Financial institutions today, 2012-07

Inside this issue:

2012 Corporate

2

Stabilization Fund

Assessment

Georgia

2

Residential

Mortgage Act Fee

Reminder

Action on

3

Applications for

the Month of July

Contact

5

Information

News and topics of interest to financial institutions regulated by the Department of Banking and Finance

Monthly Bulletin #7

July 2012

Releasing a Lien on a Motor Vehicle Certificate of Title
House Bill ("H.B.") 872 has amended the state code so that once any security interest or lien listed on a motor vehicle certificate of title is satisfied, the lien holder must execute a release and deliver it to both the Commissioner of the Department of Revenue and the owner within 10 days of the security interest or lien being satisfied. Previously, the executed release only had to be provided to the owner. This change became effective July 1, 2012.
The Department of Revenue ("DOR") recently sent out a memorandum that outlines how to satisfy the new law. You can find a copy of the memorandum at the following address: https://etax.dor.ga.gov/MVD/Lien_Release_Provisions_of_HB_872.pdf
Those lien holders participating in the DOR's Electronic Lien and Title ("ELT") program, an electronic release through the ELT portal by the lienholder, will satisfy the requirement of the executed release being provided to the Commissioner of the Department of Revenue.
H.B. 865 also passed this session. The legislation states that "On or after January 1, 2013, the Georgia Department of Revenue commissioner shall require that security interest holders and lienholders receive notice of recordings of security interests and liens electronically. Such requirement may be phased in based on criteria designated by the commissioner through duly adopted rules and regulations." At this time, it is unclear if participation in the ELT program will be mandatory or phased in.
For more information on the approved service providers and the financial institutions participating in the ELT program, see the DOR's website at: http://motor.etax.dor.ga.gov/motor/Elien.aspx.

DBF Outreach AND UPCOMING SPEAKING ENGAGEMENTS
Commissioner Braswell participated on a regulatory panel at the CBA Regulation & Taxation
Committee meeting on August 2nd at CBA Headquarters in Marietta, GA.
Senior Financial Examiner Michael Bryan spoke at the CBA Advanced BSA Officer School on August
2nd in St. Simons Island, GA.

"Safeguarding Georgia's Financial Services"

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July 2012

2012 Corporate Stabilization Fund Assessment
On July 24, 2012, the NCUA Board approved an assessment for the Temporary Corporate Credit Union Stabilization Fund of 0.095% (9.5 basis points) of insured shares as of June 30, 2012. The assessment is within the range of 8 to 11 basis points projected by the NCUA Board in November 2011.
Each credit union will receive an invoice in September for the 2012 assessment, which will be due on October 9, 2012. The assessment should be included on the September 30, 2012 Call Report filing (account code 311).
For additional information refer to Letters to Credit Unions 12-CU-09 at: http://www.ncua.gov/Resources/Pages/LCU2012-09.aspx.

Georgia Residential Mortgage Act Fee Reminder
The $10.00 per loan fees required by O.C.G.A. Section 7-1-1011(b)(2) and Department Rule 80-5-1-.04 are due no later than September 1, 2012, for residential mortgage loans closed during the period January 1, 2012, through June 30, 2012. A $10.00 fee will be due if the loan is a residential mortgage loan as defined in the Georgia Residential Mortgage Act ("GRMA"), and if a security deed, a modification of a security deed or other form of modification of a security interest is recorded.
Financial institutions, mortgage licensees and registrants that act as the collecting agent (including brokers that table fund and collect the fee) must submit the fees and file the fee statement before the deadline to avoid fines.
Per Department Rule 80-5-1-.04(b), GRMA per loan fee reporting / remittance must be completed online through the Department's secure website. Reporting is required even if no residential mortgage loans were made and no fees are due. To avoid fines for failure to report / remit GRMA fees, reporting must be completed by the deadline noted above.
Reporting and fee payment must be done online from our secure website at: https://bkgfin.dbf.state.ga.us/GRMAFee.html.

HOLIDAY CLOSING
This is a reminder that the Department will be closed on Monday, September 3rd for Labor Day.

July 2012

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Action on Applications for the Month of July:
The following is a summary of official action taken on applications by State Financial Institutions under Chapter 7-1 of the Code of Georgia and petitions for Certificate of Incorporation of Financial Institutions and other matters of interest during the month of July 2012.

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

FINANCIAL INSTITUTION Morris Bank
Dublin

BRANCH OFFICE Gray Branch Office 110 Highway 18 Connector Gray, GA 31032 Jones County

APPROVAL 07-23-2012

BEGIN BUSINESS

The Citizens Exchange Bank Pearson

Birmingham Branch Office 800 Shades Creek Parkway Suite 100 Birmingham, AL 35209 Jefferson County

Withdrawn 07-17-2012

Verity Bank Winder

Habersham Branch Office 748 Stonecypher Street Cornelia, GA 30531 Habersham County

10-04-2011

07-31-2012

PROPOSED NAME S Bank, Inc.

APPLICATIONS FOR RESERVATION OF A NAME

COUNTY Tattnall County

APPLICANT Mr. Blake L. Greco Oliver Maner LLP P.O. Box 10186 Savannah, GA 31412

FINANCIAL INSTITUTION (SURVIVOR) Atlanta Postal Credit Union Atlanta, GA
Atlanta Postal Credit Union Atlanta, GA
First Volunteer Bank Chattanooga, TN
CGR Credit Union Macon, GA

FINANCIAL INSTITUTION MERGERS

MERGED INSTITUTION Smith & Sons Employees Credit Union Macon, GA
Human Services Employees' Credit Union Atlanta, GA
Gateway Bank & Trust Ringgold, GA
Central State Hospital Credit Union Milledgeville, GA

APPROVAL EFFECTIVE Pending
12-28-2011 07-01-2012
07-30-2012
07-12-2012

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July 2012

APPLICATIONS TO BECOME A BANK HOLDING COMPANY AND/OR TO ACQUIRE VOTING STOCK OF A FINANCIAL INSTITUTION

FORMATIONS ONLY

BANK HOLDING COMPANY Sterne Agee Group, Inc.
Birmingham, AL

TO ACQUIRE SUM Financial Corporation
Pearson, GA

APPROVAL Withdrawn
07-13-2012

NOTIFICATION OF APPROVAL OF APPLICATION TO SERVE A RESIDENTIAL GROUP COMMON BOND

CREDIT UNION Georgia United Credit Union
Duluth

RESIDENTIAL GROUP COMMON BOND Gwinnett County, GA

APPROVAL 07-13-2012

CHECK CASHER LICENSES ISSUED

CITY Macon Cartersville Nicholson Calhoun Gainesville Carrollton Cumming Baxley Norcross Columbus Trion Macon Jefferson Temple Eastman Tifton Rebecca Lawrenceville

APPLICANT NAME * Amiri Macon, Inc.
Bajrangiban, Inc. * Dharam Group, LLC * First Consumer Insurance Agency, Inc.
Herlinda Hinojosa * Lovvorn Road Grocery, Inc. * M&S Investment of Georgia, Inc. * Maan Shiya LLC
Neat Ways, LLC * Patricia Keys * Perez Center Inc. * Ramkrishna Enterprise, Inc. * Razn LLC * Red Top, LLC
Shorty's Check Cashing, Inc. * Shree Jay Krishna Krupa Corporation * Siya Diya, Inc.
William Smith

TRADE NAME Stop & Buy
Dan's Food Mart First Consumer Service Linda's Tax Service Neighborhood Stop and Shop Quick Stop Baxley Food Mart
PK's Check Cashing Perez Center Quik Shop Fuel Market #2 Red Top Food Mart
Kenny's Food Mart Cranky's Corner Phoenix Check Cashing

* =Registered (O.C.G.A. 7-1-700 et al)

July 2012
GEORGIA
DEPARTMENT OF BANKING AND FINANCE
2990 Brandywine Road Suite 200
Atlanta, Georgia 30341-5565
Phone: (770) 986-1633 Fax: (770) 986-1654 or 1655 Email: dbfpress@dbf.state.ga.us

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The Department is the state agency that regulates and examines banks, credit unions, and trust companies chartered by the State of Georgia. The Department also has regulatory and/or licensing authority over mortgage brokers/processors, lenders and loan originators, money service businesses, international banking organizations, and bank holding companies conducting business in Georgia.
Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision.
Our Vision is to be the best financial services industry regulator in the country Progressive. Proactive. Service-Oriented.

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