Title 7 — Banking and Finance
0 chapters · 568 sections in this title.
O.C.G.A. § 7-1-702 Requirements for licensure
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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. § 7-1-702.1 Operation of mobile payment instrument cashing facility
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A mobile payment instrument cashing facility operated by a licensee shall be treated as a branch location and the operations of the facility shall be conducted in accordance with the rules and regulations of the department. History. Code 1981, § 7-1-702.1, enacted by Ga. L. 2014,…
O.C.G.A. § 7-1-703 Investigation of applicants; background checks of 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. § 7-1-703.2 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, § 7-1-703.2, enacted by Ga. L. 2014, p. 251, § 2/HB 982. 433 7-1-705 7-1-704. Renewal of licenses.
O.C.G.A. § 7-1-704 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. § 7-1-706 Fair housing law, §8-3-212
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Financial institutions. Answering within five days, §7-1-237. Examinations, §7-1-66. Reimbursement of costs incurred in answering subpoena, §7-1-237. Installment loans. Investigations, examinations, etc, by department, §7-3-40. Enforcement of subpoenas from other states in Georgia…
O.C.G.A. § 7-1-706.1 Regulatory interpretation and enforcement
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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. History. Code 1981, § 7-1-706.1, enacted by Ga. L. 2014, p. 251, § 2/HB …
O.C.G.A. § 7-1-707 Enforcement of provisions
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Cease and desist orders, §7-1-708.2. Common law limits to liability not applicable, §7-1-709.1. Rulemaking for interpretation and enforcement of provisions, §7-1-706.1. Statutory limits to liability not applicable, §7-1-709.1. Executive officers. Approvals of change of owner, con…
O.C.G.A. § 7-1-707.1 Posting of fees for cashing payment instruments
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In every location operated by a licensee, there shall be conspicuously posted and at all times displayed a notice stating the charges for cashing payment instruments. History. Code 1981, § 7-1-707.1, enacted by Ga. L. 2014, p. 251, § 2/HB 982. 442 7-1-708 7-1-708. Grounds for den…
O.C.G.A. § 7-1-708 Grounds for denial, suspension, or revocation of license; procedure
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(a) The department may suspend or revoke an original or renewal license issued pursuant to this article if it finds that any ground or grounds exist which would require or warrant the refusal of an application for the issuance or renewal of a license if such an application were th…
O.C.G.A. § 7-1-708.1 Money transmission
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Discipline of licensees, applicants, etc, not triggered by default, §7-1-693. Mortgage lenders and brokers. License discipline not triggered by loan default, §7-1-1017. STAYS. Construction defects, resolution. Actions filed without compliance with requirements, §8-2-37. Discovery …
O.C.G.A. § 7-1-709 Penalty for violation of article
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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. § 7-1-709.1 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 cashing payment instruments or the right of the state to punish any person for any violation of any law. History. Code 1981, § 7-1-709.1, e…
O.C.G.A. § 7-1-709.2 Continuing effectiveness of existing licenses
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Every license in force and effect under the former provisions of this article, relating to cashing checks, drafts, or money orders for consideration, on July 1, 2014, shall remain in full force and effect on July 1, 447 7-1-709.2 BANKING AND FINANCE 7-1-731 2014, and all such exi…
O.C.G.A. § 7-1-71 Removal of officers, directors, or employees
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(a) The department, by order of the commissioner, shall have the right to require the immediate suspension from office of any director, officer, or employee of any financial institution and to prohibit any such 55 7-1-71 person’s participation in the affairs of any financial instit…
O.C.G.A. § 7-1-72 Flipping a home loan
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Fair lending act, §7-6A-4. Foreign bank, §7-1-1100. Foreign lender. Credit cards, §7-5-2. Foreign trust institution. Fiduciary investment companies, §7-1-330. Fumigant.
O.C.G.A. § 7-1-73 Regulation of affiliates
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The department may examine or investigate any affiliate of a financial institution for the purpose of determining the condition of the financial institution to the same extent and in the same manner as it may examine or investigate the financial institution itself. History. Code 193…
O.C.G.A. § 7-1-730 Short title
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This article shall be known and may be cited as the “Domestic International Banking Facility Act.” History. Ga. L. 1981, p. 770, § 1; Ga. L. 2024, p. 1052, § 1(a)(24)/SB 448, effective July 1, 2024. Amendments. The 2024 amendment, effective July 1, 2024, part of an Act to revise,…
O.C.G.A. § 7-1-731 Domestic international banking facility
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As used in this article, the term “domestic international banking facility” means the location within this state of any banking office, other than a foreign bank branch or foreign bank agency as defined in Code Section 7-1-1100, which derives its funds (1) from sources outside of …
O.C.G.A. § 7-1-732 Short title
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Domestic international banking facility. Eligibility to operate domestic international banks; reg- istration required; records; exemption from taxes and license fees. Rejection or revocation of registration as a domestic international banking facility. Examination and supervision…
O.C.G.A. § 7-1-734 Emergency closings, §7-1-111
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Business restrictions, §7-1-112. Employees. Employment of suspected person. Providing information to financial institutions, §7-1-840. Felonies of employees, §7-1-842. When punished as misdemeanors, §7-1-845. Misdemeanors of employees, §§7-1-843, 7-1-844. Removal by department, §7…
O.C.G.A. § 7-1-74 Annual report of department
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For each calendar year the department shall compile and publish in print or electronically an annual report in such form and containing such information as it may determine necessary to summarize reasonably its operations. The report may contain recommendations which the departme…
O.C.G.A. § 7-1-740 Definitions
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As used in this article, the term: (1) “Board of directors” means any board of directors of a corporation created under this article. (2) “Corporation” means a Georgia business development corporation created under this article or existing on April 1, 1975, pursuant to the former…
O.C.G.A. § 7-1-741 Contents, execution, and presentation of articles
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(a) Five or more persons competent to contract, a majority of whom shall be residents of this state, who may desire to create a business development corporation under this article, for the purpose of promoting, developing, and advancing the prosperity and economic welfare of the …
O.C.G.A. § 7-1-742 Presentation of articles, §7-1-741
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Board of directors, §7-1-751. Defined, §7-1-740. Commencement of business. Articles as preconditions to doing business, §7-1-742. Control of financial institutions. Acquiring control generally, §§7-1-230 to 7-1-236. Definitions, §7-1-740. Deposit of corporate funds, §7-1-753. Dissol…
O.C.G.A. § 7-1-743 Approval or disapproval of department
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(a) Upon receipt of an application for approval of articles from a corporation organized pursuant to this article, the department shall exercise its discretion in its consideration of the application; but the department shall not approve the application until it has ascertained t…
O.C.G.A. § 7-1-744 Filing of articles
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Upon receiving the approval of the department, the incorporators shall file the same together with the fee specified by Code Section 7-1-862 with the Secretary of State. History. Code 1933, § 41A-3405, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1989, p. 946, § 71; Ga. L. 1989, p. …
O.C.G.A. § 7-1-745 Powers of corporation
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In furtherance of its purposes and in addition to the powers now or hereafter conferred on business corporations by the laws of this state, the corporation shall, subject to the restrictions and limitations contained in this Code section, have the following powers: (1) To elect, …
O.C.G.A. § 7-1-746 Right to deal in corporation’s stock or obligations
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Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization, or trust indentures: (1) Any person, including all domestic corporations organized for the pur…
O.C.G.A. § 7-1-747 Applying for membership; loans by members
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(a) Any lending institution may request membership in the corporation by making application to the board of directors on such form and in such manner as said board of directors may require, and membership shall become effective upon acceptance of such application by said board. 4…
O.C.G.A. § 7-1-748 Duration of membership; withdrawal
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(a) Membership in the corporation shall be for the duration of the corporation, provided that, upon written notice given to the corporation two years in advance, a member may withdraw from membership in the corporation at the expiration of such notice. (b) A member shall not be o…
O.C.G.A. § 7-1-749 Powers of shareholders and members; voting
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(a) The shareholders and the members of the corporation shall have the following powers of the corporation: (1) To determine the number of and elect directors as provided in Code Section 7-1-751; (2) To amend its articles as provided in Code Section 7-1-750; 460 7-1-750 (3) To di…
O.C.G.A. § 7-1-75 Discretion of department
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Whenever in this chapter the department is authorized but not required to take any action, the taking of such action shall be within the discretion of the commissioner or his duly authorized deputy. The department shall not be required to grant opportunity for hearing except wher…
O.C.G.A. § 7-1-750 Amendment of articles
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(a) Except as provided in subsections (b) and (c) of this Code section and subject to the approval of the department, the articles may be amended by the votes of the shareholders and the members of the corporation, voting separately by classes, and such amendments shall require a…
O.C.G.A. § 7-1-751 Board of directors; officers and agents
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The business affairs of the corporation shall be managed and controlled by a board of directors, a president, a vice-president, a secretary, a treasurer, and such other officers and such agents as the corporation shall authorize by its bylaws. The board of directors shall consist…
O.C.G.A. § 7-1-752 Earned surplus; fiscal year
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(a) Each year the corporation shall set apart as earned surplus not less than 10 percent of its net earnings for all the preceding fiscal year until such surplus shall be equal in value to one-half of the amount paid in on the capital then outstanding. Whenever the amount of surpl…
O.C.G.A. § 7-1-753 Acquiring control
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Financial institutions generally, §§7-1-230 to 7-1-236. Administrative supervision, §7-1-754. Articles of incorporation. Action on articles by department, §7-1-742. Amendment, §7-1-750.
O.C.G.A. § 7-1-754 Supervision
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The department shall exercise the same power and authority over corporations organized under this article as is now or hereafter exercised over banks and trust companies by Articles 1 and 2 of this chapter where such law is not in conflict with this chapter. History. Ga. L. 1972, …
O.C.G.A. § 7-1-755 First meeting and organization
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(a) The first meeting of the corporation shall be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed or delivered to each incorporator at least five days before the day appoint…
O.C.G.A. § 7-1-756 Duration and dissolution of corporation
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(a) The period of duration of a corporation organized under this 464 7-1-758 article shall be 35 years, subject, however, to the right of its shareholders and the members to dissolve the corporation prior to the expiration of said period as provided in subsection (b) of this Code…
O.C.G.A. § 7-1-757 State credit not pledged
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Under no circumstances shall the credit of the State of Georgia be pledged to any corporation organized under this article nor shall acts of such corporation in any manner constitute or result in the creation of any indebtedness of the State of Georgia or any county or municipal …
O.C.G.A. § 7-1-758 Stock and stockholders
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Acquiring control of financial institutions. Generally, §§7-1-230 to 7-1-236. Articles of incorporation. Amount and number of authorized shares, §7-1-741. Powers of shareholders and members, §7-1-749. Right to deal in corporation’s stock or obligations, §7-1-746. Voting, §7-1-749.…
O.C.G.A. § 7-1-770 Definitions
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As used in this article: (1) An association is “local” if the greater portion of its investment 466 7-1-772 in real estate loans is limited to loans on the security of a first lien or security title on real estate. Any such association may purchase real estate loans or interests i…
O.C.G.A. § 7-1-777 Principal and branch offices
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No savings and loan association or similar corporation existing under the laws of this state or of the United States shall accept deposits in this state except on the premises of an established principal office or branch office operated pursuant to this article. For the purposes …
O.C.G.A. § 7-1-78 Agreements with other supervisory or regulatory authorities
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(a) The department may, at its discretion, enter into cooperative or reciprocal agreements with other supervisory or regulatory authorities or law enforcement and may furnish to such entities information contained in the examinations, reports, and institution files, provided that …
O.C.G.A. § 7-1-780 Minors’ deposits, §7-1-789
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Money transmission. Exemption of association from license requirement, §7-1-682. Generally, §§7-1-680 to 7-1-698. Multiple-party accounts. General provisions, §§7-1-810 to 7-1-821. P.O.D. accounts. Multi-party accounts generally, §§7-1-810 to 7-1-821. Principal offices, §7-1-777.…
O.C.G.A. § 7-1-781 Conversion into savings and loan association
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Any other financial institution existing under the laws of this state doing a home financing business may convert itself into a savings and loan association in accordance with Section 5 of the Home Owners’ Loan Act, 12 U.S.C. Section 1464, upon a vote of 51 percent or more of the v…
O.C.G.A. § 7-1-783 Previous conversions into savings and loan associations ratified
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Any corporation which has converted itself prior to April 1, 1975, into a savings and loan association under the Home Owners’ Loan Act and has received a charter from the Federal Home Loan Bank Board shall be recognized as a savings and loan association, and its federal charter s…
O.C.G.A. § 7-1-786 Taxation
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No savings and loan association with a home office in this state shall be assessed or subjected to taxation by the state or any county, municipality, or other political subdivision taxing authority on its franchise, capital, reserves, surplus, loans, shares, or accounts; except t…
O.C.G.A. § 7-1-787 Exemption from securities regulations
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The opening and transfer of deposits in a savings and loan association are exempted from all provisions of law of this state which provide for the supervision and the regulation of the sale of securities, even if the word “shares” or similar terminology is used in connection ther…