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2006 Georgia Code - 7-5-3
7-5-3. Subject to the provisions of this chapter and to
the approval of the commissioner, any domestic lender, foreign
lender, or holding company may organize, own, and control a credit
card bank on the terms and conditions provided in this Code
section: (1) If the credit
card bank is to be organized under the laws of this state, such
bank shall be organized as provided in Part 8 of Article 2 of
Chapter 1 of this title; (2)
In connection with the application to organize, or to own and
control a credit card bank, the applicant shall pay applicable fees
established by regulation of the department to defray the costs of
the investigation and review of the application;
(3) The shares of a credit card bank
shall be owned solely by a domestic lender, a foreign lender, or a
holding company; (4) The
credit card bank shall conduct its limited deposit taking business
only from a single location in this state; (5) The credit card bank shall at all times
maintain capital stock and paid-in surplus as required by
regulatory policies of the department but in no event less than $2
million; (6) The credit card
bank may only engage in the business of soliciting, processing, and
making loans pursuant to credit card accounts and conducting such
other activities as may be necessary incidents thereto;
(7) The credit card bank may not
accept demand deposits or deposits that the depositor may withdraw
by check or similar means for payment to third parties or others,
and it may not accept savings or time deposits of less than
$100,000.00; (8) The credit
card bank must operate in a manner that is not likely to attract
customers from the general public in this state to the substantial
detriment of other domestic lenders; (9) The credit card bank shall have, within one
year of the date it commences operations, no fewer than 50
employees located in this state devoted to its credit card
activities; provided, however, where the credit card bank contracts
with a qualifying organization for the performance of services
incidental to offering credit card activities, the minimum number
of employees in this state shall be determined by the commissioner
at a level to assure the continued and substantive presence of the
credit card bank in this state for the purpose of conducting its
corporate affairs and performing the credit underwriting function
and such other activities not subject to contract with the
qualifying organization as may be incidental to its servicing of
credit card accounts; and (10) A domestic lender is not required to
establish a credit card bank to issue credit cards and create
credit card accounts.
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