Ga. Comp. R. & Regs. R. 80-5-2-.02 - Temporary Closings

(1) Whenever, in the discretion of a financial institution's Board of Directors or Chief Executive Officer, the safety of the customers, employees, or assets of a financial institution would be in jeopardy due to civil disorder, fire, acts of God, disruption or failure of utility, transportation, communication or information systems, or whenever a financial institution is rendered unable to conduct business due to like circumstances, the financial institution shall not be obligated to open for business.

(2) The financial institution shall make a continuing diligent effort to contact the Department or the Commissioner with regard to the emergency and for further direction as to a temporary closing.

(3) If unable to reach the Department, the Chief Executive Officer or a majority of the Board of Directors may, by implied order of the Commissioner, close all or part of the institution for such period as is necessary to alleviate the emergency. It is not expected that this period should exceed 24 hours. Upon being contacted by a financial institution, the Department shall either concur in the temporary closing or order the institution to reopen in normal or modified form as appropriate under the circumstances.

(4) The Commissioner or the Governor may declare that a state of emergency exists and such declaration shall authorize the closing of one or more financial institutions in this State in the impacted area. Whenever such closings are declared, the declaration will be disseminated through the various news media of the State or by specific direction to affected financial institutions. Such declaration shall be effective until modified by executive order of the Governor or, if the emergency was declared by the Commissioner, until the Commissioner or the Governor declares the emergency has ceased and affected institutions may reopen.

Notes

Ga. Comp. R. & Regs. R. 80-5-2-.02

O.C.G.A. §§ 7-1-61; 7-1-111.

Original Rule entitled "Emergency Closings" was filed on December 19, 1983; effective January 8, 1984. Amended: F. Jul. 14, 1998; eff. Aug. 3, 1998. Amended: Rule retitled "Temporary Closings". F. Jul. 12, 1999; eff. Aug. 1, 1999. Amended: F. June 20, 2016; eff. July 10, 2016. Amended: F. Jan. 8, 2021; eff. Jan. 28, 2021.