Title 7 — Banking and Finance
0 chapters · 568 sections in this title.
O.C.G.A. § 7-1-554 Issuance of certificate of conversion
0.7K chars
If all the taxes, fees, and charges required by law shall have been paid and if the name of the resulting bank or trust company continues to be reserved or is available on the records of the Secretary of State, upon the receipt of the written approval of the department, the Secre…
O.C.G.A. § 7-1-555 Effect of issuance of certificate of conversion
2.9K chars
Issuance of a certificate of conversion shall have the following effect: (1) As of the issuance of the certificate of conversion by the Secretary of State, the conversion shall become effective; (2) The certificate of conversion shall be conclusive evidence of the performance of all…
O.C.G.A. § 7-1-572 Right of shareholder to dissent
1.0K chars
A shareholder of a bank or trust company shall have the right to dissent from any sale, lease, exchange, or other disposition of all, or substantially all, the property and assets of a bank or trust company pursuant to Code Section 7-1-571, except for a sale wholly for cash pursu…
O.C.G.A. § 7-1-590 Definitions
3.4K chars
As used in this part, the term: (1) “Bank” and “bank holding company” shall have the same meaning as in Part 18 of this article. A “banking business” is the business which a bank is authorized to do pursuant to this title. The power to receive deposits or the performance of any t…
O.C.G.A. § 7-1-593 Definitions
3.4K chars
Bank or bank holding company domiciled in state; outof-state activities. Bank or bank holding company operating under federal or other state law; permissible activities. Notice of representative office closure; review of operations. 7-1-623. 7-1-624. 7-1-625. PART 18 7-1-626. BANK…
O.C.G.A. § 7-1-6 Notices; waivers of notice
2.9K chars
Except as otherwise expressly provided: (1) Any notice required to be given under this chapter may be delivered in person or by first-class mail or statutory overnight delivery to the last known address of the person or corporation or to the registered office of the corporation. I…
O.C.G.A. § 7-1-60 Injunctive relief, §7-1-93
0.4K chars
Installment loans. Definition of department, §7-3-3. Generally, §§7-3-1 to 7-3-52. Regulation by department, §§7-3-40 to 7-3-52. Transfer of regulatory responsibility from commissioner of insurance to department, §7-3-2. Interest and usury complaints. Duties and responsibilities g…
O.C.G.A. § 7-1-600 Definitions
2.4K chars
As used in this part, the term: (1) “Bank” means any moneyed corporation authorized by law to receive deposits of money and commercial paper, to make loans, to 291 7-1-600 discount bills, notes, and other commercial paper, to buy and sell bills of exchange, and to issue bills, no…
O.C.G.A. § 7-1-601 Branch offices
1.8K chars
(a) Branch offices may be established by banks doing a lawful banking business in Georgia with the prior approval of the department as follows: (1) New or additional branch offices may be established de novo in the manner provided in Code Section 7-1-602; (2) New or additional br…
O.C.G.A. § 7-1-602 Applications for branch offices
3.8K chars
(a) Application to establish a branch office shall be made to the department in such form as it may prescribe from time to time. The department shall exercise its discretion in its consideration of the 296 7-1-602 application; but the department shall not approve the application …
O.C.G.A. § 7-1-603 Authorized extensions; restrictions
3.7K chars
(a) An approved banking location may have an extension, which is not a branch or main office, at which banking activities may occur. The extensions described in this Code section do not require approval but may have certain restrictions or required notifications. (b) The following…
O.C.G.A. § 7-1-605 History
0.4K chars
Code 1981, § 7-1-620, enacted by Ga. L. 1984, p. 1467, § 1; Ga. L. 1987, p. 251, § 1; Ga. L. 1988, p. 13, § 7; Ga. L. 1994, p. 215, § 1; Code 1981, § 7-1-621, as redesignated by Ga. L. 1996, p. 279, § 1; Ga. L. 1997, p. 143, § 7; Ga. L. 1999, p. 674, § 18; Ga. L. 2000, p. 174, § …
O.C.G.A. § 7-1-606 Prohibited activities of bank holding company or subsidiary; exceptions
8.9K chars
(a)(1) It shall be unlawful, except with the prior approval of the commissioner: (A) For any action to be taken that causes any company to become a bank holding company; (B) For any action to be taken that causes a bank to become a subsidiary of a bank holding company; (C) For an…
O.C.G.A. § 7-1-608 Bank holding companies; lawful and unlawful acquisitions; waiver
4.6K chars
(a) It shall be unlawful for a bank holding company to acquire direct or indirect ownership or control of any voting shares of any bank, including any federal savings and loan association or federal savings bank, if, after such acquisition, such bank holding company will directly…
O.C.G.A. § 7-1-609 Installment loans
1.1K chars
Licenses. Exemptions from licensing requirement, §7-3-4. International banking. Currency transactions. Records and reports generally, §§7-1-910 to 7-1-917. Domestic international banking facilities, §§7-1-730 to 7-1-734. Agreements with other bank regulatory authorities, §7-1-734…
O.C.G.A. § 7-1-61 Rules and regulations
3.0K chars
(a) The department shall have the authority to promulgate rules and regulations to effectuate the objectives or provisions of this chapter. Without limiting the generality of the foregoing, the department is expressly authorized to make rules and regulations, consistent with this…
O.C.G.A. § 7-1-61.1 Permissible closing days, §7-1-110
0.8K chars
P.O.D. accounts. Multi-party accounts generally, §§7-1-810 to 7-1-821. Prohibited acts. Unauthorized activities, §7-1-5. Prospective operation of chapter, §7-1-860. FINANCIAL INSTITUTIONS —Cont’d Public policy, §7-1-2. Receivership, §§7-1-150 to 7-1-225. Accounting requirements. …
O.C.G.A. § 7-1-610 National bank rights
0.2K chars
National banks shall have the same but no greater rights under or by virtue of this part than the rights granted to banks and trust companies organized under the laws of this state. History. Ga. L. 1960, p. 67, § 2.
O.C.G.A. § 7-1-611 Penalties for violations
0.7K chars
Any bank, bank holding company, or company (as defined in Code Section 7-1-605) which violates subsection (a) of Code Section 7-1-601 or any provision of Code Section 7-1-602, Code Section 7-1-603, or Code Sections 7-1-605 through 7-1-608 shall be subject to civil monetary penalti…
O.C.G.A. § 7-1-62 Accounting procedures
0.8K chars
The department may promulgate regulations concerning the manner in which the books of financial institutions will be maintained in order to assist the department in its examinations and other supervisory activities, provided that, in all events: (1) A financial institution shall en…
O.C.G.A. § 7-1-620 Purpose of this part
0.9K chars
This part governs the acquisition of banks having banking offices in Georgia by bank holding companies controlling bank subsidiaries having banking offices outside this state. It further governs the acquisition of banks having banking offices outside this state by bank holding co…
O.C.G.A. § 7-1-621 Definitions
5.5K chars
As used in this part, the term: (1) “Acquire,” as applied to a bank holding company, means any of the following actions or transactions: (A) The merger or consolidation with another bank holding company; (B) The acquisition of the direct or indirect ownership or control of voting…
O.C.G.A. § 7-1-623 Acquisitions not requiring department approval; notifications
4.0K chars
(a) Subject to any applicable restrictions, an out-of-state bank holding company having a bank subsidiary with banking offices in Georgia may acquire a bank that does not have banking offices in this state, and an out-of-state bank holding company may acquire an out-of-state bank…
O.C.G.A. § 7-1-624 Prohibited acquisitions
4.6K chars
(a) Except as expressly permitted under this part, Part 20 of this article, or by federal law, no bank holding company may acquire a bank or a bank holding company controlling a bank chartered by the department. (b) In the event any bank holding company makes an acquisition that …
O.C.G.A. § 7-1-625 Prohibited acquisitions, §7-1-624
3.6K chars
Purpose, §7-1-620. Reciprocal agreements, §7-1-625. Required approval, §7-1-623. Prohibited acquisitions, §7-1-624. Ruling of commissioner, §7-1-622. Severability, §7-1-626. Branching by merger, §§7-1-628 to 7-1-628.15. Acquisition of branches, §7-1-628.9. Actions. Enforcement by…
O.C.G.A. § 7-1-626 Severability; construction with other laws
1.2K chars
(a) It is the express intention of the Georgia General Assembly to provide a unified and orderly method of permitting limited interstate banking. Thus, if any provision of this part establishing the framework within which interstate banking may occur or providing for registration,…
O.C.G.A. § 7-1-628 Purpose; legislative findings; scope of part
2.1K chars
(a) It is the purpose of this part to permit interstate banking and branching by merger under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, subject to the limita324 7-1-628.1 tions and requirements set out in this part and in Parts 14, 18…
O.C.G.A. § 7-1-628.1 Definitions
4.3K chars
As used in this part, the term: (1) “Bank” shall have the same meaning as “insured bank” in 12 U.S.C. Section 1813(h) of the Federal Deposit Insurance Act, provided that the term “bank” shall not include any “foreign bank” (which is defined as in 12 U.S.C. Section 3101 of the Inte…
O.C.G.A. § 7-1-628.10 Enforcement actions by commissioner
0.8K chars
If the commissioner determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of any provision of the laws of this state, the commissioner shall have the authority to take all such enforcement actions as he or she would be empo…
O.C.G.A. § 7-1-628.11 Regulations; administrative fees
0.4K chars
The commissioner may promulgate such regulations and may provide for the payment of such reasonable filing, application, assessment, and administrative fees as he or she determines to be necessary or appropriate in order to implement the provisions of this part. History. Code 1981…
O.C.G.A. § 7-1-628.12 Reporting by of out-of-state banks
0.7K chars
In order to determine compliance with Georgia law on deposit concentration limits or other areas of state compliance, reporting by out-of-state banks may be required by the commissioner. History. Code 1981, § 7-1-628.12, enacted by Ga. L. 1996, p. 279, § 2; Ga. L. 2021, p. 323, §…
O.C.G.A. § 7-1-628.14 Severability; construction with other laws
0.9K chars
(a) If any provision of this part or the application of such provision is found by any court of competent jurisdiction in the United States to be invalid as it pertains to any bank, bank holding company, foreign bank, or other person or circumstances, or is found to be superseded…
O.C.G.A. § 7-1-628.15 INTERVENTION
0.6K chars
Foreign banking institutions. Receivership proceedings, §7-1-1129. INTESTATE SUCCESSION. Bank deposits of 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.…
O.C.G.A. § 7-1-628.2 Mergers permitted; applicable provisions
0.8K chars
Interstate merger transactions between out-of-state banks and Georgia banks including Georgia state banks shall be permitted provided that the applicable conditions, approvals, and filing requirements are met by participating banks and bank holding companies. The approval procedur…
O.C.G.A. § 7-1-628.3 Prohibited interstate merger transactions
1.4K chars
(a) Except as otherwise expressly provided in this subsection, an interstate merger transaction shall not be permitted under this part if, upon consummation of such transaction, the resulting bank (including all insured depository institutions that would be “affiliates,” as define…
O.C.G.A. § 7-1-628.4 Permissible interstate merger transactions
1.9K chars
(a) A Georgia state bank may enter into an interstate merger transaction where the Georgia state bank is the resulting bank, and as a result the Georgia state bank may establish, maintain, and operate 328 7-1-628.4 FINANCIAL INSTITUTIONS 7-1-628.5 one or more branches in another …
O.C.G.A. § 7-1-628.6 Powers of out-of-state banks branching into Georgia
1.5K chars
(a) An out-of-state state bank which establishes and maintains one or more branches in Georgia under this part may conduct any activities at such branch or branches that are authorized under the law of this state for Georgia state banks. (b) A Georgia state bank may conduct any a…
O.C.G.A. § 7-1-628.7 Examinations and reports; powers of commissioner
4.8K chars
(a) To the extent consistent with subsection (c) of this Code section, the commissioner may make such examinations of any branch established and maintained in this state by an out-of-state state bank as the commissioner may deem necessary to determine whether the branch is being …
O.C.G.A. § 7-1-628.8 Restrictions on de novo branches
2.3K chars
(a) As used in this Code section, the term “de novo branch” means a branch of a bank which: (1) Is originally established by the bank as a branch; and (2) Does not become a branch of the bank as a result of the 332 7-1-628.8 FINANCIAL INSTITUTIONS 7-1-628.10 acquisition of anothe…
O.C.G.A. § 7-1-63 Retention of records
1.6K chars
(a) The department shall issue regulations classifying records kept by financial institutions and prescribing the period, if any, for which records of each class shall be retained and the form in which such records shall be maintained. Such periods may be permanent or for a lesser…
O.C.G.A. § 7-1-630 Subscribers; articles; filings; fee; directors
5.0K chars
(a) Any number of persons, not less than eight, having a common bond, as defined in subsection (b) of this Code section, may incorporate for the purpose of organizing a credit union in accordance with this article. The persons so desiring to become incorporated shall execute artic…
O.C.G.A. § 7-1-633 Oath, §7-1-655
0.2K chars
Prohibited activities, §7-1-656. Quorum for transaction of business, §7-1-656. Remote participation in meetings, §7-1-656. Removal from office, §7-1-655.
O.C.G.A. § 7-1-635 Procedure for approval or disapproval
1.2K chars
(a) The department shall, in its discretion, approve or disapprove of proposed amendments to the articles or to the bylaws within 90 days after they are submitted by the credit union and within that time shall so advise the Secretary of State of any changes to the articles and in…
O.C.G.A. § 7-1-635.1 Out-of-state credit unions
2.4K chars
(a) A credit union organized in another state may conduct business and establish a place of business in this state with the approval of the department. The department must find that the out-of-state credit union: (1) Is a credit union organized under laws of a state other than the…
O.C.G.A. § 7-1-640 Appointment of conservators; authority; reporting requirement
2.6K chars
(a) The department may, in its discretion, appoint itself or a third party as conservator for a credit union when the credit union: (1) Is insolvent or in an unsafe and unsound condition; 343 7-1-640 (2) Has suspended payment of obligations without authority of law; (3) Has viola…
O.C.G.A. § 7-1-641 Certificate of appointment
0.9K chars
(a) The department shall, immediately after appointing a conservator, file with the principal court of a credit union a certificate to be known as a certificate of appointment. (b) The certificate of appointment shall set forth the basis for the department’s appointment of a conserva…
O.C.G.A. § 7-1-642 Costs; immunity
0.6K chars
(a) All costs incident to conservatorship will be charged against the assets of the credit union to be allowed and paid as the department may determine. (b) The department, its employees, and third parties acting as conservators are not subject to liability for actions related to…
O.C.G.A. § 7-1-643 Appointment of department as conservator
1.5K chars
(a) Whenever any court, upon the initiation of the department or other person entitled by law to institute such proceedings, determines that a conservator should be appointed, for any reason whatsoever, it shall appoint the department as conservator. Except as provided in 345 7-1…
O.C.G.A. § 7-1-644 Bond
2.7K chars
(a) If the department appoints a conservator other than a public body of the United States that insures the shares of a credit union, an employee of the department, or the department itself, the conservator and any assistants shall provide a bond, payable to the credit union and …
O.C.G.A. § 7-1-645 Elevators and similar conveyances
0.1K chars
Violations of chapter provisions, §8-2-107. Factory built buildings.