Title 7 — Banking and Finance

A trust company which is not a bank may, apart from its fiduciary activities, invest in stock and investment securities, except that it may not acquire or hold its own stock otherwise than pursuant to paragraphs (8) and (9) of Code Section 7-1-261. History. Code 1933, § 41A-1403, …

(a) As used in this Code section, the term “collective investment fund” shall include a common trust fund and any other type of collective investment fund. (b) A trust company may establish and maintain collective investment funds for the investment or reinvestment of property wh…

Real estate acquisitions, §7-1-262. Property held to avoid loss, §7-1-263. Receivership, security to defray cost of, §7-1-316. Restrictions applicable when acting as bank and trust company, §7-1-240. Prohibited acts. Bank holding companies. Actions unlawful without prior approval…

Advertising. Advertising of rates of interest or finance charges. Failure to comply with section, §7-4-5. Interest.

(a) The department may require, based on safety and soundness, that a trust company maintain a minimum amount of capital, provided that such amount shall in no event be less than $3 million. The department may alter the amount of capital required to be maintained by a trust compa…

The commissioner shall be of good moral character, shall not have been convicted in any court of competent jurisdiction of any crime involving moral turpitude, shall have been a citizen of this state for not less than three years, and shall have attained the age of 30 years but b…

As used in this part, the term: (1) “Affiliate transfer” means a transfer by which a bank or trust company delegates, assigns, or transfers to an affiliated trust company or to an affiliated bank which has received the required approvals from the appropriate regulatory authoritie…

Agent for bank. Appointment, §7-1-323. Authorized, §7-1-321. Conflict of laws, §7-1-325. Definitions, §7-1-320. Designation of affiliate trust company as successor fiduciary, §7-1-324. Effect on bank, §7-1-322. Liability of bank for actions of agent, §7-1-323. Powers and duties of t…

The commissioner may be suspended or removed by the Governor whenever the Governor has in his judgment trustworthy information that the commissioner is insane or has absconded or grossly neglected his duties or is guilty of conduct plainly violative of his duties or the restricti…

As used in this part, the term: (1) “Fiduciary investment company” means a corporation which is an investment company as defined by the act of Congress entitled “Investment Company Act of 1940” and is incorporated in accordance with Chapter 2 of Title 14 so as to constitute a medi…

Any one or more trust institutions may cause a fiduciary investment company or companies to be organized and incorporated, but no trust institution or foreign trust institution may own an interest in more than seven fiduciary investment companies. A fiduciary investment company shal…

Any such fiduciary investment company shall be incorporated under and subject to Chapter 2 of Title 14. The incorporators shall be persons who are officers or directors of the trust institution or institutions causing such fiduciary investment company to be incorporated; and the ar…

Trust institutions and foreign trust institutions, as defined by this part, acting in a fiduciary capacity and for fiduciary purposes, if exercising due care as a prudent investor, and with the consent of any cofiduciary, may invest and reinvest funds held in such fiduciary capacity i…

Every fiduciary investment company in which a trust institution or foreign trust institution is authorized by this part to own and hold corporate stock or shares, in order to qualify for such investments, shall have such corporate powers as may be granted by Chapter 2 of Title 14 …

Without limitation on the authority conferred by Article 1 of this chapter, the department shall have authority to adopt and issue reasonable and uniform rules and regulations to govern the conduct and management of all fiduciary investment companies. The department shall not exam…

Except as may be specifically authorized by rule or regulation of the department, no trust institution or foreign trust institution holding stock in a fiduciary investment company may advertise or publicize its participation in such fiduciary investment company, provided that any tr…

Fiduciary investment companies generally, §§7-1-330 to 7-1-338. INVESTMENTS. Housing authorities. Bonds and other obligations as legal investments, §8-3-81. Money transmission. Applicants and licensees, permissible investments, §7-1-683.2. J JOINDER OF PARTIES. Fair housing law, …

Organization; approval by department. Incorporation. Limitations on investments. Corporate powers; limitations and restrictions. Rules and regulations; examinations. Advertisement of participation; financial reports. Investment advisers. Prohibition on refusing participation. PART…

Examiners and assistants. Appointment, §7-1-35. Conflicts of interest, §7-1-37. Oath and bond, §7-1-36. Expenses for office, §7-1-38. Good moral character. Qualifications, §7-1-32. Head of department, §7-1-31. Oath of office, §7-1-36. Office expenses, §7-1-38. Parity with federally…

(a) The commissioner shall appoint from time to time, with the right to discharge at will, a senior deputy commissioner of banking and finance. The commissioner may appoint additional deputy commissioners as needed. All deputy commissioners shall also be ex officio examiners. The …

A bank which has adopted rules governing deposits or withdrawal of deposits shall give notice of the rules and all changes therein to each customer whose deposits are affected by such rules, either by delivery of a copy to such customer or by posting them in a conspicuous area in…

(a) A bank may receive deposits from: (1) A minor who is at least 16 years of age; or (2) One or more minors jointly with one or more adults, as party to and with the same effect as a multiple-party account under Article 8 of this chapter. (b) A bank may use electronic means, inc…

(a) Whenever any agent, administrator, executor, guardian, trustee, either express or implied, or other fiduciary, whether bona fide or mala fide, shall deposit any money in any bank to his credit as an individual, or as such agent, trustee, or other fiduciary, whether the name of th…

State building, plumbing, electrical, etc., codes, §§8-2-20 to 8-2-31. GENERAL ASSEMBLY. Financial institutions. Reservation of powers over financial institutions, §7-1-9. GEORGIA BUREAU OF INVESTIGATION. Currency transactions. Records and reports. Access to records, §7-1-913. GEO…

(a) A bank or trust company which receives money for transmission shall give the customer a receipt setting forth: (1) The date of receipt of the money; 198 7-1-355 (2) The amount of the money in dollars and cents; and (3) If the money is to be transmitted to a foreign country in…

A bank, trust company, or savings and loan association may receive property for safe deposit and rent out receptacles and safe-deposit boxes on the terms and conditions prescribed by it; but such terms and conditions shall not bind any customer to whom the bank, trust company, or…

(a) Any financial institution contracting with a person for the use of a safe-deposit box or receiving property from a person for safekeeping, upon presentation of satisfactory proof of the death or legal incompetence of such person, shall permit any person named in an order grant…

In accordance with and subject to the limitation of such regulations as the department may prescribe, a bank may, from time to time, charge a dormant account a reasonable service charge. History. Code 1933, § 13-2067, enacted by Ga. L. 1966, p. 590, § 10; Code 1933, § 41A1611, en…

Art in state buildings. Purchases and commissions exempt from bidding requirements, §8-5-6. Sale of works of art by state, §8-5-9. BLACK PERSONS. Fair housing law, §§8-3-200 to 8-3-223. Small businesses. Small minority business development corporations, §§7-1-940 to 7-1-958. BLIG…

(a) Before entering office, the commissioner shall take an oath before the Governor or one of the Justices of the Supreme Court to support the Constitution of the United States and the Constitution of Georgia and to execute faithfully the duties of his or her office, which oath s…

Fee prohibited for conducting search of dormant accounts, §7-1-359. Insurance requirements, §7-1-244. Intestate depositors, §7-1-239.1. Final expenses, application of money in account towards, §7-1-239. Payment of checks or instruments payable to deceased persons, §7-1-239.1. Pay…

(a) Except as provided in subsections (c), (d), and (e) of this Code section, the commissioner, any deputy commissioner, any department employee with financial institution or licensee supervisory responsibilities, or any examiner employed by the department shall not directly or in…

(a) Subject to the restrictions of subsection (b) of this Code section 204 7-1-371 and of Code Section 7-1-371 in regard to reserve funds, a financial institution may deposit its funds in any depository which is: (1) Selected by, or in any manner authorized by, its directors; (2) …

Legal reserve requirements, §7-1-371. Service charge relating to abandoned instruments, §7-1-372. Directors. Removal by department, §7-1-71. Dissolution, §§7-1-113 to 7-1-117. Articles of dissolution where business commenced, §7-1-116. Procedure if not filed, §7-1-116. Articles of…

The commissioner shall be provided with suitable offices and equipment, the expense of which shall be paid by the state in the same manner as the expenses of other offices of the state government are paid. History. Ga. L. 1919, p. 135, art. 2, § 8; Ga. L. 1920, p. 102, § 1; Ga. L…

The department shall adopt an official seal. Any paper executed under the seal of the department shall prima facie be deemed to have been executed by a duly authorized official of the department. History. Code 1933, § 41A-209, enacted by Ga. L. 1974, p. 705, § 1. 7-1-40. Delegati…

One or more natural persons 18 years of age or over may act as incorporators of a bank or trust company. History. Ga. L. 1898, p. 78, § 1; Civil Code 1910, § 2815; Ga. L. 1919, p. 135, art. 8, § 1; Ga. L. 1920, p. 102, § 1; Ga. L. 1927, p. 195, § 7; Ga. L. 1931, p. 156, § 1; Code…

(a) A bank or trust company shall not pay any fee, compensation, or commission for promotion in connection with its organization or apply any money received on account of shares or subscriptions, selling shares, or other services in connection with its organization, except legal …

Filing, §7-1-512. Incorporation generally, §§7-1-390 to 7-1-398. Merchant acquirer limited purpose banks, §7-9-5. Notice of application. Advertisement, §7-1-392. Restated, §7-1-510. Assets. Foreign banking institutions. Amount of assets and deposits to be maintained, §7-1-1123. L…

The incorporators shall also file with the department: (1) Information desired by the department in order to evaluate the proposed institution which shall be made available in the form specified by the department; (2) Reserved; (3) A certificate of the Secretary of State showing tha…

Ga. L. 1919, p. 135, art. 8, § 4; Code 1933, § 13-904; Ga. L. 1955, p. 201, § 1; Ga. L. 1964, p. 689, § 1; Ga. L. 1966, p. 692, § 10; Ga. L. 1972, p. 727, § 2; Code 1933, § 41A-1804, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2024, p. 354, § 1-4/HB 876, effective July 1, 2024. A…

If the Secretary of State shall receive, with respect to the proposed bank or trust company: (1) The written approval of the department with a copy of the articles of incorporation attached; (2) An affidavit executed by the duly authorized agent or publisher of the newspaper in w…

(a) After the issuance of the certificate of incorporation by the Secretary of State, a first meeting of the shareholders may be held within this state at the call of the shareholders who were the incorporators, or a majority of them, for the purpose of adopting bylaws or for such …

Incorporators and other persons who organize a bank or trust company which transacts business before its capital stock and paid-in capital have been paid in shall be jointly and severally liable to depositors and other creditors to make good the amounts not paid in by subscribers…

Subject to additional definitions contained in the subsequent provisions of this chapter, as used in this chapter, the term: (1) “Affiliate” means any corporation, business trust, association, or other similar organization: (A) Of which a financial institution, directly or indirect…

(a) Any authority, power, or duty vested in the commissioner or department by a provision of this chapter may be exercised, discharged, or performed by a deputy, assistant, examiner, or employee of the department acting in the commissioner’s name and by his delegated authority. I…

(a) The department may, by regulation, prescribe annual examination fees, license fees, registration fees, and supervision fees to be paid by the institutions and entities assigned to the department by this title for regulation, supervision, licensure, or registration. In additio…

(a) Except as provided in subsections (b) and (c) of this Code section, the minimum capital stock of a de novo bank or trust company shall be 219 7-1-412 $3 million. An established bank or trust company no longer in de novo status shall maintain a minimum capital stock of $3 mill…

A bank or trust company may have one or more classes of common or preferred shares, all of which shall be shares with par value of not less than $1.00 and any or all of which may, subject to the restrictions of this chapter, consist of shares with full, limited, multiple, fractio…

(a) Except as provided in subsection (b) of this Code section and in the case of a distribution of shares under subsection (e) of Code Section 7-1-488 or incident to a merger, consolidation, or other corporate reorganization or rehabilitation authorized by this chapter, shares of…