Section 7-1-1131 - Establishment of state representative offices; application requirements; annual registration; rules and regulations(a) A foreign bank may establish a Georgia state representative office upon approval by the department of an application for registration. Such application shall: (1) Be accompanied by all registration fees required by rule or regulation;(2) Be in the form specified by the department;(3) Be signed and acknowledged by an officer of the foreign bank;(4) Contain as an exhibit or attachment a copy of the foreign bank's notice or application submitted to the Board of Governors of the Federal Reserve System under 12 U.S.C. Section 3107 of the International Banking Act, and, when issued, the order or notification from the Board of Governors indicating that the representative office has been approved, if such notice or application is required;(5) Be submitted when the federal notice or application is submitted to the Board of Governors of the Federal Reserve System; and(6) Directly or in exhibits or attachments contain: (A) The name of the foreign bank;(B) The street and mailing address where each Georgia state representative office is to be located in this state and the name of the person who shall be in charge of the business and affairs of the Georgia state representative office;(C) The location of its initial registered office in this state;(D) The managerial resources of the foreign bank, including the competence, experience, and integrity of the officers and directors; the integrity of its principal shareholders; and management's experience and capacity to engage in international banking;(E) A complete and detailed audited statement of the financial condition of the foreign bank as of a date not more than 360 days before the date of the filing; and(F) Other information the department requires.(b) Each Georgia state representative office shall submit an annual registration with the department as set forth in the rules and regulations enacted by the department.(c) The department may adopt rules and regulations prescribing abbreviated registration procedures and standards for foreign banks that have already established an initial Georgia state representative office to establish additional Georgia state representative offices.(d) A foreign bank that maintains a Georgia state branch, a federal branch, a Georgia state agency, or a federal agency in this state is authorized to establish or maintain one or more Georgia state representative offices.Added by 2023 Ga. Laws 348,§ 48, eff. 7/1/2023.