Laws and Regulations
This section of the Department's website provides links to various Georgia Laws and Department Rules and Regulations governing institutions/licensees under the regulatory authority of the Department.
Since establishment of the Department in 1919, additional responsibilities, beyond bank supervision and regulation, have been assigned to the agency in the form of the Georgia Credit Union Act (1925); Trust Company Laws of Georgia (1927); Georgia Sale of Checks Act (1965); The Fiduciary Investment Company Act (1970); International Bank Agency Act (1972); Georgia Business Development Corporation Act (1972); Regulation of Check Cashers (1990); and the Georgia Residential Mortgage Act (1993). The Georgia Fair Lending Act (GAFLA) was signed into law on April 22, 2002 and became effective on October 1, 2002, and was subsequently amended effective March 7, 2003. This law has a significant impact on Georgia residential mortgage lending and brokering activities.
The Department is participating in the Nationwide Mortgage Licensing System (NMLS) as contemplated by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE”) (H.R. 3221). Title V requires that each state enact minimum standards regarding the supervision of mortgage entities.
Legislation requiring the licensing of Mortgage Loan Originators ("MLO") as required by SAFE was passed by the Georgia Legislature in 2009. See our webpage with MLO Resources for more details. The legislation was signed by the Governor and became effective July 1, 2009.
The Department continues to make changes to the Code to streamline the application process, reduce regulatory burden on regulated entities, and coordinate its procedures with federal requirements.
Bills of interest passed by the Georgia General Assembly during the most recent legislative session:
HB 239 - Financial institutions; provide for definitions - Signed by Governor Deal on 5/11/2011; effective 7/1/2011
A BILL to be entitled an Act to amend Chapter 1 of Title 7 of the Official Code of Georgia Annotated, relating to financial institutions, so as to provide for definitions; to provide the Department of Banking and Finance the power to require dissolution of a financial institution; to provide for the effect of failure to maintain five members on a board of directors; to provide for service on a credit committee by a director of a credit union in certain cases; to provide for the payment of a P.O.D. account to an incorporated entity; to provide for penalties for making false statements; to provide that certain attorneys must be licensed to practice law in Georgia; to provide for related matters; to repeal conflicting laws; and for other purposes.
Other Useful Links (Federal Laws & Regulations):
FDIC Laws, Regulations and Related Acts
NCUA Laws, Regulations, and Legal Opinions
Code of Federal Regulations (CFR)
2011 DBF Final Rulemaking: 8-1-2011
These Rules of the Department of Banking and Finance have been finally adopted on August 1, 2011. They were filed with the Secretary of State on August 2, 2011, and will be effective 20 days following or August 22, 2011.
2011 DBF Proposed Rulemaking: 6-28-2011
The Georgia Department of Banking and Finance hereby gives notice of its intent to adopt new and amended rules. A synopsis and purpose precedes each proposed rule change, with background information and explanation where applicable. Comments to the Department of Banking and Finance must be received by Thursday, July 28, 2011, at the close of business.
2011 DBF Final Rulemaking: 3-3-2011
These Rules of the Department of Banking and Finance have been finally adopted on March 3, 2011. They were filed with the Secretary of State on March 3, 2011, and became effective on March 23, 2011.
2010 DBF Final Rulemaking: 11-2-2010
These Rules of the Department of Banking and Finance have been finally adopted on November 2, 2010. They were filed with the Secretary of State on November 2, 2010, and became effective 20 days following or November 22, 2010.
DBF Policy Statement - Definition of "agents"
Based upon questions recently received in response to the Department of Banking and Finance (Department) Final Regulations adopted August 14, 2007, this Policy Statement provides a Department definition for the term “agents” for purposes of Rule 80-3-1-.07(2)(e).