Section 7-1-1133 - Authorized activitiesA registered Georgia state representative office of a foreign bank may engage in:
(1) Representational and administrative functions in connection with the banking activities of the foreign bank that:(A) May include soliciting new business for the foreign bank, conducting research, acting as liaison between the foreign bank's head office and customers in the United States, performing preliminary and servicing steps in connection with lending, or performing back-office functions;(B) May include such other activities as are permitted for representative offices of foreign banks under 12 C.F.R. 211.24(d); and(C) May include such other activities as are permitted for representative offices of foreign banks pursuant to federal law or regulation, 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; but(D) Do not include contracting for any deposit or deposit-like liability, lending money, or engaging in any other banking activity for the foreign bank;(2) Making credit decisions if: (A) The foreign bank also operates one or more branches or agencies in the United States;(B) The loans approved at the representative office are made by a branch or agency of the foreign bank;(C) The loan proceeds are not disbursed in the representative offices; and(D) Authorized for representative offices of foreign banks pursuant to federal law or regulation, 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; and(3) Other functions for or on behalf of the foreign bank or its affiliates, including operating as a regional administrative office of the foreign bank, but only to the extent that the functions are not banking activities and are not prohibited by applicable federal or state law.Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.