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2018 Georgia Code 7-1-779 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)

O.C.G.A. 7-1-779 Case Law from Google Scholar Amendments to OCGA 7-1-779

TITLE 7 BANKING AND FINANCE

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

ARTICLE 7 BUILDING AND LOAN ASSOCIATIONS AND SAVINGS AND LOAN ASSOCIATIONS

7-1-779. Use of "savings and loan" or other terms likely to mislead public as to nature of business.

No person or corporation, except a savings and loan association actually engaged in carrying on a savings and loan business as contemplated by this article or the laws of the United States, shall transact business under any name or title which contains the term "savings and loan" or combination of the words used in said phrase or use any sign or any letterhead or billhead, circular, or paper of any kind or advertise in any manner which indicates that his or its business is the character or kind of business carried on or transacted by a savings and loan association or which is likely to lead the public to believe that his or its business is that of a savings and loan association.

(Ga. L. 1937-38, Ex. Sess., p. 307, § 10; Code 1933, § 41A-3510, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2016, p. 390, § 7-4/HB 811; Ga. L. 2017, p. 774, § 7/HB 323.)

The 2016 amendment, effective July 1, 2016, in this Code section, deleted "a building and loan association or" preceding "a savings and loan association" near the beginning, deleted "'building and loan' or" preceding "or combination" in the middle, and deleted "building and loan or" preceding "savings and loan" in three places.

The 2017 amendment, effective May 9, 2017, part of an Act to revise, modernize, and correct the Code, revised language in this Code section.

Cross references.

- Regulations pertaining to use of names by financial institutions generally, § 7-1-130.

OPINIONS OF THE ATTORNEY GENERAL

Foreign state building and loan associations.

- Since building and loan associations are defined as local mutual associations under former Code 1933, § 41A-3501 (see now O.C.G.A. § 7-1-770), foreign state building and loan associations are prohibited from directly or indirectly establishing loan production offices in Georgia under former Code 1933, § 41A-3510 (see now O.C.G.A. § 7-1-779). 1978 Op. Att'y Gen. No. 78-70.

Foreign state savings and loan association may not transact business in Georgia under any name containing the terms "savings and loan," nor may it advertise in any manner which indicates that its business is the kind carried on by a savings and loan association. 1983 Op. Att'y Gen. No. 83-23.

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, § 188.

C.J.S.

- 12 C.J.S., Building and Loan Associations, Savings and Loan Associations, and Credit Unions, § 15.

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