Rule 80-2-13-.07 - Standards for Consideration of Applications Generally; Applications Manual and Statement of Policy(1) Standards for consideration of applications submitted by a credit union whether covered under this Rule Chapter or otherwise, shall in most cases include: evaluations of financial history and condition of the applicant; adequacy of applicant capital; future earnings prospects for applicant; character, capacity and ability of applicant management; consistency of corporate powers; and effects on competition. Department policies in regard to such evaluations are discussed in greater detail in the Department's Statement of Policy ("Policy"), Applications Manual ("Manual"), and in instructions accompanying applications. The Manual and Policy can be obtained from the Department.(2) If the Department notifies the applicant of deficiencies in the application, the applicant must complete the application by curing the deficiencies within thirty (30) days after receipt of such notification.(3) An application will not be deemed to have been filed and received until such time as the required application fee, and any other unpaid fee or fine owed to the Department, has been paid and all portions of the application have been completed to the satisfaction of the Department.(4) Decisions on applications may be conditioned and may be nullified should the Department determine that circumstances are substantially different from those upon which the decision was based.Ga. Comp. R. & Regs. R. 80-2-13-.07
O.C.G.A. §§ 7-1-61, 7-1-663.
Original Rule entitled "Standards for Consideration of Applications Generally; Applications Manual and Statement of Policy" adopted. F. July 12, 2024; eff. Aug. 1, 2024.