2018 Georgia Code Annotated

TITLE 7 BANKING AND FINANCE

Chap.

• 1. Financial Institutions, 7-1-1 through 7-1-1021.
• 2. Credit Union Deposit Insurance Corporation, 7-2-1 through 7-2-14.
• 3. Industrial Loans, 7-3-1 through 7-3-29.
• 4. Interest and Usury, 7-4-1 through 7-4-36.
• 5. Credit Cards and Credit Card Banks, 7-5-1 through 7-5-7.
• 6. Credit or Loan Discrimination, 7-6-1 through 7-6-2.
• 6A. Georgia Fair Lending Act, 7-6A-1 through 7-6A-13.
• 7. Loan Brokers, 7-7-1 through 7-7-6.
• 8. Safe Use of Remote Service Terminals, 7-8-1 through 7-8-8.
• 9. Georgia Merchant Acquirer Limited Purpose Bank, 7-9-1 through 7-9-13.

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

Article 1 Provisions Applicable to Department

of Banking and Finance and Financial Institutions

Generally. Part 1

• 7-1-1. Short title.
• 7-1-2. Legislative findings.
• 7-1-3. Objectives of chapter; standards for construction and regulation.
• 7-1-4. Definitions.
• 7-1-5. Unauthorized activity as a financial institution.
• 7-1-6. Notices; waivers of notice.
• 7-1-7. Publication of notices or advertisements.
• 7-1-8. Applicability of common law.
• 7-1-9. Reservation of power over financial institutions.
• 7-1-10. Rules of construction.
• 7-1-11. Registration of nonresident corporations [Repealed].

Part 2 ORGANIZATION AND PERSONNEL OF DEPARTMENT OF BANKING AND FINANCE.

• 7-1-30. Department created.
• 7-1-31. Position and term of commissioner.
• 7-1-32. Qualifications of commissioner.
• 7-1-33. Removal or suspension of commissioner.
• 7-1-34. Vacancy in office of commissioner.
• 7-1-35. Deputy commissioners, examiners, and assistants.
• 7-1-36. Oath of commissioner, deputy commissioner, and examiners.
• 7-1-37. Restrictions on commissioner, deputy commissioners, and examiners.
• 7-1-38. Commissioner's office expenses.
• 7-1-39. Seal of department; evidentiary effect.
• 7-1-40. Delegation of authority by commissioner.
• 7-1-41. Prescribing fees; payment procedure.
• 7-1-42. Enforcement of payment.
• 7-1-43. Disposition of fees collected; payment of expenses from appropriations.

Part 3 OPERATIONS OF DEPARTMENT OF BANKING AND FINANCE.

• 7-1-60. General scope of supervision.
• 7-1-61. Rules and regulations.
• 7-1-61.1. Expansion of power for banks and credit unions; role of commissioner; documentation to legislative committees.
• 7-1-62. Accounting procedures.
• 7-1-63. Retention of records.
• 7-1-64. Department examinations and investigations; disclosure of information or prior notice regarding examinations of financial institutions.
• 7-1-65. Examinations and investigations on request.
• 7-1-66. Method of examination and investigations; special examiners; subpoenas.
• 7-1-67. Reports of examinations.
• 7-1-68. Reports to department; penalty for noncompliance.
• 7-1-69. Retention of reports.
• 7-1-70. Disclosure of information.
• 7-1-71. Removal of officers, directors, or employees.
• 7-1-72. Regulation of persons performing services for financial institutions.
• 7-1-73. Regulation of affiliates.
• 7-1-74. Annual report of department.
• 7-1-75. Discretion of department.
• 7-1-76. Department may act after time limit without resubmittal; withdrawal of applications and requests; imposition of conditions; nullification.
• 7-1-77. Approval by commissioner of state rules and regulations affecting financial institutions.
• 7-1-78. Agreements with other supervisory or regulatory authorities.
• 7-1-79. Discretionary expedited approval process; considerations.

Part 4 PROCEEDINGS INVOLVING THE DEPARTMENT OF BANKING AND FINANCE.

• 7-1-90. Judicial review of department actions.
• 7-1-91. Orders by department; enforcement; civil penalty.
• 7-1-92. Forfeiture proceedings.
• 7-1-93. Injunction and other actions by department.
• 7-1-94. Evidential value of results of examinations or investigations; editing out of information tending to undermine public confidence in financial institution.
• 7-1-95. Admissibility of department's certificates and copies [Repealed].
• 7-1-96. Liability on bonds for nonperformance of duty [Repealed].
• 7-1-97. Costs of actions by or against department [Repealed].
• 7-1-98. Department of Law to advise department.
• 7-1-99. Duties and responsibilities of department regarding interest and usury complaints; advisory opinions; effect.

Part 5 PERMISSIVE CLOSING DAYS, EMERGENCY CLOSINGS, BUSINESS RESTRICTIONS, AND VOLUNTARY LIQUIDATIONS.

• 7-1-110. Permissive closing days; deferral of business conducted on Saturday.
• 7-1-110.1. Posting notice of intent to close banking location.
• 7-1-111. Emergency closings.
• 7-1-111.1. Posting notice of intent to close banking location [Repealed].
• 7-1-112. Business restrictions.
• 7-1-113. Voluntary dissolution prior to commencement of business; failure to properly file articles of dissolution; power of department to seek dissolution.
• 7-1-114. Voluntary dissolution after commencement of business.
• 7-1-115. Winding up voluntary dissolution proceedings.
• 7-1-116. Articles of dissolution where business commenced; procedure if not filed.
• 7-1-117. Certificate of dissolution.

Part 6 NAMES, REGISTERED OFFICES, AND ADVERTISING.

• 7-1-130. Permissible names.
• 7-1-131. Reservation of name.
• 7-1-132. Registered agent and office.
• 7-1-133. Prohibited advertising.
• 7-1-134. Unfair competition, unfair trade practice, and trade name and trademark laws unaffected.

Part 7 RECEIVERSHIP POWERS AND PROCEDURES GENERALLY.

• 7-1-150. Taking of possession by department; cumulative remedies.
• 7-1-151. Status of department as receiver; restrictions on appointment.
• 7-1-152. General assignment prohibited; taking of possession upon request.
• 7-1-153. Posting of notice of taking possession.
• 7-1-154. Certificate of possession; naming deputy receiver.
• 7-1-155. Injunction to restrain department.
• 7-1-156. Supervision of department by court.
• 7-1-157. General powers of department in possession.
• 7-1-158. Appointment of deputy receivers, counsel, and other assistants.
• 7-1-159. Suspension or continuation of business.
• 7-1-160. Determination to liquidate; filing of supplemental certificate.
• 7-1-161. Powers and duties of department before and after determination to liquidate.
• 7-1-162. Inventory and appraisement.
• 7-1-163. Notice to holders of assets; power of court to order transfer.
• 7-1-164. Power of department to borrow money.
• 7-1-165. Surrender of burdensome assets.
• 7-1-166. Compromise of claims; extension of mortgages or notes.
• 7-1-167. Payment of mortgages and liens; protection of equities.
• 7-1-168. Sales of real property.
• 7-1-169. Leases of property.
• 7-1-170. Sales or exchanges of securities; sales of liens or personal property.
• 7-1-171. Deposit of moneys by department.
• 7-1-172. Disposition of property in safe-deposit vault or held for safekeeping.
• 7-1-173. Bringing or defending actions.
• 7-1-174. Surrender of possession by department prior to final liquidation; special liquidations and reorganizations.
• 7-1-175. Ability of department to reject executory contract or lease of financial institution in receivership.
• 7-1-176. Sale of assets of financial institution in receivership.

Part 8 CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS.

• 7-1-190. Preservation of assets; proceedings in lieu of attachment, execution, or repossession.
• 7-1-191. Exclusivity of claims procedure; effect of receivership on pending actions.
• 7-1-192. Notice to depositors and other creditors to present claims.
• 7-1-193. Proof of claims of depositors.
• 7-1-194. Proof of claims of creditors.
• 7-1-195. Allowance of claims.
• 7-1-196. Advance payment of dividends to depositors.
• 7-1-197. Expenses of administration.
• 7-1-198. Filing or ordering partial or final account; notice of filing; exceptions.
• 7-1-199. Adjudication of rejected claims and exceptions to account.
• 7-1-200. Confirmation of account; distribution of dividends; final disposition of assets insufficient for distribution; cancellation of articles.
• 7-1-201. Unclaimed dividends.
• 7-1-202. Order of payment of liabilities; secured or preferred claims and liens.
• 7-1-203. Subrogation of insurer of deposits or shares.
• 7-1-204. Liquidation of excess assets by trustees.
• 7-1-205. Destruction of records.

Part 9 RECEIVERSHIP PROCEDURES INVOLVING TRUST OR POOLED ASSETS.

• 7-1-220. Definitions and applicability.
• 7-1-221. Status of department in relation to trust and pooled assets.
• 7-1-222. Jurisdiction of court over trust and pooled assets.
• 7-1-223. Substituted trustee or manager for trust and pooled assets.
• 7-1-224. Transfers to substituted trustee or manager without accounting.
• 7-1-225. Transfers to substituted trustee or manager with accounting; deficiencies.

Part 10 CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS.

• 7-1-230. Definitions.
• 7-1-231. Acquisition of control without permission prohibited.
• 7-1-232. Notice of proposed acquisition required; approval or disapproval by department; judicial review.
• 7-1-233. Contents of notice.
• 7-1-234. Grounds for disapproving proposal.
• 7-1-235. Part inapplicable to bank holding company transactions.
• 7-1-236. Report of change in control.

Part 11 COSTS ON JUDICIAL PROCESS.

• 7-1-237. Reimbursement of costs incurred in answering subpoena, garnishment, or order; subpoena to be answered within five days.

Part 12 DEPOSITS OF DECEASED DEPOSITORS.

• 7-1-239. Payment of large deposits of deceased intestate depositors; deposit of sums held for deceased intestate residents; affidavit included with application for deposit.
• 7-1-239.1. Payment of checks or instruments payable to deceased intestate persons; affidavit included with application for payment.

Part 13 BANK FEES.

• 7-1-239.5. Fee for instruments drawn on other institutions [Repealed].
• 7-1-239.6. Convenience fees.

Article 2 Banks and Trust Companies.

Part 1 GENERAL MATTERS.

• 7-1-240. Powers and restrictions applicable when acting as bank and trust company.
• 7-1-241. Restrictions on engaging in banking business.
• 7-1-242. Restriction on corporate fiduciaries.
• 7-1-243. Restrictions on banking and trust nomenclature.
• 7-1-244. Deposit insurance requirements; public notices when deposits not properly insured.

Part 2 GENERAL POWERS OF BANKS AND TRUST COMPANIES.

• 7-1-260. General corporate powers.
• 7-1-261. Additional operational powers.
• 7-1-262. Power to hold real estate; prior approval of acquisitions.
• 7-1-263. Property held to avoid loss.

Part 3 POWERS OF BANKS.

• 7-1-280. Major banking powers.
• 7-1-281. Participation in federal programs.
• 7-1-282. Direct leasing of personal and real property.
• 7-1-283. Participations.
• 7-1-284. Acceptances.
• 7-1-285. Limits on obligations of one person or corporation.
• 7-1-286. Real estate loans; acquisition by bank or trust company of ownership interest.
• 7-1-287. Dealings in securities; conflicts of interest; divestiture and fines.
• 7-1-288. Corporate stock and securities.
• 7-1-289. Security for deposits.
• 7-1-290. Powers as surety or guarantor.
• 7-1-291. Borrowings; liabilities not subject to restrictions; restrictions; borrowing for emergencies.
• 7-1-292. Interest and fees.
• 7-1-293. Savings banks and state savings and loan associations.
• 7-1-294. Transaction of business on holidays and outside of banking hours.
• 7-1-295. Transaction fees charged by operators of automated teller machines.
• 7-1-296. "Federal power" defined; construction with federal law; notifications; objections; authority; construction.

Part 4 POWERS OF TRUST COMPANIES.

• 7-1-310. Powers to act as fiduciary and in other representative capacities.
• 7-1-311. Operations as a fiduciary.
• 7-1-312. Nonfiduciary investments.
• 7-1-313. Collective investment funds.
• 7-1-314. Purchase in fiduciary capacity of securities underwritten by syndicate including institution.
• 7-1-315. Satisfaction of fiduciary obligations respecting investment of funds awaiting investment or distribution and charging of fees.
• 7-1-316. Irrevocable letter of credit or pledge of securities for receivership contingency.
• 7-1-317. Minimal amount of capital.
• 7-1-318. Prohibition on pledging or creating a lien by trust companies; void actions.

Part 4A AFFILIATE TRANSFERS.

• 7-1-320. Definitions.
• 7-1-321. Affiliate transfers authorized; powers and duties of affiliated trust company transferees.
• 7-1-322. Effect of affiliate transfer on bank; abandonment of transfer; substituted fiduciary.
• 7-1-323. Appointment of affiliated trust company as agent for bank; liability of bank for actions of agent.
• 7-1-324. Designation of affiliate trust company as successor fiduciary.
• 7-1-325. Other banking laws unaffected by part.

Part 5 FIDUCIARY INVESTMENT COMPANIES.

• 7-1-330. Definitions.
• 7-1-331. Organization; approval by department.
• 7-1-332. Incorporation.
• 7-1-333. Limitations on investments.
• 7-1-334. Corporate powers; limitations and restrictions.
• 7-1-335. Rules and regulations; examinations.
• 7-1-336. Advertisement of participation; financial reports.
• 7-1-337. Investment advisers.
• 7-1-338. Prohibition on refusing participation.

Part 6 DEPOSITS, SAFE-DEPOSIT AGREEMENTS, AND MONEY RECEIVED FOR TRANSMISSION.

• 7-1-350. Notice of rules governing deposits.
• 7-1-351. Minors' deposits and safe-deposit agreements.
• 7-1-352. Deposit by agent, trustee, or other fiduciary.
• 7-1-353. Adverse claims to deposits and property held in safe deposit.
• 7-1-354. Money received for transmission.
• 7-1-355. Agreements concerning safe deposits.
• 7-1-356. Procedures on death or incompetence of safe depositor.
• 7-1-357. Payment of deposit of deceased depositor; deposit by nursing home of moneys left in its possession upon death of resident [Repealed].
• 7-1-358. Dormant accounts.
• 7-1-359. Fee prohibited for conducting search of dormant, abandoned, or unclaimed deposit accounts; commission or finder's fee allowed.
• 7-1-360. Third-party claims; notification of disclosure by third party to depositor; motion to quash disclosure.

Part 7 BANKING DEPOSITORIES, RESERVES, AND REMISSIONS.

• 7-1-370. Deposits by financial institutions.
• 7-1-371. Legal reserve requirements; notice of deficiency; penalty; effect of deficiency.
• 7-1-372. Collection charge; service charge.

Part 8 INCORPORATION OF BANKS AND TRUST COMPANIES.

• 7-1-390. Incorporators.
• 7-1-390.1. Organization of bank or trust company as limited liability company; promulgation of rules and regulations governing.
• 7-1-391. Prohibition of promoters' fees.
• 7-1-392. Articles of incorporation; advertisement of articles or notice of application; naming registered agent.
• 7-1-393. Additional filings with department; fees.
• 7-1-394. Investigation; approval or disapproval by department; abbreviated procedures.
• 7-1-395. Issuance of certificate of incorporation.
• 7-1-396. Effect of certificate of incorporation; permit to begin business.
• 7-1-397. Organizational meetings.
• 7-1-398. Liability for premature business.

Part 9 FINANCIAL STRUCTURE.

• 7-1-410. Minimum capital stock.
• 7-1-411. Paid-in capital and appropriated retained earnings.
• 7-1-412. Beginning business expense fund.
• 7-1-413. Classes of shares.
• 7-1-414. Purchase, redemption, and convertibility of shares and debt securities.
• 7-1-415. Consideration for shares.
• 7-1-416. Method of issuance.
• 7-1-417. Share certificates and debt security instruments.
• 7-1-418. Issuance and transfer of fractional shares or scrip.
• 7-1-419. Subordinated securities.

Part 10 SHAREHOLDERS.

• 7-1-430. Liability of subscribers and shareholders.
• 7-1-431. Preemptive rights.
• 7-1-432. Meetings of shareholders.
• 7-1-433. Closing of transfer books or fixing record date.
• 7-1-434. Voting list.
• 7-1-435. Quorum of shareholders.
• 7-1-436. Voting of shares.
• 7-1-437. Proxies.
• 7-1-438. Shareholders' agreements.
• 7-1-439. Books and records.
• 7-1-440. Derivative actions by shareholders - When proper.
• 7-1-441. Derivative actions by shareholders - Restrictions on.

Part 11 DIVIDENDS, DISTRIBUTIONS, AND PREFERRED SHARE ACQUISITION.

• 7-1-460. Restrictions on payment of dividends; limitation of actions for dividends or distributions.
• 7-1-461. Distribution upon reduction of capital stock or paid-in capital.
• 7-1-462. Dividends and distributions must be authorized by chapter.
• 7-1-463. Preferred share acquisition.

Part 12 MANAGEMENT.

• 7-1-480. Board of directors.
• 7-1-481. Adopting, amending, and repealing bylaws.
• 7-1-482. Number, term, and compensation of directors; effect of failure to maintain at least five directors.
• 7-1-483. Meetings of board; quorum; committees; acting without meeting.
• 7-1-484. Oath of directors; liability of persons who have not subscribed to such oath.
• 7-1-485. Removal of directors; vacancies.
• 7-1-486. Honorary and advisory positions.
• 7-1-487. Audits and financial reports.
• 7-1-488. Officers, agents, and employees; employee share plans.
• 7-1-489. Fidelity bonds.
• 7-1-490. Responsibility of directors and officers; delegation of investment decisions.
• 7-1-491. Financing involving directors or officers.
• 7-1-492. Prohibitions applicable to directors, officers, and employees.
• 7-1-493. Actions against directors and officers.
• 7-1-494. Liability of directors in certain cases.

Part 13 AMENDMENT OF ARTICLES.

• 7-1-510. Authorized amendments; articles entirely restated; notice to Secretary of State.
• 7-1-511. Proposal and adoption of amendments.
• 7-1-512. Execution, contents, filing, and effect of articles of amendment.
• 7-1-513. Certification of articles of amendment; delivery to bank or trust company; publication of notice.
• 7-1-514. Approval or disapproval of articles of amendment.
• 7-1-515. Issuance of certificate of amendment.
• 7-1-516. Effect of certificate of amendment.

Part 14 MERGER AND CONSOLIDATION OF STATE BANKS AND TRUST COMPANIES.

• 7-1-530. Authority to merge or consolidate; merger, consolidation, or share exchange across state lines; required provisions of the merger plan.
• 7-1-531. Requirements for merger, share exchange, or consolidation plan; modification of plan.
• 7-1-532. Execution, contents, and filing of articles of merger, share exchange, or consolidation; notice; filing amendment.
• 7-1-533. Additional filings with department.
• 7-1-534. Approval or disapproval by department.
• 7-1-535. Procedure after approval by department; federal approval or disapproval; issuance of certificate of merger, share exchange, or consolidation.
• 7-1-536. Effect of merger, share exchange, or consolidation.
• 7-1-537. Rights of dissenting shareholders; surrender of certificates.

Part 15 CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS.

• 7-1-550. Authority for national bank or federal savings bank to state bank or trust company conversions, mergers, and consolidations; activities across state lines; conversion of federal savings bank to state bank.
• 7-1-551. National bank to state bank or trust company conversions, mergers, and consolidations - Articles of conversion, merger, or consolidation.
• 7-1-552. National bank to state bank or trust company conversions, mergers, and consolidations - Filings with department; publication of notice.
• 7-1-553. National bank to state bank or trust company conversions, mergers, and consolidations - Approval or disapproval by department; federal approval or disapproval.
• 7-1-554. National bank to state bank or trust company conversions, mergers, and consolidations - Issuance of certificate of conversion, consolidation, or merger.
• 7-1-555. National bank to state bank or trust company conversions, mergers, and consolidations - Effect of issuance of certificate.
• 7-1-556. State bank or trust company to national bank or federal savings institution conversions, mergers, or consolidations.
• 7-1-557. Merger, consolidation, or share exchange of nonbank corporations into national banks.

Part 16 SALE AND OTHER DISPOSITION OF ASSETS.

• 7-1-570. Secured transactions and other dispositions of assets not requiring shareholder approval.
• 7-1-571. Sale, lease, exchange, or other disposition of assets requiring shareholder approval.
• 7-1-572. Right of shareholder to dissent.

Part 17 REPRESENTATIVE OFFICES AND REGISTRATION.

• 7-1-590. Definitions.
• 7-1-591. Establishment of representative office by bank or bank holding company domiciled in state.
• 7-1-592. Establishment of representative office by bank or holding company domiciled in state or outside of state; conformance with requirements of primary regulator.
• 7-1-593. Registration of bank or bank holding company having representative office in state.
• 7-1-594. Registration of banks or bank holding companies conducting agency relationships [Repealed].

Part 18 BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES.

• 7-1-600. Definitions.
• 7-1-601. Branch offices.
• 7-1-602. Applications for branch offices.
• 7-1-603. Extension of existing banking locations; automated teller machines, cash dispensing machines, point-of-sale terminals, and other extensions.
• 7-1-604. Banking business prohibited except as allowed by Title 7 or applicable federal law.
• 7-1-605. Bank holding companies - Definitions; when company deemed to control shares.
• 7-1-606. Bank holding companies - Actions unlawful without prior approval of commissioner; exceptions.
• 7-1-607. Bank holding companies that control a bank - Registration, reporting, examinations, and control.
• 7-1-608. Bank holding companies - Lawful and unlawful acquisitions, formations, and mergers; waivers.
• 7-1-609. Civil actions by department to enforce part.
• 7-1-610. National bank rights.
• 7-1-611. Penalties for violations.
• 7-1-612. Power of banks to contract with other banks for trust services.

Part 19 INTERSTATE ACQUISITIONS OF BANKS AND BANK HOLDING COMPANIES.

• 7-1-621. Definitions.
• 7-1-622. Provisions applicable to interstate acquisitions or mergers by bank holding companies; eligibility of applicants; commissioner's ruling required.
• 7-1-623. Acquisitions not requiring department approval.
• 7-1-624. Prohibited acquisitions.
• 7-1-625. Provisions applicable to, and qualification of, bank holding companies in state; reciprocal agreements; confidentiality of reports.
• 7-1-626. Severability; construction with other laws.
• 7-1-627. Resolution to except bank or bank holding company from acquisition; severability [Repealed].

Part 20 INTERSTATE BANKING AND BRANCHING BY MERGER.

• 7-1-628.1. Definitions.
• 7-1-628.2. Mergers permitted; applicable provisions.
• 7-1-628.3. Prohibited interstate merger transactions.
• 7-1-628.4. Permissible interstate merger transactions.
• 7-1-628.5. Requirement for out-of-state bank that is resulting bank of interstate merger transaction.
• 7-1-628.6. Powers of out-of-state banks branching into Georgia.
• 7-1-628.7. Examinations and reports; powers of commissioner.
• 7-1-628.8. Restrictions on de novo branches.
• 7-1-628.9. Conditions under which out-of-state bank permitted to establish and maintain branches through in-state acquisition; conditions under which Georgia banks permitted to establish and maintain branches in another state through acquisition.
• 7-1-628.10. Enforcement actions by commissioner.
• 7-1-628.11. Regulations; administrative fees.
• 7-1-628.12. Reports required of out-of-state state banks.
• 7-1-628.13. Notice of merger, consolidation, or other transaction involving out-of-state bank.
• 7-1-628.14. Severability; construction with other laws.
• 7-1-628.15. Tax treatment.

Article 3 Credit Unions.

Part 1 GENERAL PROVISIONS; ORGANIZATION.

• 7-1-630. Initial subscribers; contents and filing of articles; other required filings; fee for investigation; selection of initial directors.
• 7-1-631. Additional filings with department [Repealed].
• 7-1-632. Approval or disapproval by department; certificate of incorporation.
• 7-1-633. Organizational meeting of directors; commencing of business.
• 7-1-634. Amendment of articles and bylaws; fee for investigation; approval or denial by department.
• 7-1-635. Procedures for department.
• 7-1-635.1. Out-of-state credit unions.
• 7-1-636. Effect on articles and duration of existing credit unions.

Part 2 CREDIT UNION CONSERVATORS.

• 7-1-640. Appointment of conservators; authority; reporting requirement.
• 7-1-641. Certificate of appointment.
• 7-1-642. Costs; immunity.
• 7-1-643. Appointment of department as conservator.
• 7-1-644. Bond.
• 7-1-645. Show cause requirement; appointment of receiver; role of conservator; limitation on court's role.

Part 3 OPERATION AND REGULATION.

• 7-1-650. Powers.
• 7-1-651. Membership; shares.
• 7-1-652. Joint, minor, and trust shares and deposits; preferred capital base shares.
• 7-1-653. Expulsions and withdrawals; disposition of deposits, interest, shares, or dividends; reinstatement.
• 7-1-654. Capital; right to offset loans, dues, and fines.
• 7-1-655. Boards of directors; credit and supervisory committees; officers; oaths of officials; removal from office; suspension of member; filling of vacancies; notification to department of change in president or chief executive officer.
• 7-1-656. Duties of directors; meetings; prohibited activities; eligibility to vote; applicability of Code Section 7-1-490; appointment of honorary director or director emeritus.
• 7-1-657. Duties of supervisory committee; inspections; comprehensive annual audits; use of independent accountants.
• 7-1-658. Loans.
• 7-1-659. Entrance fees; reserves; exclusion of state and federal credit union reserves from tax calculations.
• 7-1-660. Dividends; interest.
• 7-1-661. Fiscal year; special meetings of members; voting and proxies.
• 7-1-662. Taxes to which subject.
• 7-1-663. Rules and regulations of department.
• 7-1-664. Payment of deposits of deceased depositors in state and federal credit unions [Repealed].
• 7-1-665. Subsidiary offices.
• 7-1-666. Deposit insurance requirements; public notices when deposits not properly insured.
• 7-1-667. Mergers.
• 7-1-668. Conversion of state and federal credit unions.
• 7-1-669. Central credit union.
• 7-1-670. Third-party payment services.
• 7-1-671. "Federal power" defined; construction with federal law; notifications; objections; authority; construction.

Article 4 Sale of Payment Instruments.

• 7-1-680. Definitions.
• 7-1-681. Licensing requirements; engagement in sale of payment instruments or money transmission defined; liabilities.
• 7-1-682. Exemption from licensing requirements.
• 7-1-683. Requirements for licensure; fees; rules and regulations.
• 7-1-683.1. Locations for conduct of business; contracting with authorized agent; requirements of agent.
• 7-1-683.2. Bonding.
• 7-1-683.3. Authority of department.
• 7-1-684. Investigation of applicants for licensure; background checks on employees and others.
• 7-1-684.1. Reporting to Nation-wide Multistate Licensing System and Registry.
• 7-1-684.2. Use of unique identifier of licensee.
• 7-1-685. Expiration and renewal of licenses.
• 7-1-686. Display of license; license nontransferable and nonassignable; notification of additional locations.
• 7-1-687. Notice of action against licensee by creditor or claimant; other notification requirements.
• 7-1-688. Approval required of new ultimate equitable owner, other change of control, or executive officer of licensee; denial of application.
• 7-1-689. Record keeping; investigations and examinations by department; subpoenas; confidentiality; limitations on civil liability.
• 7-1-690. Enforcement; enactment of rules and regulations.
• 7-1-691. Prohibited activities while engaged in sale of checks or money transmission.
• 7-1-692. Suspension or revocation of license; failure to issue license; grounds; administrative review.
• 7-1-693. Applicant or licensee as borrower in default; failure to pay child support prohibits licensure.
• 7-1-694. Cease and desist orders from unauthorized activities; civil penalties for violations; judicial review; administrative fines.
• 7-1-695. Liability for payment.
• 7-1-696. Penalties for violations.
• 7-1-697. No limitation on common law liability or state prosecution.
• 7-1-698. Continuing effectiveness of existing licenses.

Article 4A Cashing of Payment Instruments.

• 7-1-700. Definitions.
• 7-1-701. Licensing for cash payment instruments.
• 7-1-701.1. Exemption from licensing requirements.
• 7-1-702. Requirements for licensure.
• 7-1-702.1. Operation of mobile payment instrument cashing facility.
• 7-1-702.2. Authority of department.
• 7-1-703. Investigation of applicants; background checks of employees.
• 7-1-703.1. Reporting on condition to Nation-wide Multistate Licensing System and Registry.
• 7-1-703.2. Use of unique identifier of licensee.
• 7-1-704. Renewal of licenses.
• 7-1-704.1. Posting of license; license is nontransferable and nonassignable; notification of new facilities.
• 7-1-705. Written notice of claims against licensee, judgments, or other misconduct by employees, directors, or others; written notice of change of executive officer.
• 7-1-705.1. Approval required for change of control or ultimate equitable owner; additional requirements; denial and notification of reasons.
• 7-1-706. Record keeping obligations; investigations and examinations by the department; examination fees; administration of oaths and issuing of subpoenas; confidentiality; civil liability.
• 7-1-706.1. Regulatory interpretation and enforcement.
• 7-1-707. Required endorsement by licensee; immediate payments; deferment of payment; identification requirements; acceptable fee for services.
• 7-1-707.1. Posting of fees for cashing payment instruments.
• 7-1-708. Grounds for suspension or revocation of license; employment of individuals subject to cease and desist order; administrative review.
• 7-1-708.1. Denial or suspension of license for student borrowers in default or for failing to comply with child support requirements.
• 7-1-708.2. Issuance of cease and desist orders; administrative and judicial enforcement; penalty for noncompliance.
• 7-1-709. Penalty for violation of article.
• 7-1-709.1. No limitation on common law liability or state prosecution.
• 7-1-709.2. Continuing effectiveness of existing licenses.

Article 5 International Banking Corporations and Bank Agencies.

• 7-1-710. Definitions.
• 7-1-711. Application of this chapter.
• 7-1-712. Application of Article 15 of Chapter 2 of Title 14.
• 7-1-713. Requirements for carrying on banking business.
• 7-1-714. Actions against international banking corporations.
• 7-1-715. Application for license.
• 7-1-716. Effect, renewal, and revocation of licenses; permissible activities.
• 7-1-717. Securities, and other evidence of indebtedness to be held in this state.
• 7-1-718. Financial certifications; restrictions on investments, loans, and acceptances.
• 7-1-719. Reports.
• 7-1-720. Dissolution.
• 7-1-721. International representative offices.

Article 5A Domestic International Banking Facilities.

• 7-1-730. Short title.
• 7-1-731. "Domestic international banking facility" defined.
• 7-1-732. Eligibility to operate domestic international banks; registration required; records; exemption from taxes and license fees.
• 7-1-733. Rejection or revocation of registration as a domestic international banking facility.
• 7-1-734. Examination and supervision by the department; agreements with other bank regulatory authorities.

Article 6 Business Development Corporations.

• 7-1-740. Definitions.
• 7-1-741. Contents, execution, and presentation of articles.
• 7-1-742. Action on articles by department; preconditions to doing business.
• 7-1-743. Approval or disapproval of department.
• 7-1-744. Filing of articles.
• 7-1-745. Powers of corporation.
• 7-1-746. Right to deal in corporation's stock or obligations.
• 7-1-747. Applying for membership; loans by members.
• 7-1-748. Duration of membership; withdrawal.
• 7-1-749. Powers of shareholders and members; voting.
• 7-1-750. Amendment of articles.
• 7-1-751. Board of directors; officers and agents.
• 7-1-752. Earned surplus; fiscal year.
• 7-1-753. Deposit of corporate funds; corporation not to accept deposits.
• 7-1-754. Supervision.
• 7-1-755. First meeting and organization.
• 7-1-756. Duration and dissolution of corporation.
• 7-1-757. State credit not pledged.
• 7-1-758. Tax exemptions; state and local occupational license taxes.

Article 7 Building and Loan Associations and Savings and Loan Associations.

• 7-1-770. Definitions.
• 7-1-771. Members of building and loan association; voting [Repealed].
• 7-1-772. Presentation, contents, and execution of articles of building and loan association [Repealed].
• 7-1-773. Approval or disapproval of articles of building and loan association by department [Repealed].
• 7-1-774. Approval of articles of building and loan association; renewals or amendments to existing charters [Repealed].
• 7-1-775. Filing and processing articles of incorporation and amendments for building and loan association [Repealed].
• 7-1-776. Certificate of incorporation or amendment issued by Secretary of State [Repealed].
• 7-1-777. Principal and branch offices.
• 7-1-778. Rules and regulations governing building and loan associations [Repealed].
• 7-1-779. Use of "savings and loan" or other terms likely to mislead public as to nature of business.
• 7-1-780. Lien on deposits to secure loans.
• 7-1-781. Conversion into savings and loan association.
• 7-1-782. Effect of conversion into savings and loan association [Repealed].
• 7-1-783. Previous conversions into savings and loan associations ratified.
• 7-1-784. Conversion into building and loan association [Repealed].
• 7-1-785. Effect of conversion into building and loan association [Repealed].
• 7-1-786. Taxation.
• 7-1-787. Exemption from securities regulations.
• 7-1-788. Notaries and other officers not disqualified by interest in association; validation of prior instruments.
• 7-1-789. Minors' deposits, safe-deposit boxes, and third-party payment accounts; validity of releases.
• 7-1-790. Deposits of fiduciaries.
• 7-1-791. Payment on death of depositor.
• 7-1-792. Deposits applied to funeral expenses.
• 7-1-793. Investment of funds in insured deposits.
• 7-1-794. Deposits as security or in lieu of bond.
• 7-1-795. Savings account books and certificates.
• 7-1-796. Insanity, incompetency, bankruptcy, or death of depositor.
• 7-1-797. Building and loan association deposit insurance requirements; public notices when deposits not properly insured [Repealed].

Article 8 Multiple-Party Accounts.

• 7-1-810. Definitions.
• 7-1-811. Applicability of provisions as to beneficial ownership and protection of financial institutions.
• 7-1-812. Ownership during lifetime.
• 7-1-813. Rights of survivorship.
• 7-1-814. Changing terms of account.
• 7-1-815. Survivorship transfers nontestamentary.
• 7-1-816. Financial institution protection - Multiple-party accounts authorized; payment on signature of one party; inquiry as to deposits or withdrawals not required.
• 7-1-817. Financial institution protection - Payment from joint account after death or disability.
• 7-1-818. Financial institution protection - Payment of P.O.D. account.
• 7-1-819. Financial institution protection - Payment of trust account.
• 7-1-820. Financial institution protection - Discharge upon proper payment; notice not to permit withdrawals.
• 7-1-821. Financial institution protection - Right to setoff.

Article 9 Criminal and Related Provisions.

• 7-1-840. Institution of criminal prosecutions; assistance to state and federal law enforcement agencies; providing information to financial institutions considering employment of suspected person.
• 7-1-841. Applicability of Title 16.
• 7-1-842. Felonies of directors, officers, agents, and employees of financial institutions; aiding and abetting false entries.
• 7-1-843. Certain misdemeanors of directors, officers, agents, and employees of financial institutions.
• 7-1-844. Other misdemeanors of directors, officers, agents, and employees of financial institutions.
• 7-1-845. Miscellaneous felonies; when punished as misdemeanors.
• 7-1-846. Punishment for misdemeanor violations.

Article 10 Transition Provisions; Fees of Secretary of State.

• 7-1-860. Application of chapter.
• 7-1-861. Completion of pending transactions; continuation of existing charters, appointments, regulations, and fees.
• 7-1-862. Fees to be paid to Secretary of State.

Article 11 Records and Reports of Currency Transactions.

• 7-1-910. Purpose.
• 7-1-911. Definitions.
• 7-1-912. Records and reports of certain currency transactions; regulations; commissioner's authority under Code Section 7-1-64; prohibited acts; definitions.
• 7-1-913. Access to reports.
• 7-1-914. Civil penalties; action for recovery; penalty.
• 7-1-915. Criminal penalties; penalties imposed by other Code sections not superseded.
• 7-1-916. Forfeiture of property involved in illegal transactions.

Article 12 Small Minority Business Development Corporations.

• 7-1-940. Definitions.
• 7-1-941. Creation of corporations; contents of articles of incorporation; subscription and acknowledgment.
• 7-1-942. Approval of articles by department.
• 7-1-943. Standards for approval of articles by department; timing.
• 7-1-944. Filing departmental approval with Secretary of State.
• 7-1-945. Corporate powers.
• 7-1-946. Bond and stock holding authority; member loans to corporation not discriminatory.
• 7-1-947. Application for membership; requirements for loans to corporation; member loan limits.
• 7-1-948. Duration of membership; withdrawal.
• 7-1-949. Powers of shareholders and members.
• 7-1-950. Amendment of articles.
• 7-1-951. Board of directors; officers and agents.
• 7-1-952. Setting apart net earnings; fiscal year.
• 7-1-953. Deposit of corporate funds.
• 7-1-954. Departmental power over corporations.
• 7-1-955. First meeting.
• 7-1-956. Duration of corporation; dissolution.
• 7-1-957. State indebtedness not to be created.
• 7-1-958. Tax exemptions, credits, and privileges; occupational license taxes.

Article 13 Licensing of Mortgage Lenders and Mortgage Brokers.

• 7-1-1000. Definitions.
• 7-1-1001. Exemption for certain persons and entities; registration requirements.
• 7-1-1001.1. Requirement for mortgage loan originator license; application to sellers of mobile homes.
• 7-1-1002. Transaction of business without a license, registration, or exemption prohibited; knowing purchase of mortgage loan from unlicensed or nonexempt broker or lender prohibited; liability of persons controlling violators.
• 7-1-1003. Applications for licenses.
• 7-1-1003.1. Physical place of business.
• 7-1-1003.2. Financial requirements for licensing and registration; bond requirements.
• 7-1-1003.3. Application for registration.
• 7-1-1003.4. Notification statement [Repealed].
• 7-1-1003.5. Nation-wide Multistate Licensing System and Registry.
• 7-1-1003.6. Privileged or confidential nature of information; exception.
• 7-1-1003.7. Approval of mortgage industry related courses; application; renewal applications; audits.
• 7-1-1004. Investigation of applicant and its officers; audit; education, experience, and other requirements relative to licensees and registrants.
• 7-1-1004.1. Reports of condition.
• 7-1-1004.2. Licensees' ability to challenge information.
• 7-1-1004.3. Visibility requirement for unique identifier of individuals originating residential mortgage loan.
• 7-1-1005. Renewal of licenses and registrations; expiration.
• 7-1-1006. Contents of license; posting of license; transferring of license; transacting business under other name; change of address; opening a new additional office without prior approval; approval of branch manager.
• 7-1-1007. Licensee to give notice of certain actions brought against it by a creditor or borrower; notice to the department of cancellation of bond.
• 7-1-1008. Acquisition of 10 percent or more of the voting shares or of the ownership of any other entity licensed or registered to conduct business under this article.
• 7-1-1009. Maintenance of books, accounts, and records; investigation and examination of licensees and registrants by department; confidentiality; exemptions from civil liability.
• 7-1-1010. Annual financial statements.
• 7-1-1011. Annual fees.
• 7-1-1012. Rules and regulations.
• 7-1-1013. Prohibition of certain acts.
• 7-1-1014. Regulations governing disclosure required to applicants for mortgage loans.
• 7-1-1015. Rules relative to escrow accounts.
• 7-1-1016. Regulations relative to advertising.
• 7-1-1017. Suspension or revocation of licenses, registrations, or mortgage broker education approval; notice; judicial review; effect on preexisting contract.
• 7-1-1018. Cease and desist orders; enforcement procedure; civil penalty; fines.
• 7-1-1019. Criminal penalties.
• 7-1-1020. Construction.
• 7-1-1021. Regulations governing lock-in and commitment agreements.

Chapter 2. Credit Union Deposit Insurance Corporation, 7-2-1 through 7-2-14.

• 7-2-1. Incorporation procedures.
• 7-2-2. Amendments to articles.
• 7-2-3. Adoption and amendment of bylaws.
• 7-2-4. Powers.
• 7-2-5. Membership - Acquisition and termination.
• 7-2-6. Membership - Financial institutions which are ineligible to be federally insured or which were chartered prior to July 1, 1981 [Repealed].
• 7-2-6.1. Powers and privileges of members.
• 7-2-7. Membership fees; refunds of fees, assessments, and premiums; distribution of undivided corporate earnings preceding voluntary cessation of business.
• 7-2-8. Premiums and special assessments; distribution of assets on liquidation.
• 7-2-9. Insurance of deposits and shares.
• 7-2-10. Conduct of business by incorporators and directors.
• 7-2-11. Exclusive supervision by department; rules and regulations.
• 7-2-12. Copies of members' reports sent to corporation; additional examinations or audits; ordering corrective action or revoking membership.
• 7-2-13. Administrative review of corporation or department decision; exhaustion of remedies.
• 7-2-14. Tax exemption.

Chapter 3. Industrial Loans, 7-3-1 through 7-3-29.

• 7-3-1. Short title.
• 7-3-2. Purpose of chapter.
• 7-3-3. Definitions.
• 7-3-4. Applicability of chapter - Generally; effect on existing lenders.
• 7-3-5. Applicability of chapter - Transactions by which money is paid others.
• 7-3-6. Exemptions from chapter.
• 7-3-7. Industrial Loan Commissioner; powers and duties generally; employees; deputy; training programs for licensees.
• 7-3-8. License required; application; fees.
• 7-3-9. Investigation of application; issuance or denial of license; purchase of licensed location.
• 7-3-10. License required for each location; display; duration; annual fee; moving office within county.
• 7-3-11. Failure to begin business or suspending activities after license issued.
• 7-3-12. Books, records, and reports.
• 7-3-13. False advertising prohibited.
• 7-3-14. Maximum loan amount, period, and charges.
• 7-3-15. Limitation on further charges.
• 7-3-16. Loans to pay contracts acquired by licensee restricted.
• 7-3-17. Payment before maturity; refund of prepaid interest; continuing insurance.
• 7-3-18. Delivery of copy of contract or itemized statement; receipts.
• 7-3-19. Tax on interest - Levy; penalty for tax to charges.
• 7-3-20. Tax on interest - Payment; inspection of records; rules and regulations.
• 7-3-21. Tax on interest - Penalties for late or fraudulent tax payments.
• 7-3-22. Examinations, investigations, and hearings.
• 7-3-23. Cease and desist orders; enjoining violations.
• 7-3-24. Suspension or revocation of license - Grounds; procedure; effect of loss of license on contracts.
• 7-3-25. Suspension or revocation of license - Unreasonable collection tactics.
• 7-3-26. Probation and civil penalties for violations.
• 7-3-27. Judicial review of Commissioner's decisions.
• 7-3-28. Code Section 7-4-4 not repealed.
• 7-3-29. Criminal penalties; void loans; civil penalty to borrower for violation; violation not subject of class action; defense of good faith; limitation on remedies for voidness.

Chapter 4. Interest and Usury, 7-4-1 through 7-4-36.

Article 1 In General.

• 7-4-1. "Usury" defined.
• 7-4-2. Legal rate of interest; maximum rate of interest generally; certain items not considered interest.
• 7-4-3. Finance charge on retail installment contracts for manufactured homes and motor vehicles subject to federal law; stating of federal provisions in contract.
• 7-4-3.1. Maximum interest rate on loans by insured financial institutions [Repealed].
• 7-4-4. Advertisement of rates of interest or finance charge.
• 7-4-5. Failure to include federal loan act provisions in retail installment loan; violating advertising restrictions.
• 7-4-6. No limit on interest rate payable by profit corporations or persons on nonconsumer loans in excess of $3,000.00 [Repealed].
• 7-4-7. No limit on interest rate on loans of $100,000.00 or more [Repealed].
• 7-4-8. Commission to third person does not make lawful interest usurious.
• 7-4-9. Back interest may be stipulated in contract and recovered.
• 7-4-10. Usury forfeits entire interest; right of setoff; how forfeiture discharged; when time bars action or defense.
• 7-4-11. Usury is personal defense; no collection from insolvent to prejudice of others.
• 7-4-12. Interest on judgments.
• 7-4-12.1. Interest on arrearage on child support.
• 7-4-13. Law of place of contract governs interest unless otherwise provided.
• 7-4-14. Interest runs from default unless otherwise agreed; when demand necessary.
• 7-4-15. When interest runs on liquidated demands; promissory notes payable on demand.
• 7-4-16. When interest runs on commercial accounts; maximum interest rate on commercial accounts.
• 7-4-17. Payment applied first to interest; no interest on unpaid interest; exceptions.
• 7-4-17.1. Refunds from loans on which interest is calculated under the add-on interest method and which are paid off prior to maturity [Repealed].
• 7-4-18. Criminal penalty for excessive interest.
• 7-4-19. Civil action to enforce chapter.
• 7-4-20. Election to forgo application of federal usury laws.
• 7-4-21. Class action barred on claims for violation of interest laws on loans secured by real estate.

Article 2 Residential Second Mortgages.

• 7-4-30 through 7-4-36. [Repealed].

Chapter 5. Credit Cards and Credit Card Banks, 7-5-1 through 7-5-7.

• 7-5-1. Short title.
• 7-5-2. Definitions.
• 7-5-3. Organization of credit card banks.
• 7-5-4. Credit card charges and fees.
• 7-5-5. Regulation of credit card banks; enforcement; rules and regulations.
• 7-5-6. Applicability of banking laws.
• 7-5-7. Penalties for violation of chapter [Repealed].

Chapter 6. Credit or Loan Discrimination, 7-6-1 through 7-6-2.

• 7-6-1. Discrimination in extending credit or making loans prohibited.
• 7-6-2. Cause of action for individual discriminated against.

• 7-6A-1. Short title.
• 7-6A-2. Definitions.
• 7-6A-3. Limitations of home loans.
• 7-6A-4. "Flipping" a home loan; costs and fees.
• 7-6A-5. Limitations of high-cost home loans.
• 7-6A-6. Affirmative claims and defenses against creditors; conditions for relief; actions intending to evade chapter prohibited.
• 7-6A-7. Violation of chapter.
• 7-6A-8. Enforcement of chapter; penalties for violations.
• 7-6A-9. Terms of insurer providing insurance through financed premiums.
• 7-6A-10. Severability of chapter.
• 7-6A-11. Municipality or county not able to regulate terms of home loans.
• 7-6A-12. Application; preemption by federal law.
• 7-6A-13. Promulgation of rules and regulations; creditor's good faith reliance on guidance from department constituting prima-facie evidence of compliance.

Chapter 7. Loan Brokers, 7-7-1 through 7-7-6.

• 7-7-1. Definitions.
• 7-7-2. Prohibited practices by loan brokers.
• 7-7-3. Liability of principals.
• 7-7-4. Borrower's remedies for violation of chapter.
• 7-7-5. Operation of chapter not limitable by contract or agreement.
• 7-7-6. Penalties.

Chapter 8. Safe Use of Remote Service Terminals, 7-8-1 through 7-8-8.

• 7-8-1. Definitions.
• 7-8-2. Procedures for evaluating safety of remote service terminals.
• 7-8-3. Date of compliance; provision of adequate lighting.
• 7-8-4. Notices to customers of basic safety precautions.
• 7-8-5. Terminals to which chapter not applicable.
• 7-8-6. Rules and regulations.
• 7-8-7. Inapplicability to persons or entities that are not a financial depository institution or operator.
• 7-8-8. Preemption.

Chapter 9. Georgia Merchant Acquirer Limited Purpose Bank, 7-9-1 through 7-9-13.

• 7-9-1. Short title.
• 7-9-2. Definitions.
• 7-9-3. Chartering of merchant acquirer limited purpose banks; regulation limited.
• 7-9-4. Application; fees; minimum number of employees.
• 7-9-5. Articles of incorporation; filing; publication; registered agent; administration by board of directors.
• 7-9-5.1. Meetings.
• 7-9-5.2. Bylaws.
• 7-9-5.3. Merchant acquirer limited purpose bank.
• 7-9-5.4. Oath of office; administration of affairs.
• 7-9-6. Information to be included on charter application.
• 7-9-7. Investigation; approval or disapproval of charter application; "conviction data" defined; background checks; impact of disapproval.
• 7-9-8. Issuance of certificate of incorporation by Secretary of State.
• 7-9-9. Corporate existence; shareholders; authority to regulate and supervise sale of shares; legal effect of incorporation certificate; when business may begin.
• 7-9-10. Liability of applicant beginning business before authorized.
• 7-9-11. Capital stock and paid-in surplus requirements.
• 7-9-11.1. Merger or consolidation of limited purpose bank; compliance with provisions of Chapter 9.
• 7-9-11.2. Terms and conditions of merger or consolidation.
• 7-9-11.3. Notice of merger or consolidation; filing.
• 7-9-11.4. Parties to merger or consolidation plan to file application; requirements.
• 7-9-11.5. Investigation of merger or consolidation plan; approval or disapproval.
• 7-9-11.6. Issuance of certificate of merger or consolidation.
• 7-9-11.7. Certificate effective upon issuance by Secretary of State; evidence of satisfactory performance; effect of merger.
• 7-9-11.8. Rights and remedies of shareholders.
• 7-9-12. Limitations on depositors and deposit-taking activities; deposit insurance; self-acquiring activities not permitted.
• 7-9-12.1. Treatment of merchant funds.
• 7-9-13. Enforcement by department; rules and regulations.