Ga. Comp. R. & Regs. R. 80-8-1-.01 - Organization
(1)
The Department is organized pursuant to the provisions of O.C.G.A. §
7-1-30 and is charged with the
responsibility of supervising the activities of depository financial
institutions and certain other financial entities operating pursuant to the
provisions of Title 7.
(2) The
administration of the Department is under the direction of the Commissioner of
Banking and Finance. The Commissioner is assisted by a Senior Deputy and
Divisional Deputies in the areas of Administration, Legal Affairs,
Non-Depository Financial Institutions, and Financial Institution Supervision.
The Financial Institutions Supervision Division administers laws, regulations
and supervisory matters relating to credit unions, banks, domestic
international banking facilities, foreign bank offices (Georgia state branches,
Georgia state agencies, and Georgia state representative offices), trust
companies, holding companies, merchant acquirer limited purpose banks, and
state savings and loan associations; and processes applications for such
entities. The state is geographically divided into districts or divisions, each
of which is administered by a District Director. Legal Affairs is responsible
for legal matters. Non-Depository Financial Institutions is responsible for
regulation and supervision of mortgage lenders, mortgage brokers, and mortgage
loan originators under the Georgia Residential Mortgage Act; the regulation and
supervision of money service businesses, including check cashers and money
transmitters; and the regulation of installment lenders. Administration is
responsible for personnel and all budgetary matters.
(3) The Department is funded entirely from
the examination, supervision, licensing and other fees paid by supervised
financial institutions and other entities under its jurisdiction, and operates
under the budgetary system of the state of Georgia.
Notes
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