Rule 80-5-2-.03. Permanent Closings

Rule 80-5-2-.03. Permanent Closings

1. (1) The management of a financial institution may permanently close a banking location in accordance with O.C.G.A. § 7-1-110.1 by satisfying the following requirements:

   1. (a) Deliver to the Department a copy of the federal notice, or a letter form notification that contains the following information:

      1. (i) The banking location to be closed;
      2. (ii) A statement of the reason for the proposed closing and a summary of any supporting information; and
      3. (iii) The proposed closing date.
   2. (b) The financial institution shall post a notice of intent to close in a conspicuous place at the banking location to be closed and on the financial institution's website for at least 30 days prior to the proposed closing date. Such notice must remain posted for at least 30 consecutive days. Within two days of providing these notices, the financial institution must forward a copy of the notice posted at the banking location as well as the disclosure contained on its website to the Department.

Authority: O.C.G.A. §§ 7-1-61; 7-1-110.1.

History. Original Rule entitled "Effects of Compliance" was filed on December 19, 1983; effective January 8, 1984.

Repealed: New Rule entitled "Permanent Closings" adopted. F. Jul. 14, 1998; eff. Aug. 3, 1998.

Amended: F. Jul. 12, 1999; eff. Aug. 1, 1999.

Amended: F. Jan. 8, 2021; eff. Jan. 28, 2021.