CBA, other financial trade associations, and the Department of Banking and Finance have all worked together with the Georgia Department of Revenue (DOR) to make significant revisions to the Memorandum of Agreement for the delinquent taxpayer data match search. O.C.G.A. § 48-2-1 outlines the information that the DOR may request from financial institutions on not more than a quarterly basis. The search will assist DOR with the identification of assets held by financial institutions on behalf of delinquent taxpayers who owe unpaid taxes to the State of Georgia. The new Memorandum of Agreement that has been negotiated mirrors the requirements of the law without an undue additional burden to our financial institutions. The finalized Memorandum of Agreement can be found here. A special thank you to Michael White with James-Bates-Brannan-Groover-LLP for his involvement on this project to protect the interests of our institutions. In the event you have questions about the agreement, DOR’s Deputy General Counsel Dominick Capotosto at dominick@firstname.lastname@example.org would be willing to talk with you or your institution’s attorney. Feel free to also contact Michael White with JBBG or CBA’s Lori Godfrey with any concerns that you may have as well.
On Thursday, July 7, 2022, the Department adopted Final Rules. The Rules were filed with the Secretary of State on July 7, 2022, and, pursuant to O.C.G.A. § 50-13-6, will be effective on July 27, 2022, which is twenty (20) days following the filing of the Rules with the Secretary of State.
Prior to adopting the Rules, the proposed Rules along with a synopsis were distributed on June 1, 2022. The Department received five written comments in support of the proposed Rules. The Department fully considered the comments it received and made a substantive revision to Rule 80-1-12-.01. The Department believes that the Rules as adopted encourage safety and soundness, encourage safe and fair mortgage lending, and conform to the law.
To view or download a copy of the Final Rules, go to the DBF Regulations page on the Department’s website at https://dbf.georgia.gov/laws-regulations-rulings-and-publications/dbf-regulations and select the appropriate link for the Final Rules, OR you may access them directly from the link below.
EVP, Chief of Staff, Government & Regulatory Relations