Title 7 — Banking and Finance

(a) Any depositor who disagrees with the amount shown by the books or other records of the financial institution to be due to him shall prove his claim by presenting his bank statement or passbook or other documentary indication of indebtedness to the department within the time an…

Creditors other than depositors shall not share in any distribution of the assets of the financial institution unless the creditor or his designated representative shall, within the time and in the manner specified by the department pursuant to this chapter, present to the departme…

For the purposes of the accounting provided for in this chapter, the department shall allow the claims of depositors for the amounts shown to be due to them upon the books or other records of the financial institution (unless it determines such books or records to be in error) or …

(a) After filing a supplement to the certificate of possession setting forth its determination to liquidate the affairs of the financial institution, the department may, without leave of court and without filing an account, make an advance payment of a dividend to all depositors the …

Any reasonable expenditure made by the department as receiver of a financial institution, including any expense incurred in the management, reorganization, consolidation, liquidation, or distribution of the assets and affairs of the financial institution, any payment of a loan or i…

(a) If any claim has been rejected by the department or any exception has been filed to the account or to any item thereof, the principal court shall, as soon as expedient after the expiration of the period for the filing of exceptions to the account, fix a date for hearing in court…

The General Assembly finds and declares that the sound, efficient, and responsive operation of financial institutions is essential to the livelihood of the people of this state and to the stability and growth of the economy of this state and region and vitally affects the public in…

Whenever a dividend remains unclaimed six months after it has been declared and the department is unable to locate the depositor or other claimant to whom said dividend was payable, the dividend shall become a part of the general assets of the financial institution and be distribu…

Executory contracts or leases. Authority of department to reject, §7-1-175. Expenses of administration, §7-1-197.

Where the deposits or shares of a financial institution are insured by a federal public body or otherwise, the claims of depositors shall be subrogated in favor of said insurer to the extent that it pays or makes available for payment claims of such depositors against the financial…

If any unliquidated assets remain in the department’s possession after the filing and confirmation of its final account, the payment in full of the claims of all depositors, creditors, and other claimants which have been approved by the court and the distribution to shareholders of …

The department is authorized to destroy all records of the financial institution of which it was in possession as receiver and all records of such receivership at the expiration of six years from the date of the absolute confirmation of its final account, except where any provision …

(a) As used in this part, the term: (1) “Pooled assets” means mortgages, securities, or other assets comprising any mortgage or securities pool operated by such financial institution (whether said assets are held in the name of the institution or a nominee therefor) or with respec…

The principal court shall have exclusive jurisdiction over all matters concerning trust and pooled assets during the period that such assets are held by the department as receiver. 117 7-1-224 History. Code 1933, § 41A-903, enacted by Ga. L. 1974, p. 705, § 1. 7-1-223. Substitute…

Work of art defined, §8-5-3. Art in state buildings program, §8-5-3. H HANDICAPPED PERSONS. Housing. Fair housing law. General provisions, §§8-3-200 to 8-3-223. HEATING CODE.

1144 INDEX FINANCIAL INSTITUTIONS —Cont’d Receivership —Cont’d Unclaimed dividends, §7-1-201. Records. Currency transactions. Records and reports, §§7-1-910 to 7-1-917. Retention by department, §7-1-63.

Except as authorized by Code Section 7-1-224, the department shall, upon appointment of a substituted trustee or manager, file a full account with the appropriate court setting forth its administration of the trust or pooled assets and shall, upon the order of the court, transfer …

As used in this part, the term: (1) “Concert with one or more persons” includes, but is not limited to, the following persons and relationships: (A) A company and any controlling shareholder, partner, trustee, or management official of the company if both the company and the indi…

Change in control, §7-1-1105. Grounds for disapproving proposal, §7-1-234. Inapplicability to bank holding company transactions, §7-1-235. Notice of proposed acquisition required, §7-1-232. Acquisition without permission prohibited, §7-1-231. Contents of notice, §7-1-233. Person …

Except as otherwise provided by regulation of the department, a notice filed pursuant to Code Section 7-1-232 shall contain the following information: (1) The identity, personal history, business background, and experience of each person by whom or on whose behalf the acquisition …

The department may disapprove any proposed acquisition if: (1) The proposed acquisition of control would result in a monopoly or would be in furtherance of any combination or conspiracy to monopolize or attempt to monopolize the business of banking in any part of this state; (2) …

This part shall not apply to a transaction subject to Code Sections 7-1-605 through 7-1-608, relating to bank holding companies. History. Code 1933, § 41A-1006, enacted by Ga. L. 1980, p. 1076, § 1; Ga. L. 1984, p. 22, § 7. 7-1-236. Report of change in control.

Whenever a change occurs in the ownership of or right to vote the outstanding shares of any bank or trust company which will result in the control or a change in the control of the bank or trust company, the president or other officer of such bank or trust company shall, within t…

Additional operational powers. Power to hold real estate; prior approval of acquisitions. Property held to avoid loss. PART 3 PART 13 7-1-239.5. Powers and restrictions applicable when acting as bank and trust company. Restrictions on engaging in banking business. Restriction on …

A financial institution or mortgage lender, as such term is defined by Code Section 7-1-1000, may charge a convenience fee provided that such fee is permissible in accordance with Code Section 13-1-15. For purposes of this Code section, the term “convenience fee” means any addition…

(a) No person or corporation may lawfully engage in this state in the 134 7-1-241 business of banking or receiving money for deposit or transmission or lawfully establish in this state a place of business for such purpose, except a bank, a national bank, a credit union to the ext…

(a) No corporation, partnership, or other entity may lawfully act as a fiduciary in this state except: (1) A financial institution authorized to act in such capacity pursuant to the provisions of Georgia law; (2) A trust company; (3) A national bank or a state bank lawfully doing a…

(a) Except as provided in subsection (c) of this Code section, no person or corporation except a bank, a national bank, a foreign bank as defined in Code Section 7-1-1100, a bank as defined in Code Section 7-1-628.1, a corporation lawfully owning the majority of the voting stock of…

State building, plumbing, electrical, etc., codes. Contracts with private professional to complete plan review. Insurance requirements of private professional providers, §8-2-26. Commissioner of insurance.

Subject to restrictions contained in this chapter or in its articles, a bank or trust company shall have the power: (1) To have perpetual duration unless a limited period of duration is stated in its articles. Each bank or trust company existing on April 1, 1975, shall have perpe…

Banks and trust companies shall, in addition, have the power: (1) To act as agent of the United States or any public body thereof for the sale or issue of bonds, notes, or other obligations of the United States, or those for which the full faith and credit of the United States is…

(a) A bank or trust company may solely or jointly with other persons or corporations acquire and hold such real property as it: (1) Occupies or intends to occupy primarily for the transaction of its business, the business of any subsidiary or affiliate, or the recreational use of…

A bank or trust company may acquire and hold property for the purpose of avoiding loss as specified in paragraph (8) of Code Section 7-1-261, subject to: (1) A determination by a majority vote of its directors at least once each year as to the advisability of retaining any such pr…

Subject to restrictions contained in this chapter or in its articles, a bank shall have the power: (1) To receive money or commercial paper for deposit and to provide by its rules or by agreement for the terms of withdrawal and interest thereon; (2) To act as an agent to collect …

Any bank may: (1) Become a member of the Federal Reserve System and conform to the rules and regulations of that system and the federal reserve bank of which it is a member; (2) Become an insured bank pursuant to the Federal Deposit Insurance Act and take all action necessary to …

Notwithstanding any other provision of law to the contrary and subject to such regulations as the department may prescribe, a bank may: (1) Become the owner and lessor of personal property acquired upon the specific request and for the use of a customer and may incur such addition…

(a) A bank may purchase and may sell participations in: (1) One or more evidences of indebtedness or agreements for the payment of money, subject to regulations by the department; or (2) Pools of evidences of indebtedness or agreements for the payment of money, subject to regulat…

(a) A bank may accept drafts upon it having not more than nine months’ sight to run arising out of transactions involving: (1) The import or export of goods; (2) The domestic shipment of goods, if secured by documents of title covering such goods; or (3) The storage of readily ma…

(a) As used in this Code section, the term: (1) “Credit exposure as a counterparty in derivative transactions” means an amount that the bank reasonably determines, pursuant to a methodology acceptable to the department under the terms of the derivative or otherwise, would be its …

Direct leasing of personal and real property, §7-1-282. Divestiture and fines, §7-1-287. Enumeration, §7-1-280. Federal powers. Exercise by banks, §7-1-296. Federal programs. Participation in, §7-1-281. Fees and interest, §7-1-292. Transaction fees charged by operators of automate…

(a) A bank may engage in any transaction with respect to shares of 160 7-1-288 stock or other capital securities of any corporation in accordance with this Code section and in other instances as provided in state or federal law. (b) A bank may: (1) Engage in transactions with res…

(a) A bank may pledge or otherwise grant security interests in its assets to secure deposits of: (1) Public funds; (2) Funds of a pension fund for employees of a public body of the state; (3) Funds for which a public body of the state or an officer or employee thereof or any cour…

(a) Except as authorized in subsection (b) of this Code section, in paragraph (10) of Code Section 7-1-260, and in paragraph (4) of Code Section 7-1-261, a bank shall not lend its credit, bind itself as a surety to indemnify another, or otherwise become a guarantor. (b) A bank ma…

Any bank may take, receive, reserve, and charge interest and fees on any loan, advance of money, or forbearance to enforce the collection of money at rates not exceeding the limits set by the laws of this state. Whenever such laws authorize a special interest or fee rate with res…

(a) A bank desiring to be accorded treatment under this chapter as a savings bank or state savings and loan association shall so state in its articles. (b) A savings bank or a state savings and loan association may apply to the department for permission to relinquish its status a…

Approval by department, §7-1-394. Articles of incorporation. Advertisement of articles, §7-1-392. Amendment, §§7-1-510 to 7-1-516. Contents, §§7-1-392, 7-1-512. English language requirement, §7-1-392. Execution, filing, §7-1-512.

(a) For purposes of this Code section, the term “federal power” means any banking or corporate power, right, benefit, privilege, or immunity of a national bank, the deposits of which are federally insured, that may be exercised by a national bank doing business in this state pursu…

There is created the Department of Banking and Finance. History. Ga. L. 1919, p. 135, art. 2, § 1; Code 1933, § 13-301; Ga. L. 1972, p. 1015, § 1101; Ga. L. 1972, p. 1198, § 2. 7-1-31. Position and term of commissioner.

(a) The head of the department shall be the commissioner who shall exercise supervision and control over all divisions and employees of the department. (b) The commissioner shall be appointed by the Governor, by and with the advice and consent of the Senate, for a four-year term.…

Except as otherwise permitted by Code Section 7-1-315, a trust company in its capacity as fiduciary shall: (1) Segregate all property (other than items in the course of collection) held as a fiduciary from its nonfiduciary assets and keep separate records of all such fiduciary proper…