§ 7-1-1126 — Revocation

The department may revoke the license of a Georgia state branch or Georgia state agency if the department by examination or other credible evidence finds that the foreign bank: (1) Does not currently meet the criteria established by this article for the original issuance of a license; (2) Has refused to permit the department to examine its books, papers, accounts, records, or affairs in accordance with Code Sections 7-1-1102 and 7-1-1103 ; (3) Has failed to make a report required under this article or made a material false or misleading statement in such report; (4) Has violated this article, another law or rule applicable to a foreign bank or a Georgia state branch or Georgia state agency, or a final and enforceable order of the department; (5) Has misrepresented or concealed a material fact in the application for licensure; (6) Has violated a condition of its license or an agreement between the foreign bank and the department or other functional regulatory agency; (7) Has had its authorization to act dissolved, revoked, or otherwise terminated in its jurisdiction of incorporation or jurisdiction where it is operating a branch, agency, or representative office; (8) One or more grounds for receivership, including insolvency, as specified in Code Section 7-1-1129 , exists; or (9) Conducts business in an unsafe and unsound manner.

Legislative History

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