Title 7 — Banking and Finance
0 chapters · 568 sections in this title.
O.C.G.A. § 7-1-1 Short title
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This chapter shall be known and may be cited as the “Financial Institutions Code of Georgia.” History. Code 1933, § 41A-101, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2024, p. 1052, § 1(a)(1)/SB 448, effective July 1, 2024. Amendments. The 2024 amendment, effective July 1, 2024…
O.C.G.A. § 7-1-10 Rules of construction
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(a) The rules of statutory construction contained in Chapter 3 of Title 1 shall apply to this title. (b) Unless otherwise specifically indicated and to the full extent permitted by the Constitution of Georgia, any reference in this title to an existing statute or regulation shall …
O.C.G.A. § 7-1-1000 Definitions
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As used in this article, the term: (1) “Affiliate” or “person affiliated with” means, when used with reference to a specified person, a person who directly, indirectly, or through one or more intermediaries controls, is controlled by, or is under common control with the person spe…
O.C.G.A. § 7-1-1001 Cease and desist order issued
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License not issued, §7-1-1004. Child support enforcement. Suspension or denial of license for failure to pay support, §7-1-1017. Contents of license, §7-1-1006.
O.C.G.A. § 7-1-1001.1 Definitions
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Creation of corporations; contents of articles of incor- 14 Definitions. Exemption for certain persons and entities; registration requirements; authorized actions of licensed mortgage lenders; violations. Requirement for mortgage loan originator license; application to sellers of …
O.C.G.A. § 7-1-1002 Prohibited transactions; liability
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(a) It shall be prohibited for any person to transact business in this state directly or indirectly as a mortgage broker, a mortgage lender, or a mortgage loan originator unless such person: (1) Is licensed under this article by the department utilizing the Nationwide Multistate …
O.C.G.A. § 7-1-1003 Applications for licenses
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(a) An application for a license under this article shall be made in writing, under oath, and in such form as the department may prescribe. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the department and may be changed or upd…
O.C.G.A. § 7-1-1003.2 Financial requirements for licensing and registration; bond requirements
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(a) Each licensed mortgage broker shall provide the department with a bond. The bond for a mortgage broker shall be in the principal sum of $150,000.00 or such greater sum as the department may require as set forth by regulation based on an amount that reflects the dollar amount o…
O.C.G.A. § 7-1-1003.3 Editor’s notes
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— Ga. L. 1995, p. 1260, § 1, renumbered former Code Section 44-3-190 as present Code Section 44-3-189. 44-3-191. Requirements for out-of-state projects, managing agents, and exchange programs. (a) Time-share projects located outside this state and offered for sale in this state m…
O.C.G.A. § 7-1-1004 Definition of license, §7-1-1000
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Education requirement. Prelicensing education courses, hours required, §7-1-1004. Financial requirements, §7-1-1003.2. Investigation of applicant and its officers, §7-1-1004. Mortgage loan originators. Applications, §7-1-1003. Inactive licenses, §7-1-1005. Renewal, §7-1-1005. Req…
O.C.G.A. § 7-1-1004.1 Reports of condition
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Each mortgage broker and mortgage lender shall submit to the Nationwide Multistate Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the department and the Nationwide Multistate Licensing System and Registry may …
O.C.G.A. § 7-1-1004.2 Child support enforcement
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Suspension or denial of license for failure to pay support, §7-1-1017. Civil liability. Maintenance of books, accounts and records, §7-1-1009. Collecting agent. Defined, §7-1-1011. Commitment or commitment agreement. Defined, §7-1-1000. Regulations governing, §7-1-1021. Confidential…
O.C.G.A. § 7-1-1005 Renewal of licenses; expiration
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(a) Except as otherwise specifically provided in this article, all licenses issued pursuant to this article shall expire on December 31 of 556 7-1-1005 each year, and application for renewal shall be made annually on or before December 1 of each year. (b) Any licensee making prope…
O.C.G.A. § 7-1-1007 Notification requirements
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(a) A licensee shall give written notice to the department of any action which may be brought against it by any creditor or borrower where such action is brought under this article, involves a claim against the bond filed with the department for the purposes of compliance with Cod…
O.C.G.A. § 7-1-1008 Prohibited acquisitions of shares without prior approval
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(a) Except as provided in this Code section, no person shall acquire directly or indirectly 10 percent or more of the voting shares of a corporation or 10 percent or more of the ownership of any other entity licensed to conduct business as a mortgage broker or mortgage lender und…
O.C.G.A. § 7-1-1010 Annual financial statements
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(a) If a mortgage broker is a United States Department of Housing and Urban Development loan correspondent, such broker shall also submit to the department the audit that is required for the United States Department of Housing and Urban Development. The department may require the…
O.C.G.A. § 7-1-1011 Annual fees
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(a) The department may, by regulation, prescribe annual fees to be paid by licensees, which fees shall be set at levels necessary to defray costs and expenses incurred by the state in providing the examinations and supervision required by this article and its federally mandated p…
O.C.G.A. § 7-1-1012 Advertisements, §7-1-1016
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Disclosures to applicants for mortgage loans, §7-1-1014. Escrow accounts, §7-1-1015. 1182 INDEX S SAFE CARRY PROTECTION ACT. Public housing. Discriminatory housing practices. Unlawful practices in selling or renting dwellings. Conditioning tenancy in public housing with firearm re…
O.C.G.A. § 7-1-1013 Prohibition of certain acts
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It shall be prohibited for any person transacting a mortgage business in or from this state, including any person required to be licensed under this article and any person exempted from the licensing requirements of this article under Code Section 7-1-1001, to: (1) Misrepresent t…
O.C.G.A. § 7-1-1014 Regulations governing disclosure required to applicants for mortgage loans
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In addition to such other rules, regulations, and policies as the department may promulgate to effectuate the purposes of this article, the department shall promulgate regulations governing the disclosure required to be made to applicants for mortgage loans, including, without li…
O.C.G.A. § 7-1-1015 Rules relative to escrow accounts
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The department may promulgate rules with respect to the placement in escrow accounts by any person required to be licensed by this article of any money, fund, deposit, check, or draft entrusted to it by any persons dealing with it as a residential mortgage loan originator, mortga…
O.C.G.A. § 7-1-1016 Regulations relative to advertising
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In addition to such other rules, regulations, and policies as the department may promulgate to effectuate the purpose of this article, the department shall prescribe regulations governing the advertising of mortgage loans, including, without limitation, the following requirements…
O.C.G.A. § 7-1-1017 APPRAISALS
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Fair housing law, §8-3-204. APPROPRIATIONS. Art in state buildings, §8-5-4. Housing projects. Intergovernmental cooperation in aid of construction, operation, etc., of housing projects, §8-3-155. ALLEYS. Housing projects. State public bodies. Powers, §8-3-153. ALTERNATIVE DISPUTE…
O.C.G.A. § 7-1-1018 License not issued, §7-1-1004
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CERTIFICATES OF CONVERSION. Credit unions. Conversion of state and federal credit unions, §7-1-668. National bank to state bank or trust company, §§7-1-554, 7-1-555. State bank or trust company to national bank or federal savings institution, §7-1-556. CERTIFICATES OF DISSOLUTION…
O.C.G.A. § 7-1-1019 Criminal penalties
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Any person and the several members, officers, directors, agents, and employees thereof who: (1) Shall violate the provisions of subsection (a) or (a.1) of Code Section 7-1-1002, by the willful transaction of a mortgage business without a license or exemption, shall be guilty of a…
O.C.G.A. § 7-1-1020 Construction
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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 mortgage business or the right of the state to punish any person for any violation of any law. Without limiting the generality of the f…
O.C.G.A. § 7-1-1021 Short title, §7-1-1
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FINANCIAL TRANSACTION CARDS. Merchant acquirer limited purpose banks, §§7-9-1 to 7-9-13. FINES. Banks and trust companies. Branch banks, offices, facilities and holding companies, §7-1-611. 1145 INDEX FINES —Cont’d Banks and trust companies —Cont’d Foreign banking institutions. U…
O.C.G.A. § 7-1-110 Permissive closing days; deferral of business conducted on Saturday
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Any financial institution may remain closed one day each week in addition to Sundays and other legal holidays; and any act authorized, required, or permitted to be performed at or by any such financial institution on a day when it is closed may be performed on the next succeeding b…
O.C.G.A. § 7-1-110.1 Posting notice of intent to close banking location
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Except in the case of an emergency closing, before a financial institution may close a banking location, it must post at such location in a conspicuous place at least 30 days in advance of such closing a notice of intent to close. Such notice must remain posted for at least 30 con…
O.C.G.A. § 7-1-1100 Definitions
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As used in this article, the term: (1) “Affiliate” has the meaning assigned by 12 U.S.C. Section 1841(k) of the Bank Holding Company Act. (2) “Agency,” when used in reference to an office of a foreign bank, has the meaning assigned by 12 U.S.C. Section 3101(1) of the Internationa…
O.C.G.A. § 7-1-1101 Limitations on doing business; exceptions
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(a) A foreign bank may not engage in business in this state except to the extent permitted by this article. (b) Unless subject to an order to cease and desist under Code Section 7-1-1108, the following activities of a foreign bank shall not be considered engaging in business in t…
O.C.G.A. § 7-1-1102 Record keeping
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Each Georgia state branch, Georgia state agency, or Georgia state representative office shall maintain and make available appropriate books, accounts, and records reflecting: (1) All transactions effected by or on behalf of the office of the foreign bank; and (2) All other actions…
O.C.G.A. § 7-1-1103 Examination; fees
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(a) The department may make examinations of a Georgia state branch, Georgia state agency, or Georgia state representative office as the department considers necessary to determine whether the office of the foreign bank is being operated in compliance with the laws of this state a…
O.C.G.A. § 7-1-1104 Representative offices
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Bank or holding company domiciled in state, §§7-1-591, 7-1-592. Definitions, §7-1-590. Out of state banks, §7-1-592. Out of state representative offices. Georgia chartered banks, authority to conduct activities at representative offices, §7-1-591. Registration of bank or bank hold…
O.C.G.A. § 7-1-1105 Checks
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Originals. Financial institutions not required to maintain, §7-1-63. Commissions or finder’s fee. Dormant, abandoned or unclaimed deposit accounts, §7-1-359. Conflict of laws. Affiliate transfers. Other banking laws unaffected by part, §7-1-325. Consolidation. Merchant acquirer lim…
O.C.G.A. § 7-1-1106 Rights, privileges, and other duties
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(a) Except as otherwise provided by the International Banking Act, other applicable federal laws or regulations, other applicable state laws or regulations, or otherwise determined by the department, the operations of a foreign bank at a Georgia state branch, a Georgia state agen…
O.C.G.A. § 7-1-1107 Offices
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(a) For purposes of this Code section, offices of foreign banks in this state shall be divided into classes and ranked in descending order as a: (1) Georgia state branch; (2) Georgia state agency; and (3) Georgia state representative office. (b) A foreign bank may change a lower …
O.C.G.A. § 7-1-1108 Money transmission
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Orders, decisions, etc, of department, §7-1-694. Mortgage lenders and brokers.
O.C.G.A. § 7-1-1109 License applications
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Rules prescribing abbreviated application procedures and standards, §7-1-1111. State representative offices, establishment. Rules prescribing abbreviated application procedures and standards, §7-1-1131. Relocation of branch or agency within state, §7-1-1119. Reports to department…
O.C.G.A. § 7-1-111 Emergency closings
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Whenever it appears to the Governor that the welfare of this state or any region thereof or the welfare and security of any financial institution or the lives of the employees of the financial institution or the safety of the funds of depositors and property of the shareholders are…
O.C.G.A. § 7-1-1110 Definitions
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Limitations on doing business; exceptions. Record keeping. Examination; fees. Written reports; requirements; penalty for failure to comply. Changes in control. Rights, privileges, and other duties. Offices. Cease and desist orders; notice; failure to comply; judical review; fines.…
O.C.G.A. § 7-1-1111 Application procedures
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(a) A foreign bank that desires to establish and maintain a Georgia state branch or Georgia state agency shall submit an application to the department. Such application shall: (1) Be accompanied by all application fees and commitments for the pledge of assets required by this art…
O.C.G.A. § 7-1-1112 Prerequisites to licensing, §7-1-1113
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Relocation of branch or agency within state, §7-1-1119. Revocation of license. Effective date, §7-1-1128. Grounds, §7-1-1126. New business prohibited during pendency of hearing, §7-1-1127. Notice, §7-1-1127.
O.C.G.A. § 7-1-1115 Fiduciary activities, §7-1-1117
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Licenses, §§7-1-1111 to 7-1-1130. Amended license, §7-1-1118. Applications. Closure of branch or agency, §7-1-1125. Conditions included with approval, §7-1-1112. Contents and submission requirements, §7-1-1111. Notice of intent to deny, §7-1-1112. Assignment or transfer of licens…
O.C.G.A. § 7-1-1116 Application of other provisions; activities; maintenance of books or records
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(a) A Georgia state branch or Georgia state agency is subject to this 592 7-1-1116 article and other laws of this state applicable to banks as if the Georgia state branch or Georgia state agency were a Georgia state bank unless: (1) This chapter, a rule or regulation of the depar…
O.C.G.A. § 7-1-1117 Acting as a fiduciary
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(a) Except as provided in paragraph (10) of subsection (c) of Code Section 7-1-1116, a foreign bank may not act as a fiduciary at a Georgia state branch or Georgia state agency except by obtaining approval from the department as provided in this Code section. No Georgia state bran…
O.C.G.A. § 7-1-1118 Amending license; requirements
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(a) A foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency shall apply to the department for an amended license if it changes its corporate name, changes the duration of its corporate existence, or desires to pursue in this state other or…
O.C.G.A. § 7-1-1119 Act of relocating; notice
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(a) For purposes of this Code section, the term “relocation” means the location of an existing Georgia state branch or Georgia state agency is to be moved to a new location which is to be constructed, purchased, or leased within the State of Georgia. (b) A foreign bank may submit…
O.C.G.A. § 7-1-112 Business restrictions
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(a) During the period of or as a result of any financial emergency proclaimed by the Governor or declared by the department, or during any impending or existing emergency situation as described in Code Section 7-1-111, the department, in addition to all of the powers conferred upo…
O.C.G.A. § 7-1-1120 Treatment of assets
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Each foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency in this state shall keep the assets of its 596 7-1-1123 business in this state separate and apart from the assets of its business outside this state. History. Code 1981, § 7-1-1120…