Rule 80-7-1-.06 - Limitations Based Upon Capital of a Foreign Bank; Loans to One Borrower(1) General. Any limitation or restriction based upon the capital of a Georgia state bank shall be deemed to refer, as applied to a Georgia state branch or Georgia state agency, to the dollar equivalent of the capital of the foreign bank.(2) Calculation. Unless otherwise provided by the Department, a foreign bank must calculate its capital in a manner consistent with 12 CFR part 3, subpart C, for purposes of this Rule.(3) Limitation on loans to one borrower; Aggregation. In determining the compliance of a foreign bank with the loan to one borrower limitations set forth in O.C.G.A. § 7-1-285 and any related rules promulgated by the Department, the total loans and extensions of credit by all Georgia state branches and Georgia state agencies of a foreign bank outstanding to a single borrower at one time shall be aggregated with the total loans and extensions of credit by all other United States state and federal branches and state and federal agencies of the same foreign bank outstanding to the same borrower at the time in the same manner that extensions of credit by a federal branch or federal agency are subject to section 4(b) of the International Banking Act (12 U.S.C. § 3102(b)) as if such state branches and state agencies were federal branches and federal agencies. The foreign bank shall designate one Georgia state branch or Georgia state agency office to maintain consolidated information so that the Department can monitor compliance.Ga. Comp. R. & Regs. R. 80-7-1-.06
O.C.G.A. §§ 7-1-61; 7-1-1109.
Original Rule entitled "Lockbox Operations Involving Banks Domiciled Outside of Georgia." was filed December 3, 1985; effective December 23, 1985.Amended: F. Sept. 23, 1993; eff. Oct. 13, 1993.Repealed: F. July 7, 2022; eff. July 27, 2022.Adopted: New Rule entitled "Limitations Based Upon Capital of a Foreign Bank; Loans to One Borrower." F. Dec. 20, 2024; eff. Jan. 9, 2025.