Document Type

Peach Sheet


The Act amends many provisions in the Code regarding the regulation of financial institutions. The Act clarifies Georgia banking law as it applies to local representative offices of out-of-state banks. The Act defines certain terms and changes the restrictions imposed upon the Commissioner of Banking and Finance Department examiners in their personal financial relationships with the banks they regulate. The Act revises provisions that relate to the frequency and scope of regulatory examinations. The Act further provides that banks may acquire and hold for their own account shares of stock or partnership engaged in the development of low and moderate income housing, job training, or job placement programs. The Act changes the filing requirements relating to the merger and consolidation of financial institutions. The Act changes the provisions relating to the expansion or extension of existing bank facilities, automated teller machines, and point-of-sale terminals. Additionally, the Act amends licensure requirements. Finally, the Act prohibits the purchase of mortgages from unlicensed brokers.

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