On Jun. 18, 2025, GA BANK issued notice of final rulemaking, effective on Jul. 7, 2025, which is twenty days following the filing of the final rule with the Secretary of State.
On May 15, GA BANK consulted on notice to amend operational rules.
GA BANK proposed amendments under GA FIN 80 on banking and finance.
Provided marked changes of proposed amendments on page 9 of rulemaking notice.
Amongst other proposed changes, the following sections have been highlighted.
Fidelity Coverage
Proposed new rule GA FIN 80-1-3-.05 sets out banks' minimum requirements for fidelity coverage, requiring Board of Directors to review fidelity insurance cover yearly.
Amongst other things, in addition to fidelity coverage, the GA Commissioner may require additional cover for any bank if it is decided that their cover is inadequate.
Proposed GA FIN 80-2-5-.01 set out fidelity coverage provision for credit unions.
Investments and Limits
Amendment to GA FIN 80-1-4-.01 sets out permissible investments and limitations.
Clarifies that banks can invest in securities issued by political subdivisions in the US other than those that are noted specifically as provided within the rule.
Proposed change to GA FIN 80-2-9-.01 on investment securities replaces the terminology related to asset backed securities by substituting program with securities.
Proposed changes to rules GA FIN 80-1-14-.02 internal audit program for banks, GA FIN 80-2-6-.05 re credit unions, provides requirements for liaisons to internal auditors.
Such liaisons should be employees or independent directors, instead of an officer.
Advertising
In GA FIN 80-11-1-.02, removes requirement lenders be identified by name in ads.
Specifically advertisements that include publicly available information as per HB 15.
Books and Records
Minimum requirements for books and records are set out in proposed changes to GA FIN 80-11-2-.02, reflecting the prudential standards contained in HB 15.
Requires that licensees maintain books and records connected to capital and liquidity requirements, corporate governance framework, and internal audit requirements.
Includes risk management programs and assessments, amongst other things.
Financial Statements, Audit, Risk
In relation to audits and financial statements, proposed GA FIN 80-11-2-.05 sets out requirements for the submission of financial statements for mortgage brokers.
This includes external audits for mortgage lenders that are not covered servicers.
In addition, proposed changes to this rue set out requirements for external audits for covered servicers; and requires external audits submitted by covered servicers.
Reflects revisions in audit and financial statements that are contained in HB 15.
Risk management program requirements is set out in proposed rule GA FIN 80-11-2-.06, which establishes such requirements as enacted by the HB 15 bill.
In particular, proposed rule change relates to risk management program for mortgage brokers, lenders, and originators, including credit risk and liquidity risk.
Also includes operational risk, market risk, compliance risk, and legal risk.
Amend GA FIN 80-12-2-.10 to set approval of executive officers, directors, principal shareholders, control persons of Merchant acquirer limited purpose bank (MALPBs).
On MALPB applicant, applicant holding company; updates background checks, more.
Authorizes GA BANK to obtain the results of such background checks as per HB 15.
Registration, Licensing, Administrative Fines
Material service providers regulation set out in proposed rule GA FIN 80-3-1-.06.
This rule allows licensees to enter into contracts for provision of material services.
Reports of condition provision set out in proposed amendment to GA FIN 80-3-2-.01.
Amendment further proposes the removal of the requirement that licensees file an annual activity statement related to average daily money transmission.
In GA FIN 80-3-4-.01 sets administrative fines; fines for filing inaccurate call reports.
Mortgage loan originator licensure requirements are set out in GA FIN 80-11-5-.01.
This updates the felony standards for mortgage loan originators as enacted by HB 15.
In addition, the proposed amendment details the procedures for GA BANK to administratively withdraw a mortgage loan originator application as enacted by HB 15.
Consultation
Comments must be submitted by Jun. 16, 2025.
Jun. 2025 GA BANK Rule Adoption
On Jun. 18, 2025, GA BANK issued notice of final rulemaking, effective on Jul. 7, 2025, which is twenty days following the filing of the final rule with the Secretary of State.
