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2018 Georgia Code 7-1-3 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-1-3 Case Law from Google Scholar Amendments to OCGA 7-1-3

TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 1 PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY

7-1-3. Objectives of chapter; standards for construction and regulation.

  1. The underlying objectives of this chapter are to provide for:
    1. Safe and sound operation of financial institutions;
    2. Proper conservation of the assets of financial institutions;
    3. Public confidence in financial institutions;
    4. Protection for the interests of the depositors, creditors, and shareholders of financial institutions;
    5. Service by financial institutions responsive to the needs and convenience of depositors, borrowers, and other customers and conducive to economic progress and, to these ends, opportunities to expand services and facilities;
    6. Appropriate competition among financial institutions and between them and other financial organizations including those organized under the laws of the United States, other states, and foreign countries;
    7. Delegation to the department of rule-making power and administrative discretion in order that supervision of financial institutions may be flexible and responsive to changes in economic conditions and banking, fiduciary, and other commercial practices;
    8. Opportunity for management of financial institutions to exercise their business judgment;
    9. Simplification and modernization of the law governing banking, trust, and other financial institutions; and
    10. As to other entities under the supervision of the department that are not financial institutions, including check cashers and mortgage lenders and brokers, to provide for:
      1. Supervision and examination of their business affairs to ensure that they operate in a manner consistent with state law;
      2. Protection of the interests of consumers and service by these entities which is responsive to their consumers; and
      3. Simplification and modernization of the law that governs these entities, together with the delegation of rulemaking power and administrative discretion to the department to carry out its responsibilities, keeping in mind the need for economic and technological progress in the industry.
  2. This chapter shall be construed and applied to promote the foregoing objectives and they shall constitute standards to be observed by the department in promulgating rules and regulations, issuing cease and desist orders, conducting examinations, and exercising discretionary powers and in connection with all other matters embraced by this chapter.

(Code 1933, § 41A-104, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1997, p. 485, § 1; Ga. L. 2002, p. 1220, § 1.)

JUDICIAL DECISIONS

Approval of proposed exercises of incidental powers guided by paragraph (a)(6).

- O.C.G.A. § 7-1-261 establishes legislative intent that state banks be authorized to exercise "incidental powers" and delegates authority to approve such powers to the commissioner, who shall be guided in this determination by the statutory objective stated in O.C.G.A. § 7-1-3(a)(6) of making state banks competitive with national banks. Department of Banking & Fin. v. Independent Ins. Agents of Ga., Inc., 158 Ga. App. 556, 281 S.E.2d 265 (1981), rev'd on other grounds, 248 Ga. 787, 285 S.E.2d 535 (1982) (decided prior to 1983 amendment of § 7-1-261).

Cases Citing O.C.G.A. § 7-1-3

Total Results: 4  |  Sort by: Relevance  |  Newest First

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Fed. Deposit Ins. Corp. v. Loudermilk, 295 Ga. 579 (Ga. 2014).

Cited 65 times | Published | Supreme Court of Georgia | Jul 11, 2014 | 761 S.E.2d 332

...Banking Code provides that an “underlying objective” of the whole Code — including OCGA § 7-1-490 (a) — is to allow “[o]pportunity for management of 19 financial institutions to exercise their business judgment.”7 OCGA § 7-1-3 (a) (8). Most important, however, is the statutory pedigree of OCGA § 7-1-490 (a), which shows that the statute was meant to retain the common law....
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State v. Terry, 360 S.E.2d 588 (Ga. 1987).

Cited 11 times | Published | Supreme Court of Georgia | Oct 7, 1987 | 257 Ga. 473

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First Nat'l Bank of Com. v. Cmty. Bankers Ass'n of Georgia, Inc., 394 S.E.2d 95 (Ga. 1990).

Cited 1 times | Published | Supreme Court of Georgia | Jul 16, 1990 | 260 Ga. 371

...o corporate reorganizations. Code Ann. § 13-207 (D); Ga. L. 1973, p. 281 et seq. In enacting the Financial Institutions Code in 1974, the legislature expressed objectives of providing for "appropriate competition among financial institutions," OCGA § 7-1-3 (a) (6), and giving such institutions opportunities to expand their services and facilities so as to be "responsive to the needs and convenience of depositors, borrowers, and other customers and conducive to economic progress." OCGA § 7-1-3 (a) (5)....
...ountry, as well as the regulatory laws which govern them, it is not unreasonable to presume that the legislature intended to vest the commissioner with some flexibility in his ability to approve or disapprove bank acquisitions in this area. See OCGA § 7-1-3 (a) (7)....

Fed. Deposit Ins. Corp. v. Loudermilk (Ga. 2014).

Published | Supreme Court of Georgia | Jul 11, 2014 | 260 Ga. 371

...Banking Code provides that an “underlying objective” of the whole Code — including OCGA § 7-1-490 (a) — is to allow “[o]pportunity for management of 19 financial institutions to exercise their business judgment.”7 OCGA § 7-1-3 (a) (8). Most important, however, is the statutory pedigree of OCGA § 7-1-490 (a), which shows that the statute was meant to retain the common law....