection (c) of this Code section. (b) If the department intends to deny the application, the department shall notify the Board of Governors of the Federal Reserve System that a notice of intent to deny has been issued and the applicant has a right to request a hearing and, if a hearing is requested, the commissioner shall conduct the hearing in accordance with Chapter 13 of Title 50, the “Georgia Administrative Procedure Act.” (c) Notice of the department’s intention to enter an order denying an application for a license shall be given to the applicant in writing, sent by email to the email address provided on the application or registered or certiﬁed mail or statutory overnight delivery addressed to the mailing address provided on the application. Within 20 days of the date of the notice of intention to enter an order of denial under this article, the applicant may request in writing a hearing to contest the order. If a hearing is not requested in writing within 20 days of the date of such notice of intention, the department shall enter a ﬁnal order regarding the denial. Any ﬁnal order of the department denying an application shall state the grounds upon which it is based and shall be effective on the date of issuance. The department shall promptly send a copy of such order by email to the foreign bank. (d) Information relating to the ﬁnancial condition and business affairs of the foreign bank and ﬁnancial information relating to its 589 7-1-1113 management and shareholders, except for previously published statements and information, is conﬁdential and may not be considered in the public portion of the hearing or disclosed by the commissioner or the department except as provided by Code Section 7-1-70. (e) The commissioner shall make a ﬁnding from the record of the hearing on each condition listed in Code Section 7-1-1113 and enter an order granting or denying the license. If the license is denied, the commissioner shall inform the Board of Governors of the Federal Reserve System of the order and the reasons the federal application should be denied. (f) The commissioner may include conditions in the approval of any license application. The commissioner may not issue a license until the Georgia state branch or Georgia state agency has received the approval of the Board of Governors of the Federal Reserve System. If the approval is conditioned on a written commitment from the applicant offered to and accepted by the commissioner, the commitment is enforceable against the applicant. (g) A ﬁnal decision by the department denying an application for license shall be subject to review in accordance with Code Section 50-13-19. History.