(a) The department shall have the authority to promulgate rules and regulations to
effectuate the objectives or provisions of this chapter. Without limiting the generality of the foregoing, the department is expressly authorized
to make rules and regulations, consistent with this chapter, relating to organization,
operations, and powers of financial institutions to:
(1) Enable financial institutions existing under the laws of this state to compete
fairly with financial institutions and others providing financial services in this
state existing under the laws of the United States, other states, or foreign governments;
(2) Protect financial institutions jeopardized or challenged by new economic or technological
conditions or by significant changes in the legal environment.
(b) In the exercise of the discretion permitted by this Code section, the commissioner
(1) The ability of financial institutions to exercise any additional powers in a safe
and sound manner;
(2) The authority of any federally chartered bank, as the term “bank” is defined in
Code Section 7-1-621, operating pursuant to federal law, regulation, or authoritative pronouncement;
(3) The powers of other entities providing financial services in this state; and
(4) Any specific limitations on financial institution operations or powers contained
in this chapter.
(c) Rules and regulations promulgated by the department may provide for controls,
registration, or restrictions reasonably necessary to:
(2) Prevent deceptive or misleading business practices by financial services providers
which may occur by way of alternate delivery systems for the provision of financial
products and services such as the Internet or other telecommunication capabilities;
(3) Prevent or control unfair or deceptive business practices which would operate
to the detriment of any competing business or enterprise or to persons utilizing the
services of any financial institution, its subsidiary, or affiliate.
(d) All rules and regulations shall be promulgated in accordance with Chapter 13 of
Title 50, the “Georgia Administrative Procedure Act,” including the requirements for
hearing as stated in that chapter. Regulations issued under this or other provisions of this chapter may make appropriate
distinctions between types of financial institutions and may be amended, modified,
or repealed from time to time.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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