As used in this article, the term: “Authorized agent” means a person designated by a licensee pursuant to Code Section 7-1-683.1 to engage in money transmission, the sale of payment instruments, or the issuance of payment instruments. “Check” means any check, money order, draft, or negotiable demand instrument. “Closed-loop transaction” means a transaction where the […]
Pursuant to this article, the department may license a person to engage in the sale of payment instruments or the transmission of money. A license for the sale of payment instruments authorizes the licensee to sell payment instruments and to transmit money. A license for the transmission of money authorizes the licensee to transmit money. […]
The requirement for licensure set forth in this article shall not apply to: Any state or federally chartered bank, trust company, credit union, savings and loan association, or savings bank when such bank, trust company, credit union, savings and loan association, or savings bank has deposits that are federally insured; Any authorized agent of a […]
Each applicant for a license under this article shall: Submit an application in writing, which is made under oath and in such form as the department may prescribe; Furnish to the Nationwide Multistate Licensing System and Registry the following information: The legal name and principal office address of the person applying for the license; The […]
As authorized by this Code section, a licensee may conduct its business through designated authorized agents at one or more locations in this state, so long as such locations have been included in the licensee’s application and reports as required by Code Section 7-1-683 and subsection (d) of Code Section 7-1-686. The department may refuse […]
An applicant shall provide with its application a corporate surety bond issued by a bonding company or insurance company authorized to do business in this state and approved by the department. The bond for payment instrument sellers shall be in the principal sum of $250,000.00. The bond for money transmitters shall be in the principal […]
The department is authorized to: Participate in the Nationwide Multistate Licensing System and Registry in order to facilitate the sharing of information and standardization of the licensing and application processes for persons subject to this article; Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and other contracts necessary for the department’s participation in […]
The department shall conduct an investigation of every applicant for licensure to determine the financial responsibility, experience, character, and general fitness of such applicant. The department may issue the applicant a license to transmit money or sell payment instruments if the department determines to its general satisfaction that: The applicant is financially sound and responsible […]
Each licensee shall submit to the Nationwide Multistate Licensing System and Registry timely reports of condition, which shall be in such form and contain such information as the department and the Nationwide Multistate Licensing System and Registry may require. History. Code 1981, § 7-1-684.1 , enacted by Ga. L. 2014, p. 251, § 1/HB 982; […]
The unique identifier of any licensee shall be clearly labeled on all advertisements and any other documents required by rule or regulation of the department. History. Code 1981, § 7-1-684.2 , enacted by Ga. L. 2014, p. 251 § 1/HB 982.
Except as otherwise specifically provided in this article, all licenses issued pursuant to this article shall expire on December 31 of each year, and each application for renewal shall be made annually on or before December 1 of each year. A license may be renewed by the filing of an application substantially conforming to the […]
A license issued pursuant to this article shall be kept conspicuously posted in the place of business of the licensee. If the licensee has no physical location in this state, then a copy of such license and the licensee’s unique identifier shall be clearly posted and accessible through whichever medium the licensee engages in the […]
A licensee shall give written notice to the department of any action which may be brought against it by any creditor or claimant where such action relates to the activities authorized under this article or involves a claim against the bond filed with the department under Code Section 7-1-683.2. The notice shall provide details sufficient […]
Except as provided in this Code section, no person shall become an ultimate equitable owner of any licensee through acquisition or other change in control or become an executive officer of a licensee as a result of such acquisition or other change in control unless the person has first received written approval for such acquisition, […]
Each licensee shall make, keep, and use in its business such books, accounts, and records as the department may require to enforce the provisions of this article and the rules and regulations promulgated under it. Each licensee shall preserve such books, accounts, and records for five years or such greater period of time as prescribed […]
Without limiting the power conferred by Article 1 of this chapter, the department may make reasonable rules and regulations, not inconsistent with law, for the interpretation and enforcement of this article. The department is authorized to enact rules and regulations that apply solely to persons engaged in money transmission or the sale of payment instruments […]
It shall be prohibited for any person engaged in the sale of checks or money transmission in this state, including any person required to be licensed under this article, to: Sell payment instruments as an agent of a principal seller who is not exempt from the licensure requirements under Code Section 7-1-682 and has not […]
The department may suspend or revoke an original or renewal license issued pursuant to this article or rescind the authorization to act as an authorized agent of a licensee if it finds that any ground or grounds exist which would require or warrant the refusal of an application for the issuance or renewal of a […]
Where an applicant or licensee has been found to be a borrower in default under the Georgia Higher Education Loan Program as determined by the Georgia Higher Education Assistance Corporation or has been certified by any entity of the federal government for nonpayment or default or breach of a repayment or service obligation under any […]
The department may issue an order requiring a person to cease and desist immediately from unauthorized activities whenever it shall appear to the department that: Except as provided in paragraphs (2) and (3) of this subsection, a person has violated any law of this state or any order or regulation of the department, and such […]
