Rule 80-1-13-.01. Definitions

Rule 80-1-13-.01. Definitions

1. (1) Correspondent (or Federal) Funds shall mean excess funds of one financial institution placed with another financial institution at interest and subject to immediate withdrawal. Funds shall include "unsecured day(s) funds".

2. (2) For purposes of this Rule,"financial institution" shall mean any of the following:

   1. (a) A state or federally chartered bank;
   2. (b) A state or federally chartered savings and loan association;
   3. (c) A state or federally chartered credit union;
   4. (d) A foreign banking institution holding a state or federal license to maintain a branch or agency in any state of the United States.

Authority: Ga. L. 1974, pp. 705, 733, 793; Ga. L. 1981, H.B. 822.

History. Original Rule entitled "Definitions" was filed and effective on June 27, 1975, as Emergency Rule 80-1-13-0.3-.01, to remain in effect for 120 days.

Amended: Permanent Rule entitled "Definitions" adopted replacing Emergency Rule 80-1-13-0.3-.01. Filed August 28, 1975; effective September 17, 1975.

Amended: Rule repealed and a new Rule of the same title adopted. Filed July 13, 1981; effective August 2, 1981.

Amended: F. June 20, 2016; eff. July 10, 2016.