Ga. Comp. R. & Regs. R. 80-7-1-.07 - Deposit Taking by a Georgia State Branch

(1) Policy. In carrying out this Rule, the Department shall consider the importance of according foreign banks competitive opportunities equal to those of United States banks and the availability of credit to all sectors of the Georgia state economy, including international trade finance.

(2) General. A Georgia state branch may only accept deposits subject to the limitations and requirements established by applicable federal law, including, but not limited to, 12 U.S.C. § 3104 and 12 C.F.R. 28.16.

(3) Notification to depositors. A Georgia state branch that accepts deposits shall provide notice to depositors that their deposits are not insured by the FDIC. Without limiting the preceding sentence, each such Georgia state branch shall include a statement that the deposit accounts are not FDIC-insured, which statement shall be clear, concise and conspicuous:

(a) on a sign displayed at any Georgia state branch that accepts deposits;

(b) on each deposit agreement and other document evidencing a deposit;

(c) on each customer deposit account statement;

(d) on each advertisement for a Georgia state branch deposit account; and

(e) on any digital deposit-taking channel relating to a Georgia state branch.

(4) FDIC insurance representations. No Georgia state branch shall engage in any practice, or use any symbol, that:

(a) Represents, expressly or by implication, that any deposit liability, obligation, certificate, or share is FDIC-insured by using the FDIC's name or logo;

(b) Represents, expressly or by implication, that any deposit liability, obligation, certificate, or share is insured by the FDIC if such an item is not so insured;

(c) Represents, expressly or by implication, the extent to which or the manner in which any deposit liability, obligation, certificate, or share is insured by the FDIC, if such an item is not insured to the extent or manner represented;

(d) States or implies that deposit obligations of the Georgia state branch are backed or guaranteed by any public body, including the state of Georgia or any of its instrumentalities, or the United States federal government or any federal agency; or

(e) Aids or abets another in any of the foregoing listed in paragraphs (a) through (d) of this subsection (4).

Notes

Ga. Comp. R. & Regs. R. 80-7-1-.07

O.C.G.A. §§ 7-1-61; 7-1-1109.

Original Rule entitled "Deposit Taking by a Georgia State Branch" adopted. F. Dec. 20, 2024; eff. Jan. 9, 2025.