Title 7 — Banking and Finance

Interest and usury complaints, §7-1-99. Agency action after time limit without resubmittal, §7-1-76. Agreements with other supervisory or regulatory authorities, §7-1-78. Appropriations. Payment of expenses from appropriations, §7-1-43. Commissioner approval of state regulations,…

(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…

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…

(a) Each year the corporation shall set apart its net earnings for all the preceding fiscal year. Whenever the amount of minimum capital established in Code Section 7-1-941 shall become impaired, it shall be built up again to the required amount in the manner provided for its orig…

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 …

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. Code 1981, § …

(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…

Definitions. Reporting requirements. Access to reports. Civil penalties; action for recovery. Criminal penalties; penalties imposed by other Code sections not superseded. Forfeiture of property involved in illegal transactions. Venue for the offense of money laundering. 7-1-957. 7…

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 …

Change in control. Acquiring control of institutions, §§7-1-230 to 7-1-236. Checks. Originals. Not required to maintain, §7-1-63. Citation of title, §7-1-1. Closing days. Emergency closings, §7-1-111. Notice of intent to close banking location, §7-1-110.1. Permissive closing days…

It shall be the duty of the Department of Law to advise the department on any question of law submitted by it. History. Ga. L. 1919, p. 135, art. 2, § 23; Ga. L. 1931, p. 7, § 91; Code 1933, § 13-323; Code 1933, § 41A-409, enacted by Ga. L. 1974, p. 705, § 1. 7-1-99. Duties and r…

(a) Within one year after July 1, 1974, the duly authorized representatives of not less than three credit unions chartered and existing under the laws of this state may petition the Secretary of State for incorporation of a nonprofit credit union deposit insurance corporation, her…

The corporation’s business shall be conducted by the incorporators, who shall serve until the organizational meeting of the corporation, at which time not less than three directors shall be elected by the members of the corporation in accordance with the bylaws. Thereafter, the c…

(a) The corporation shall not be deemed an insurance company within the meaning of the laws of the State of Georgia relating to insurance or providing for the supervision of insurance companies, but it shall be subject to the exclusive supervision of the department. The departmen…

The corporation shall be exempt from all state and local taxes except real property taxes. History. Ga. L. 1974, p. 545, § 13. 623 T.7, C.3 T.7, C.3 BANKING AND FINANCE CHAPTER 3 INSTALLMENT LOANS Sec. 7-3-23. Article 1 General Provisions Sec. 7-3-1. 7-3-2. 7-3-3. 7-3-4. Short ti…

Amendments to the articles of incorporation, adopted by a vote of two-thirds of the member financial institutions present at an annual meeting or a special meeting called for that purpose, shall be filed with 613 7-2-4 the Secretary of State in the same manner as the original artic…

(a) At its organizational meeting, the membership of the corporation shall adopt bylaws to govern the operations of the corporation. These bylaws shall be submitted to the department for approval and, if found to be consistent with this chapter, conducive to the purposes for whic…

The corporation may: (1) Enter into contracts, including contracts for reinsurance; (2) Sue and be sued; (3) Adopt, use, and display a corporate seal; 614 7-2-4 (4) Advance funds, in accordance with agreed terms and conditions, to aid member financial institutions to operate and t…

(a) Any financial institution, as defined in Code Section 7-1-4 or chartered under the laws of the United States or of any state or territory of the United States, may become a member of the corporation upon application by its directors, recommendation of the department, and approv…

Any financial institution insured by the corporation shall have the same powers and privileges as any other state-chartered financial institution of the same class even though such other financial institution is insured under some other state or federal program. Such equality of pow…

Amendments to articles. Adoption and amendment of bylaws. Powers. Membership. [Reserved] Membership — Financial institutions which are ineligible to be federally insured or which were chartered prior to July 1, 1981. Powers and privileges of members. Membership fees; refunds of f…

(a) Upon receipt of the first installment of the prescribed member619 7-2-10 ship fee from the financial institutions which have agreed to become members of the corporation as provided in this chapter, the corporation may commence its insurance of the deposits and shares of the mem…

This chapter shall be known and may be cited as the “Georgia Installment Loan Act.” History. Ga. L. 1955, p. 431, § 1; Ga. L. 1997, p. 143, § 7; Ga. L. 2020, p. 156, § 2/SB 462.

No person shall advertise, display, distribute, or broadcast in any manner whatsoever any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions for loans subject to this chapter. History. Ga. L. 1920, p. 215, § 12; Code 1933, §…

Every authorized licensee location under this chapter may lend any sum of money not to exceed $3,000.00, with the term for any individual loan not to exceed a period of 36 months and 15 days or less and may charge, contract for, collect, and receive interest and fees and may requ…

No licensee shall charge, contract for, or receive any other or further amount in connection with any loans authorized by this chapter in addition to those provided in Code Section 7-3-11, except the actual lawful fees paid to a public official or agency of the state for filing, r…

(a) On and after July 1, 2022, in addition to all other fees, license fees, fines, or other charges now or hereafter levied or assessed, there is imposed on each loan made pursuant to this chapter a fee of 0.125 percent of the gross loan amount. Such per loan fee shall become due …

Notwithstanding the provisions of subsection (b) of Code Section 13-1-14, when any installment loan upon which a closing fee has been charged by a licensee is prepaid by any means within 90 days of the date of the loan, the borrower shall be entitled to a refund or credit of the …

Maximum loan amount, period, and charges; deferments. Limitation on further charges. Licensee’s compliance when purchasing notes and other documents. Payment before maturity; refund of prepaid interest; continuing insurance. Delivery of copy of contract or itemized statement; rec…

(a) The powers, functions, and duties of the office of the Commissioner of Insurance relative to this chapter are transferred to the Department of Banking and Finance effective July 1, 2020. All action taken by the office of the Commissioner of Insurance prior to that date shall …

(a) Each applicant for an original or renewal license shall: (1) Submit an application in writing, 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 legal name an…

(a) An applicant shall provide with its application a corporate surety bond issued by a bonding company or insurance company authorized to do business in this state and approved by the department. (b) The bond shall: (1) Be in a form satisfactory to the department; (2) Be in the …

Applicant’s duties, §7-3-21. Notice. Required notice by licensee to department, §7-3-31. Criminal background checks, §7-3-42. Department of banking and finance. Authority of department, §7-3-23. Discipline of licensees. Contesting order, §7-3-44. Grounds, §§7-3-42, 7-3-43. Notice …

As used in this chapter, the term: (1) “Control” or “controlling” means the direct or indirect possession of power to direct or cause the direction of management and policies of a person. (2) “Covered employee” means any employee of a licensee engaged in any function related to m…

(a) Each licensee shall: (1) Conspicuously post a copy of its license in each location where the licensee engages in installment lending; (2) Submit to the Nationwide Multistate Licensing System and Registry timely reports of condition, which shall be in such form and shall conta…

(a) A licensee shall send written notice to the department within ten days of the following: (1) Any knowledge or discovery that any of the licensee’s owners, executive officers, directors, trustees, agents, or covered employees has been convicted of a felony as described in subs…

Unreasonable collection tactics. Prohibition, §7-3-33. 1158 INDEX INSTALLMENT LOANS —Cont’d Ownership of licensee. Acquisition, change in control, etc, ownership by means of. Approvals, §7-3-32. Place of business. Approvals, §7-3-32. Manager of place of business. Approvals, §7-3-…

(a) No person shall engage in the business of making installment loans or acting as an installment lender in this state unless such person 634 7-3-4 is licensed in accordance with this chapter or exempt from licensure as provided in subsection (b) of this Code section. No person …

(a) The department is authorized to investigate and examine the affairs, businesses, premises, and records of any applicant, licensee, or 667 7-3-40 any other installment lender as often as it deems necessary to carry out the purposes of this chapter, regardless of whether such a…

(a) A subpoena issued pursuant to Code Section 7-3-40 may be served by: (1) Registered or certified mail or statutory overnight delivery, return receipt requested, to the addressee’s business or personal mailing address; (2) Examiners appointed by the department; or (3) The sherif…

(a) The department shall not issue a license and may revoke a license if it finds that the applicant or licensee or any director, trustee, owner, executive officer, or covered employee of the applicant or licensee has been convicted of a felony in any jurisdiction or of a crime wh…

(a) The department may suspend or revoke a license if it finds that any ground exists which would require or warrant the denial of an application for the issuance or renewal of a license. (b) The department may deny an application or suspend or revoke a license upon a finding that …

Exemptions from licensing requirement, §7-3-4. Fees. Application fees, §7-3-20. Investigations of applicants, §7-3-22. INSTALLMENT LOANS —Cont’d Licenses —Cont’d Nationwide multistate licensing system and registry. Charges involved with utilization of system. Responsibility of ap…

(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, 674 7-3-45 a person has violated any law of …

(a) Whenever a person fails to comply with the terms of a final order or decision of the department issued pursuant to this chapter, the department may, through the Attorney General, petition any superior court of this state having jurisdiction over one or more defendants for an o…

Investigation and supervision, §7-1-689. Mortgage lenders and brokers, §7-1-1003.6. Investigations and examinations of licensees, §7-1-1009. CONFLICTS OF INTEREST. Banks and trust companies, §7-1-287. Commissioner of banking and finance, §7-1-37. Credit unions. Board of directors.…

(a) Except in the case of malice, fraud, or bad faith, no person shall be subject to civil liability arising out of furnishing the department with 677 7-3-50 information required pursuant to this chapter. No civil cause of action of any nature shall arise against such person: (1)…

Bond requirements. Investigations of applicants; license nontransferable; expiration and annual renewal. Requirements of licensees; maintenance of records. Notification requirements. Locations; managers; change in control; approval of department. Unreasonable collection tactics. A…

(a) Any person, including the executive officers, directors, trustees, owners, agents, and employees of such person, that willfully engages in the business of making installment loans without a license or an exemption pursuant to Code Section 7-3-4 shall be guilty of a felony and…

Without limiting the power conferred by Chapter 1 of this title, the department may make reasonable rules and regulations, not inconsistent with law, for the interpretation and enforcement of this chapter. History. Code 1981, § 7-3-51, enacted by Ga. L. 2020, p. 156, § 2/SB 462. …