Denial or revocation of licensure

The department may deny an application for registration or revoke the registration of a representative office if the department by examination or other credible evidence finds that the foreign bank: (1) Has refused to permit the department to examine the books, papers, accounts, records, or affairs of a Georgia state representative office in accordance with Code Sections 7-1-1102 and 7-1-1103; (2) Has violated this article, another law or rule applicable to the foreign bank or a Georgia state representative office, or a final and enforceable order of the department; (3) Has misrepresented or concealed a material fact in the original or subsequent registration applications; (4) Has violated a condition of an agreement between the foreign bank and the department or other functional regulatory agency; (5) Has had its authority or existence terminated or canceled in its jurisdiction of incorporation; or (6) Conducts business in an unsafe and unsound manner. History. Code 1981, § 7-1-1134, enacted by Ga. L. 2023, p. 651, § 48/HB 55, effective July 1, 2023. 7-1-1135. Notice of revocation or denial; acceptance of new business; confidentiality; review. (a) Notice of the department’s intention to enter an order revoking a 609 7-1-1137 registration or denying an application for registration shall be given to the foreign bank in writing, sent via email to the foreign bank at the email address provided to the department by such foreign bank for receipt of notifications. Within 20 days of the date of issuance of the notice of intention to enter an order of revocation or denial under this article, the foreign bank 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 issuance of such notice of intention, the department shall enter a final order regarding the revocation or denial. Any final order of the department revoking a registration or denying an application for registration 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. (b) If the Georgia state representative office’s registration has been approved and the department issues a subsequent notice of intent to revoke registration, the foreign bank shall not accept new business during the pendency of the hearing unless the commissioner gives prior written approval, except that it shall comply with any stricter requirements imposed by 12 U.S.C. Section 3105(e) of the International Banking Act. (c) Information relating to the financial condition and business affairs of the foreign bank, except previously published statements and information, is confidential and may not be disclosed by the commissioner or an employee of the department except as provided by Code Section 7-1-70. (d) A decision by the department denying an application for registration or of an order revoking a registration shall be subject to review in accordance with Code Section 50-13-19. History. Code 1981, § 7-1-1135, enacted by Ga. L. 2023, p. 651, § 48/HB 55, effective July 1, 2023. 7-1-1136. Cessation of activities.