Section 7-1-1116 - Application of other provisions; activities; maintenance of books or records(a) A Georgia state branch or Georgia state agency is subject to this article and other laws of this state applicable to banks as if the Georgia state branch or Georgia state agency were a Georgia state bank unless: (1) This chapter, a rule or regulation of the department, or federal law provides otherwise; or(2) The context of a provision or other information indicates that such provision shall apply only to a bank organized under the laws of a state or the United States.(b) Among other exceptions to subsection (a) of this Code section that may be required or authorized by the department, provided by this article, or by adopted rules or regulations: (1) A Georgia state branch may only accept deposits subject to the limitations and requirements established by applicable federal law, including, but not limited to, 12 U.S.C. Section 3104 and 12 C.F.R. 28.16;(2) A Georgia state agency may not accept deposits; and(3) A limitation or restriction based on the capital and surplus of a Georgia state bank is considered to refer, as applied to a Georgia state branch or Georgia state agency, to the dollar equivalent of the capital and surplus of the foreign bank.(c) Subject to subsections (a) and (b) of this Code section, a foreign bank licensed to transact business in this state through a Georgia state branch or Georgia state agency may: (1) Borrow and lend money with or without property as security;(2) Purchase, sell, and make loans regardless of whether the loans are secured by bond or mortgages on real property;(3) Engage in foreign exchange transactions;(4) Issue, advise, confirm, and otherwise deal with a letter of credit and pay, accept, or negotiate a draft drawn under a letter of credit;(5) Accept a bill of exchange or draft;(6) Buy or acquire and sell or dispose of a bill of exchange, draft, note, acceptance, or other obligation for the payment of money;(7) Maintain a credit balance of money received at the Georgia state branch or Georgia state agency incidental to or arising out of the exercise of its authorized activities in this state, provided that the money is not intended to be a deposit and does not remain in the Georgia state branch or Georgia state agency after the completion of all transactions to which it relates;(8) Accept deposits to the extent permitted by subsection (b) of this Code section;(9) Receive money for transmission and transmit the money from its authorized place of business in this state to any other place without the need for a license under Article 4 of this chapter;(10) Act as an indenture trustee or as a registrar, paying agent, or transfer agent, on behalf of the issuer, for equity or investment securities;(11) Subject to the prior approval of the department in accordance with Code Section 7-1-1117, act as a fiduciary; and(12) Perform other activities that:(A) Are authorized by the rules and regulations adopted to accomplish the purposes of this article;(B) Are authorized for federal branches of foreign banks, subject to compliance with any related federal conditions or limitations and subject to the notice and objection procedures set forth in Code Section 7-1-296; or(C) The department determines are analogous or incidental to specific activities authorized by this Code section for a Georgia state branch or Georgia state agency.(d) A foreign bank licensed to transact business in this state through a Georgia state branch or Georgia state agency may share the premises of the Georgia state branch or Georgia state agency with another authorized office of the foreign bank or direct or indirect subsidiary of the foreign bank, provided that the books or records of the Georgia state branch or Georgia state agency are maintained separately from the books and records of the other office of the foreign bank.Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.