Rule 80-13-1-.02 - Minimum Capital Requirements for Trust Companies(1) Pursuant to O.C.G.A. § 7-1-317, a trust company must maintain, at a minimum, $3 million in capital. The Department will evaluate the factors set forth in O.C.G.A. § 7-1-317 in analyzing a trust company's capital adequacy and may determine that the capital required is greater than $3 million.(2) The amount of the initial capital requirement maintained by a trust company shall be established by the Department in writing prior to the trust company beginning business. Further, any revision to the capital requirement maintained by a trust company shall be established in writing by the Department prior to the trust company implementing the revised capital ratio. It shall be in the Commissioner's sole discretion to determine the capital ratio required to be maintained by each trust company.(1) A trust company with less than the minimum capital requirement: (a) Is operating with inadequate capital and, therefore, has inadequate financial resources. Thus, at the discretion of the Department, such trust company may be deemed to be operating in an unsafe or unsound or unauthorized manner and subject to the Department's enforcement powers.(b) Must file a written capital restoration plan with the Department within thirty (30) days of the date that the trust company knows or should have known that the trust company is operating with an inadequate capital structure, unless the Department notifies the trust company in writing that the plan is to be filed within a different period.Ga. Comp. R. & Regs. R. 80-13-1-.02
O.C.G.A. §§ 7-1-61; 7-1-317.
Original Rule entitled "Minimum Capital Requirements for Trust Companies" adopted. F. June 29, 2017; eff. July 19, 2017.