Rule 80-1-7-.03 - Amounts of Reserves to Be Maintained(1) Every financial institution shall maintain a minimum of the legal reserves required to be maintained pursuant to the federal "Monetary Control Act of 1980" and other applicable federal requirements. The reserve requirement is the minimum acceptable for a financial institution whose overall financial condition is fundamentally sound, which is well-managed and which has not material or significant operational or financial weaknesses. In the event the Department concludes that a financial institution does not satisfy these standards, the Department may establish a higher reserve requirement for a financial institution to maintain.(2) Financial institutions which are governed by 12 C.F.R. § 204 shall, in lieu of the reserve herein required, keep and maintain such reserve in accordance with the applicable federal requirements.Ga. Comp. R. & Regs. R. 80-1-7-.03
Ga. L. 1974, pp. 733, 802-822.
Original Rule entitled "Gross Demand Deposits" was filed and effective on June 30, 1965.Amended: Rule repealed and a new Rule entitled "Definitions" adopted. Filed June 9, 1972; effective June 29, 1972.Amended: Filed July 5, 1973; effective July 25, 1973.Amended: Rule repealed and a new Rule entitled "Amounts of Reserves to be Maintained" adopted. Filed August 28, 1975; effective September 17, 1975.Amended: Rule repealed and a new Rule of the same title adopted. Filed June 9, 1980; effective October 1, 1980, as specified by the Agency.Amended: F. June 20, 2016; eff. July 10, 2016.