§ 7-9-5.3. Merchant Acquirer Limited Purpose Bank
A merchant acquirer limited purpose bank shall maintain a chief executive officer, chief information officer, chief risk officer, and such other officers the department may require by rule or regulation. A person may hold more than one office; provided, however, that no person shall serve as both chief executive officer and chief risk officer. Except […]
§ 7-9-5.4. Oath of Office; Administration of Affairs
Prior to assuming office, each director shall take an oath or affirmation that he or she will diligently and honestly perform his or her duties in the administration of the affairs of the merchant acquirer limited purpose bank; he or she will not permit a willful violation of law by the merchant acquirer limited purpose […]
§ 7-9-1. Short Title
This chapter shall be known and may be cited as the “Georgia Merchant Acquirer Limited Purpose Bank Act.” History. Code 1981, § 7-9-1 , enacted by Ga. L. 2012, p. 43, § 1/HB 898. Law reviews. For annual survey on business corporations, see 64 Mercer L. Rev. 61 (2012).
§ 7-9-2. Definitions
As used in this chapter, the term: “Commissioner” means the commissioner of banking and finance. (1.1) “Control person” means any individual who directs the affairs or controls or establishes policy for a merchant acquirer limited purpose bank. “Corporation” means a corporation organized under the laws of this state, the United States, or any other state, […]
§ 7-9-3. Chartering of Merchant Acquirer Limited Purpose Banks; Regulation Limited
A corporation that performs merchant acquiring activities or settlement activities in this state may elect to obtain a charter from the department. Those corporations chartered by the department shall be subject to the provisions of this chapter and any rules and regulations adopted by the department for purposes of regulating chartered merchant acquirer limited purpose […]
§ 7-9-4. Application; Fees; Minimum Number of Employees
A corporation that seeks to be chartered shall file an application with the department and shall pay applicable fees established by regulation of the department to defray the costs of the investigation and review of the application. The department shall, by regulation, prescribe annual examination fees, charter fees, registration fees, and supervision fees to be […]