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Can you summarize GACO 7-1-592?
Representative Offices and Registration > Establishment of representative office by bank or holding company domiciled in state or outside of state; conformance with requirements of primary regulator; permissible activities.
Short Summary
This legal document governs the establishment of representative offices by banks or bank holding companies domiciled in Georgia or outside of Georgia. The document applies to banks or bank holding companies operating under the laws of the United States or another state or territory, as well as their subsidiaries. These entities are permitted to establish representative offices anywhere in Georgia, provided they conform to the requirements of their primary regulator. The permissible activities conducted at these representative offices are governed by federal law for national banks or by the law of the state or territory where the bank is domiciled if chartered by another state. However, any activities expressly prohibited by the laws of Georgia or by any regulation of the commissioner are not allowed. The document references historical codes and amendments related to representative offices. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks or bank holding companies domiciled in Georgia or outside of Georgia
What does it govern?
Establishment of representative offices by banks or bank holding companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Georgia