Rule 80-7-1-.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 FBO results in a determination that the balance should be allowed to remain on the books of the FBO.(2) Each FBO 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 FBO 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 FBO shall be eligible to act as a fiduciary in the State or to provide fiduciary services as a consequence of its maintaining a place of business within this State or of its licensing or registration by the Department.Ga. Comp. R. & Regs. R. 80-7-1-.05
Ga. L. 1974, pp. 705, 733, 922; Ga. L. 1981, pp. 770, 773.
Original Rule entitled "Operating Restrictions" was filed on October 15, 1981; effective November 4, 1981.