Title 7 — Banking and Finance
0 chapters · 568 sections in this title.
O.C.G.A. § 7-9-1 Short title
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This chapter shall be known and may be cited as the “Georgia Merchant Acquirer Limited Purpose Bank Act.” History. Code 1981, § 7-9-1, enacted by Ga. L. 2012, p. 43, § 1/HB 898.
O.C.G.A. § 7-9-10 Liability of applicant beginning business before authorized
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The applicant who charters a merchant acquirer limited purpose bank which transacts business before its capital stock have been paid in as required under this chapter shall be jointly and severally liable to creditors for the amounts not paid in by subscribers or any other deficie…
O.C.G.A. § 7-9-11 Capital stock and paid-in surplus requirements
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A merchant acquirer limited purpose bank shall at all times maintain capital stock and paid-in surplus as required by policies of the department but in no event less than $3 million. History. Code 1981, § 7-9-11, enacted by Ga. L. 2012, p. 43, § 1/HB 898. 7-9-11.1. Merger or cons…
O.C.G.A. § 7-9-11.1 Merger or consolidation requirements
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(a) Merchant acquirer limited purpose banks may merge or consolidate upon compliance with the requirements of this chapter and other applicable laws and regulations. (b) A corporation other than a merchant acquirer limited purpose bank may be merged into or may be consolidated wi…
O.C.G.A. § 7-9-11.2 Merger or consolidation plan; requirements
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(a) The parties to a merger or consolidation of a merchant acquirer limited purpose bank shall: (1) Adopt a plan stating the method, terms, and conditions of the merger or consolidation, including the rights under the plan of the shareholders of each of the parties and any agreem…
O.C.G.A. § 7-9-11.3 Notice of merger or consolidation; filing
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(a) Upon adoption of the plan of merger or consolidation as provided in Code Section 7-9-11.2, parties to a merger or consolidation shall file with the department articles of a merger or consolidation pursuant to the requirements of this Code section together with the fee required…
O.C.G.A. § 7-9-11.4 Merger or consolidation application; requirements
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In addition to the filing of articles of merger and consolidation under Code Section 7-9-11.3, the parties to a merger or consolidation plan shall also file with the department: (1) An application including any information desired by the department in order to evaluate the proposed…
O.C.G.A. § 7-9-11.6 Certificate of merger or consolidation
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Upon payment of all required taxes, fees, and charges, the Secretary of State shall issue to any resulting merchant acquirer limited purpose bank a certificate of merger or consolidation with the approved articles of merger or consolidation attached thereto, provided that the name…
O.C.G.A. § 7-9-11.8 Rights and remedies of shareholders
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(a) A shareholder of a merchant acquirer limited purpose bank which is a party to a plan of proposed merger or consolidation under this chapter who objects to such plan shall be entitled to the rights and remedies of a dissenting shareholder as determined under Chapter 2 of Title…
O.C.G.A. § 7-9-12 Limitations on activities; deposit insurance
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(a) A merchant acquirer limited purpose bank shall only accept deposits from a corporation that owns a majority of the shares of the merchant acquirer limited purpose bank. A merchant acquirer limited purpose bank shall not operate in any manner that attracts depositors from the …
O.C.G.A. § 7-9-12.1 Treatment of merchant funds
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(a) All merchant funds shall constitute a trust fund until paid to the individual merchant. A merchant acquirer limited purpose bank shall have a fiduciary duty to preserve and account for merchant funds, and merchant acquirer limited purpose banks shall be liable for merchant fun…
O.C.G.A. § 7-9-13 Money transmission
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Employment of persons subject to orders. Discipline of licensees. Grounds for discipline, §7-1-691. Grounds for issuance of orders, §7-1-694. Mortgage lenders and brokers, §7-1-1018. License not issued, §7-1-1004.
O.C.G.A. § 7-9-2 Definitions
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As used in this chapter, the term: (1) “Articles of incorporation” or “articles” means the articles or certificate of incorporation of a corporation and shall include, when used in reference to a limited liability company, the articles or certificate of organization of a limited li…
O.C.G.A. § 7-9-4 Application; fees; minimum number of employees
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(a) A corporation that seeks to be chartered shall file an application with the department and shall pay applicable fees established by regulation of the department to defray the costs of the investigation and review of the application. (b) The department shall, by regulation, pre…
O.C.G.A. § 7-9-5 PUBLIC BUILDINGS
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Art in state buildings. General provisions, §§8-5-1 to 8-5-9. Pesticides used or applied in public building, §8-7-1. PUBLIC HOUSING. Discriminatory housing practices. Unlawful practices in selling or renting dwellings. Conditioning tenancy in public housing with firearm restrictio…
O.C.G.A. § 7-9-5.1 Meetings
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(a) The board of directors shall hold regular meetings at such times as may be fixed by the bylaws and shall, at all times, be subject to call by the chairperson of the board, the chief executive officer, the president, or any two members of the board. The board shall meet at leas…
O.C.G.A. § 7-9-5.2 Bylaws
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The board of directors shall have the power to adopt, amend, or repeal bylaws governing the regulation and management of affairs of the merchant acquirer limited purpose bank unless such power is reserved exclusively to the shareholders by the articles or bylaws previously adopte…
O.C.G.A. § 7-9-5.3 Officers and employees
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(a) A merchant acquirer limited purpose bank shall maintain a chief executive officer, chief information officer, chief risk officer, and such other officers the department may require by rule or regulation. A person may hold more than one office; provided, however, that no perso…
O.C.G.A. § 7-9-5.4 Oath of office required
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(a) Prior to assuming office, each director shall take an oath or affirmation that he or she will diligently and honestly perform his or her duties in the administration of the affairs of the merchant acquirer limited purpose bank; he or she will not permit a willful violation of…
O.C.G.A. § 7-9-6 Charter application requirements
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(a) An application to the department to charter a merchant acquirer limited purpose bank shall include: (1) Any information desired by the department in order to evalu815 7-9-7 ate the proposed institution which shall be made available in the form specified by the department; (2) …
O.C.G.A. § 7-9-7 Investigation; requirements and procedure for background checks
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(a)(1) Upon receipt of the articles of incorporation and the filings and fees from the applicant as required under this chapter, the department shall conduct such investigation as it may deem necessary to ascertain whether it should approve the proposed merchant acquirer limited p…
O.C.G.A. § 7-9-8 AFFORDABLE HOUSING
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Clearance and rehabilitation of blighted areas. General provisions, §§8-4-1 to 8-4-12. 1082 INDEX AGENTS. Banks and trust companies, §7-1-488. AGRICULTURE. Building codes. State-wide application of minimum standard codes. Farm buildings or structures, exemption, §8-2-25. State bu…
O.C.G.A. § 7-9-9 Criminal background checks, §7-9-7
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Definitions, §7-9-2. Deposits by corporation owning majority share, §7-9-12. Disapproval of charter by department, §7-9-7. Dissolution and winding up.