Title 7 — Banking and Finance
0 chapters · 568 sections in this title.
O.C.G.A. § 7-1-1121 Notice of uninsured deposits
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Each foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency shall give clear and conspicuous notice consistent with 12 C.F.R. 347.207 that deposits and credit balances in the Georgia state branch or Georgia state agency are not insured by t…
O.C.G.A. § 7-1-1122 Operations
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A foreign bank with an out-of-state branch or agency may, with the approval of the department: (1) Establish a Georgia state branch or Georgia state agency; (2) Acquire or merge with another foreign bank maintaining a Georgia state branch or Georgia state agency and after the acq…
O.C.G.A. § 7-1-1124 Asset maintenance
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(a) The department may require a foreign bank to hold certain assets in this state. (b) If the department requires asset maintenance, the amount of assets held by a foreign bank shall be prescribed by the department after consideration of the aggregate amount of liabilities of th…
O.C.G.A. § 7-1-1125 Approval for closure; requirements
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(a) A foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency may not close the Georgia state branch or Georgia state agency without filing an application with, and obtaining the prior approval of, the department. An application by a foreign …
O.C.G.A. § 7-1-1126 Revocation
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The department may revoke the license of a Georgia state branch or Georgia state agency if the department by examination or other credible evidence finds that the foreign bank: (1) Does not currently meet the criteria established by this article for the original issuance of a lice…
O.C.G.A. § 7-1-1127 Notice, §7-1-1127
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Rules prescribing abbreviated application procedures and standards, §7-1-1111. Scope of authority under license, §7-1-1116. BANKS AND TRUST COMPANIES —Cont’d Foreign banking institutions —Cont’d Licenses —Cont’d Termination of authority, §7-1-1130. Liquidation of property and bus…
O.C.G.A. § 7-1-1128 Effective date of revocation
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Unless stayed by the superior court that has jurisdiction over an appeal under Code Section 50-13-19, a final order of the commissioner revoking a license is effective immediately, and the foreign bank shall immediately cease all activity in this state requiring a license. History…
O.C.G.A. § 7-1-1129 Personal property
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Sales of liens or personal property, §7-1-170. Savings and loan associations generally. Receivership of financial institutions, §§7-1-150 to 7-1-225. Securities. Sales or exchanges of securities, §7-1-170. Trust companies.
O.C.G.A. § 7-1-1131 Cessation of activities, §7-1-1136
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Continuation of existing registrations, §7-1-1138. Credit decisions, authority to make, §7-1-1133. Denial of registration, §7-1-1134.
O.C.G.A. § 7-1-1132 Location and authority of offices; relocation
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A Georgia state representative office may engage in the activities authorized by this article at each location registered with the department as a representative office. A Georgia state representative office may change its location in this state by filing a letter form application…
O.C.G.A. § 7-1-1133 Authorized activities
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A registered Georgia state representative office of a foreign bank may engage in: (1) Representational and administrative functions in connection with the banking activities of the foreign bank that: (A) May include soliciting new business for the foreign bank, conducting researc…
O.C.G.A. § 7-1-1134 Denial or revocation of licensure
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The department may deny an application for registration or revoke the registration of a representative office if the department by examination or other credible evidence finds that the foreign bank: (1) Has refused to permit the department to examine the books, papers, accounts, r…
O.C.G.A. § 7-1-1135 Relocation, §7-1-1132
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Revocation of registration, §7-1-1134. Cessation of activities, §7-1-1136.
O.C.G.A. § 7-1-1136 Cessation of activities
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A foreign bank that has had its Georgia state representative office registration revoked under this part shall cease all activities in this state except to the extent authorized by Code Section 7-1-1101. Continued activity in this state of an unregistered foreign bank is subject …
O.C.G.A. § 7-1-1137 Reporting to department; impact of filings
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(a) If a foreign bank with a registered Georgia state representative 610 7-1-1138 office is dissolved, has its authority or existence terminated or canceled in the jurisdiction of its incorporation, or has its authority to maintain its Georgia state representative office terminat…
O.C.G.A. § 7-1-1138 Continuing registration
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Every Georgia state representative office registered with the department under the provisions of Code Section 7-1-721 as of June 30, 2023, shall remain registered and be allowed to conduct business in Georgia. Such Georgia state representative offices shall comply with this part …
O.C.G.A. § 7-1-114 Voluntary dissolution after commencement of business
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(a) A financial institution which has commenced business may elect to dissolve voluntarily upon: (1) Adoption by the vote required of its shareholders under subsection (b) of this Code section of: (A) A plan of dissolution involving both a provision for assumption of its liabiliti…
O.C.G.A. § 7-1-115 Winding up voluntary dissolution proceedings
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(a) The board of directors shall have full power to wind up and settle the affairs of a financial institution in voluntary dissolution proceedings. (b) Within 30 days after the department’s approval of voluntary liquidation and dissolution, the financial institution shall give noti…
O.C.G.A. § 7-1-116 Articles of dissolution where business commenced; procedure if not filed
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(a) When all the liabilities of the financial institution have been discharged and all of its remaining assets have been distributed to its 76 7-1-116 shareholders pursuant to Code Section 7-1-115 or its liabilities have been assumed by another financial institution, the articles o…
O.C.G.A. § 7-1-117 Judicial review of department actions
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Orders by department; enforcement; civil penalty. Forfeiture proceedings. Injunction and other actions by department. Evidential value of results of examinations or investigations; editing out of information tending to undermine public confidence in financial institution. [Reserved…
O.C.G.A. § 7-1-130 Permissible names
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(a) The name of a financial institution shall not contain the words “Government,” “Official,” “Federal,” “National,” or “United States” or any abbreviation of any such words and shall not in the opinion of the department: (1) Be indistinguishable from the corporate name of another…
O.C.G.A. § 7-1-131 Reservation of name
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(a) The exclusive right to use a corporate name permitted to be used by a financial institution may be reserved by a person intending to incorporate such an institution, by a corporation intending to engage in business in this state as a financial institution, by a financial institu…
O.C.G.A. § 7-1-132 Registered agent and office
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(a) Every financial institution shall continuously maintain a registered agent and a registered office. Such agent and office shall be located in a county in this state where the financial institution is authorized to conduct its general business; and, in the case of financial insti…
O.C.G.A. § 7-1-133 Prohibited advertising
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(a) No person or corporation doing business in this state shall advertise in or through any newspaper, radio, television, letters, circulars, billheads, or in any way or through any medium seeking to induce any person to purchase an instrument which is purported to be insured or …
O.C.G.A. § 7-1-134 Permissible names
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Reservation of name. Registered agent and office. Prohibited advertising. Unfair competition, unfair trade practice, and trade name and trademark laws unaffected. PART 7 RECEIVERSHIP POWERS AND PROCEDURES GENERALLY 7-1-150. 7-1-151. 7-1-152. 7-1-153. PART 5 7-1-154. PERMISSIVE CL…
O.C.G.A. § 7-1-150 Taking of possession by department; cumulative remedies
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(a) The department may in its discretion take possession of the business and property of any financial institution whenever such financial institution: (1) Is insolvent or in an unsafe or unsound condition to transact its business; (2) Has generally suspended payment of its obligat…
O.C.G.A. § 7-1-151 Status of department as receiver; restrictions on appointment
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(a) Upon taking possession of a financial institution, the department shall automatically become the receiver of said institution with all rights, powers, and duties conferred by this chapter and, to the extent not in conflict with this chapter, all rights, powers, and duties of a …
O.C.G.A. § 7-1-153 Posting of notice of taking possession
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The department, upon taking possession of the business and property of a financial institution as receiver, shall post notice of such fact on the front door of all offices of the institution open to the public for the transaction of business in person. History. Code 1933, § 41A-70…
O.C.G.A. § 7-1-154 Certificate of possession; naming deputy receiver
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The department shall immediately after taking possession file with the principal court a certificate to be known as the certificate of possession, setting forth the facts on the basis of which it has taken possession. The certificate shall state the name of the deputy receiver, if an…
O.C.G.A. § 7-1-155 Injunction to restrain department
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Any financial institution of whose business or property the department has taken possession as receiver may, at any time within ten days after the department has become receiver, apply to the principal court for an order requiring the department to show cause why it should not be …
O.C.G.A. § 7-1-156 Supervision of department by court
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(a) Except as otherwise provided in this chapter, the department, when it has taken possession of a financial institution, shall be responsible to the principal court and not to any other court. All actions against the department or any official of it involving a financial institut…
O.C.G.A. § 7-1-157 General powers of department in possession
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(a) The department in possession shall be vested with all the rights, powers, and duties of such financial institution; with the title or the right to possession of all property to which the financial institution has title or the right to possession, including debts due, and liens …
O.C.G.A. § 7-1-158 Naming deputy receiver, §7-1-154
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Building codes. Power of localities to employ deputy inspectors, §8-2-26. Elevators and similar conveyances. Deputy inspectors, §§8-2-104, 8-2-105. Financial institutions in receivership. Confirmation of final account and distribution thereof as discharge of deputy receiver, §7-1-2…
O.C.G.A. § 7-1-159 Suspension or continuation of business
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The department is authorized, upon taking possession of the business and property of a financial institution as receiver, to continue or to suspend the business for such period as it may deem necessary to enable it to determine whether to surrender such possession to the financial …
O.C.G.A. § 7-1-160 Determination to liquidate; filing of supplemental certificate
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The department shall, within six months after the date on which it 89 7-1-162 takes possession of any financial institution as receiver, determine whether or not to liquidate the business and property and distribute the assets of the financial institution. If it shall determine to …
O.C.G.A. § 7-1-162 Inventory and appraisement
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(a) When the department has taken possession of the business and property of a financial institution as receiver, it shall forthwith prepare a complete and detailed inventory of the assets of such financial institution. The inventory shall be verified by oath or affirmation of the c…
O.C.G.A. § 7-1-164 Power of department to borrow money
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The department may, without leave of court, borrow money from any federal or state public body or from any person or corporation and grant as security therefor any real or personal property of the financial institution for the purpose of facilitating the liquidation, reorganizatio…
O.C.G.A. § 7-1-165 Surrender of burdensome assets
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The department may, with leave of court, surrender to the financial institution real or personal property which it finds to be burdensome and of no advantage to the depositors or other creditors of the institution. It may likewise, with leave of court, convey title to any holder of…
O.C.G.A. § 7-1-166 Compromise of claims; extension of mortgages or notes
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(a) The department may, with leave of court, compound or compromise any debt, claim, or judgment due to the financial institution in 92 7-1-168 receivership and discontinue any action or other proceeding pending therefor. (b) The department may, without leave of court, enter into …
O.C.G.A. § 7-1-167 Payment of mortgages and liens; protection of equities
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The department may, with leave of court, pay off all mortgages, security deeds, security agreements, and liens of or upon any real or personal property which belong to the financial institution. It may, without leave of court, purchase, at a judicial sale or at any sale authorized…
O.C.G.A. § 7-1-168 Sales of real property
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The department may, with leave of and upon the terms and conditions prescribed by the court, sell any real property of the financial 93 7-1-170 institution of which it is in possession as receiver. The order of the court authorizing such sale shall state whether the sale shall be …
O.C.G.A. § 7-1-169 Leases of property
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The department may, without leave of court, enter into leases for a period not to exceed one year of real or personal property belonging to the financial institution in receivership. It may, with leave of court, enter into such leases for a period not to exceed ten years, upon the…
O.C.G.A. § 7-1-170 Trust companies
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Receivership of financial institutions generally, §§7-1-150 to 7-1-225. RECORDS. Banks and trust companies. Currency transactions. Records and reports generally, §§7-1-910 to 7-1-917. Foreign banking institutions. Closure of branch or agency, information to be delivered to departm…
O.C.G.A. § 7-1-171 Deposit of moneys by department
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All moneys received by the department as receiver of a financial institution except those moneys necessary to administer the liquidation shall be deposited by it in interest-bearing accounts with one or more institutions authorized by law to receive deposits and subject to the sup…
O.C.G.A. § 7-1-173 Bringing or defending actions
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(a) For the purpose of executing any of the powers and performing any of the duties respectively conferred or imposed upon it, as receiver, by this chapter, the department may, in its name as receiver of such financial institution, prosecute any action at law or in equity in any 9…
O.C.G.A. § 7-1-174 CERTIFIED MAIL
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Banks and trust companies. Powers of banks. Federal powers. Notification of commissioner of intent to exercise federal power, §7-1-296. Credit unions. Federal powers. Notification of commissioner of intent to exercise federal power, §7-1-671. 1109 INDEX CESTUI QUE TRUSTS. Bank depo…
O.C.G.A. § 7-1-175 Expenses of administration, §7-1-197
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Filing of supplemental certificate. Determination to liquidate, §7-1-160. Foreign banking institutions, §7-1-1129. General assignment prohibited, §7-1-152. Injunction to restrain department, §7-1-155. Inventory and appraisement, §7-1-162.
O.C.G.A. § 7-1-176 Sale of assets of financial institution in receivership
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(a) Whenever the department as receiver, with leave of court as provided in Code Section 7-1-156, undertakes to sell all or part of the assets of a financial institution in its possession in consideration of the assumption by the purchaser of the liabilities due to depositors and …
O.C.G.A. § 7-1-190 ATTORNEY GENERAL
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Department of law. Banking and finance. Department of banking and finance. Advisory opinions. Consultation with department of law, §7-1-99. Legal advice to, §7-1-98. Fair housing law, §8-3-218. Administrative procedures, §8-3-214. ATTORNEYS’ FEES. Fair housing law. Civil actions. D…
O.C.G.A. § 7-1-192 Presentation of claims
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Notification requirements, §7-1-192. Proof of claims of creditors, §7-1-194.