reglab/statecodes huggingface dataset:
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-1 - DISCLOSURES, LOCATIONS, AUTHORIZED AGENTS, AND CUSTOMER INFORMATION › Rule 80-3-1-.07 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. §
											7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-1 - DISCLOSURES, LOCATIONS, AUTHORIZED AGENTS, AND CUSTOMER INFORMATION › Rule 80-3-1-.08 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. §
											7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-1 - DISCLOSURES, LOCATIONS, AUTHORIZED AGENTS, AND CUSTOMER INFORMATION › Rule 80-3-1-.09 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. §
											7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-1 - DISCLOSURES, LOCATIONS, AUTHORIZED AGENTS, AND CUSTOMER INFORMATION › Rule 80-3-1-.10 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. §
											7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-2 - FINANCIAL CONDITION, REPORTING, AND CONTROL › Rule 80-3-2-.01 - Reports of Condition

Current through Rules and Regulations filed through June 27, 2024
Licensees are required to prepare and submit various reports of condition.
(1) Each licensee shall have an audit of its books and records performed at least annually by independent public accountants in accordance with generally accepted auditing standards. Audits will be submitted to the Department via NMLS within ninety (90) days of the end of each fiscal year.
(2) Each licensee shall submit to the Department, through NMLS, a Money Services Businesses ("MSB") Call Report on a quarterly basis in a form and manner prescribed by the Department, no later than forty-five (45) days after the end of each calendar quarter.
(3) Each licensee shall file, no later than August 14th of each year, an activity statement in a form and manner prescribed by the Department, which shall include, but not be limited to, the average daily money transmission liability in Georgia during the second calendar quarter. Licensees submitting an activity statement to the Department are certifying to the material accuracy and validity of the information as submitted.
O.G.G.A. §§
											7-1-61, 7-1-684.1, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-2 - FINANCIAL CONDITION, REPORTING, AND CONTROL › Rule 80-3-2-.02 - Net Worth

Current through Rules and Regulations filed through June 27, 2024
(1) Every applicant for a license shall demonstrate to the Department that such applicant has sufficient financial resources in the form of working capital and tangible net worth to successfully engage in the business of money transmission. Sufficiency of financial resources shall be determined through financial analysis by the Department of pro-forma and historical financial information of the applicant, including, but not limited to, audited financial statements for the most recent fiscal year and the previous two years or, if determined to be acceptable by the Department for a more recently formed entity, certified unaudited financial statements for the most recent fiscal year or other relevant period. Each licensee shall be required to complete and attest to official questionnaires and statements of assets and liabilities when requested for examination purposes.
(2) An applicant or licensee that is unable to meet the minimum tangible net worth requirement set forth in O.C.G.A. §
									7-1-683.2 may submit to the Department a written request for a waiver in a form and manner prescribed by the Department. The request should provide information pertinent to the request, including but not limited to the applicant or licensee's financial condition, the extent to which a waiver is requested, and the specific reasons for the request. The Department shall take into consideration competitive, financial, managerial, compliance, and other concerns in evaluating any waiver request. The Department is authorized to impose conditions on the grant of any request for a waiver. Such written request shall be submitted to the Department via NMLS. Such written request shall be uploaded as a state-specific document under the document type "Additional Requirements." The file name shall begin with "Georgia Tangible Net Worth Waiver Request" but may contain additional words at the option of the licensee.
O.G.G.A. §§
											7-1-61, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-2 - FINANCIAL CONDITION, REPORTING, AND CONTROL › Rule 80-3-2-.03 - Surety Bond

Current through Rules and Regulations filed through June 27, 2024
If a licensee's average daily money transmission liability, as calculated by the licensee for each calendar quarter, exceeds the amount of the licensee's surety bond by more than ten percent (10%), the licensee must promptly, which in no event shall be later than twenty (20) days after such calculation, provide additional coverage to fully account for the increase in average daily money transmission liability pursuant to O.C.G.A. §
									7-1-683.2(b)(2). However, notwithstanding the above, the amount of the surety bond required by O.C.G.A. §
									7-1-683.2(b)(2)  shall not be required to exceed $2,000,000.00.
O.G.G.A. §§
											7-1-61, 7-1-683.2, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-2 - FINANCIAL CONDITION, REPORTING, AND CONTROL › Rule 80-3-2-.04 - Change in Control

Current through Rules and Regulations filed through June 27, 2024
(1) A licensee shall submit an application in the form and in a manner prescribed by the Department seeking approval for any proposed change in ultimate equitable ownership through acquisition or other change in control or change in executive officer resulting from such proposed change in ownership or change in control of the licensee as required by O.C.G.A. §
									7-1-688 at least thirty (30) days prior to the proposed change.
(2) A licensee acquiring another licensee under the provisions of O.C.G.A. §
									7-1-688(d)(2)  shall provide the written notice required by such statute at least thirty (30) days prior to such proposed acquisition.
O.C.G.A. §§
											7-1-61, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-2 - FINANCIAL CONDITION, REPORTING, AND CONTROL › Rule 80-3-2-.05 - Notice of Change in Executive Officer

Current through Rules and Regulations filed through June 27, 2024
The notice of change in executive officer required by O.C.G.A. §
									7-1-687(e)  shall be timely furnished to the Department through the Nationwide Multistate Licensing System and Registry ("NMLSR"). Supporting documentation for the notice demonstrating whether the executive officer meets the requirements of O.C.G.A. §§
									7-1-684 and 7-1-687 shall be submitted via NMLSR within thirty (30) days of the effective date of the change in executive officer. Such documentation shall include, but is not limited to, a background check, credit history, responses to disclosure questions, and additional information that may be requested by the Department. If the notice is not disapproved by the Department within ninety (90) days after the date on which the supporting documentation was determined to be complete, the notice is deemed approved.
O.C.G.A. §§
											7-1-61, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-2 - FINANCIAL CONDITION, REPORTING, AND CONTROL › Rule 80-3-2-.06 - Passive Investor

Current through Rules and Regulations filed through June 27, 2024
(1) Each applicant or licensee who has an owner or potential owner who claims to satisfy the passive investor definition in O.C.G.A. §
									7-1-680 shall provide to the Department the following documentation at the time of initial license application or at least thirty (30) days prior to the proposed acquisition by such person:
(a) a document in a form and manner prescribed by the Department in which the purported passive investor, or individual in control of such person if an entity, attests to meeting the criteria for a passive investor; or,
(b) a written agreement signed by both the applicant or licensee and the purported passive investor, or individual in control of such person if an entity, in which such person commits to meeting the criteria for a passive investor.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-2 - FINANCIAL CONDITION, REPORTING, AND CONTROL › Rule 80-3-2-.07 - Permissible Investments

Current through Rules and Regulations filed through June 27, 2024
(1) The following investments are permissible to satisfy the requirements of O.C.G.A. §
									7-1-683.2(c):
(a) Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers in a federally insured depository financial institution, and the following cash equivalents: Automated Clearing House ("ACH") items in transit to the licensee and ACH items or international wires in transit to a payee, cash in transit via armored car, cash in smart safes, cash in licensee-owned locations under appropriate controls, debit card or credit card-funded transmission receivables owed by any federally insured depository financial institution, or money market mutual funds rated "AAA" by S&P Global Ratings ("S&P"), or the equivalent from any eligible rating service.
(b) Certificates of deposit or senior debt obligations of a financial institution whose deposits are federally insured.
(c) An obligation of the United States or a commission, agency, or instrumentality thereof; an obligation that is guaranteed fully as to principal and interest by the United States; or an obligation of a state or a governmental subdivision, agency, or instrumentality;
(d) One hundred percent of the surety bond provided for in O.C.G.A. §
										7-1-683.2(b) that exceeds the amount required by the Department.
(e) Receivables that are payable to a licensee from its authorized agents in the ordinary course of business that are less than seven days old, up to 50% of the aggregate value of the licensee's total permissible investments, with not more than 10% of the aggregate value of the licensee's total permissible investments consisting of receivables from a single authorized agent; and,
(f) The following investments are permissible up to 20% per category and combined up to 50% of the aggregate value of the licensee's total permissible investments:
(i) A short-term investment of up to six months bearing an eligible rating;
(ii) Commercial paper bearing an eligible rating;
(iii) A bill, note, bond, or debenture bearing an eligible rating;
(iv) United States tri-party repurchase agreements collateralized at 100% or more with U.S. government or agency securities, municipal bonds, or other securities bearing an eligible rating;
(v) Money market mutual funds rated less than "AAA" and equal to or higher than "A-" by S&P, or the equivalent from any other eligible rating service; and,
(vi) A mutual fund or other investment fund composed solely and exclusively of one or more permissible investments listed in subsections (a), (b), and (c) above.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-3 - BOOKS AND RECORDS › Rule 80-3-3-.01 - Minimum Books and Records

Current through Rules and Regulations filed through June 27, 2024
(1) Each licensee shall make, keep, and preserve the following books, accounts, and other records:
(a) A record of each payment instrument sold;
(b) A general ledger which shall be posted at least monthly containing all assets, liabilities, capital, and income and expense accounts;
(c) Settlement sheets received from authorized agents;
(d) Bank statements and bank reconciliation records;
(e) Records of outstanding payment instruments;
(f) Records of each payment instrument paid;
(g) A list of the names and addresses of all of the licensee's authorized agents;
(h) A copy of all currency transaction reports and suspicious activity reports that are required by law to be filed by the licensee and the related work papers;
(i) Records of all money transmissions sent or received as well as all outstanding money transmissions;
(j) Supporting documentation for all reports required to be prepared or filed with the Department or the Nationwide Multistate Licensing System and Registry;
(k) Information security program materials maintained by the licensee in accordance with 16 C.F.R. Part 314, ("the Safeguards Rule") and Rule  80-3-1-.05, including, but not limited to, any risk assessment and incident response plan; and
(l) Records of written requests for and issuance of refunds.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-3 - BOOKS AND RECORDS › Rule 80-3-3-.02 - Examinations

Current through Rules and Regulations filed through June 27, 2024
Each licensee shall maintain a principal location at which its books and records are maintained and which is accessible to the Department for examination during normal business hours. Records required to be maintained under this rule may be maintained in a photographic, electronic, or other similar format at a central location within or outside the State of Georgia provided specific records can be transmitted to a location designated by the Department within ten (10) days of the Department's request. The Department may examine any person that purports to satisfy the exemption from licensure set forth in O.C.G.A. §
									7-1-682 to verify that the person qualifies for the exemption from licensure. A licensee that refuses to permit an investigation or examination of books, accounts and records (after a reasonable request by the Department), that withholds material information, or makes a misrepresentation shall have its license revoked.
O.C.G.A. §§
											7-1-61, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-5 - LICENSING › Rule 80-3-5-.01 - Verification of Lawful Presence Citizenship Affidavit

Current through Rules and Regulations filed through June 27, 2024
(1) Pursuant to O.C.G.A. §
									50-36-1, the Department is required to obtain an affidavit verifying the lawful presence of every natural person that submits an application for a license as a money transmitter on behalf of an individual, business, corporation, partnership, limited liability company, or any other business entity. For businesses, corporations, partnerships, limited liability companies, and other business entities (collectively "company applicant"), only an owner or executive officer that is authorized to act on behalf of the company applicant is authorized to submit the required signed and sworn affidavit.
(2) In the event the individual that executed the lawful presence affidavit on behalf of the company applicant is no longer an owner or executive officer of the licensee, the licensee must notify the Department within ten (10) business days following the date of the occurrence and provide the Department with an affidavit from a current owner or executive officer verifying his or her lawful presence on behalf of the licensee. The failure to disclose within ten (10) business days that the owner or executive officer that executed the lawful presence affidavit is no longer in that position with the licensee or to timely submit a new affidavit from a current owner or executive officer may subject the license to revocation, suspension, and other administrative action.
O.C.G.A. §§
											7-1-61, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-5 - LICENSING › Rule 80-3-5-.02 - Nationwide Multistate Licensing System and Registry

Current through Rules and Regulations filed through June 27, 2024
(1) License issuance and renewals.
(a) All applications for new or renewal licenses must be made through the Nationwide Multistate Licensing System and Registry ("NMLSR") unless otherwise expressly exempted from this requirement by the Department in writing. Fees for new applications include an initial Department investigation fee and the appropriate application fee. Applications for new licenses which are approved between November 1 and December 31 in any year will not be required to file a renewal application for the next calendar year. All fees are non-refundable.
(b) All licenses issued shall expire on December 31 of each year, and an application for renewal shall be made annually between November 1 and December 31 each year. Subsequent renewal applications and/or license fees must be received on or before December 1 of each year or the renewal applicant will be assessed a late fee as set forth in Rule  80-5-1-.02. A renewal application is not deemed received until all required information and corresponding fees have been provided by the licensee. A proper renewal application not received on or before the December 1 renewal application deadline of each year cannot be assured of issuance or renewal prior to January 1, at which time the license will expire. Unless a proper renewal application has been received any license which is not renewed on or before December 31 will require the renewal applicant to file a reinstatement application in order to conduct business as a money transmitter in the State after that date.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-5 - LICENSING › Rule 80-3-5-.03 - International Investigative Background Report

Current through Rules and Regulations filed through June 27, 2024
Upon request by the Department, the international investigative background report authorized by O.C.G.A. §
									7-1-689(f)(1)(C)  shall be provided by any individual who has resided outside the United States at any time within ten (10) years prior to applying for a licensee or occupying any role in connection with an applicant, licensee, or authorized agent requiring approval or subject to disapproval by the Department. Such report shall be prepared by an independent search firm that has demonstrated that it has sufficient knowledge and resources, employs accepted and reasonable research methodologies, and is not affiliated with and does not have an interest in the individual it is investigating. Such report shall include the following information, presented in English:
(a) Comprehensive credit history report, or any equivalent information obtained or generated by the independent search firm to accomplish such report, including a search of court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual has resided and worked to the extent such information is available in any jurisdiction where the individual has resided within the past ten (10) years;
(b) Criminal record information outside of the United States, including, but not limited to, felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual has resided and worked;
(c) Employment history;
(d) Media history, including an electronic search of national and local publications, wire services, and business applications; and,
(e) Financial services-related regulatory history, including but not limited to, money transmission, sale of payment instruments, securities, banking, insurance, and mortgage-related industries.
O.C.G.A. §§
											7-1-61, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-5 - LICENSING › Rule 80-3-5-.04 - Employee Background Checks; Covered Employees

Current through Rules and Regulations filed through June 27, 2024
(1) As required by O.C.G.A. §
									7-1-684(f), applicants and licensees must have commercial background checks performed on all covered employees, as defined in O.C.G.A. §
									7-1-680(7). Background checks on all covered employees must be completed and found satisfactory by an applicant prior to the issuance of a license or by a licensee prior to the initial date of hire of such covered employee. In the event the job responsibilities of an employee change so that the employee satisfies the covered employee definition in O.C.G.A. §
									7-1-680(7), the required background check must be completed and found satisfactory prior to the change in job responsibilities.
(2) Pursuant to O.C.G.A. §
									7-1-684(f), applicants and licensees shall conduct criminal background checks by utilizing a commercial entity. The commercial entity shall be in the business of conducting criminal background checks. The criminal background checks conducted by the commercial entity must not have any time period limitations, geographic limitations, or restrictions in the search criteria, unless the time period limitation, geographic limitation, or other restriction on the background checks is required by applicable federal or state law. Any fees charged by the commercial entity for processing background checks must be paid by the applicant or licensee.
(3) Licensees may coordinate, via contract or otherwise, with authorized agents to obtain any required criminal background checks for covered employees employed by authorized agents. However, notwithstanding this coordination between the licensee and the authorized agent, the licensee remains responsible for compliance with O.C.G.A. §
									7-1-684(f).
O.C.G.A. §§
											7-1-61, 7-1-684, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-5 - LICENSING › Rule 80-3-5-.05 - Transition Period

Current through Rules and Regulations filed through June 27, 2024
Money transmitters licensed as of July 1, 2023, shall be afforded a transition period through December 31, 2024, to demonstrate compliance with the following requirements:
(a) The content of written agreements between licensees and their authorized agents, including both new and continuing authorized agents, as required by  80-3-1-.03(1)(a) through (c).
(b) For any person previously approved as a seller of payment instruments licensee that is deemed to be a money transmitter licensee as of July 1, 2023, the license type indicated in any document produced or used by the licensee, including but not limited to the license posted in a physical location in this state where money transmission is conducted, and written agreements between the licensee and its authorized agents.
(c) The minimum tangible net worth required by O.C.G.A. §
									7-1-683.2(a) or submission of a request for a waiver of the requirement pursuant to O.C.G.A. §
									7-1-683.2(a) and Rule  80-3-2-.02.
O.C.G.A. §§
											7-1-61, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-6 - COMPLIANCE WITH FEDERAL REQUIREMENTS › Rule 80-3-6-.01 - Money Service Businesses: Compliance with Federal Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) For the purposes of this Rule, Money Service Businesses ("MSBs") refer to a class of non-bank financial institutions defined in the Currency and Foreign Transactions Reporting Act of 1970 and its related regulations, including those set forth at 31 CFR Chapter X (together, the "Bank Secrecy Act"), which Act requires such non-bank financial institutions to register with the Financial Crimes Enforcement Network, United States Department of the Treasury and to comply with other recordkeeping and compliance laws.
(2) A licensee under Article 4 of Chapter 1 of Title 7 that satisfies the definition of an MSB under the Bank Secrecy Act, shall comply with the federal registration requirements for such businesses and shall provide the Department with evidence of such registration.
(3) All licensees under Article 4 of Chapter 1 of Title 7 must have a compliance program and must comply with the recordkeeping requirements, currency transaction reporting, and suspicious activity reporting set forth in the Bank Secrecy Act provided the licensees are required to do so under the Bank Secrecy Act. Other recordkeeping requirements required by state law are provided for in Rules  80-3-3-.01  and  80-3-3-.02. Licensees may consult
https://www.fincen.gov/resources/financial-institutions/money-services-businesses
for questions about the federal requirements.
O.C.G.A. §§
											7-1-61, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-6 - COMPLIANCE WITH FEDERAL REQUIREMENTS › Rule 80-3-6-.02 - Reports of Large Currency Transactions, Recordkeeping, and Suspicious Activity Reporting Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) Persons engaged in the business of transmitting money and authorized agents of money transmitters shall be subject to the filing requirements for large currency transactions as prescribed in Article 11 of Chapter 1 of Title 7, and as further directed herein.
(2) The reporting requirements contained in Article 11 of Chapter 1 of Title 7 shall be met by filing with the appropriate federal agency a copy of the form(s) filed in compliance with the Currency and Foreign Transactions Reporting Act of 1970 and its related regulations, including those set forth at 31 CFR Chapter X (together, the "Bank Secrecy Act") within the time limits set forth therein. Such forms shall include the filing of currency transaction reports and suspicious activity reports as described in the Bank Secrecy Act and accompanying regulations.
(3) Recordkeeping. Georgia law regarding such recordkeeping for money transmitters shall be satisfied by compliance with all applicable federal law. Such federal law includes, but is not limited to, the Bank Secrecy Act.
(4) Records required to be maintained under Paragraph (3) of this rule may be maintained in a photographic, electronic, or other similar form at a central location within or outside the State of Georgia provided specific records can be transmitted to a location designated by the Department within ten (10) days of the date of the Department's request.
(5) Currency transaction reporting requirements for financial institutions are contained in Chapter 80-9-1 of the Department's regulations.
O.C.G.A. §§
											7-1-61, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-6 - COMPLIANCE WITH FEDERAL REQUIREMENTS › Rule 80-3-6-.03 - Reports of Apparent Criminal Irregularity by Licensees and Authorized Agents

Current through Rules and Regulations filed through June 27, 2024
(1) Licensees shall file with the Department the name, location, and federal tax identification number of any authorized agent within this state who has failed to remit to the licensee the proceeds received from licensee's money transmission activities in accordance with the terms of the contract between the licensee and the authorized agent or whose authorized agency status has been revoked, suspended, terminated, cancelled, or voluntarily closed due to an outstanding liability due to the licensee. The report shall state the aggregate amount of unremitted money transmission proceeds due to the licensee and any provisions which have been made to recover same.
(2) Structuring to avoid reporting.
(a) Unless otherwise reporting to the appropriate federal agency under Rule  80-3-6-.02(2), money transmitters and authorized agents of money transmitters shall report to the Department any instance involving such money transmission where there is reasonable cause to believe that its customer has, for the purpose of evading the reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970 and its related regulations, including those set forth at 31 CFR Chapter X (together, the "Bank Secrecy Act") or Article 11 of Chapter 1 of Title 7:
1. Caused or attempted to cause a currency transaction report required under Article 11 of Chapter 1 of Title 7 or the Bank Secrecy Act not to be filed;
2. Caused or attempted to cause a currency transaction report required under Article 11 of Title 7 or the Bank Secrecy Act to be filed containing a material omission or misstatement as defined in O.C.G.A. §
											7-1-912;
3. Completed a structuring (as defined in O.C.G.A. §
											7-1-912), assisted in structuring, attempted a structuring, or attempted to assist in structuring any currency transaction.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-3 - MONEY TRANSMISSION › Subject 80-3-6 - COMPLIANCE WITH FEDERAL REQUIREMENTS › Rule 80-3-6-.04 - State Requirements for Financial Institutions

Current through Rules and Regulations filed through June 27, 2024
(1) A financial institution required to report any currency transaction in excess of ten thousand dollars ($10,000), including a transaction in excess of one hundred thousand dollars ($100,000), may satisfy state currency transaction filing and reporting requirements by filing a timely report (FinCEN Form 104) with the federal authority designated in the Currency and Foreign Transaction Reporting Act of 1970 ("Bank Secrecy Act").
(2) Banks and credit unions are required to follow federal guidelines and requirements for detecting abuses or the structuring of transactions designed to avoid Bank Secrecy Act reporting.
O.C.G.A. §§
											7-1-61, 7-1-690.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.02 - Money Service Businesses: Compliance with Federal Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) For the purposes of this Rule, Money Service Businesses ("MSBs") refer to a class of non-bank financial institutions defined in the Currency and Foreign Transactions Reporting Act of 1970 and its related regulations, including those set forth at 31 CFR Chapter X (together, the "Bank Secrecy Act"), which Act requires such non-bank financial institutions to register with the Financial Crimes Enforcement Network, United States Department of the Treasury and to comply with other recordkeeping and compliance laws.
(2) A licensee under Article 4A of Chapter 1 of Title 7 that satisfies the definition of an MSB under the Bank Secrecy Act, shall comply with the federal registration requirements for such businesses and shall provide the Department with evidence of such registration.
(3) All licensees under Article 4A of Chapter 1 of Title 7 must have a compliance program and must comply with the recordkeeping requirements, currency transaction reporting, and suspicious activity reporting set forth in the Bank Secrecy Act provided the licensees are required to do so under the Bank Secrecy Act. Other recordkeeping requirements required by state law are provided for in Rule  80-4-1-.01(5). Licensees may consult
https://www.fincen.gov/resources/financial-institutions/money-services-businesses
for questions about the federal requirements.
O.C.G.A. §§
											7-1-61, 7-1-706.1.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.03 - Reports of Large Currency Transactions, Record-Keeping, and Suspicious Activity Reporting Requirements for Check Cashers

Current through Rules and Regulations filed through June 27, 2024
(1) Persons engaged in the business of cashing payment instruments shall be subject to the filing requirements for large currency transactions as prescribed in Article 11 of Chapter 1 of Title 7, and as further directed herein.
(2) The reporting requirements contained in Article 11 of Chapter 1 of Title 7 shall be met by filing with the appropriate federal agency a copy of the form(s) filed in compliance with the Currency and Foreign Transactions Reporting Act of 1970 and its related regulations, including those set forth at 31 CFR Chapter X (together, the "Bank Secrecy Act") within the time limits set forth therein. Such forms shall include the filing of currency transaction reports and suspicious activity reports as described in the Bank Secrecy Act and accompanying regulations.
(3) Recordkeeping. Georgia law regarding such recordkeeping for check cashers shall be satisfied by compliance with all applicable federal law. Such federal law includes, but is not limited to, the Bank Secrecy Act. A licensed check casher that does not satisfy the definition of a check casher under the Bank Secrecy Act shall comply with the state recordkeeping requirements at Rule  80-4-1-.01(5).
(4) Records required to be maintained under Paragraph (3) of this rule may be maintained in a photographic, electronic, or other similar form at a central location within or outside the State of Georgia provided specific records can be transmitted to a location designated by the Department within ten (10) days of the date of the Department's request.
(5) Currency transaction reporting requirements for financial institutions are contained in Chapter 80-9-1 of the Department's regulations.
O.C.G.A. §§
											7-1-61, 7-1-706.1.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.04 - Reports of Apparent Criminal Irregularity by Check Cashers

Current through Rules and Regulations filed through June 27, 2024
(1) Structuring to avoid reporting. Unless otherwise reporting to the appropriate federal agency under Paragraph (2) of Rule  80-4-1-.03, every check casher and other persons who cash payment instruments for a fee shall report to the Department any instance involving such cashing of payment instruments where there is reasonable cause to believe that its customer has, for the purpose of evading the reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970 and its related regulations, including those set forth at 31 CFR Chapter X (together, the "Bank Secrecy Act") or Article 11 of Chapter 1 of Title 7:
(a) Caused or attempted to cause a currency transaction report required under Article 11 of Chapter 1 of Title 7 or the Bank Secrecy Act not to be filed;
(b) Caused or attempted to cause a currency transaction report required under Article 11 of Title 7 or the Bank Secrecy Act to be filed containing a material omission or misstatement as defined in O.C.G.A. §
										7-1-912;
(c) Completed a structuring (as defined in O.C.G.A. §
										7-1-912), assisted in structuring, attempted a structuring, or attempted to assist in structuring any currency transaction.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.06 - Verification of Lawful Presence Citizenship Affidavit

Current through Rules and Regulations filed through June 27, 2024
(1) Pursuant to O.C.G.A. §
									50-36-1, the Department is required to obtain an affidavit verifying the lawful presence of every natural person that submits an application for a license as a check casher on behalf of an individual, business, corporation, partnership, limited liability company, or any other business entity. For businesses, corporations, partnerships, limited liability companies, and other business entities (collectively "company applicant"), only an owner or executive officer that is authorized to act on behalf of the company applicant is authorized to submit the required signed and sworn affidavit.
(2) In the event the individual that executed the lawful presence affidavit on behalf of the company applicant is no longer an owner or executive officer of the licensee, the licensee must notify the Department within ten (10) business days following the date of the occurrence and provide the Department with an affidavit from a current owner or executive officer verifying his or her lawful presence on behalf of the licensee. The failure to disclose within ten (10) business days that the owner or executive officer that executed the lawful presence affidavit is no longer in that position with the licensee or to timely submit a new affidavit from a current owner or executive officer may subject the license to revocation, suspension, and other administrative action.
O.C.G.A. §§
											7-1-61, 7-1-702.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.07 - Nationwide Multistate Licensing System and Registry

Current through Rules and Regulations filed through June 27, 2024
(1) License issuance and renewals.
(a) All applications for new or renewal licenses must be made through the Nationwide Multistate Licensing System and Registry ("NMLSR") unless otherwise expressly exempted from this requirement by the Department in writing. Fees for new applications include an initial Department investigation fee and the appropriate application fee. Applications for new licenses which are approved between November 1 and December 31 in any year will not be required to file a renewal application for the next calendar year. All fees are non-refundable.
(b) All licenses issued shall expire on December 31 of each year, and an application for renewal shall be made annually between November 1 and December 31 each year. Subsequent renewal applications and/or license fees must be received on or before December 1 of each year or the renewal applicant will be assessed a late fee as set forth in Rule  80-5-1-.02. A renewal application is not deemed received until all required information and corresponding fees have been provided by the licensee. A proper renewal application not received on or before the December 1 renewal application deadline of each year cannot be assured of issuance or renewal prior to January 1, at which time the license will expire. Unless a proper renewal application has been received any license which is not renewed on or before December 31 will require the renewal applicant to file a reinstatement application in order to conduct business as a check casher in the State after that date.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.08 - Notice of Unauthorized Access to Personal Information

Current through Rules and Regulations filed through June 27, 2024
(1) In the event that a licensee provides notice under applicable federal or state law of an information security incident involving unauthorized access to personal information, then the licensee shall simultaneously provide a duplicate of such disclosure to the Department. For purposes of this rule, personal information is any record containing nonpublic personal information about a customer or potential customer whether in paper, electronic, or other form maintained by or on behalf of the licensee.
(2) Pursuant to O.C.G.A. §
									10-1-912, a business that satisfies the definition of an information broker is required to provide notice to Georgia residents in the event of a data breach that results in access or likely access to unencrypted personal information. In the event a licensee or an affiliate of a licensee is required to make such notification to Georgia residents, then a duplicate of the notification will simultaneously be submitted to the Department.
O.C.G.A. §§
											7-1-61, 7-1-706.1.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.09 - Information Security Safeguards for Consumer Financial Information

Current through Rules and Regulations filed through June 27, 2024
All licensees shall create and maintain an information security program to safeguard the nonpublic personal information of customers to the extent required by 16 C.F.R. Part 314 (the "Safeguards Rule"). As part of its regulatory oversight, the Department shall review, to the extent applicable, licensee's information security programs, risk assessments, incident response plans, and other required elements of the Safeguards Rule.
O.C.G.A. §§
											7-1-61, 7-1-706.1.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.10 - Employee Background Checks; Covered Employees

Current through Rules and Regulations filed through June 27, 2024
(1) As required by O.C.G.A. §
									7-1-703(f), applicants and licensees must have commercial background checks performed on all covered employees, as defined by O.C.G.A. §
									7-1-700(7). Background checks on all covered employees must be completed and found satisfactory by an applicant prior to the issuance of a license or by a licensee prior to the initial date of hire of such covered employee. In the event the job responsibilities of an employee change so that the employee satisfies the covered employee definition in O.C.G.A. §
									7-1-700(7), the required background check must be completed and found satisfactory prior to the change in job responsibilities.
(2) Pursuant to O.C.G.A. §
									7-1-703(f), applicants and licensees shall conduct criminal background checks by utilizing a commercial entity. The commercial entity shall be in the business of conducting criminal background checks. The criminal background checks conducted by the commercial entity must not have any time period limitations, geographic limitations, or restrictions in the search criteria, unless the time period limitation, geographic limitation, or other restriction on the background checks is required by applicable federal or state law. Any fees charged by the commercial entity for processing background checks must be paid by the applicant or licensee.
O.C.G.A. §§
											7-1-61, 7-1-703.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.11 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1974, pp. 705, 733, 945; O.C.G.A. §
										7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.12 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1974, pp. 705, 733, 945; O.C.G.A. §
										7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.13 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1974, pp. 705, 733, 945; O.C.G.A. §
										7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.14 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1974, pp. 705, 733, 945; O.C.G.A. §
										7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-4 - CHECK CASHERS › Subject 80-4-1 - CHECK CASHERS › Rule 80-4-1-.15 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1974, pp. 705, 733, 945; O.C.G.A. §
										7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-5 - FINANCIAL INSTITUTIONS › Subject 80-5-1 - SUPERVISION, EXAMINATION, REGISTRATION AND INVESTIGATION FEES ADMINISTRATIVE LATE FEES › Rule 80-5-1-.02 - License and Supervision Fees for Check Cashers, Money Transmitters, Representative Offices, Mortgage Lenders, Mortgage Brokers, Mortgage Loan Originators, and Installment Lenders; Due Dates

Current through Rules and Regulations filed through June 27, 2024
(1) Money transmitters.
(a) The annual license fee is one thousand nine hundred dollars ($1,900) for money transmitters.
(b) The annual renewal license fee is one thousand nine hundred dollars ($1,900) money transmitters and shall be due and must be received by the Department on or before the first day of December of each year. A licensee whose renewal application and annual license renewal fee is not received by the Department on or before December 1 may be assessed a late fine of three hundred dollars ($300) and cannot be assured of renewal of its license prior to January 1.
(c) An additional non-refundable application investigation fee of two hundred fifty dollars ($250) will be assessed.
(d) Applicants for Department approval of a change in ownership, change in control, or change in executive officer as set forth in O.C.G.A. §
										7-1-688, shall pay a nonrefundable investigation, application, and processing fee of five hundred dollars ($500).