Title 7 — Banking and Finance

Position and term of commissioner. Qualifications of commissioner. Removal or suspension of commissioner. Vacancy in office of commissioner. Deputy commissioners, examiners, and assistants. Oath of commissioner, deputy commissioner, and examiners. Prohibited transactions. Commissi…

A credit union shall have, in addition to the powers common to all corporations under the laws of this state, the power to: (1) Receive funds from its members or other financial institutions 347 7-1-650 in the form of shares and deposits on accounts or as evidenced by certificates …

(a) The membership of the credit union shall consist of the initial subscribers and such other persons within the field of membership as may have subscribed to one share, which has been paid by a person or the credit union, together with the required entrance fee and complied with…

Discharge upon proper payment, §7-1-820. Nontestamentary survivorship transfer, §7-1-815. Ownership during lifetime, §7-1-812. Applicability of provisions as to beneficial ownership, §7-1-811. Payment, §7-1-818. Protection of financial institutions. Accounts authorized, §7-1-816. A…

Landfills. Construction on abandoned landfills. Definition of solid waste, §8-6-2. General provisions, §§8-6-1 to 8-6-4. CASHING OF PAYMENT INTERESTS, §§7-1-700 to 7-1-709.2. Actions by creditors or claimants against licensee. Notice, §7-1-705. Advertisements. Unique identifier of li…

The capital of the credit union shall consist of the payments that have been made to it by the members on their qualifying shares. A credit union shall have a lien on a member’s share and deposits and on dividends or interest payable thereon for and to the extent of any loan made…

(a) At the first annual meeting, the members shall elect from among their number a board of directors of no less than five nor more than 25 and at each annual meeting thereafter shall elect successors to the 357 7-1-655 members of the board of directors whose terms of office expire…

Responsibilities, §7-1-656. Suspension of director, §7-1-655. Vacancies in office, §7-1-655. Voting, when prohibited, §7-1-656. Branch offices. Determination of need for office, §7-1-665. Establishment, operation, etc, §7-1-665. Bylaws.

Financial institutions generally, §§7-1-230 to 7-1-236. Articles of incorporation. Amendment, §7-1-634. Approval or disapproval by department, §7-1-632. Procedures, §7-1-635. Contents and filing, §7-1-630. Disapproval by department, §7-1-632. Procedures, §7-1-635. Effect of chapte…

(a) Credit unions may lend money to their members at reasonable rates of interest, which shall not exceed 1 ¼ percent each month on the unpaid balance, or such greater rates as shall be authorized for other financial institutions for such purposes as may be approved by the credit …

Violation of provisions. Conservatorship, §§7-1-640 to 7-1-645. CREED. Housing authorities law. Low and moderate income families defined. Persons and families irrespective of creed in need of assistance, §8-3-3.1. CRIMINAL BACKGROUND CHECKS. Banks and trust companies. Merchant acq…

(a) Examinations and investigations shall be made by the commissioner or by qualified examiners or employees empowered in writing by the department to make examinations or investigations. The department may, when the occasion requires, appoint special examiners and prescribe their…

(a) As used in this Code section, the term “dividend” means a designated distribution of earnings other than the payable contracted rate of interest due to members and depositors in all deposit and share account categories. (b) At such intervals and for such periods as the board …

Credit unions shall not be subject to any tax except the ad valorem tax upon property imposed by the Constitution of this state unless made subject thereto by express provision of the law specifically naming credit unions and making them subject thereto. All ad valorem taxes again…

Without limitation on the authority conferred by Article 1 of this chapter, the department is authorized to make such rules and regulations not inconsistent with this article and other applicable statutes 371 7-1-664 governing the operation of credit unions as it may consider rea…

(a) For purposes of this Code section, the term: (1) “Automated teller machine” means electronic equipment which performs routine banking transactions, including, but not limited to, the taking of deposits for the public at locations off premises of a credit union’s main or branc…

(a) For purposes of this Code section, the term: (1) “Branch office” means any location of a credit union other than the main office where financial services are offered to members. (2) “Main office” means the principal location of a credit union as such location appears in the re…

Insurer providing insurance through financed premiums. Terms, §7-6A-9. Installment loans. Commissioner of insurance. Transfer of regulatory authority from commissioner to department of banking and finance, §7-3-2. Insurance premiums, §7-3-11. Limitation on charges, §7-3-12. Refund …

(a) A credit union may, with the approval of the department and in accordance with such uniform rules and regulations as it shall make and promulgate, be merged with another credit union under the articles of such credit union. Such merger may occur regardless of whether the cred…

(a) Any credit union operating in this state may convert into a federal chartered credit union, and any federal credit union may convert into a credit union organized under this chapter upon approval of the authority under whose supervision the converted credit union will operate…

(a) As used in this Code section, the term “corporate credit union” means a credit union which is organized to serve a field of membership which consists primarily of other credit unions operating pursuant to this chapter, any other state credit union law, or the Federal Credit Un…

(a) Any official who shall make an examination pursuant to this chapter shall reduce the result thereof to writing in such form as shall be prescribed by the department. Such report shall contain a full, true, and correct statement of the condition of the financial institution in …

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

(a) The department may require reports on the condition of or any particular facts concerning any financial institution at any time the department deems it necessary or advisable. (b) The form of all reports, the information to be contained in them, and the date on which they shal…

As used in this article, the term: (1) “Acting in concert” means knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. (2) “Authorized agent” means a person designated by a licensee pursuant to Cod…

(a) Pursuant to this article, the department may license a person to engage in money transmission. (b) No person, regardless of the location of such person, its facilities, or its agents, shall engage in money transmission in this state without having first obtained a license auth…

The requirement for licensure set forth in this article shall not apply to: (1) Any state or federally chartered bank, trust company, credit union, savings and loan association, savings bank, or industrial bank, provided that every such bank, trust company, credit union, savings …

(a) Each applicant for a license under this article shall: (1) Submit an application in writing, which is made under oath and in such form as the department may prescribe; (2) Furnish to the Nationwide Multistate Licensing System and Registry the following information: (A) The le…

(a) As authorized by this Code section, a licensee may conduct its business through designated authorized agents at one or more locations in this state, so long as such locations have been included in the licensee’s application and reports as required by Code Section 7-1-683 and …

Prohibited acts, discovery. Notice to department, §7-1-687. Credit unions. Exemption from license requirement, §7-1-682. Criminal enforcement, §7-1-696.

Each licensee shall submit to the Nationwide Multistate Licensing System and Registry timely reports of condition, which shall be in such form and contain such information as the department and the Nationwide Multistate Licensing System and Registry may require. History. Code 198…

The unique identifier of any licensee shall be clearly labeled on all advertisements and any other documents required by rule or regulation of the department. History. Code 1981, § 7-1-684.2, enacted by Ga. L. 2014, p. 251 § 1/HB 982. 7-1-685. Expiration and renewal of licenses.

Except as otherwise specifically provided in this article, all licenses issued pursuant to this article shall expire on December 31 of each year, and each application for renewal shall be made annually on or before December 1 of each year. A license may be renewed by the filing of …

Determining ultimate equitable ownership by individual, §7-1-680. Under common control with. Defined, §7-1-680. Unique identifiers. Defined, §7-1-680. Use in advertising and other documents, §7-1-684.2. Unlicensed sales. Cease and desist orders, §7-1-694. Prohibited acts, enumeratio…

Applicants for licensing, §7-1-684. Mortgage lenders and brokers, §7-1-1009. Applicants for licenses and their officers, §7-1-1004. INVESTMENT ADVISERS. Banks and trust companies. Powers of trust companies, §7-1-310. Fiduciary investment companies. Written contract requirement, §…

The reports of examinations and investigations made by the department and reports made by financial institutions shall be preserved by the department for a period of five years, after which they may be destroyed. History. Ga. L. 1919, p. 135, art. 2, § 19; Code 1933, § 13-319; Code…

(a) Without limiting the power conferred by Article 1 of this chapter, the department may make reasonable rules and regulations, not 415 7-1-691 inconsistent with law, for the interpretation and enforcement of this article. (b) The department is authorized to enact rules and regu…

It shall be prohibited for any person engaged in money transmission in this state, including any person required to be licensed under this article, to: (1) Engage in money transmission as an agent of a principal who is not exempt from the licensure requirements under Code Section…

(a) The department may suspend or revoke an original or renewal license issued pursuant to this article or rescind the authorization to act as an authorized agent of a licensee if it finds that any ground or grounds exist which would require or warrant the refusal of an applicatio…

Construction defects, resolution of. Bribery of property or association managers, §8-2-42. BROKERS. Mortgages, §§7-1-1000 to 7-1-1021. BUILDING CODES. Administrative review. Amendment or revision of codes generally, §8-2-24.1. Conformance with international energy conservation co…

Licensing requirements. Exemption from licensing requirements. Requirements for licensure; fees; rules and regulations. Business locations; use of authorized agents. Minimum tangible net worth; bonding; permissible investments. Use of Nationwide Multistate Licensing System and Re…

Every payment instrument issued in the conduct of the business regulated by this article shall be signed by the licensee or its authorized agent, and the licensee shall be liable for the payment thereof to the same extent as a drawer of a negotiable instrument, whether or not the…

Any person, partnership, association, or corporation and the several members, officers, directors, agents, ultimate equitable owners, and employees thereof that shall violate any of the provisions of this article shall be guilty of a misdemeanor, which shall be punishable by impr…

Nothing in this article shall limit any statutory or common law right of any person to bring any action in any court for any act involved in the transmission of money or the right of the state to punish any person for any violation of any law. History. Code 1981, § 7-1-697, enact…

Generally, §§7-1-810 to 7-1-821. Provisions applicable to department of banking and finance and financial institutions generally. Banks and trust companies. Affiliate transfers, §§7-1-320 to 7-1-325. Amendment of articles, §§7-1-510 to 7-1-516. Bank branches, offices, facilities an…

(a) Except as otherwise expressly provided, any notice or advertisement required by this chapter to be published in a newspaper shall be published once a week for four weeks in the newspaper which is, on the date of the first such publication, the official organ (as determined pur…

(a) Records of the department, regardless of the medium by which stored, are confidential. Except as otherwise provided in this Code section, this chapter, or departmental rule or regulation, and, notwithstanding the provisions of Article 4 of Chapter 18 of Title 50, such records …

As used in this article, the term: (1) “Cash payment instruments” or “cashing payment instruments” means to accept a payment instrument from a person in exchange for monetary value less a fee. (2) “Check” means any check, money order, draft, or negotiable demand instrument. (3) “…

(a) Pursuant to this article, the department may license a person to cash payment instruments. (b) No person shall cash payment instruments without first obtaining a license under this article. (c) Every person that directly or indirectly controls another person that violates subs…

The requirement for licensure set forth in this article shall not apply to: (1) Any state or federally chartered bank, trust company, credit union, savings and loan association, or savings bank with deposits that are federally insured; (2) The United States Postal Service; (3) A …