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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. § 7-1-698 Continuing effectiveness of existing licenses
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Any person previously approved by the department as either a money transmitter licensee or a seller of payment instruments licensee who holds such license in an active status as of July 1, 2023, shall be deemed to be a money transmitter licensee as of that date and authorized to …
O.C.G.A. § 7-1-700 Deﬁnitions
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As used in this article, the term: (1) “Cash payment instruments” or “cashing payment instruments” means to accept a payment instrument from a person in exchange for monetary value less a fee. (2) “Check” means any check, money order, draft, or negotiable demand instrument. (3) “…
O.C.G.A. § 7-1-701 Licensing requirements
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(a) Pursuant to this article, the department may license a person to cash payment instruments. (b) No person shall cash payment instruments without ﬁrst obtaining a license under this article. (c) Every person that directly or indirectly controls another person that violates subs…
O.C.G.A. § 7-1-701.1 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, or savings bank with deposits that are federally insured; (2) The United States Postal Service; (3) A …

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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. § 7-1-702.2 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. § 7-1-703 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. § 7-1-703.1 Reporting on condition 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 shall contain such information as the department and the Nationwide Multistate Licensing System and Registry may require. History. Co…

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.

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. § 7-1-704.1 Posting of license; license is nontransferable and nonassignable; notiﬁcation of new facilities

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(a) A license issued pursuant to this article shall be kept conspicuously posted in the place of business of the licensee. (b) Such license shall not be transferable or assignable. (c) No licensee shall cash payment instruments under any name or names other than those authorized …

O.C.G.A. § 7-1-705 Written notice of claims against licensee, judgments, or other misconduct by employees, directors, or others; written notice of change of executive officer

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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 activities authorized under this article or involves a claim against the bond ﬁled with the department under subsectio…

O.C.G.A. § 7-1-705.1 Approval required for change of control or ultimate equitable owner; additional requirements; denial and notiﬁcation of reasons

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(a) Except as provided in this Code section, no person 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 other change in control unless the person…

O.C.G.A. § 7-1-706 Record keeping; investigation and examination requirements and powers; limitation 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. § 7-1-706.1 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 Required endorsement by licensee; immediate payments; deferment of payment; identiﬁcation requirements; acceptable fee for services

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(a) No licensee shall deposit with any ﬁnancial institution a payment instrument it has accepted and exchanged for monetary value unless such payment instrument is endorsed by the licensee. (b) No licensee shall receive any payment instrument with payment deferred pending collect…

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.

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 Permissible and impermissible grounds for denial 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. § 7-1-708.2 Issuance of cease and desist orders; administrative and judicial enforcement; penalty for noncompliance

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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 paragraph (2) of this subsection, a person has violated any law of this state or any or…

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, 2014, and all such existing licensees shall be required to renew…

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 Eligibility to operate domestic international banks; registration required; records; exemption from taxes and license fees

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(a) Any bank, whether domiciled within this state or elsewhere and having total capital funds of $25 million or more, as reported to its chartering authority as of December 31 of each year, may establish and operate a domestic international banking facility in this state upon com…

O.C.G.A. § 7-1-733 Rejection or revocation of registration as a domestic international banking facility

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(a) The department may revoke any registration or reject any application to register or renew a registration for a domestic international banking facility upon a ﬁnding that: (1) The facility no longer qualiﬁes to register under this article; (2) The scope of the business conduct…

O.C.G.A. § 7-1-734 Examination and supervision by the department; agreements with other bank regulatory authorities

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(a) The department may examine the operations of any domestic international banking facility for the purpose of determining that the scope of its activities does not exceed that allowed pursuant to this article and that the facility is otherwise operating in compliance with the a…

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 Action on articles by department; preconditions to doing business

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The department shall not approve the articles until at least 15 lending institutions authorized to do business in this state have agreed in writing to become members of said corporation; and said written agreement shall be ﬁled with the department with the articles, and the ﬁling…

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. (…

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; (3) To dissolve the c…

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 Deposit of corporate funds; corporation not to accept deposits

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The corporation shall not deposit any of its funds in any bank or other ﬁnancial institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director …

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 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 section, an…

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 Tax exemptions; state and local occupational license taxes

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(a) Any tax exemptions, tax credits, or tax privileges granted to banks or trust companies and other ﬁnancial institutions by any general laws of this state are granted to corporations organized pursuant to this article. (b) Every corporation organized and engaged in business und…

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 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 in real estat…

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 …