(a)After the application is complete and accepted for filing and all required fees and deposits have been paid, the department shall determine from the application and initial investigation whether the conditions set forth by Code Section 7-1-1113 have been established. The department shall approve the application or give the applicant notice of the department's intention to deny the application pursuant to subsection (c) of this Code section.
(b)If the department intends to deny the application, the department shall notify the Board of Governors of the Federal Reserve System that a notice of intent to deny has been issued and the applicant has a right to request a hearing and, if a hearing is requested, the commissioner shall conduct the hearing in accordance with Chapter 13 of Title 50
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(a) After the application is complete and accepted for filing and all required fees and deposits have been paid, the department shall determine from the application and initial investigation whether the conditions set forth by Code Section 7-1-1113 have been established. The department shall approve the application or give the applicant notice of the department's intention to deny the application pursuant to subsection (c) of this Code section. (b) If the department intends to deny the application, the department shall notify the Board of Governors of the Federal Reserve System that a notice of intent to deny has been issued and the applicant has a right to request a hearing and, if a hearing is requested, the commissioner shall conduct the hearing in accordance with Chapter 13 of Title 50, the "Georgia Administrative Procedure Act." (c) Notice of the department's intention to enter an order denying an application for a license shall be given to the applicant in writing, sent by email to the email address provided on the application or registered or certified mail or statutory overnight delivery addressed to the mailing address provided on the application. Within 20 days of the date of the notice of intention to enter an order of denial under this article, the applicant may request in writing a hearing to contest the order. If a hearing is not requested in writing within 20 days of the date of such notice of intention, the department shall enter a final order regarding the denial. Any final order of the department denying an application shall state the grounds upon which it is based and shall be effective on the date of issuance. The department shall promptly send a copy of such order by email to the foreign bank. (d) Information relating to the financial condition and business affairs of the foreign bank and financial information relating to its management and shareholders, except for previously published statements and information, is confidential and may not be considered in the public portion of the hearing or disclosed by the commissioner or the department except as provided by Code Section 7-1-70 . (e) The commissioner shall make a finding from the record of the hearing on each condition listed in Code Section 7-1-1113 and enter an order granting or denying the license. If the license is denied, the commissioner shall inform the Board of Governors of the Federal Reserve System of the order and the reasons the federal application should be denied. (f) The commissioner may include conditions in the approval of any license application. The commissioner may not issue a license until the Georgia state branch or Georgia state agency has received the approval of the Board of Governors of the Federal Reserve System. If the approval is conditioned on a written commitment from the applicant offered to and accepted by the commissioner, the commitment is enforceable against the applicant. (g) A final decision by the department denying an application for license shall be subject to review in accordance with Code Section 50-13-19 .