O.C.G.A. § 7-1-604 (2019)
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.
History
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.
Annotations
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, 1970 U.S. App. LEXIS 7402 (5th Cir. 1970), cert. denied, 401 U.S. 947, 91 S. Ct. 933, 28 L. Ed. 2d 230, 1971 U.S. LEXIS 3055 (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, 1968 U.S. Dist. LEXIS 12614 (N.D. Ga. 1968). 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, 1970 U.S. App. LEXIS 7402 (5th Cir. 1970), cert. denied, 401 U.S. 947, 91 S. Ct. 933, 28 L. Ed. 2d 230, 1971 U.S. LEXIS 3055 (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.