Domestic international banking facility

As used in this article, the term “domestic international banking facility” means the location within this state of any banking office, other than a foreign bank branch or foreign bank agency as defined in Code Section 7-1-1100, which derives its funds (1) from sources outside of the United States, (2) from another domestic international banking facility, or (3) from temporary advances from its parent organization and 448 7-1-732 employs those funds for banking purposes outside of the United States or through its parent organization, but does not accept deposits subject to check or draft. A domestic international banking facility, when properly established pursuant to this article, shall not be considered to be a “branch office” or “main office” as defined in Code Section 7-1-600. History. Ga. L. 1981, p. 770, § 2; Ga. L. 1999, p. 674, § 28; Ga. L. 2023, p. 651, § 38/HB 55, effective July 1, 2023. Amendments. The 2023 amendment, effective July 1, 2023, substituted “other than a foreign bank branch or foreign bank agency as defined in Code Section 7-1-1100” for “other than an ‘international bank agency,’ as defined in Code Section 7-1710”. 7-1-732. Eligibility to operate domestic international banks; registration required; records; exemption from taxes and license fees. (a) Any bank, whether domiciled within this state or elsewhere and having total capital funds of $25 million or more, as reported to its chartering authority as of December 31 of each year, may establish and operate a domestic international banking facility in this state upon compliance with this article. Any bank having total capital funds of $25 million or less may establish such facility upon compliance with this article and upon further obtaining the approval of the department. The department shall grant such approval only after it has satisfied itself that the registrant is financially sound, is operating in substantial conformity with all applicable laws and regulations, and is, along with its principals, of good character and reputation. (b) Prior to establishing a domestic international banking facility and annually thereafter for so long as the facility shall continue in this state, the bank shall register with the department on such forms as the department shall prescribe and pay a registration fee as determined by the department. Such registration shall include: (1) The name and main office address of the registrant; (2) The address at which the facility is to be located; (3) The names of the individuals responsible for administering the business affairs of the facility in this state; (4) The name and address of the chartering authority for the registrant; (5) A resolution from the board of directors or other governing body of the registrant authorizing the establishment of the facility; (6) A statement of the registrant that it has the legal capacity under the laws pursuant to which it is organized to establish the 449 7-1-734 facility and that its chartering authority (and regulatory authority if different) interposes no objection to the establishment of such facility; and (7) Such other information as the department may require. Information required in paragraphs (5) and (6) of this subsection need not be resubmitted upon renewal of a registration. The facility shall promptly notify the department of any change in the management or location of the facility. (c) The domestic international banking facility shall maintain records of its business activities separate from records of the domestic banking activities of its parent or head office. (d) The domestic international banking facility shall not be subject to any tax or license fee in this state by virtue of its business location in this state or its business activities outside of this state. History. Ga. L. 1981, p. 770, § 3. 7-1-733. Rejection or revocation of registration as a domestic international banking facility. (a) The department may revoke any registration or reject any application to register or renew a registration for a domestic international banking facility upon a finding that: (1) The facility no longer qualifies to register under this article; (2) The scope of the business conducted by the facility exceeds that authorized by this article; (3) The chartering authority of the parent bank of the facility requests such action in writing; or (4) The department determines, on its own initiative or otherwise, that representations made by the registrant, including, but not limited to, representations under paragraph (6) of subsection (b) of Code Section 7-1-732, are inaccurate. (b) No facility whose registration has been rejected by the department may establish an international banking facility in this state. History. Ga. L. 1981, p. 770, § 4. 7-1-734. Examination and supervision by the department; agreements with other bank regulatory authorities. (a) The department may examine the operations of any domestic 450 7-1-740 international banking facility for the purpose of determining that the scope of its activities does not exceed that allowed pursuant to this article and that the facility is otherwise operating in compliance with the applicable laws of this state. The department may by regulation establish minimum requirements for the maintenance of books and records in sufficient form to enable the department to carry out its responsibilities under this Code section. (b) The department may enter into cooperative and reciprocal agreements with the bank regulatory authority of any government for the periodic examination of banking offices and facilities of any kind, including domestic international banking facilities, located within this state and may accept records from such authorities in lieu of conducting its own examination for compliance with laws of this state. History. Ga. L. 1981, p. 770, § 5. ARTICLE 6 BUSINESS DEVELOPMENT CORPORATIONS