reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-683 - Requirements for licensure; fees; rules and regulations

(a)
Each applicant for a license under this article shall:
(1)
Submit an application in writing, which is made under oath and in such form as the department may prescribe;
(2)
Furnish to the Nationwide Multistate Licensing System and Registry the following information:
(A)
The legal name and principal office address of the person applying for the license;
(B)
The name, residence, and business address of each director, ultimate equitable owner, and executive officer;
(C)
If the applicant has one or more branches or other locations, including, but not limited to, locations operated by an authorized agent, at or through which the applicant proposes to engage in money transmission within this state, the complete address of each such location; and
(D)
The location where its initial registered office will be located in this state, if any; and
(3)
Submit such other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, trustees, officers, members, ultimate equitable owners, subsidiaries, affiliates, or agents.
(b)
The application for license shall be filed together with:
(1)
An investigation and supervision fee established by the department through rule or regulation which shall not be refundable but which, if the license is granted, shall satisfy the fee requirement for the first licensed year or the remaining part thereof;
(2)
Items required by other provisions of this article, including, but not limited to, Code Sections
7-1-683.2
and
7-1-684
; and
(3)
Other information as may be required by the department.
(c)
The department shall pay all fees received from licensees and applicants related to applications, licenses, and renewals to the Office of the State Treasurer; provided, however, that the department may net such fees to recover the cost of participation in the Nationwide Multistate Licensing System and Registry.
(d)
The department shall enact rules and regulations regarding the time frame by which all persons must submit an original or renewal application for licensure through the Nationwide Multistate Licensing System and Registry.
Amended by 2023 Ga. Laws 348,§ 21, eff. 7/1/2023.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-683.3 - Authority of department

(a)
The department is authorized to:
(1)
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;
(2)
Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and other contracts necessary for the department's participation in the Nationwide Multistate Licensing System and Registry;
(3)
Disclose or cause to be disclosed without liability, via the Nationwide Multistate Licensing System and Registry, applicant and licensee information, including, but not limited to, violations of this article and enforcement actions, to facilitate regulatory oversight across state jurisdictional lines;
(4)
Request that the Nationwide Multistate Licensing System and Registry adopt an appropriate privacy, data security, and security breach notification policy that is in full compliance with existing state and federal law; and
(5)
Establish and adopt, by rule or regulation, requirements for participation by applicants and licensees in the Nationwide Multistate Licensing System and Registry upon the department's determination that each requirement is consistent with both the public interest and the purposes of this article.
(b)
The department shall enact rules and regulations establishing a process whereby licensees may challenge information entered by the department on the Nationwide Multistate Licensing System and Registry.
(c)
Irrespective of its participation in the Nationwide Multistate Licensing System and Registry, the department shall retain full and exclusive authority over determinations of whether to grant, renew, suspend, or revoke licenses issued under this article. Nothing in this Code section shall be construed to reduce or otherwise limit such authority.
(d)
Information disclosed through the Nationwide Multistate Licensing System and Registry is deemed to be disclosed directly to the department and subject to Code Section
7-1-70
. Such information shall not be disclosed to the public and shall remain privileged and confidential pursuant to Code Section
7-1-70
.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-684.1 - Reporting to Nationwide Multistate Licensing System and Registry

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.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-684.2 - Use of unique identifier of licensee

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.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-685 - Expiration and renewal of licenses

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 requirements of Code Section
7-1-683
as specifically modified in the department's rules and regulations. No investigation fee shall be payable in connection with such renewal application. However, an annual license fee established by rule or regulation of the department to defray the cost of supervision shall be paid with each renewal application and shall not be refunded or prorated.
Amended by 2015 Ga. Laws 9,§ 7, eff. 3/13/2015.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-686 - Display of license; license nontransferable and nonassignable; notification of additional locations

(a)
A license issued pursuant to this article shall be kept in the place of business of the licensee, and a copy of such license shall be displayed prominently in every physical location in this state where money transmission is conducted. If the licensee has no physical location in this state, then the licensee's unique identifier shall be clearly posted and accessible through whichever medium the licensee engages in money transmission in this state.
(b)
Such license shall not be transferable or assignable.
(c)
No licensee shall engage in money transmissions under any name or names other than those authorized by the department in writing.
(d)
A licensee shall give written notice to the department of any new or additional locations, including, but not limited to, locations operated by an authorized agent, not reported in either its original or renewal application. The required notice shall be in such form and contain such information as required by the department.
Amended by 2023 Ga. Laws 348,§ 25, eff. 7/1/2023.
Amended by 2015 Ga. Laws 64,§ 27, eff. 7/1/2015.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-690 - Enforcement; enactment of rules and regulations involving virtual currency

(a)
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.
(b)
The department is authorized to enact rules and regulations that apply solely to persons engaged in money transmission involving virtual currency. The department shall enact such rules and regulations it finds necessary to:
(1)
Foster the growth of businesses engaged in money transmission involving virtual currency in Georgia and spur state economic development;
(2)
Ensure the continued solvency, safety, soundness, and prudent conduct of persons engaged in money transmission involving virtual currency;
(3)
Ensure fair, timely, and equitable fulfillment of the financial obligations of such persons;
(4)
Protect customers of businesses engaged in money transmission involving virtual currency from financially impaired or insolvent providers of such services;
(5)
Encourage high standards of honesty, transparency, fair business practices, and public responsibility;
(6)
Eliminate financial fraud, other criminal abuse, and unethical conduct in the industry; and
(7)
Ensure businesses engaged in money transmission involving virtual currency provide customers with timely and understandable information in order that customers may make informed decisions about virtual currency products and services.
Amended by 2023 Ga. Laws 348,§ 29, eff. 7/1/2023.
Amended by 2016 Ga. Laws 450,§ 1-7, eff. 7/1/2016.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-693 - Applicant or licensee as borrower in default; failure to pay child support prohibits licensure

(a)
Where an applicant or licensee has been certified by any entity of the federal government for nonpayment or default or breach of a repayment or service obligation under any federal educational loan, loan repayment, or service conditional scholarship program, such action shall not be grounds for refusal of a license or suspension of a license.
(b)
Where an applicant or licensee has been found not in compliance with an order for child support as provided in Code Section
19-6-28.1
or
19-11-9.3
, such action shall be sufficient grounds for refusal of a license or suspension of a license. In such actions, the hearing and appeal procedures provided for in Code Section
19-6-28.1
or
19-11-9.3
shall be the only such procedures required under this article. The department shall be permitted to share, without liability, information on its applications or other forms with appropriate state agencies to assist them in recovering child support when required by law.
Amended by 2024 Ga. Laws 399,§ 2-2, eff. 6/30/2024.
Amended by 2019 Ga. Laws 146,§ 1-2, eff. 7/1/2019.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-695 - Liability for payment

Every payment instrument issued in the conduct of the business regulated by this article shall be signed by the licensee or its authorized agent, and the licensee shall be liable for the payment thereof to the same extent as a drawer of a negotiable instrument, whether or not the payment instrument is a negotiable instrument under Article 3 of Title 11.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-696 - Penalties for violations

Any person, partnership, association, or corporation and the several members, officers, directors, agents, ultimate equitable owners, and employees thereof that shall violate any of the provisions of this article shall be guilty of a misdemeanor, which shall be punishable by imprisonment for not more than one year or by a fine of not more than $500.00, or by both such fine and imprisonment.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-697 - No limitation on common law liability or state prosecution

Nothing in this article shall limit any statutory or common law right of any person to bring any action in any court for any act involved in the transmission of money or the right of the state to punish any person for any violation of any law.
Amended by 2023 Ga. Laws 348,§ 32, eff. 7/1/2023.
Amended by 2015 Ga. Laws 64,§ 28, eff. 7/1/2015.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4 - SALE OF PAYMENT INSTRUMENTS OR THE TRANSMISSION OF MONEY (§§ 7-1-680 — 7-1-698) › Section 7-1-698 - Continuing effectiveness of existing licenses

Any person previously approved by the department as either a money transmitter licensee or a seller of payment instruments licensee who holds such license in an active status as of July 1, 2023, shall be deemed to be a money transmitter licensee as of that date and authorized to engage in all activities included within the definition of money transmission as of that date. Any license application pending as of July 1, 2023, for a seller of payment instruments license shall be deemed to be an application for a money transmitter license as of that date.
Amended by 2023 Ga. Laws 348,§ 33, eff. 7/1/2023.
Amended by 2015 Ga. Laws 9,§ 7, eff. 3/13/2015.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-701 - Licensing for cash payment instruments

(a)
Pursuant to this article, the department may license a person to cash payment instruments.
(b)
No person shall cash payment instruments without first obtaining a license under this article.
(c)
Every person that directly or indirectly controls another person that violates subsection (b) of this Code section, each general partner, executive officer, joint venture, ultimate equitable owner, or director of such person, and every person occupying a similar status or performing similar functions as such person violates with and to the same extent as such person. Any person who directly or indirectly controls a person who violates subsection (b) of this Code section may avoid liability if such person sustains the burden of proof that the person did not know and, in the exercise of reasonable care, could not have known of the existence of the facts by reason of which the original violation is alleged to exist.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-701.1 - Exemption from licensing requirements

The requirement for licensure set forth in this article shall not apply to:
(1)
Any state or federally chartered bank, trust company, credit union, savings and loan association, or savings bank with deposits that are federally insured;
(2)
The United States Postal Service;
(3)
A state or federal governmental department, agency, authority, or instrumentality and its agents;
(4)
Any foreign bank that establishes a federal branch pursuant to the International Banking Act,
12 U.S.C. Section 3102
;
(5)
Any person who accepts a payment instrument from a person in exchange for monetary value but does not charge a fee; or
(6)
An individual employed by a licensee or any person exempted from the licensing requirements of this article when acting within the scope of employment and under the supervision of the licensee or exempted person as an employee and not as an independent contractor.
Amended by 2023 Ga. Laws 353,§ 7, eff. 7/1/2023.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-702 - Requirements for licensure

(a)
Each applicant for a license under this article shall:
(1)
Submit an application in writing, which is made under oath and in such form as the department may prescribe;
(2)
Furnish to the Nationwide Multistate Licensing System and Registry the following information:
(A)
The legal name and principal office address of the person applying for the license;
(B)
The name, residence, and business address of each director, ultimate equitable owner, and executive officer;
(C)
If the applicant has one or more branches or other locations at or through which the applicant proposes to cash payment instruments within this state, the complete address of each such location; and
(D)
The location where the initial registered office will be located in this state; and
(3)
Submit such other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, trustees, officers, members, ultimate equitable owners, or agents.
(b)
The application for license shall be filed together with:
(1)
An investigation and supervision fee established by rule or regulation which shall not be refundable but which, if the license is granted, shall satisfy the fee requirement for the first licensed year or the remaining part thereof;
(2)
Items required by other provisions of this article, including but not limited to Code Section
7-1-703
and subsection (c) of Code Section
7-1-707
; and
(3)
Other information as may be required by the department.
(c)
The department shall pay all fees received from licensees and applicants related to applications, licenses, and renewals to the Office of the State Treasurer; provided, however, that the department may net such fees to recover the cost of participation in the Nationwide Multistate Licensing System and Registry.
(d)
The department shall enact rules and regulations regarding the time frame by which all persons must submit an original or renewal application for licensure through the Nationwide Multistate Licensing System and Registry.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-702.1 - Operation of mobile payment instrument cashing facility

A mobile payment instrument cashing facility operated by a licensee shall be treated as a branch location and the operations of the facility shall be conducted in accordance with the rules and regulations of the department.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-702.2 - Authority of department

(a)
The department is authorized to:
(1)
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;
(2)
Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and other contracts necessary for the department's participation in the Nationwide Multistate Licensing System and Registry;
(3)
Disclose or cause to be disclosed without liability, via the Nationwide Multistate Licensing System and Registry, applicant and licensee information, including, but not limited to, violations of this article and enforcement actions, to facilitate regulatory oversight;
(4)
Request that the Nationwide Multistate Licensing System and Registry adopt an appropriate privacy, data security, and security breach notification policy that is in full compliance with existing state and federal law; and
(5)
Establish and adopt, by rule and regulation, requirements for participation by applicants and licensees in the Nationwide Multistate Licensing System and Registry, upon the department's determination that each requirement is consistent with both the public interest and purposes of this article.
(b)
The department shall enact rules and regulations establishing a process whereby licensees may challenge information entered by the department into the Nationwide Multistate Licensing System and Registry.
(c)
Irrespective of its participation in the Nationwide Multistate Licensing System and Registry, the department shall retain full and exclusive authority over determinations of whether to grant, renew, suspend, or revoke licenses issued under this article. Nothing in this Code section shall be construed to reduce or otherwise limit such authority.
(d)
Information disclosed through the Nationwide Multistate Licensing System and Registry is deemed to be disclosed directly to the department and subject to Code Section
7-1-70
. Such information shall not be disclosed to the public and shall remain privileged and confidential pursuant to Code Section
7-1-70
.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-703.1 - Reporting on condition to Nationwide Multistate Licensing System and Registry

Each licensee shall submit to the Nationwide Multistate Licensing System and Registry timely reports of condition, which shall be in such form and shall contain such information as the department and the Nationwide Multistate Licensing System and Registry may require.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-703.2 - Use of unique identifier of licensee

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.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-704 - Renewal of licenses

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 requirements of Code Section
7-1-702
and the department's rules and regulations. No investigation fee shall be payable in connection with such renewal application. However, an annual license fee established by rule or regulation of the department to defray the cost of supervision shall be paid with each renewal application and shall not be refunded or prorated.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-704.1 - Posting of license; license is nontransferable and nonassignable; notification of new facilities

(a)
A license issued pursuant to this article shall be kept conspicuously posted in the place of business of the licensee.
(b)
Such license shall not be transferable or assignable.
(c)
No licensee shall cash payment instruments under any name or names other than those authorized by the department in writing.
(d)
A licensee shall give written notice to the department prior to the operation of any new or additional locations not reported in either its original or renewal application which notice shall be in such form and contain such information as required by the department.
Amended by 2015 Ga. Laws 64,§ 30, eff. 7/1/2015.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-705 - Written notice of claims against licensee, judgments, or other misconduct by employees, directors, or others; written notice of change of executive officer

(a)
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 activities authorized under this article or involves a claim against the bond filed with the department under subsection (c) of Code Section
7-1-707
. The notice shall provide details sufficient to identify the action and shall be sent within 30 days after the commencement of any such action. The licensee shall also give written notice to the department within 30 days of the entry of any judgment against the licensee.
(b)
A licensee shall give written notice to the department within ten days of the following:
(1)
Any knowledge or discovery of an act prohibited by Code Section
7-1-703
or
7-1-707
or subsection (a) of Code Section
7-1-708
;
(2)
The discharge of any employee for actual or suspected misrepresentations, dishonest acts, or fraudulent acts; or
(3)
Any knowledge or discovery of an administrative, civil, or criminal action initiated by any government entity against the licensee or any of the licensee's directors, officers, partners, ultimate equitable owners, or any individual who directs the affairs of or controls or establishes policy for the licensee.
(c)
Unless prior approval of a change in executive officer is required under Code Section
7-1-705.1
and notwithstanding subsection (f) of Code Section
7-1-703
requiring a criminal background check prior to the initial date of hire, a licensee shall notify the department in writing of any change of executive officer in such a manner that the notice is received by the department no later than ten business days after the effective date of the change. In the event of such change, the licensee shall initiate a criminal background check no later than ten business days after the effective date of the change.
Amended by 2023 Ga. Laws 348,§ 35, eff. 7/1/2023.
Amended by 2022 Ga. Laws 748,§ 34, eff. 7/1/2022.
Amended by 2018 Ga. Laws 339,§ 21, eff. 5/3/2018.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-705.1 - Approval required for change of control or ultimate equitable owner; additional requirements; denial and notification of reasons

(a)
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, change in control, or designation as an executive officer from the department. In order to obtain such approval, such person shall:
(1)
File an application with the department in such form as the department may prescribe from time to time;
(2)
Provide such other information as the department may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors and executive officers, if a corporation, and its members, if applicable, and of any proposed new directors, executive officers, members, or ultimate equitable owners of the licensee; and
(3)
Pay such application fee as the department may prescribe.
(b)
The department may prescribe additional requirements for approval of such acquisition, change in control, or designation as an executive officer as a result of such acquisition or other change in control through rules and regulations.
(c)
If the application is denied, the department shall notify the applicant of the denial and the reasons for the denial.
Amended by 2018 Ga. Laws 339,§ 22, eff. 5/3/2018.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-706.1 - Regulatory interpretation and enforcement

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.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-707.1 - Posting of fees for cashing payment instruments

In every location operated by a licensee, there shall be conspicuously posted and at all times displayed a notice stating the charges for cashing payment instruments.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-708.1 - Denial or suspension of license for student borrowers in default prohibited; denial or suspension for failing to comply with child support requirements

(a)
Where an applicant or licensee has been certified by any entity of the federal government for nonpayment or default or breach of a repayment or service obligation under any federal educational loan, loan repayment, or service conditional scholarship program, such action shall not be grounds for denial of an application or suspension of a license.
(b)
Where an applicant or licensee has been found not in compliance with an order for child support as provided in Code Section
19-6-28.1
or
19-11-9.3
, such action shall be sufficient grounds for denial of an application or suspension of a license. In such actions, the hearing and appeal procedures provided for in Code Section
19-6-28.1
or
19-11-9.3
shall be the only such procedures required under this article. The department shall be permitted to share, without liability, information on its applications or other forms with appropriate state agencies to assist them in recovering child support.
Amended by 2024 Ga. Laws 399,§ 2-3, eff. 6/30/2024.
Amended by 2019 Ga. Laws 146,§ 1-3, eff. 7/1/2019.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-709 - Penalty for violation of article

Any person, partnership, association, or corporation and the several members, officers, directors, agents, ultimate equitable owners, and employees thereof that shall violate any of the provisions of this article shall be guilty of a misdemeanor, which shall be punishable by imprisonment for not more than one year or by a fine of not more than $500.00, or by both such fine and imprisonment.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-709.1 - No limitation on common law liability or state prosecution

Nothing in this article shall limit any statutory or common law right of any person to bring any action in any court for any act involved in cashing payment instruments or the right of the state to punish any person for any violation of any law.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 4A - CASHING PAYMENT INSTRUMENTS FOR CONSIDERATION (§§ 7-1-700 — 7-1-709.2) › Section 7-1-709.2 - Continuing effectiveness of existing licenses

Every license in force and effect under the former provisions of this article, relating to cashing checks, drafts, or money orders for consideration, on July 1, 2014, shall remain in full force and effect on July 1, 2014, and all such existing licensees shall be required to renew their licenses pursuant to Code Section
7-1-704
.
Amended by 2016 Ga. Laws 625,§ 7, eff. 5/3/2016.
Amended by 2015 Ga. Laws 9,§ 7, eff. 3/13/2015.
Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-710 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-711 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-712 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
Amended by 2004 Ga. Laws 533, § 70, eff. 7/1/2004.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-713 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-714 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-715 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
Amended by 2015 Ga. Laws 64,§ 31, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-716 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-717 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-718 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-719 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-720 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5 - INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES (§§ 7-1-710 — 7-1-721) › Section 7-1-721 - [Reserved]

Repealed and reserved by 2023 Ga. Laws 348,§ 37, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5A - DOMESTIC INTERNATIONAL BANKING FACILITIES (§§ 7-1-730 — 7-1-734) › Section 7-1-730 - Short title

This article shall be known and may be cited as the "Domestic International Banking Facility Act."
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5A - DOMESTIC INTERNATIONAL BANKING FACILITIES (§§ 7-1-730 — 7-1-734) › Section 7-1-731 - "Domestic international banking facility" defined

As used in this article, the term "domestic international banking facility" means the location within this state of any banking office, other than a foreign bank branch or foreign bank agency as defined in Code Section
7-1-1100
, which derives its funds (1) from sources outside of the United States, (2) from another domestic international banking facility, or (3) from temporary advances from its parent organization and employs those funds for banking purposes outside of the United States or through its parent organization, but does not accept deposits subject to check or draft. A domestic international banking facility, when properly established pursuant to this article, shall not be considered to be a "branch office" or "main office" as defined in Code Section
7-1-600
.
Amended by 2023 Ga. Laws 348,§ 38, eff. 7/1/2023.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5A - DOMESTIC INTERNATIONAL BANKING FACILITIES (§§ 7-1-730 — 7-1-734) › Section 7-1-732 - Eligibility to operate domestic international banks; registration required; records; exemption from taxes and license fees

(a)
Any bank, whether domiciled within this state or elsewhere and having total capital funds of $25 million or more, as reported to its chartering authority as of December 31 of each year, may establish and operate a domestic international banking facility in this state upon compliance with this article. Any bank having total capital funds of $25 million or less may establish such facility upon compliance with this article and upon further obtaining the approval of the department. The department shall grant such approval only after it has satisfied itself that the registrant is financially sound, is operating in substantial conformity with all applicable laws and regulations, and is, along with its principals, of good character and reputation.
(b)
Prior to establishing a domestic international banking facility and annually thereafter for so long as the facility shall continue in this state, the bank shall register with the department on such forms as the department shall prescribe and pay a registration fee as determined by the department. Such registration shall include:
(1)
The name and main office address of the registrant;
(2)
The address at which the facility is to be located;
(3)
The names of the individuals responsible for administering the business affairs of the facility in this state;
(4)
The name and address of the chartering authority for the registrant;
(5)
A resolution from the board of directors or other governing body of the registrant authorizing the establishment of the facility;
(6)
A statement of the registrant that it has the legal capacity under the laws pursuant to which it is organized to establish the facility and that its chartering authority (and regulatory authority if different) interposes no objection to the establishment of such facility; and
(7)
Such other information as the department may require.
Information required in paragraphs (5) and (6) of this subsection need not be resubmitted upon renewal of a registration. The facility shall promptly notify the department of any change in the management or location of the facility.
(c)
The domestic international banking facility shall maintain records of its business activities separate from records of the domestic banking activities of its parent or head office.
(d)
The domestic international banking facility shall not be subject to any tax or license fee in this state by virtue of its business location in this state or its business activities outside of this state.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5A - DOMESTIC INTERNATIONAL BANKING FACILITIES (§§ 7-1-730 — 7-1-734) › Section 7-1-733 - Rejection or revocation of registration as a domestic international banking facility

(a)
The department may revoke any registration or reject any application to register or renew a registration for a domestic international banking facility upon a finding that:
(1)
The facility no longer qualifies to register under this article;
(2)
The scope of the business conducted by the facility exceeds that authorized by this article;
(3)
The chartering authority of the parent bank of the facility requests such action in writing; or
(4)
The department determines, on its own initiative or otherwise, that representations made by the registrant, including, but not limited to, representations under paragraph (6) of subsection (b) of Code Section
7-1-732
, are inaccurate.
(b)
No facility whose registration has been rejected by the department may establish an international banking facility in this state.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 5A - DOMESTIC INTERNATIONAL BANKING FACILITIES (§§ 7-1-730 — 7-1-734) › Section 7-1-734 - Examination and supervision by the department; agreements with other bank regulatory authorities

(a)
The department may examine the operations of any domestic international banking facility for the purpose of determining that the scope of its activities does not exceed that allowed pursuant to this article and that the facility is otherwise operating in compliance with the applicable laws of this state. The department may by regulation establish minimum requirements for the maintenance of books and records in sufficient form to enable the department to carry out its responsibilities under this Code section.
(b)
The department may enter into cooperative and reciprocal agreements with the bank regulatory authority of any government for the periodic examination of banking offices and facilities of any kind, including domestic international banking facilities, located within this state and may accept records from such authorities in lieu of conducting its own examination for compliance with laws of this state.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 6 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-740 — 7-1-758) › Section 7-1-740 - Definitions

As used in this article, the term:
(1)
"Board of directors" means any board of directors of a corporation created under this article.
(2)
"Corporation" means a Georgia business development corporation created under this article or existing on April 1, 1975, pursuant to the former "Georgia Business Development Corporation Act of 1972," approved April 3, 1972 (Ga. L. 1972, p. 798).
(3)
"Lending institution" means any bank or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, pension fund, or other institution engaged primarily in lending or investing funds.
(4)
"Loan limit" means, for any member, the maximum amount permitted to be outstanding at any one time on member loans made by such member to the corporation, as determined under this article.
(5)
"Member" means any lending institution authorized to do business in this state which shall undertake to make member loans to a corporation created under this article, upon its call, and in accordance with this article.
(6)
"Member loan" means a loan made by a member upon the call of the corporation pursuant to Code Section
7-1-747
.
Amended by 2016 Ga. Laws 450,§ 7-4, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 6 - BUSINESS DEVELOPMENT CORPORATIONS (§§ 7-1-740 — 7-1-758) › Section 7-1-742 - Action on articles by department; preconditions to doing business

The department shall not approve the articles until at least 15 lending institutions authorized to do business in this state have agreed in writing to become members of said corporation; and said written agreement shall be filed with the department with the articles, and the filing of same shall be a condition precedent to the approval of the articles by the department. Whenever the articles shall have been filed in the office of the Secretary of State and approved by the department and all filing fees and taxes prescribed by law have been paid, the subscribers, their successors, and assigns shall constitute a corporation. Said corporation shall not be authorized to commence business until its articles are approved by the department. Upon such approval by the department, authorized stock of the corporation may thereafter be issued.