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Can you summarize GARR Rule 80-1-5-.07?

LOANS AND DISCOUNTS > Extensions of Credit Involving Directors or Officers

Short Summary

(1) The definition and commentary contained in Federal Reserve Regulation ‘O’ shall be applied to effect the intent of Code Section 7-1-491. (2) The Department may use its discretion in applying the non-preferential loan prohibition, and in particular may find a violation where it discovers that a bank is attempting to circumvent a prohibition where it would otherwise apply.

Jurisdiction

Georgia

Source
GARR Rule 80-1-5-.07 [https://reggi.cloud.regology.com/regulations/US-GARR/US-GARR_T_80_C_1_SC_5_S_07]