Laws governing entities regulated by the Department are primarily found in the Official Code of Georgia Annotated (O.C.G.A.) Title 7.
Access to the entire Georgia Code is provided by LexisNexis from the Georgia General Assembly's website. Go to the Official Code of Georgia (O.C.G.A.).
HINT: Once you enter the O.C.G.A. through LexisNexis, click on the TOC link at the top left corner of the page to the view the Table of Contents to easily locate a Title, Article, or Chapter within the O.C.G.A.
**Please note that the O.C.G.A. is provided by the State of Georgia from the Georgia General Assembly's website, so you will be leaving the Department's website if you click on the link to LexisNexis or from the General Assembly's website. Please note that changes to O.C.G.A. that are brought about by bills passed during the most recent legislative session may not yet be posted.
Bills of Interest Passed during the 2014 Legislative Session
In April, Governor Deal signed a number of bills into law. Although many of these bills impact institutions regulated by the Department, the Department wishes to highlight the following five bills as they either revise the Department’s regulatory authority or directly impact financial institutions.
- House Bill 883, signed into law by Governor Deal on April 29, 2014, corrects a couple of Code section cross-references contained in the Georgia Merchant Acquirer Limited Purpose Bank Act passed during the 2012 session. The bill was introduced at the request of the Department and it will go into effect on July 1, 2014. House Bill 883 can be viewed at http://www.legis.ga.gov/Legislation/20132014/143770.pdf.
- Governor Deal signed House Bill 982 into law on April 29, 2014. This law modernizes and revises the current statutes related to sellers of checks, money transmitters, and check cashers. Among a host of other changes, the law provides that these money service businesses must apply for licensure and renewal through the Nationwide Multistate Licensing System and Registry. The bill was introduced at the request of the Department and it will go into effect on July 1, 2014. House Bill 982 can be accessed at http://www.legis.ga.gov/Legislation/20132014/143773.pdf.
- On April 21, 2014, Governor Deal signed House Bill 750 into law and it became effective upon his signature. This amendment to the Georgia Residential Mortgage Act exempts employees of certain nonprofit corporations who originate mortgage loans and have been determined by the Department to satisfy certain enumerated criteria from having to obtain mortgage loan originator licenses. House Bill 750 can be viewed at http://www.legis.ga.gov/Legislation/20132014/143768.pdf.
- Governor Deal signed House Bill 809 into law on April 24, 2014. This law adds the bad-faith assertion of patent infringement to the list of violations of the Georgia Fair Business Practices Act. The bill was introduced as a result of banks and other businesses receiving vague and threatening demand letters alleging patent infringement from out-of-state patent trolls. The law is effective July 1, 2014. House Bill 809 can be accessed at http://www.legis.ga.gov/Legislation/20132014/143216.pdf.
- On April 29, 2014, Governor Deal signed House Bill 824 into law and it became effective upon his signature. This amendment confirms and clarifies that overdraft fees and other common bank fees will not be considered interest for purposes of usury. This law codifies the parity orders issued by the Department last year related to overdraft fees. House Bill 824 can be obtained at http://www.legis.ga.gov/Legislation/20132014/143200.pdf.