Compilation of Rules and Regulations of the State of Georgia
Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE
Chapter 80-2 - CREDIT UNIONS
Subject 80-2-7 - CREDIT UNION SERVICE CONTRACTS
Rule 80-2-7-.01 - General Provisions and Definitions

Universal Citation: GA Rules and Regs r 80-2-7-.01

Current through Rules and Regulations filed through December 18, 2024

(1) A state credit union may contract with another financial institution or a third party service provider to provide certain services in a principal-agent relationship, provided both parties comply with the applicable rules and regulations of the Department.

(2) Agency relationships shall comport with safety and soundness principles to protect the financial integrity of the credit union and the accounts of its members.

(3) Definitions:

(a) "Credit Union Service Contract" shall mean a contract executed by a credit union and a third party service provider to provide financial services, whether direct or indirect, to the credit union.

(b) "Third party service provider" shall mean any provider of financial services to a credit union as authorized by O.C.G.A. § 7-1-72.

(4) This chapter is not intended to apply to non-banking related operational or administrative functions which do not tend to impact the safety and soundness of the credit union or the accessibility to the Department of records.

O.C.G.A. §§ 7-1-61, 7-1-663.

Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.