§ 7-1-1100 — Definitions

Georgia § 7-1-1100

• Jurisdiction: Georgia
• Title: 7

Text

As used in this article, the term: (1) "Affiliate" has the meaning assigned by 12 U.S.C. Section 1841(k) of the Bank Holding Company Act. (2) "Agency," when used in reference to an office of a foreign bank, has the meaning assigned by 12 U.S.C. Section 3101(1) of the International Banking Act. (3) "Bank" has the meaning assigned by 12 U.S.C. Section 1841(c) of the Bank Holding Company Act, except that the term does not include a foreign bank or a branch or agency of a foreign bank. (4) "Bank supervisory agency" means any of the following: (A) An agency of another state with primary responsibility for chartering and supervising banks; or (B) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System, and any successor to these agencies. (5) "Branch," when used in reference to an office of a foreign bank, has the meaning assigned by 12 U.S.C. Section 3101(3) of the International Banking Act. (6) "Commissioner" means the commissioner of banking and finance. (7) "Control" has the meaning assigned by 12 U.S.C. Section 1841(a) of the Bank Holding Company Act, and regulations and interpretive rulings of the Board of Governors of the Federal Reserve System. (8) "Department" means the Department of Banking and Finance. (9) "Deposit" has the meaning assigned by 12 U.S.C. Section 1813(l) of the Federal Deposit Insurance Act. (10) "Depository institution" means an institution included for any purpose within the definition of insured depository institution as assigned by 12 U.S.C. Section 1813(c)(2) of the Federal Deposit Insurance Act. (11) "Federal agency" means an agency of a foreign bank that is licensed by the Comptroller of the Currency pursuant to 12 U.S.C. Section 3102 of the International Banking Act. (12) "Federal branch" means a branch of a foreign bank that is licensed by the Comptroller of the Currency pursuant to 12 U.S.C. Section 3102 of the International Banking Act. (13) "Foreign bank" has the meaning assigned by 12 U.S.C. Section 3101(7) of the International Banking Act. (14) "Functional regulatory agency" means a department or agency of this state, another state, the United States, or a foreign government that regulates and charters, licenses, or registers persons engaged in financial activities or activities incidental or complementary to financial activities, including activities related to banking, insurance, or securities. (15) "Georgia state agency" means, when used in reference to an office of a foreign bank, an agency of a foreign bank that is located in this state and licensed pursuant to this article. (16) "Georgia state bank" means a bank that is organized under the laws of the State of Georgia. (17) "Georgia state branch" means, when used in reference to an office of a foreign bank, a branch of a foreign bank that is located in this state and licensed pursuant to this article. (18) "Georgia state representative office" means, when used in reference to an office of a foreign bank, a representative office that is located in this state and registered pursuant to this article. (19) "Home state" means the state determined to be the home state of the foreign bank under 12 U.S.C. Section 3103(c) of the International Banking Act. (20) "Insolvency" means: (A) Inability to meet liabilities as they become due in the regular course of business; or (B) Insufficiency in actual cash market value of assets to pay liabilities to depositors and other creditors. (21) "International Banking Act" means the federal International Banking Act of 1978, 12 U.S.C. Section 3101 , et seq. (22) "Interstate Banking and Branching Efficiency Act" means the federal Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328, codified and subsequently amended at various sections of Title 12, United States Code. (23) "Interstate branch" means a branch of a bank or a branch of a foreign bank, as the context requires, established, acquired, or retained pursuant to the Interstate Banking and Branching Efficiency Act, outside the home state of the bank or foreign bank. (24) "National bank" means a national banking association organized pursuant to 12 U.S.C. Sections 21 through 215c or a federal savings association organized pursuant to 12 U.S.C. Sections 1461 - 1470 . (25) "Office of a foreign bank" means a branch, agency, or representative office operated by a foreign bank. (26) "Out-of-state foreign bank" means a foreign bank whose home state is another state. (27) "Representative office," when used in reference to an office of a foreign bank, has the meaning assigned by 12 U.S.C. Section 3101(15) of the International Banking Act. (28) "State" means a state of the United States. (29) "State bank" means a Georgia state bank or an out-of-state state bank, including an out-of-state state savings bank. (30) "Subsidiary" has the meaning assigned by 12 U.S.C. Section 1841(d) of the Bank Holding Company Act. (31) "United States" means: (A) When used in a geographical sense, the several states, the District of Columbia, Puerto Rico, Guam, American Samoa, the American Virgin Islands, the Trust Territory of the Pacific Islands, and other territories of the United States; and (B) When used in a political sense, the federal government of the United States.

Legislative History

Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.