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Can you summarize GACO 7-1-593?
Representative Offices and Registration > Notification of bank representative office closure.
Short Summary
This legal document governs the closure of representative offices of banks, bank holding companies, and subsidiaries of banks or bank holding companies. Prior to closing a representative office, the entities mentioned must post notice of the closing as required by Code Section 7-1-110.1. The department has the authority to review the operations of any representative office annually or at its discretion to ensure that the office is not conducting banking business. The document also highlights the historical amendments made to subsection (a) regarding the registration requirements for banks or bank holding companies with representative offices. The 2022 amendment rewrote subsection (a) to clarify the registration process and the requirement to post notice of closure. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks, bank holding companies, and subsidiaries of banks or bank holding companies
What does it govern?
Closure of bank representative offices
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Georgia