Title 7 — Banking and Finance

Pesticides used or applied in public building, §8-7-1. SEALS AND SEALED INSTRUMENTS. Financial institutions. Department of banking and finance, §7-1-39. SECRETARY OF STATE.

Bribery. Construction defects, resolution of. Bribery of property or association managers, §8-2-42. Buildings and construction. Residential toilets, shower heads and faucets, §8-2-3. Cashing of payment interests. Violations of provisions. Criminal enforcement, §7-1-709. Construct…

(a) The department may determine that formal approvals for certain transactions or activities to be conducted by its regulated entities are 61 7-1-90 not necessary but may be replaced by a discretionary expedited approval process to begin with written notice to the department by …

A savings and loan association may receive deposits in the name of an administrator, executor, guardian, trustee, or other fiduciary in trust for a named or an unnamed beneficiary or beneficiaries. Such a deposit and dividends or interest thereon or other rights relating thereto may…

Except as provided in Article 8 of this chapter, upon the death of a depositor of a savings and loan association, such association may pay the amount of his deposit or any portion thereof to an executor, administrator, or other fiduciary duly appointed and qualified pursuant to the…

Except as provided in Article 8 of this chapter, if no application for the deposit is made by any person named in Code Section 7-1-791 within 90 days from the death of a depositor, a savings and loan association shall be authorized to apply not more than $1,000.00 of the deposit …

Administrators, executors, guardians, trustees, and other fiduciaries of every kind and nature; insurance companies; charitable, educational, eleemosynary, and public corporations and organizations; municipalities and other public corporations and bodies; and public officials are …

Whenever, under the laws of this state or otherwise, a deposit of securities is required for any purpose, the deposits made legal investments by Code Section 7-1-793 shall be acceptable as such security; and, whenever, under the law of this state or otherwise, a bond is required …

The original record of deposits in savings and loan associations is the record on the books of the association, and the depositor shall be entitled to a savings account book or certificate which is a duplicate of such record. Those dealing with such savings account books and certi…

A savings and loan association paying deposits to an insane or otherwise incompetent depositor or bankrupt depositor or acting upon the release and discharge or authorization of such depositor or acting upon the power of attorney of an insane, deceased, or bankrupt depositor in g…

Unless expressly or impliedly displaced by this chapter, general principles of common law shall apply to financial institutions. History. Code 1933, § 41A-109, enacted by Ga. L. 1974, p. 705, § 1. 7-1-9. Reservation of power over financial institutions.

As used in this article, the term: (1) “Account” means a contract of deposit of funds between a depositor and a financial institution and includes a checking account, savings account, certificate of deposit, share account, and other like arrangements. (2) “Beneficiary” means a perso…

(a) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent. (b) A P.O.D. account belongs to the original payee during hi…

(a) Sums remaining on deposit at the death of a party to a joint 483 7-1-813 account belong to the surviving party or parties as against the estate of the decedent, unless there is clear and convincing evidence of a different intention at the time the account is created. If there…

The provisions of Code Section 7-1-813 as to rights of survivorship are determined by the form of the account at the death of a party. Once established, the terms of a multiple-party account can be changed only: (1) By closing the account and reopening it under different terms; o…

Any transfers resulting from the application of Code Section 7-1-813 are effective by reason of the account contracts involved in this article and are not to be considered as testamentary. History. Code 1933, § 41A-3806, enacted by Ga. L. 1976, p. 1388, § 8.

Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is demanded; but payment may not be made to the personal representative or heirs of a deceased party unless proof of de…

Any trust account may be paid, on request, to any trustee. Payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the financial institution showing that his or their decedent was the survivor of all other persons named o…

Discharge upon proper payment, §7-1-820. Payment on signature of one party, §7-1-816. Discharge upon proper payment, §7-1-820. P.O.D. account. Payment of, §7-1-818. Right to setoff, §7-1-821. Signature of one party. Payment on, §7-1-816. Trust account. Payment of, §7-1-819. Right…

Restrictions on banking and trust nomenclature, §7-1-243. National bank rights, §7-1-610. National banks. Conversions, §§7-1-550 to 7-1-556. State bank or trust company to national bank or federal savings institutions, §7-1-556. Night depositories. Locations in state, §7-1-603. N…

(a) Upon discovery, by report or otherwise, of any apparent violation of any state or federal criminal law which is perpetrated through a deposit or loan account maintained at or which utilizes a monetary instrument issued by a financial institution located in this state or of any…

(a) The following provisions of Title 16 are expressly made applicable to financial institutions, their directors, officers, agents, and employees and persons or corporations having dealings with, supervision over, or other contact with financial institutions: (1) Article 2 of Chap…

Fair housing law, §8-3-212. Financial institutions. Reimbursement of costs of judicial process, §7-1-237. DISCRIMINATION. Credit cards, §§7-6-1, 7-6-2. Fair housing law. General provisions, §§8-3-200 to 8-3-223. Installment loans.

Parity with federally insured institutions, providing. Expansion of powers of bank or credit union to allow for competition, §7-1-61.1. Permissible closing days, §7-1-110.

(a) Any person or corporation, including any financial institution or its directors, officers, agents, or employees, who shall perform the following acts or deeds shall be guilty of a felony: (1) Publishes or causes to be published any false statement, expressed either by printing…

Upon conviction of a misdemeanor as prescribed by the several provisions of this chapter, the offender shall be punished as prescribed by Code Section 17-10-3, as now or hereafter amended. History. Ga. L. 1919, p. 135, art. 20, § 38; Code 1933, § 13-9937; Code 1933, § 41A-9910, e…

This chapter applies to transactions and events occurring on and after April 1, 1975. History. Code 1933, § 41A-3701, enacted by Ga. L. 1974, p. 705, § 1. 7-1-861. Completion of pending transactions; continuation of existing charters, appointments, regulations, and fees. (a) Tran…

The Secretary of State shall charge and collect fees with regard to filings by persons subject to the provisions of this chapter to the same extent as are charged and collected with regard to similar filings by corporations organized under Chapter 2 of Title 14, known as the “Georg…

The General Assembly shall at all times have power to prescribe such regulations, provisions, and limitations as it may deem advisable, which regulations, provisions, and limitations shall be binding upon financial institutions that are subject to this chapter. The General Assembl…

(a) Any final action of the department or refusal of the department to act may be subject to judicial review by any person or corporation affected by such action. Such action shall be brought within 60 days of the final action or refusal of action by the department as a special sta…

(a) Whenever it shall appear to the department that the capital stock of a financial institution has been reduced below the minimum required by law or below the amount required by its articles, the department may issue a written order directing such corporation to restore the defic…

It is the purpose of this article to require certain reports and records of transactions involving United States currency where such reports and records have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings. History. Code 1981, § 7-1-910, …

As used in this article, the term: (1) “Commissioner” means the commissioner of banking and finance. (2) “Conducts” includes initiating, concluding, or participating in initiating or concluding a transaction. (3) “Currency” means currency and coin of the United States. (4) “Curren…

(a)(1) Financial institutions and other money service businesses are required by state law to comply with the filing, reporting, and record-keeping requirements provided for in federal law. The department may promulgate regulations that specify additional requirements for currency…

The Georgia Bureau of Investigation and the Department of Revenue shall have access to and shall be authorized to inspect and copy any reports filed with the department pursuant to this article. In addition, unless prohibited by federal law or by any agreements with federal author…

(a) For each willful violation of this article, the commissioner may assess upon any financial institution and upon any director, officer, or employee thereof who willfully participates in the violation a civil penalty not exceeding $1,000.00. (b) In the event of the failure of an…

Purpose, §7-1-910. Regulations, §7-1-912. Definitions, §7-1-4. Change in control, §7-1-230. Currency transactions, §§7-1-911, 7-1-912. Trust or pooled assets, §7-1-220.

All property of every kind used or intended for use in the course of, 509 7-1-917 derived from, or realized through a transaction which in fact involves the proceeds of unlawful activity specified in Chapter 14 of Title 16 or otherwise subject to the provisions of this article sha…

Registered office, §7-1-132. Remote service terminals. Safe use, §§7-8-1 to 7-8-8. Reorganizations. Receivership. Generally, §§7-1-150 to 7-1-225. Special liquidations and reorganizations, §7-1-174. Reports. Change in control, §7-1-236. Currency transactions. Records and reports,…

(a) Articles of financial institutions existing under the laws of this state are subject to forfeiture: (1) In the case of an institution subject to such requirements, for failure to file its annual report with the Secretary of State or its annual license or occupation tax return w…

The department may bring an appropriate civil action to enforce any provision of this chapter or regulations issued hereunder, whether by injunction or otherwise, in the superior court of this state having jurisdiction over one or more of the defendants. History. Code 1933, § 13-…

As used in this article, the term: (1) “Board of directors” means any board of directors of a corporation created under this article. (2) “Corporation” means a Georgia small minority business development corporation created under this article; (3) “Lending institution” means any …

Whenever the articles shall have been filed in the office of the Secretary of State and approved by the department and all filing fees and taxes prescribed by law have been paid, said entity shall constitute a corporation. Said corporation shall not be authorized to commence busine…

(a) Upon receipt of an application for approval of articles from a corporation organized pursuant to this article, the department shall exercise its discretion in its consideration of the application; but the department shall not approve the application until it has ascertained t…

Upon receiving the approval of the department, the incorporators shall file the same together with the fee specified by Code Section 7-1-862 with the Secretary of State. History. Code 1981, § 7-1-944, enacted by Ga. L. 1988, p. 804, § 1; Ga. L. 1989, p. 946, § 73; Ga. L. 1989, p. 1…

In furtherance of its purposes and in addition to the powers now or hereafter conferred on business corporations by the laws of this state, 514 7-1-945 the corporation shall, subject to the restrictions and limitations contained in this Code section, have the following powers: (1…

Bond and stock holding authority, §7-1-946. Departmental power over corporations, §7-1-954. SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS —Cont’d Creation of corporations, §7-1-941. Definitions, §7-1-940. Deposit of corporate funds, §7-1-953. Dissolution of corporation, §7-1-95…

Application, §7-1-947. Duration, §7-1-948. Withdrawal, §7-1-948. Net earnings. Setting apart net earnings, §7-1-952. Occupational license taxes, §7-1-958. Officers. Generally, §7-1-951. Receivership. Financial institutions generally, §§7-1-150 to 7-1-225. State indebtedness not t…

(a) Membership in the corporation shall be for the duration of the 519 7-1-949 corporation, provided that, upon written notice given to the corporation two years in advance, a member may withdraw from membership in the corporation at the expiration of such notice. (b) A member sh…

(a) The shareholders and the members of the corporation shall have the following powers of the corporation: (1) To determine the number of and elect directors as provided in Code Section 7-1-951; (2) To amend its articles as provided in Code Section 7-1-950; (3) To dissolve the c…