Rule 80-2-13-.05 - Procedures for Other Transactions, Applications(1) Conversion to state-chartered credit union. A meeting with the Department should precede filing a letter form application, which application should include all of the information requested in the Applications Manual.(2) Mergers. The procedure for approval of a merger involves the filing of a letter application to the Department, which should include all of the information requested in the Applications Manual.(3) Fiduciary Powers. A full application as detailed in the Applications Manual is required for exercise of full trust powers. Exercise of limited trust services and a single trust service requires a letter form application. Request to perform a single trust service may be expedited. No publication is required.(4) Creation and Operation of a Subsidiary of a Credit Union. A credit union can exercise powers incidental to banking and create a separate subsidiary to effect such powers as may be financial in nature, incidental or complementary to the provision of financial services, subject in most cases to certain investment limitations. Most require a letter form application describing the activity, how it relates to the business of banking and finance, and what protections will be in place to deal with any associated risks. An application to create and operate a subsidiary of a credit union can be expedited if the requirements of Rule 80-2-13-.06 are satisfied.(5) Letter form applications are required for name reservations and permissions set forth in O.C.G.A. §§ 7-1-130, 7-1-131, 7-1-242, and 7-1-243.Ga. Comp. R. & Regs. R. 80-2-13-.05
O.C.G.A. §§ 7-1-61, 7-1-663.
Original Rule entitled "Procedures for Other Transactions, Applications" adopted. F. July 12, 2024; eff. Aug. 1, 2024.