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 7-1-682 - 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, savings bank, or industrial bank, provided that every such bank, trust company, credit union, savings and loan association, savings bank, or industrial bank has deposits that are federally insured;
(2)
Any authorized agent of a licensee;
(3)
The United States Postal Service or its agent;
(4)
Any agency, division, or instrumentality of the federal government of the United States; the government of the State of Georgia or the government of any other state; or any county or municipal government in this state;
(5)
Any foreign bank that establishes a federal branch pursuant to the International Banking Act,
12 U.S.C. Section 3102
;
(6)
A wholly owned subsidiary of a state or federally chartered bank, trust company, credit union, savings and loan association, savings bank, or industrial bank, provided that every such bank, trust company, credit union, savings and loan association, savings bank, or industrial bank has deposits that are federally insured;
(7)
A registered futures commission merchant under the federal commodities laws to the extent of its operation as such a futures commission merchant;
(8)
A person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws to the extent of its operation as such a provider;
(9)
An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among licensees or persons exempted by this Code section, in connection with wire transfers, credit card transactions, debit card transactions, stored value transactions, automated clearing-house transfers, or similar fund transfers;
(10)
A person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer;
(11)
An individual employed by a licensee, an authorized agent, 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, authorized agent, or exempted person as an employee and not as an independent contractor;
(12)
A person appointed as an agent of a payee to collect and process a payment from a payor to the payee for goods or services, other than money transmission itself, provided to the payor by the payee, provided that:
(A)
There exists a written agreement between the payee and the agent directing the agent to collect and process payments from payors on the payee's behalf;
(B)
The payee holds the agent out to the public as accepting payments for goods or services on the payee's behalf; and
(C)
Payment for the goods and services is treated as received by the payee upon receipt by the agent so that the payor's obligation is extinguished and there is no risk of loss to the payor if the agent fails to remit the funds to the payee;
(13)
A person that acts as an intermediary by processing payments between an entity that has directly incurred an outstanding money transmission obligation to a customer and the customer's designated recipient, provided that the entity:
(A)
Is properly licensed or exempt from licensing requirements under this article;
(B)
Provides a receipt, electronic record, or other written confirmation to the customer identifying the entity as the provider of money transmission in the transaction; and
(C)
Bears sole responsibility to satisfy the outstanding money transmission obligation to the customer, including the obligation to make the customer whole in connection with any failure to transmit the funds to the customer's designated recipient;
(14)
A bank holding company, office of an international banking corporation, or corporation organized pursuant to the Bank Service Corporation Act,
12 U.S.C. Section 1861
, under the laws of a state or the United States;
(15)
Electronic funds transfer of governmental benefits for a federal, state, county, or governmental agency by a contractor on behalf of the United States or a department, agency, or instrumentality thereof, or on behalf of a state or governmental subdivision, agency, or instrumentality thereof;
(16)
A board of trade designated as a contract market under the federal Commodity Exchange Act,
7 U.S.C. Section 1
, or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for such a board; or
(17)
A person expressly appointed as a third-party service provider to or agent of an entity exempt under paragraphs (1) and (14) of this Code section, solely to the extent that:
(A)
Such service provider or agent is engaging in money transmission on behalf of and pursuant to a written agreement with the exempt entity that sets forth the specific functions that the service provider or agent is to perform; and
(B)
The exempt entity assumes all risk of loss and all legal responsibility for satisfying the outstanding money transmission obligations owed to purchasers and holders of the outstanding money transmission obligations upon receipt of the payment instrument holder's money or monetary value by the service provider or agent.
Amended by 2023 Ga. Laws 353,§ 7, eff. 7/1/2023.
Amended by 2023 Ga. Laws 348,§ 20, eff. 7/1/2023.
Amended by 2022 Ga. Laws 782,§ 7, eff. 5/2/2022.
Amended by 2021 Ga. Laws 174,§ 35, eff. 7/1/2021.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Amended by 2019 Ga. Laws 270,§ 27, eff. 7/1/2019.
Added by 2014 Ga. Laws 532,§ 1, eff. 7/1/2014.