Ga. Comp. R. & Regs. R. 80-7-2-.05 - Operating Restrictions
(1) Balances maintained in violation of
restrictions against deposits shall be returned to the owner within ninety (90)
days of receipt of a notice from the Department to terminate the account unless
a review by the Department at the written request of the IBF results in a
determination that the balance should be allowed to remain on the books of the
IBF.
(2) Each IBF shall maintain
separate accounting records covering its assets, liabilities, income and
expenses resulting from the operations located in this State. Such records may
be reviewed by the Department to determine that the scope of the activities of
the IBF in this state are within the limitations prescribed by law. The results
of the Department review shall be maintained and treated by the Department in
the same manner as Reports of Examination and may, in the discretion of
Department, be provided to other regulatory authorities to whom the parent
organization is accountable.
(3) No
IBF shall be eligible to act as a fiduciary in the State or to provide
fiduciary services as a consequence of it maintaining a place of business
within this State or of its licensing or registration by the
Department.
Notes
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