TITLE 7 BANKING AND FINANCE

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

ARTICLE 2 BANKS AND TRUST COMPANIES

7-1-624. Prohibited acquisitions.

1. Except as expressly permitted under this part, Part 20 of this article, or by federal law, no bank holding company may acquire a bank or a bank holding company controlling a bank chartered by the department.
2. In the event any bank holding company makes an acquisition that is prohibited by this part, the commissioner shall require such bank holding company to divest itself immediately of its direct or indirect ownership or control of any Georgia banks or banking offices located in Georgia. The commissioner shall also have the power to enforce any other prohibitions in this part by requiring divestitures of nonconforming banks, bank holding companies, or assets. Alternatively, the commissioner shall have the power to impose fines and penalties or exercise such other remedies as are provided in this chapter, including, but not limited to, judicial actions.

(Code 1981, §7-1-623, enacted by Ga. L. 1984, p. 1467, § 1; Ga. L. 1985, p. 149, § 7; Ga. L. 1994, p. 215, § 4; Code 1981, §7-1-624, as redesignated by Ga. L. 1996, p. 279, § 1; Ga. L. 1997, p. 143, § 7; Ga. L. 2016, p. 390, § 2-20/HB 811.)

The 2016 amendment, effective July 1, 2016, substituted "chartered by the department" for "having banking offices in Georgia" at the end of subsection (a); and substituted the present provisions of the second and third sentences of subsection (b) for the former provisions, which read: "In addition, the commissioner shall have the power to enforce any other prohibitions in this part by requiring divestitures of nonconforming banks, bank holding companies, or assets through the imposition of fines and penalties or through the exercise of such other remedies as are provided in this chapter, including but not limited to judicial actions."