Rule 80-1-2-.01. General Provisions and Definitions
Rule 80-1-2-.01. General Provisions and Definitions
- (1) A state bank may contract with another financial institution or a third party service provider to provide certain services in a principal-agent relationship, provided both parties comply with the applicable rules and regulations of the Department.
- (2) Agency relationships shall comport with safety and soundness principles to protect the financial integrity of the bank and the accounts of its customers.
(3) Definitions:
- (a) "Bank Service Contract" shall mean a contract executed by a bank and a third party, to provide financial services, whether direct or indirect, to the bank.
- (b) "Third party service provider" shall mean any provider of financial services to a bank as authorized by O.C.G.A. § 7-1-72.
- (4) This chapter is not intended to apply to non-banking related operational or administrative functions which do not tend to impact the safety and soundness of the bank or the accessibility to the Department of records.
Authority: O.C.G.A. §§ 7-1-61, 7-1-612.
History. Original Rule entitled "Bank Service Arrangement with Bank Service Corporation or Others" adopted. F. and eff. June 30, 1965.
Repealed: New Rule entitled "General Provisions and Definitions" adopted. F. June 9, 1972; eff. June 29, 1972.
Amended: F. Aug. 28, 1975; eff. Sept. 17, 1975.
Repealed: New Rule of same title adopted. F. Nov. 7, 1995; eff. Nov. 27, 1995.
Amended: F. July 12, 1999; eff. August 1, 1999.
Amended: F. Dec. 18, 2000; eff. Jan. 7, 2001.
Amended: F. July 28, 2003; eff. August 17, 2003.
Amended: F. June 20, 2016; eff. July 10, 2016.
Amended: F. July 7, 2023; eff. July 27, 2023.