Provisions Applicable To, and Qualification Of, Bank Holding Companies in State; Reciprocal Agreements; Confidentiality of Reports

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Banks and Trust Companies
  6. Interstate Acquisitions of Banks and Bank Holding Companies
  7. Provisions Applicable To, and Qualification Of, Bank Holding Companies in State; Reciprocal Agreements; Confidentiality of Reports

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  1. Any bank holding company controlling a bank having banking offices in Georgia shall be subject to the provisions of Code Sections 7-1-605 through 7-1-612 and the rules and regulations of the department applicable to bank holding companies.
  2. Any bank holding company that has a bank subsidiary with banking offices in Georgia that is not otherwise organized under the laws of this state or qualified to do business in this state shall qualify to do business in this state as a foreign corporation. Such bank holding company shall agree to be bound by all the provisions of Code Sections 7-1-605 through 7-1-612 and by the provisions of this part. Any bank holding company having a Georgia bank subsidiary shall promptly advise the department of any changes in its registered office and agent.
  3. The department may enter into cooperative and reciprocal agreements with the bank regulatory authorities of any state for the periodic examination of bank holding companies and may accept reports of examination and other records from such authorities in lieu of conducting its own examinations. The department may enter into joint actions with other regulatory bodies having concurrent jurisdiction or may enter into such actions independently to carry out its responsibilities under this title and assure compliance with the laws of this state. Any examinations or reports originated by Georgia or by another bank supervisory agency shall be deemed and treated as confidential according to Georgia law, and such confidentiality shall not be affected by the sharing of the examinations or reports. The department shall not be obligated to provide or disclose such examinations and reports to any third party. Agreements to share such examinations or reports shall contain provisions for dealing with confidentiality and subpoenas.

(Code 1981, §7-1-624, enacted by Ga. L. 1984, p. 1467, § 1; Ga. L. 1994, p. 215, § 5; Code 1981, §7-1-625, as redesignated by Ga. L. 1996, p. 279, § 1; Ga. L. 2018, p. 214, § 12/HB 780.)

The 2018 amendment, effective May 3, 2018, deleted "and shall advise the department of the location of its initial registered office within this state and the name of its initial registered agent at such location" following "foreign corporation" at the end of the first sentence of subsection (b). See Editor's notes for applicability.

Editor's notes.

- Ga. L. 1996, p. 279, § 1, effective April 1, 1996, redesignated former Code Section 7-1-625 as present Code Section 7-1-626.

Ga. L. 2018, p. 214, § 26(b)/HB 780, not codified by the General Assembly, provides that: "It is not the intent of the General Assembly to affect the law applicable to litigation pending as of March 9, 2018."


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