Compilation of Rules and Regulations of the State of Georgia
Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE
Chapter 80-8 - AGENCY ORGANIZATION AND PROCEDURES
Subject 80-8-1 - AGENCY ORGANIZATION AND PROCEDURES
Rule 80-8-1-.01 - Organization

Universal Citation: GA Rules and Regs r 80-8-1-.01

Current through Rules and Regulations filed through December 18, 2024

(1) The Department is organized pursuant to the provisions of O.C.G.A. § 7-1-30 and is charged with the responsibility of supervising the activities of depository financial institutions and certain other financial entities operating pursuant to the provisions of Title 7.

(2) The administration of the Department is under the direction of the Commissioner of Banking and Finance. The Commissioner is assisted by a Senior Deputy and Divisional Deputies in the areas of Administration, Legal Affairs, Non-Depository Financial Institutions, and Financial Institution Supervision. The Financial Institutions Supervision Division administers laws, regulations and supervisory matters relating to credit unions, banks, domestic international banking facilities, foreign bank offices (Georgia state branches, Georgia state agencies, and Georgia state representative offices), trust companies, holding companies, merchant acquirer limited purpose banks, and state savings and loan associations; and processes applications for such entities. The state is geographically divided into districts or divisions, each of which is administered by a District Director. Legal Affairs is responsible for legal matters. Non-Depository Financial Institutions is responsible for regulation and supervision of mortgage lenders, mortgage brokers, and mortgage loan originators under the Georgia Residential Mortgage Act; the regulation and supervision of money service businesses, including check cashers and money transmitters; and the regulation of installment lenders. Administration is responsible for personnel and all budgetary matters.

(3) The Department is funded entirely from the examination, supervision, licensing and other fees paid by supervised financial institutions and other entities under its jurisdiction, and operates under the budgetary system of the state of Georgia.

O.C.G.A. § 7-1-61.

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