Act of relocating; notice

(a) For purposes of this Code section, the term “relocation” means the location of an existing Georgia state branch or Georgia state agency is to be moved to a new location which is to be constructed, purchased, or leased within the State of Georgia. (b) A foreign bank may submit a letter form application to the department to relocate an existing Georgia state branch or Georgia state agency. Unless the department denies the application, the approval to relocate an existing Georgia state branch or Georgia state agency under this Code section shall be effective at the earlier of: (1) The date of an approval letter from the department; or (2) Ten business days following the date of the department’s acknowledged receipt of the application. (c) At least 30 days before the relocation, a foreign bank shall post a notice to consumers of such proposed relocation in a conspicuous location at the affected Georgia state branch or Georgia state agency and on its website. History. Code 1981, § 7-1-1119, enacted by Ga. L. 2023, p. 651, § 48/HB 55, effective July 1, 2023. 7-1-1120. Treatment of assets.