Rule 80-2-7-.01. General Provisions and Definitions

Rule 80-2-7-.01. General Provisions and Definitions

1. (1) A state credit union 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. (2) Agency relationships shall comport with safety and soundness principles to protect the financial integrity of the credit union and the accounts of its members.

3. (3) Definitions:

   1. (a) "Credit Union Service Contract" shall mean a contract executed by a credit union and a third party service provider to provide financial services, whether direct or indirect, to the credit union.
   2. (b) "Third party service provider" shall mean any provider of financial services to a credit union as authorized by O.C.G.A. § 7-1-72.
4. (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 credit union or the accessibility to the Department of records.

Authority: O.C.G.A. §§ 7-1-61, 7-1-663.

History. Original Rule entitled "General Provisions and Definitions" adopted. F. Nov. 8, 1978; eff. Nov. 28, 1978.

Amended: Rule retitled "Definitions." F. July 28, 2003; eff. August 17, 2003.

Amended: New title, "General Provisions and Definitions." F. July 7, 2023; eff. July 27, 2023.