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Can you summarize GARR Chapter 80-1?
RULES OF DEPARTMENT OF BANKING AND FINANCE. > BANKS
Short Summary
These legal documents, part of the Rules and Regulations of the State of Georgia, cover a wide range of topics related to financial institutions and banks. They provide guidelines and requirements for applications, registrations, and notifications related to establishing and operating financial institutions in Georgia. The documents also govern the agency relationships of financial institutions and bank service contracts, ensuring compliance with safety and soundness principles. Additionally, they outline the minimum requirements for books and records that banks must maintain, ensuring accurate and comprehensive financial records. The documents also specify the permissible investments and limitations for banks in Georgia, categorizing different types of securities and setting conditions and suitability analysis requirements. Furthermore, the documents address regulations and guidelines for various types of loans, reporting requirements for banks, legal reserves, dormant accounts, service charges, borrowed money, fixed assets, assets acquired by banks, public disclosure of information, declaration and payment of dividends, intercompany dealings and management fees, Correspondent Funds, and audit requirements for banks. These documents apply to financial institutions, banks, state-chartered banks, trust companies, and individuals or entities involved in transactions with banks. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Financial institutions, banks, state-chartered banks, trust companies, individuals or entities involved in transactions with banks
What does it govern?
Applications, registrations, and notifications related to various financial institutions; agency relationships of financial institutions and bank service contracts; minimum requirements for books and records that banks must maintain; permissible investments and limitations for banks; regulations and guidelines for different types of loans; reporting requirements for banks; legal reserves in the State of Georgia; rules regarding dormant accounts and service charges; definition of 'borrowed money' for the purpose of O.C.G.A. 7-1-291; rules related to fixed assets and assets acquired by banks; public disclosure of information in the context of the Department of Banking and Finance and banks; declaration and payment of dividends by state-chartered banks; intercompany dealings and management fees in the context of banks and trust companies; rules and regulations regarding Correspondent Funds; audit requirements for banks.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Georgia