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2018 Georgia Code 7-1-604 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-1-604 Case Law from Google Scholar Amendments to OCGA 7-1-604

TITLE 7 BANKING AND FINANCE

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

ARTICLE 2 BANKS AND TRUST COMPANIES

7-1-604. Banking business prohibited except as allowed by Title 7 or applicable federal law.

No bank shall carry on or conduct or do a banking business in this state except in accordance with the provisions of this title or federal law directly applicable to the bank. A "banking business" is the business which a bank is authorized to do pursuant to this title.

(Code 1933, § 13-204.1, enacted by Ga. L. 1967, p. 105, § 1; Ga. L. 1970, p. 954, § 5; Ga. L. 1999, p. 674, § 17; Ga. L. 2016, p. 390, § 2-15/HB 811.)

The 2016 amendment, effective July 1, 2016, substituted "title or federal law directly applicable to the bank" for "title which govern entry into this state to conduct such a business" in the first sentence and substituted "A 'banking business'" for "'A banking business'" at the beginning of the second sentence.

JUDICIAL DECISIONS

Georgia banks may not use armored cars to extend geographic reach of their banking facility. Jackson v. First Nat'l Bank, 430 F.2d 1200 (5th Cir. 1970), cert. denied, 401 U.S. 947, 91 S. Ct. 933, 28 L. Ed. 2d 230 (1971).

Use of armored cars violating section.

- Operation of armored truck bank messenger service of national bank, whose function is to transmit funds to bank, make change, transmit funds from bank, and furnish teller service for payroll cashing, constitutes carrying on, conducting, or doing bank business through banking facilities other than on premises of place of business of national bank and as such is illegal. Jackson v. First Nat'l Bank, 292 F. Supp. 156 (N.D. Ga. 1968), aff'd, 430 F.2d 1200 (5th Cir. 1970), cert. denied, 401 U.S. 947, 91 S. Ct. 933, 28 L. Ed. 2d 230 (1971).

Armored cars owned by a bank, which picked up deposits, were engaged in branch banking, even though the depositors using the services offered by the armored cars entered into a contract with the bank that the deposits delivered to the armored car would not be deemed received until the deposits were physically delivered into the hands of the teller on the bank's premises. Jackson v. First Nat'l Bank, 430 F.2d 1200 (5th Cir. 1970), cert. denied, 401 U.S. 947, 91 S. Ct. 933, 28 L. Ed. 2d 230 (1971).

OPINIONS OF THE ATTORNEY GENERAL

Participation of bank with brokerage in offering investment program.

- Actions of a bank, participating with a brokerage in offering a particular type of investment program, do not constitute the business of banking in violation of O.C.G.A. § 7-1-241 or O.C.G.A. § 7-1-604. 1981 Op. Att'y Gen. No. 81-59.

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 19 et seq., 178.

C.J.S.

- 9 C.J.S., Banks and Banking, §§ 29, 44, 45.

ALR.

- What is a "branch bank" within statutes regulating the establishment of branch banks, 23 A.L.R.3d 683.

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