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| Georgia – Department of Banking and Finance |
The Georgia Department of Banking and Finance (Department) is the state agency that regulates and examines banks, credit unions and trust companies which are chartered by the State. The Department also has regulatory and/or licensing authority over mortgage brokers and lenders, check cashers, sale of check companies, money transmitters, international banking organizations, and bank holding companies conducting business in
Use the attached link to access their website for current information.
http://www.ganet.org/dbf/dbf.html
Contact and Location Information
Department of Banking and Finance
2990 Brandywine Road
Suite 200
Atlanta, Georgia 30341-5565
Phone: (770) 986-1633
Toll Free: (888) 986-1633
Fax: (770) 986-1654
Corporate Division Fax: (770) 986-1655
Legal & Consumer Affairs Division Fax: (770) 986-1657
Mortgage Division Fax: (770) 986-1029
Use the attached link to access a more complete listing of contact names and numbers.
http://www.ganet.org/dbf/wdicf.html
Entities Regulated
The Georgia Department of Banking and Finance regulates the following entities…
- Banks,
- Credit Unions
- Trust Companies
- Holding Companies
- International Banks and Representative Offices of Banks,
- Check Cashers and Sellers
- Money Transmitters
- Mortgage Licensees and Registrants and other companies engaged in or related to the financial services industry
Complaints
The Georgia Department of Banking and Finance (Department) is the state agency that regulates and examines state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has regulatory and/or licensing authority over mortgage brokers, lenders and processors, check cashers, sale of check companies, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.
The Department is dedicated to providing the citizens of the State of Georgia with quick and efficient solutions to their inquiries and problems, however, the Department is neither an advocate for the individual consumer nor for regulated financial institutions or licensees. Communication with the Department, whether by phone, e-mail or in writing, can often help consumers resolve problems or answer questions when they have been unsuccessful on their own. However, the Department cannot act as your lawyer or give you legal advice, recommend a financial institution with whom to do business, or force the financial institution or licensee to satisfy you if no laws have been broken.
Use the attached link to access various resources to aid you with issues or concerns and to make inquiries or file complaints directly with the Department.
http://www.ganet.org/dbf/consumer_resources.html#complaint
Laws and Regulations
In 1974, the banking laws were subject to substantial recodification in the form of the Financial Institutions Code of Georgia. The new Code became effective April 1, 1975. Since establishment of the Department in 1919, additional responsibilities have been assigned to the agency in the form of the Georgia Credit Union Act (1925); Trust Company Laws of Georgia (1927); Georgia Sale of Checks Act (1965); The Fiduciary Investment Company Act (1970); International Bank Agency Act (1972); Georgia Business Development Corporation Act (1972); Regulation of Check Cashers (1990); and the Georgia Residential Mortgage Act (1993). Provisions relating to Bank Holding Companies were substantially amended, effective July 1, 1976, to permit multi-bank holding companies to operate in Georgia under Department supervision.
During 1996 and 1997, the Department passed regulations in cooperation with the Office of the Commissioner of Insurance to permit banks in Georgia to sell insurance and annuities. In 1996, Georgia opted-in to the provisions of the federal Riegle-Neal Act which permitted interstate branching of banks by merger. Beginning on July 1, 1998, the phase in of statewide intrastate branching was complete, allowing banks to have an unlimited number of de novo branches, subject to the Department’s approval. During 1999, cleanup of the old branching laws was accomplished by considerable wording changes to the Code. With the settling in of statewide branching, powers of bank holding companies were increased, allowing the formation of a de novo bank by an existing bank holding company that has lawfully entered the state.
With extensive federal banking legislation being passed in November, 1999 in the form of the Gramm-Leach-Bliley Act, the Department began its efforts to ensure that Georgia laws and regulations work smoothly with the new federal laws and regulations in the areas of financial holding companies, financial subsidiaries, and privacy.
The Georgia Fair Lending Act (GAFLA) was signed into law on April 22, 2002 and became effective on October 1, 2002, and was subsequently amended effective March 7, 2003. This law has a significant impact on Georgia residential mortgage lending and brokering activities.
During 2003, the Georgia Sale of Check Act was amended to include a licensing requirement for money transmitters.
The Department continues to make changes to the Code to streamline the application process, reduce regulatory burden on regulated entities, and coordinate its procedures with federal requirements.
Use the attached link to access more information on current regulations.
http://www.ganet.org/dbf/laws_and_regulations.html
Mortgage Brokers/ Lenders
Mortgage Brokers and Lenders are regulated by the Department of Banking and Finance.
Use the attached link to access current information on licensing, examinations and the process for filing a complaint.
http://www.ganet.org/dbf/mortgage.html
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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