O.C.G.A.
O.C.G.A.

O.C.G.A. § 7-1-593 (2019)

Notice of representative office closure; review of operations

✓ O.C.G.A. (archive.org 2024 item): print volumes of 2004-2024, per-volume vintage; older volumes partly replaced by 2019 Release 73 text; no 2025 or 2026 Acts
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) Prior to closing a representative office, a bank, bank holding company, or a subsidiary of a bank or bank holding company shall post notice of the closing as required by Code Section 7-1-110.1.

(b) The department may review the operations of any representative office annually or at such greater frequency as it deems necessary to assure that the office does not transact a banking business.

History

Code 1981, § 7-1-593, enacted by Ga. L. 1995, p. 673, § 23; Ga. L. 1999, p. 674, § 16; Ga. L. 2016, p. 390, § 2-10/HB 811; Ga. L. 2020, p. 320, § 6/HB 781; Ga. L. 2022, p. 220, § 14/HB 891. Amendments. The 2022 amendment, effective July 1, 2022, rewrote subsection (a), which

read: “A bank or bank holding company domiciled in this state and having a representative office shall register such representative office with the department. Prior to closing a representative office, such bank or bank holding company must post notice of the closing as required by Code Section 7-1-110.1.”

PART 18 BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES Administrative rules and regulations. Applications, Registrations, and Notifications, Official Compilation of the Rules and Regulations of the State of Georgia, Rules of Department of Banking and Finance, Banks, Rule 80-1-1-.01 et seq.

Applications and Acquisitions, Official Compilation of the Rules and Regulations of the State of Georgia, Rules of Department of Banking and Finance, Holding Companies, Rule 80-6-1-.01 et seq.

Annotations

The 2016 amendment, effective July 1, 2016, in subsection (a), inserted "domiciled in this state and" in the first sentence, deleted ", shall be accompanied by a registration fee prescribed by regulations of the department," following "issued by the department" in the second sentence, and deleted "and those for agency relationships" following "these requirements" in the last sentence.