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Georgia Statutes, Title 7

Georgia/Statutes

← All Georgia coverage

Title 7

10 chapters · 671 sections in this title.

All chapters in Title 7671 Ch 1, FINANCIAL INSTITUTIONS542 Ch 3, INSTALLMENT LOANS34 Ch 9, GEORGIA MERCHANT ACQUIRER LIMITED PU…26 Ch 4, INTEREST AND USURY20 Ch 2, CREDIT UNION DEPOSIT INSURANCE CORPO…14 Ch 6A, GEORGIA FAIR LENDING ACT13 Ch 8, SAFE USE OF REMOTE SERVICE TERMINALS8 Ch 5, CREDIT CARDS AND CREDIT CARD BANKS6 Ch 7, LOAN BROKERS6 Ch 6, CREDIT OR LOAN DISCRIMINATION2

671 sections·Filtered byTitle 7✕

O.C.G.A. § 7-1-640 Appointment of conservators; authority; reporting requirement
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(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; (2) Has suspended payment of obligations without authority of law; (3) Has violated its arti…
O.C.G.A. § 7-1-641 Certiﬁcate of appointment
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(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
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(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
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Showing 301–350 of 671

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(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 subsect…

O.C.G.A. § 7-1-644 Bond

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(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 Show cause requirement; appointment of receiver; role of conservator; limitation on court’s role

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(a) No later than ten days after the date a conservator is appointed pursuant to Code Section 7-1-640, a credit union may apply to its principal court for an order requiring the department to show cause why it should not be enjoined from continuing the conservatorship. (b) If at …

O.C.G.A. § 7-1-650 Powers

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A credit union shall have, in addition to the powers common to all corporations under the laws of this state, the power to: (1) Receive funds from its members or other ﬁnancial institutions in the form of shares and deposits on accounts or as evidenced by certiﬁcates of deposit i…

O.C.G.A. § 7-1-651 Membership; shares

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(a) The membership of the credit union shall consist of the initial subscribers and such other persons within the ﬁeld of membership as may have subscribed to one share, which has been paid by a person or the credit union, together with the required entrance fee and complied with…

O.C.G.A. § 7-1-651.1 In-person annual meetings; requirements for remote options; impact of emergency declaration

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(a) Except as provided in subsection (c) of this Code section, the annual meeting of the members shall be held in person. (b) Members may participate and vote remotely at the meetings of the members if the bylaws of the credit union explicitly provide an option for remote partici…

O.C.G.A. § 7-1-652 Joint, minor, and trust shares and deposits; preferred capital base shares

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(a) A share may be issued and deposits received jointly in the names of a member and a nonmember with right of survivorship, but no joint tenant shall be permitted to vote, obtain loans, or hold office unless he is within the ﬁeld of membership and is a qualiﬁed member. (b)(1) A …

O.C.G.A. § 7-1-653 Expulsions and withdrawals; disposition of deposits, interest, shares, or dividends; reinstatement

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(a) At any regular or called meeting of the members, by a two-thirds’ vote of those present, the members may expel from the credit union any member thereof. A member may withdraw from a credit union and a nonmember may withdraw deposits as provided in this Code section by ﬁling a…

O.C.G.A. § 7-1-654 Capital; right to offset loans, dues, and ﬁnes

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The capital of the credit union shall consist of the payments that have been made to it by the members on their qualifying shares. A credit union shall have a lien on a member’s share and deposits and on dividends or interest payable thereon for and to the extent of any loan made…

O.C.G.A. § 7-1-655 Board of directors; committees; officers

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(a) At the ﬁrst annual meeting, the members shall elect from among their number a board of directors of no less than ﬁve nor more than 25 and at each annual meeting thereafter shall elect successors to the members of the board of directors whose terms of office expire at such ann…

O.C.G.A. § 7-1-656 Directors; duties; meetings; quorum; voting; prohibited activities

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(a) The board of directors shall be responsible for the affairs, funds, and records of the credit union and shall meet as often as necessary. The board of directors shall meet at least once during ten different months of each calendar year unless an alternative schedule is approv…

O.C.G.A. § 7-1-657 Duties of audit committee; inspections; comprehensive annual audits; use of independent accountants

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(a) The audit committee shall be responsible for securing a comprehensive audit of the credit union at least once each year unless such time period is modiﬁed pursuant to the rules and regulations of the department. Except as provided for in subsection (c) of this Code section, t…

O.C.G.A. § 7-1-658 Loans

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(a) Credit unions may lend money to their members at reasonable rates of interest, which shall not exceed 1 ¼ percent each month on the unpaid balance, or such greater rates as shall be authorized for other ﬁnancial institutions for such purposes as may be approved by the credit …

O.C.G.A. § 7-1-659 Entrance fees; reserves; exclusion of state and federal credit union reserves from tax calculations

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(a) A credit union may charge entrance fees as provided in the bylaws. All such fees shall, after payment of organizational expense, be known as reserve income and shall be added to the regular reserve of the credit union. (b) Immediately before the payment of each dividend, the …

O.C.G.A. § 7-1-660 Dividends

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(a) As used in this Code section, the term “dividend” means a designated distribution of earnings other than the payable contracted rate of interest due to members and depositors in all deposit and share account categories. (b) At such intervals and for such periods as the board …

O.C.G.A. § 7-1-661 Fiscal year; special meetings of members; voting and proxies

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The credit union ﬁscal year shall end at the close of business on December 31, unless the bylaws of the credit union specify a different ﬁscal year. Unless the articles of incorporation or bylaws provide otherwise, special meetings of the members may be held by order of the chair…

O.C.G.A. § 7-1-662 Taxes to which subject

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Credit unions shall not be subject to any tax except the ad valorem tax upon property imposed by the Constitution of this state unless made subject thereto by express provision of the law speciﬁcally naming credit unions and making them subject thereto. All ad valorem taxes again…

O.C.G.A. § 7-1-663 Rules and regulations

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Without limitation on the authority conferred by Article 1 of this chapter, the department is authorized to make such rules and regulations not inconsistent with this article and other applicable statutes governing the operation of credit unions as it may consider reasonable and …

O.C.G.A. § 7-1-664 Credit union equipment, operations, and locations

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(a) For purposes of this Code section, the term: (1) “Automated teller machine” means electronic equipment which performs routine banking transactions, including, but not limited to, the taking of deposits for the public at locations off premises of a credit union’s main or branc…

O.C.G.A. § 7-1-665 Main office and branch offices

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(a) For purposes of this Code section, the term: (1) “Branch office” means any location of a credit union other than the main office where ﬁnancial services are offered to members. (2) “Main office” means the principal location of a credit union as such location appears in the re…

O.C.G.A. § 7-1-666 Deposit insurance requirements; public notices when deposits not properly insured

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(a) Every credit union shall be required to obtain deposit insurance satisfactory to the department before it may conduct business and accept deposits, except that credit unions which have had their deposit insurance coverage withdrawn or canceled may, in the discretion of the de…

O.C.G.A. § 7-1-667 Mergers

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(a) A credit union may, with the approval of the department and in accordance with such uniform rules and regulations as it shall make and promulgate, be merged with another credit union under the articles of such credit union. Such merger may occur regardless of whether the cred…

O.C.G.A. § 7-1-668 Conversion of state and federal credit unions

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(a) Any credit union operating in this state may convert into a federal chartered credit union, and any federal credit union may convert into a credit union organized under this chapter upon approval of the authority under whose supervision the converted credit union will operate…

O.C.G.A. § 7-1-669 Corporate credit union

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(a) As used in this Code section, the term “corporate credit union” means a credit union which is organized to serve a ﬁeld of membership which consists primarily of other credit unions operating pursuant to this chapter, any other state credit union law, or the Federal Credit Un…

O.C.G.A. § 7-1-671 Exercise of federal powers

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(a) For purposes of this Code section, the term “federal power” means any banking or corporate power, right, beneﬁt, privilege, or immunity of a federal credit union, the deposits of which are federally insured, that may be exercised by a federal credit union doing business in th…

O.C.G.A. § 7-1-680 Deﬁnitions

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As used in this article, the term: (1) “Acting in concert” means knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. (2) “Authorized agent” means a person designated by a licensee pursuant to Cod…

O.C.G.A. § 7-1-681 Licensing requirements

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(a) Pursuant to this article, the department may license a person to engage in money transmission. (b) No person, regardless of the location of such person, its facilities, or its agents, shall engage in money transmission in this state without having ﬁrst obtained a license auth…

O.C.G.A. § 7-1-682 Exemption from licensing requirements

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The requirement for licensure set forth in this article shall not apply to: (1) Any state or federally chartered bank, trust company, credit union, savings and loan association, savings bank, or industrial bank, provided that every such bank, trust company, credit union, savings …

O.C.G.A. § 7-1-683 Requirements for licensure; fees; rules and regulations

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(a) Each applicant for a license under this article shall: (1) Submit an application in writing, which is made under oath and in such form as the department may prescribe; (2) Furnish to the Nationwide Multistate Licensing System and Registry the following information: (A) The le…

O.C.G.A. § 7-1-683.1 Business locations; use of authorized agents

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(a) As authorized by this Code section, a licensee may conduct its business through designated authorized agents at one or more locations in this state, so long as such locations have been included in the licensee’s application and reports as required by Code Section 7-1-683 and …

O.C.G.A. § 7-1-683.2 Minimum tangible net worth; bonding; permissible investments

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(a)(1) Each applicant and licensee shall maintain, as a continuing requirement of licensure, a minimum tangible net worth, which shall be the greater of $100,000.00 or the amount calculated pursuant to the following formula: (A) Three percent of total assets for the ﬁrst $100 mil…

O.C.G.A. § 7-1-683.3 Use of Nationwide Multistate Licensing System and Registry

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(a) The department is authorized to: (1) Participate in the Nationwide Multistate Licensing System and Registry in order to facilitate the sharing of information and standardization of the licensing and application processes for persons subject to this article; (2) Enter into ope…

O.C.G.A. § 7-1-684 Investigation of applicants for licensure; background checks on employees and others

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(a) As used in this Code section, the term “conviction data” means a record of a ﬁnding, verdict, or plea of guilty or plea of nolo contendere with regard to any crime, regardless of whether an appeal of the conviction has been sought. (b) The department shall conduct an investig…

O.C.G.A. § 7-1-684.1 Reporting to Nationwide Multistate Licensing System and Registry

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Each licensee shall submit to the Nationwide Multistate Licensing System and Registry timely reports of condition, which shall be in such form and contain such information as the department and the Nationwide Multistate Licensing System and Registry may require. History. Code 198…

O.C.G.A. § 7-1-684.2 Use of unique identiﬁer of licensee

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The unique identiﬁer of any licensee shall be clearly labeled on all advertisements and any other documents required by rule or regulation of the department. History. Code 1981, § 7-1-684.2, enacted by Ga. L. 2014, p. 251 § 1/HB 982.

O.C.G.A. § 7-1-685 Expiration and renewal of licenses

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Except as otherwise speciﬁcally provided in this article, all licenses issued pursuant to this article shall expire on December 31 of each year, and each application for renewal shall be made annually on or before December 1 of each year. A license may be renewed by the ﬁling of …

O.C.G.A. § 7-1-687 Notice of action against licensee by creditor or claimant; other 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 claimant where such action relates to the activities authorized under this article or involves a claim against the bond ﬁled with the department under Code …

O.C.G.A. § 7-1-688 Approval required of new ultimate equitable owner, other change of control, or executive officer of licensee; denial of application; application of statute

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(a) Except as provided in this Code section, no person or group of persons acting in concert shall become an ultimate equitable owner of any licensee through acquisition or other change in control or become an executive officer of a licensee as a result of such acquisition or oth…

O.C.G.A. § 7-1-689 Record keeping; investigation and examination requirements and powers; limitations on civil liability

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(a) Each licensee shall make, keep, and use in its business such books, accounts, and records as the department may require to enforce the provisions of this article and the rules and regulations promulgated under it. Each licensee shall preserve such books, accounts, and records…

O.C.G.A. § 7-1-690 Rules and regulations

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(a) Without limiting the power conferred by Article 1 of this chapter, the department may make reasonable rules and regulations, not inconsistent with law, for the interpretation and enforcement of this article. (b) The department is authorized to enact rules and regulations that…

O.C.G.A. § 7-1-691 Prohibited activities while engaged in money transmission

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It shall be prohibited for any person engaged in money transmission in this state, including any person required to be licensed under this article, to: (1) Engage in money transmission as an agent of a principal who is not exempt from the licensure requirements under Code Section…

O.C.G.A. § 7-1-692 Denial, suspension, or revocation of license or authorization; procedure

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(a) The department may suspend or revoke an original or renewal license issued pursuant to this article or rescind the authorization to act as an authorized agent of a licensee if it ﬁnds that any ground or grounds exist which would require or warrant the refusal of an applicatio…

O.C.G.A. § 7-1-693 Permissible and impermissible grounds for refusal or suspension

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(a) Where an applicant or licensee has been certiﬁed by any entity of the federal government for nonpayment or default or breach of a repayment or service obligation under any federal educational loan, loan repayment, or service conditional scholarship program, such action shall …

O.C.G.A. § 7-1-694 Cease and desist orders; civil penalties; judicial review; administrative ﬁnes

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(a) The department may issue an order requiring a person to cease and desist immediately from unauthorized activities whenever it shall appear to the department that: (1) Except as provided in paragraphs (2) and (3) of this subsection, a person has violated any law of this state …

O.C.G.A. § 7-1-695 Liability for payment

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Every payment instrument issued in the conduct of the business regulated by this article shall be signed by the licensee or its authorized agent, and the licensee shall be liable for the payment thereof to the same extent as a drawer of a negotiable instrument, whether or not the…

O.C.G.A. § 7-1-696 Penalties for violations

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Any person, partnership, association, or corporation and the several members, officers, directors, agents, ultimate equitable owners, and employees thereof that shall violate any of the provisions of this article shall be guilty of a misdemeanor, which shall be punishable by impr…

O.C.G.A. § 7-1-697 No limitation on common law liability or state prosecution

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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 transmission of money or the right of the state to punish any person for any violation of any law. History. Code 1981, § 7-1-697, enact…