Ask Reggi Your Question Now
Can you summarize GARR Chapter 80-6?
RULES OF DEPARTMENT OF BANKING AND FINANCE. > HOLDING COMPANIES
Short Summary
This legal document, part of the Rules and Regulations of the State of Georgia under the Department of Banking and Finance, governs the acquisition or merger of banks or holding companies in the state of Georgia. It requires applicants to publish a notice in a newspaper of general circulation in the county where the bank or holding company to be acquired is located. The notice must include information about the proposed acquisition or merger, the name and location of the company, and the application to the Department of Banking and Finance. The document also outlines the requirements for de novo bank applications by qualified holding companies, including the need for a charter application notice for public comment. Failure to obtain the required opinion audit or file the necessary reports on time can result in penalties. However, companies complying with the financial disclosure requirements of the Securities and Exchange Commission are exempt from certain reporting requirements.
Whom does it apply to?
Applicants for bank or holding company acquisitions or mergers in Georgia
What does it govern?
Acquisition or merger of banks or holding companies in the state of Georgia
What are exemptions?
Companies complying with the financial disclosure requirements of the Securities and Exchange Commission
What are the Penalties?
Penalties imposed by O.C.G.A. 7-1-68 for failure to file required reports on time
Jurisdiction
Georgia