ARTICLE 1 PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY

7-1-79. Discretionary expedited approval process; considerations.

The department may determine that formal approvals for certain transactions or activities to be conducted by its regulated entities are not necessary but may be replaced by a discretionary expedited approval process to begin with written notice to the department by the entity which describes the transaction or activity in a form and with a specificity acceptable to the department. For such instances, the department shall promulgate rules and regulations consistent with the authority provided to it in this chapter.

In the exercise of the discretion permitted by this Code section, the commissioner shall consider:

Whether the transaction or activity poses unacceptable safety and soundness risks;
Whether the transaction or activity is warranted only for financially strong and well-managed institutions, as such institutions are further defined in department regulations;
Whether the transaction or activity is necessary to reduce the burden on financial institutions or other entities which the department regulates;
Whether the transaction or activity will assist regulated entities in remaining competitive and responsive to both economic and consumer demands; and
Whether the transaction or activity is consistent with the objectives of this Code section.

(Code 1981, §7-1-79, enacted by Ga. L. 1997, p. 485, § 9.)

PART 4 P ROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE

7-1-90. Judicial review of department actions.

Any final action of the department or refusal of the department to act may be subject to judicial review by any person or corporation affected by such action. Such action shall be brought within 60 days of the final action or refusal of action by the department as a special statutory proceeding in the county in which the affected person or corporation resides or is domiciled if within this state (which in the case of a corporation shall be the county of its registered office if it has such an office) or in Fulton County if the affected person or corporation resides or is domiciled outside of this state. The review shall be conducted by the court without a jury. The court shall not substitute its judgment for that of the department but may:
1. Compel department action unlawfully withheld; or
2. Hold unlawful and set aside department action found to be:
  1. In violation of constitutional or statutory provision;
  2. In excess of statutory authority;
  3. Made upon unlawful procedure; or
  4. Arbitrary, capricious, or otherwise in abuse of discretion,
    provided that any action reviewable under Chapter 13 of Title 50, the "Georgia Administrative Procedure Act," or through the injunction procedure of Code Section 7-1-155 shall be reviewed under that chapter or Code section and not under this Code section.
Appeals from all final orders and judgments entered by the superior court under this Code section may be taken to the Court of Appeals or the Supreme Court in the same manner as in other cases.

(Code 1933, § 41A-401, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1975, p. 445, § 9; Ga. L. 1981, p. 1366, § 3.)

JUDICIAL DECISIONS

Cited in Commercial Bank v. Department of Banking & Fin., 244 Ga. 172, 259 S.E.2d 435 (1979); Department of Banking & Fin. v. Independent Ins. Agents of Ga., Inc., 158 Ga. App. 556, 281 S.E.2d 265 (1981).

RESEARCH REFERENCES

C.J.S.

- 73A C.J.S., Public Administrative Law and Procedure, §§ 315, 317.

Syfert Injury Law Firm

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TITLE 7 BANKING AND FINANCE