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.)
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, § 17.