Ga. Comp. R. & Regs. R. 80-1-2-.01 - General Provisions and Definitions

(1) A state bank may contract with another financial institution or a third party service provider to provide certain services in a principal-agent relationship, provided both parties comply with the applicable rules and regulations of the Department.

(2) Agency relationships shall comport with safety and soundness principles to protect the financial integrity of the bank and the accounts of its customers.

(3) Definitions:

(a) "Bank Service Contract" shall mean a contract executed by a bank and a third party, to provide financial services, whether direct or indirect, to the bank.

(b) "Third party service provider" shall mean any provider of financial services to a bank as authorized by O.C.G.A. § 7-1-72.

(4) This chapter is not intended to apply to non-banking related operational or administrative functions which do not tend to impact the safety and soundness of the bank or the accessibility to the Department of records.

Notes

Ga. Comp. R. & Regs. R. 80-1-2-.01

O.C.G.A. §§ 7-1-61, 7-1-612.

Original Rule entitled "Bank Service Arrangement with Bank Service Corporation or Others" adopted. F. and eff. June 30, 1965. Repealed: New Rule entitled "General Provisions and Definitions" adopted. F. June 9, 1972; eff. June 29, 1972. Amended: F. Aug. 28, 1975; eff. Sept. 17, 1975. Repealed: New Rule of same title adopted. F. Nov. 7, 1995; eff. Nov. 27, 1995. Amended: F. July 12, 1999; eff. August 1, 1999. Amended: F. Dec. 18, 2000; eff. Jan. 7, 2001. Amended: F. July 28, 2003; eff. August 17, 2003. Amended: F. June 20, 2016; eff. July 10, 2016. Amended: F. July 7, 2023; eff. July 27, 2023.