§ 7-1-1127 — Notice of revocation; acceptance of new business; confidentiality; review

(a) Notice of the department's intention to enter an order revoking a license of a Georgia state branch or Georgia state agency shall be given to the foreign bank in writing, sent via email to the foreign bank at the email address provided to the department by such foreign bank for receipt of notifications. Within 20 days of the date of issuance of the notice of intention to enter an order of revocation under this article, the foreign bank 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 issuance of such notice of intention, the department shall enter a final order regarding the revocation. A final order of the department revoking a license 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 at the email address provided to the department by such foreign bank. (b) A foreign bank may not accept new business during the pendency of a hearing requested pursuant to subsection (a) of this Code section unless the commissioner gives prior written approval, except that such foreign bank shall comply with any stricter requirements imposed by 12 U.S.C. Section 3105(e) of the International Banking Act. (c) Information relating to the financial condition and business affairs of the foreign bank, except previously published statements and information, is confidential and shall not be disclosed by the commissioner or an employee of the department except as provided by Code Section 7-1-70 . (d) A decision by the department denying an application for license or of an order revoking a license shall be subject to review in accordance with Code Section 50-13-19 .

Legislative History

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