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2006 Georgia Code - 7-5-5
7-5-5. (a) All credit card banks organized under the
laws of this state shall be subject to the supervision, regulation,
and examination of the department, and the department shall have
all enforcement powers with respect thereto as are provided in
Chapter 1 of this title. (b)
In the event any credit card bank does not conduct its activities
within the limitations provided in Code Section 7-5-3, the
department may require such credit card bank to cease all
unauthorized activities. In the event such credit card bank fails
to abide by such order, the department may in addition to all other
rights, remedies, and powers it may have under Chapter 1 of this
title: (1) Impose upon the
credit card bank or its parent holding company or domestic lender
or foreign lender a penalty of up to $10,000.00 per day for each
day such order is violated; and (2) Require divestiture of such credit card bank
by any domestic lender, foreign lender, or holding company not
qualified to acquire such credit card bank on the date it ceased to
operate within the limitations imposed by Code Section 7-5-3 and
became a 'bank' for purposes of Part 18 or Part 19 of Article 2 of
Chapter 1 of this title. (c)
The department shall have the power to promulgate rules and
regulations implementing the provisions of this chapter.
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