reglab/statecodes huggingface dataset:
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-2 - APPLICATION PROCESS › Rule 80-12-2-.03 - MALPB Applications

Current through Rules and Regulations filed through June 27, 2024
(1) Prior to submitting an MALPB charter application, an organizing group must schedule an initial meeting with the Department to discuss the charter proposal and the chartering process, at which time an application form and package will be distributed.
(2) The requirements for an MALPB charter application submission and documentation include, but are not limited to, the following items:
(a) A completed application form and package for chartering an MALPB;
(b) The applicant's articles of incorporation that satisfies the requirements of O.C.G.A. §
										7-9-5. The suffix "MALPB" must follow the legal name of the MALPB applicant and, in the event a charter is issued, the suffix "MALPB" must be at all times utilized in the legal name of the MALPB;
(c) After receipt of the completed application form and package, any additional information requested by the Department in order to fully evaluate the application for a charter;
(d) A certificate from the Secretary of State showing that the proposed name of the applicant has been reserved pursuant to O.C.G.A. §
										7-1-131. The name can be reserved by filing with the Department a form application to reserve a specified name. If the Department concludes that the use of a proposed name complies with O.C.G.A. §
										7-1-130, is consistent with the purposes of the Act, and is distinguishable upon the records of the Secretary of State from the name of any other corporation, it shall approve the name and notify the Secretary of State to issue such name reservation;
(e) All applicable fees established by the Department in Rule  80-12-12-.02  or set forth in the Applications Manual and the Statement of Policies of the Department to defray the expense of the investigation of the application. Such fees shall be remitted to the Department via certified check contemporaneously with the receipt of the application; and
(f) A copy of the application for Federal Deposit Insurance, if the applicant has filed such an application.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-2 - APPLICATION PROCESS › Rule 80-12-2-.04 - Receipt of MALPB Charter Application

Current through Rules and Regulations filed through June 27, 2024
(1) An MALPB charter application will not be deemed to have been received by the Department until such time as all required fees have been paid, all portions of the application form and package have been completed and filed to the satisfaction of the Department, and all required documents have been provided.
(2) If the Department determines that the application form and package have not been satisfactorily completed, then the Department shall provide the applicant with notice of this fact. If the Department notifies the applicant of any deficiencies in the application or requests any additional information to evaluate the application, the applicant must complete the application by curing the deficiencies or providing the requested information within thirty (30) days after receipt of such notification from the Department. If the applicant fails to address and/or cure the deficiencies or provide the requested information to the Department within the thirty (30) day period, the application shall be denied. However, prior to the expiration of the thirty (30) day period, an applicant can make a written request for an extension of time to cure the deficiencies or provide the information requested by the Department and it shall be in the Commissioner's sole discretion to approve, conditionally or otherwise, or deny the request for an extension of time.
(3) In order to properly evaluate an MALPB charter application, the Department may provide an applicant with multiple notices of deficiencies in the application or multiple requests for additional information.
(4) After the MALPB charter applicant pays all of the required fees, satisfactorily completes and files the application form and package, and provides all required documents, the Department will issue an official acceptance letter of the application. The issuance of the official acceptance letter shall not be construed as evidence that the application will be approved.
(5) Within ninety (90) days after mailing the official acceptance letter, the Department will approve, conditionally or otherwise, or disapprove the MALPB charter application.
O.C.G.A. §§
										7-9-3, 7-9-4, 7-9-6, 7-9-7, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-2 - APPLICATION PROCESS › Rule 80-12-2-.05 - Certification of Articles of Incorporation

Current through Rules and Regulations filed through June 27, 2024
(1) Upon receipt of all required fees, an application form and package, and the articles of incorporation, the Department will certify one copy of the articles of incorporation and return it to the applicant in order for the applicant to comply with the provisions of O.C.G.A. §
									7-9-5(c). The issuance of the certified articles of incorporation to the applicant shall not be construed as evidence that the application form and package has been completed to the satisfaction of the Department or that all required documentation has been provided to the Department to aid in its review of the MALPB charter application.
(2) The applicant shall provide the Department with an affidavit executed by the duly authorized agent or publisher of a newspaper attesting that the articles of incorporation or a summary statement was published once a week for two (2) consecutive weeks in the newspaper which is the official organ of the county where the applicant's main office is located.
O.C.G.A. §§
										7-9-3, 7-9-5, 7-9-8, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-2 - APPLICATION PROCESS › Rule 80-12-2-.06 - Notification of Filing

Current through Rules and Regulations filed through June 27, 2024
In addition to publishing the notice required by O.C.G.A. §
									7-9-5(c)  and Rule  80-12-2-.05, the applicant shall cause a notice, which notice must be approved by the Department, to be published informing any interested parties of the opportunity to provide written comments, whether favorable or unfavorable, to the Department regarding the MALPB charter application. The notice shall be published once a week for two (2) consecutive weeks in the newspaper which is the official organ of the county where the applicant's main office will be located as well as the newspaper of general circulation in the county where the applicant's main office will be located. The applicant shall provide the Department with an affidavit executed by the duly authorized agent or publisher of a newspaper attesting that the notice required by this rule was published in the newspapers once a week for two (2) consecutive weeks.
O.C.G.A. §§
										7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-2 - APPLICATION PROCESS › Rule 80-12-2-.07 - Public Comments

Current through Rules and Regulations filed through June 27, 2024
(1) Upon issuance of the official acceptance letter required by Rule  80-12-2-.04, the Department shall publish on its website that an MALPB charter application has been received and that the Department will accept comments on the application. Any party desiring to comment upon an MALPB charter application must submit such comment to the Department in writing within thirty (30) days of the Department posting notice of the MALPB charter application.
(2) All comments filed on a timely basis shall be reviewed and considered by the Department in evaluating the MALPB charter application. If the Commissioner in his discretion determines that additional information is required in order to fully evaluate the comment, the Commissioner can request additional written information from the party providing the comment, require that the applicant provide a written response to the comment, or request that either the party providing the comment, the applicant, or both provide an oral presentation addressing the comment. Nothing herein shall be construed as providing any party with the right to make an oral presentation to the Commissioner.
O.C.G.A. §§
										7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-2 - APPLICATION PROCESS › Rule 80-12-2-.08 - General Standards for Consideration of Applications

Current through Rules and Regulations filed through June 27, 2024
In evaluating the merits of an MALPB charter application, the Department shall consider, among other items: the financial history and condition of the applicant; adequacy of applicant capital, including, but not limited to, leverage capital ratio, PV capital, risk capital, and statutory capital; the capital maintenance guaranty; future earnings prospects for the applicant; character, capacity and ability of applicant management and principal shareholders; consistency of corporate powers; the existence and implementation of sound merchant approval processes and systems in order to closely monitor merchant activities; adequate number of knowledgeable staff, appropriate technology and information security systems, comprehensive and effective operating procedures, and effective contingency plans; sound internal control environment; formal reconciliation processes; adequacy of insurance coverage and letters of credit; robust risk management systems; adequate corporate governance structure; a structured compliance management program; whether there are sizable off-balance sheet or funding risks, chargeback risks, fraud risks, operational risks, technology or information security risks, compliance risks, or significant risks from concentrations of credit or nontraditional activities; the financial history and condition of the holding company; the adequacy of the holding company's capital; future earnings prospects for the holding company; character, capacity and ability of holding company management and principal shareholders; the activities of the holding company and MALPB affiliates; and the applicant's proposed relationship with eligible organizations and support organizations. Additional information regarding the Department's evaluations may be set forth in greater detail in the Department's Applications Manual or Statement of Policies or in the instructions accompanying the application.
O.C.G.A. §§
										7-9-3, 7-9-7, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-2 - APPLICATION PROCESS › Rule 80-12-2-.09 - Special Examiners Assisting in Application Process

Current through Rules and Regulations filed through June 27, 2024
(1) To aid it in evaluating an MALPB charter application, the Department, after consulting with the applicant, may determine that it needs to retain a third-party expert, to assist with the review and analysis of the charter application. The third-party expert will analyze the data or information requested by the Department and provide the results to the Department. Any fees or costs associated with a third-party expert retained to aid the Department with the review and analysis of the application will be paid by the MALPB charter applicant. The general provisions that must be contained in the third-party expert agreement are set forth in Rule  80-12-6-.04.
(2) An MALPB charter applicant is required to cooperate with and provide all information and documentation requested by a third-party expert retained to assist the Department with the review and analysis of the charter application. The failure to cooperate with the third-party expert will result in the denial of an application.
O.C.G.A. §§
										7-1-66, 7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-2 - APPLICATION PROCESS › Rule 80-12-2-.10 - Approval of Executive Officers, Directors, Principal Shareholders, and Control Persons of MALPB Applicant and Proposed Holding Company of Applicant

Current through Rules and Regulations filed through June 27, 2024
(1) As part of the MALPB charter application process, the Department must approve the ownership and/or control of the applicant and the character and fitness of the directors and proposed executive officers, which includes, but is not limited to, the required positions of chief executive officer, chief information officer, and chief risk officer of the applicant. In order to make these determinations, the executive officers, directors, principal shareholders, and control persons of the MALPB will provide the Department any information or documents requested by the Department including, but not limited to: an independent credit report obtained from a consumer reporting agency described in section 603(p) of the Fair Credit Reporting Act, 15 U.S.C. Section 1681 a(f); fingerprint cards for submission to the Federal Bureau of Investigation, the Georgia Crime Information Center, and/or any other government agency or entity authorized to receive such information in order to perform a state, national, and international criminal history background check along with the applicable fees and any other required information in order that the Department may submit the fingerprints; personal financial statements; and filed state, federal, and, if applicable, international income tax returns, including any amendments, for the previous two completed taxable years.
(2) As part of the MALPB charter application process, the Department must approve the ownership and/or control of the holding company and the character and fitness of the directors and proposed executive officers of the holding company. In order to make these determinations, the principal shareholders, executive officers, directors, and control persons of the MALPB's holding company, if any, will provide the Department any information or documents requested by the Department including, but not limited to, an independent credit report obtained from a consumer reporting agency described in section 603(p) of the Fair Credit Reporting Act, 15 U.S.C. Section 1681 a(f).
(3) The requirements of Paragraph 2 of this Rule shall not apply to the principal shareholders, executive officers, directors, and control persons of a holding company that is a public company.
Authority O.C.G.A. §§
										7-9-3, 7-9-6, 7-9-7, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-2 - APPLICATION PROCESS › Rule 80-12-2-.11 - Approval or Denial of Application

Current through Rules and Regulations filed through June 27, 2024
(1) The determination to grant, conditionally or otherwise, or deny any application shall be in the sole discretion of the Department and such determination shall be a final action of the Department. The Department may impose conditions on any approval, including, but not limited to, conditions designed to address competitive, financial, managerial, safety and soundness, compliance and other concerns. Any conditions related to the approval of an application by the Department may be imposed on the MALPB, the holding company, and the MALPB's affiliates. If the Department disapproves an application for an MALPB charter, the Department shall notify the applicant of its denial and state generally the unfavorable factors influencing its decision. In the event the Department denies an application for an MALPB charter, the denial shall be without prejudice to the applicant to submit a new application at any time following the denial.
(2) The Department may nullify a decision on any application if: the Department becomes aware of any material misrepresentation or omission by the applicant; the Department becomes aware that circumstances are substantially different from those upon which the decision was based; the decision is contrary to law, regulation, or Department policy; or the decision was granted due to clerical or administrative error or was based on a material mistake of law or fact.
O.C.G.A. §§
										7-9-3, 7-9-7, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-3 - IN ORGANIZATION PERIOD › Rule 80-12-3-.01 - Requirement to Begin Business

Current through Rules and Regulations filed through June 27, 2024
If an application is approved and a charter is issued, then, within one (1) year after the issuance of the charter, the MALPB must be operating in this State with the number of resident employees required by Rule  80-12-4-.04  that are devoted to performing merchant acquiring activities for the MALPB. If the MALPB fails to begin operations within one (1) year after the date of issuance of the charter, the MALPB charter shall expire and a new application will be required for the issuance of a new charter. Prior to the expiration of the one (1) year period, the MALPB can make a written request for an extension of time to begin operations and it shall be in the Commissioner's sole discretion to approve or deny the request for an extension of time. However, notwithstanding the above, under no circumstances will the Department grant an extension of time if the MALPB does not have the minimum number of resident employees required by Rule  80-12-4-.04  within one (1) year after the issuance of the charter.
O.C.G.A. §§
										7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-3 - IN ORGANIZATION PERIOD › Rule 80-12-3-.02 - Notification Requirements Prior to Operation

Current through Rules and Regulations filed through June 27, 2024
(1) After approval of a charter, but prior to engaging in any merchant acquiring activities, as set forth in Rule  80-12-4-.01, an MALPB shall, in addition to the requirements in O.C.G.A. §
									7-9-9, provide the Department with: written notification of any material changes to any of the representations made in the approved application or supporting documentation; copies of the agreements in place with various payment card networks; a compliant receivership letter of credit and, if applicable, a compliant capital letter of credit; and a copy of the certificate of insurance or similar documentation establishing the existence of fidelity insurance coverage and data breach coverage as required by Rules  80-12-7-.03  and  80-12-7-.04.
(2) The MALPB shall provide the Department with written notice of the date it intends to begin engaging in merchant acquiring activities. This notice shall be provided to the Department no later than ten (10) business days prior to the proposed beginning date for operations. In addition, the MALPB shall also provide the Department with written notice when it begins engaging in merchant acquiring activities. This notice shall be provided to the Department on the date operations have begun.
O.C.G.A. §§
										7-9-3, 7-9-9, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-4 - OPERATIONS OF MALPB › Rule 80-12-4-.02 - Self-Acquiring Activities

Current through Rules and Regulations filed through June 27, 2024
(1) An MALPB is prohibited from engaging in self-acquiring activities as defined by O.C.G.A. §
									7-9-2. An MALPB performing authorized merchant acquiring activities shall not be deemed to be engaged in self-acquiring activities merely because it imposes fees or other charges to merchants related solely to the performance of authorized merchant acquiring activities.
(2) No merchant shall exercise control over an MALPB, the holding company of an MALPB, or the affiliate of an MALPB. For purposes of this rule, a merchant has control over an MALPB, an MALPB holding company, or an affiliate of an MALPB if the Department determines: the merchant directly or indirectly or acting through one (1) or more other persons owns, controls, or has the power to vote five (5) percent or more of any class of voting securities of the MALPB, holding company, or affiliate; the merchant controls in any manner the election of a majority of the directors or trustees of the MALPB, holding company, or affiliate; or the merchant exercises a controlling influence over the management or policies of the MALPB, holding company, or affiliate.
O.C.G.A. §§
										7-9-2, 7-9-3, 7-9-12, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-4 - OPERATIONS OF MALPB › Rule 80-12-4-.03 - Deposits

Current through Rules and Regulations filed through June 27, 2024
The MALPB may only accept or hold deposits permitted under O.C.G.A. §
									7-9-12 from a corporation that owns the majority of the shares of the MALPB and the corporation will be precluded from withdrawing its deposits by check or similar means for payment to third parties or to others. The MALPB can only take authorized deposits at its main office. Notwithstanding any provision in the Department's rules to the contrary, the records regarding the corporation's deposit account shall be maintained at the MALPB's main office.
O.C.G.A. §§
										7-9-3, 7-9-12, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-4 - OPERATIONS OF MALPB › Rule 80-12-4-.04 - Minimum Number of MALPB Employees that Reside in Georgia

Current through Rules and Regulations filed through June 27, 2024
(1) Within one year of the Department approving a charter, the MALPB shall have, and must continuously employ, at least fifty (50) employees that reside in this State and are devoted to performing merchant acquiring activities for the MALPB. The MALPB must immediately notify the Department in writing when it has satisfied this requirement. The MALPB must also immediately notify the Department in writing if it has failed to employ at least fifty (50) employees that reside in this State and are devoted to performing merchant acquiring activities for the MALPB within one year of obtaining the charter or if the number of individuals that reside in this State and are devoted to performing merchant acquiring activities for the MALPB falls below fifty (50) employees at any time thereafter.
(2) If an MALPB contracts with an eligible organization that is an affiliate of the MALPB, then the employees of the eligible organization or its parent, affiliates, or subsidiaries that reside in this State and are devoted to performing merchant acquiring activities shall be considered employees of the MALPB for purposes of determining compliance with this rule.
(3) If an MALPB contracts with an eligible organization that is not an affiliate of the MALPB, the Commissioner has the discretion to determine the minimum number of employees that must continuously reside in this State in order to assure the continued and substantive presence of the MALPB in this State for the purpose of conducting its corporate affairs and operations. However, under no circumstances, shall the combined number of employees of the eligible organization and the MALPB that reside in the State and are devoted to performing merchant acquiring be less than fifty (50) employees. Further, under no circumstances, shall the eligible organization, its parent, affiliates, or subsidiaries, employ less than two hundred fifty (250) individuals residing in Georgia who are directly or indirectly engaged in merchant acquiring or settlement activities.
O.C.G.A. §§
										7-9-2, 7-9-3, 7-9-4, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-4 - OPERATIONS OF MALPB › Rule 80-12-4-.05 - Restrictions on Employment and Ownership

Current through Rules and Regulations filed through June 27, 2024
(1) An MALPB shall not employ an individual that has been convicted of a felony in any jurisdiction. An MALPB shall not have a director, executive officer, or control person that has been convicted of a felony in any jurisdiction.
(2) An MALPB shall not knowingly have a principal shareholder that has been convicted of a felony in any jurisdiction that involves a financial crime. A holding company of an MALPB or an affiliate of an MALPB shall not knowingly have an executive officer, director, control person, or principal shareholder that has been convicted of a felony in any jurisdiction that involves a financial crime.
(3) As required by O.C.G.A. §
									7-9-7(e), every applicant and MALPB must complete background checks on all employees. Background checks on all employees must be completed and found satisfactory by the applicant or MALPB prior to the initial date of hire. This provision does not apply to officers, directors, and control persons of applicants or MALPBs whose background has been investigated through the Department and approved by the Department before taking office, beginning employment, or securing ownership.
(4) Applicant's and MALPB's requests for background checks are handled by the Georgia Crime Information Center ("GCIC"). Background checks must be full GCIC checks following that agency's rules and regulations and must not have any time period limitations or restrictions in the search criteria. Any fees charged by GCIC for processing background checks must be paid by the applicant or MALPB. The background checks may be arranged through a local law enforcement office, so long as the background check is conducted by GCIC.
(a) If the information from the background check is unclear or incomplete, appears to address or makes reference to a felony conviction, or indicates that the employee has a criminal record in any state other than Georgia ("multi-source offender"), the applicant or MALPB must immediately submit two sets of fingerprints of the person, along with the applicable processing fee and any additional information the Department may require to complete an expanded background investigation. Payment, in the amount and form directed by the Department, shall be submitted with the cards in order to have the cards processed. Applicants and MALPBs shall discuss the Act's legal requirements for employment with the subject employee.
(b) An employee may remain employed by the applicant or MALPB pending results of a fingerprint follow up investigation if no felony convictions appear on the GCIC report. If the employee is found to have disqualifying conviction data according to O.C.G.A. §
										7-9-7, or if the applicant or licensee knows that a disqualifying conviction is present, the applicant or MALPB must immediately take action to comply with O.C.G.A. §
										7-9-7.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-4 - OPERATIONS OF MALPB › Rule 80-12-4-.06 - Advertising Limitations

Current through Rules and Regulations filed through June 27, 2024
Any advertisement of an MALPB that is made, published, disseminated or circulated, shall not suggest that it can accept deposits from the general public or otherwise attract depositors from the general public. All advertisements, whether print or electronic, shall contain the suffix "MALPB" following the name of the MALPB. The MALPB must maintain a record of its advertisements for examination by the Department including, but not limited to, samples of all of its advertisements.
O.C.G.A. §§
										7-9-3, 7-9-12, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-4 - OPERATIONS OF MALPB › Rule 80-12-4-.07 - Compliance with Other Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) An MALPB shall comply with: the Unlawful Internet Gambling Enforcement Act of 2006, 31 U.S.C. §
										5361
et seq
., and the related rules and regulations found at 12 CFR Part 233 and 31 CFR Part 132 ; and all international, federal, and state laws, rules, and regulations that are applicable to the MALPB.
(2) Solely for purposes of the following laws, an MALPB shall be deemed to be a "financial institution" for purposes of complying with: information security requirements set forth in 12 CFR Part 364, including, but not limited to, Appendix B (Interagency Guidelines Establishing Information Security Standards) and Supplement A to Appendix B (Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice); the rules and regulations in 31 CFR Chapter X, including, but not limited to, customer identification standards set forth at 31 U.S.C. §
										5318(l) and 31 CFR §
										1020.220, suspicious transaction reporting as set forth in 31 U.S.C. §
										5318(g) and 31 CFR §
										1020.320, and anti-money laundering requirements set forth at 31 U.S.C. §
										5318(h) and 31 CFR §
										1020.210; and the regulations set forth in 31 CFR Chapter V by the Office of Foreign Asset Control.
(3) An MALPB filing a suspicious activity report ("SAR") with a federal authority must provide a copy of such report to the Department at the same time the SAR is filed.
(4) An MALPB shall comply with the Payment Card Industry Data Security Standard ("PCI DSS") and such other data security standards recognized by the payment card networks in which the MALPB participates.
Authority: O.C.G.A. §§
										7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-5 - BOOKS AND RECORDS › Rule 80-12-5-.01 - General Requirements for Accounting Procedures

Current through Rules and Regulations filed through June 27, 2024
An MALPB is required to maintain its books of account in accordance with generally accepted accounting principles, including, but not limited to, a complete and accurate account of: all of its assets, whether in its name or the name of another person or entity; all of its liabilities, its borrowings, and any security interests in its assets; and all of its income, expenses, capital gains, and losses.
O.C.G.A. §§
										7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-5 - BOOKS AND RECORDS › Rule 80-12-5-.02 - Independent Audits

Current through Rules and Regulations filed through June 27, 2024
(1) Every MALPB shall have an audit of its books and records performed at least annually by independent public accountants in accordance with generally accepted auditing standards. The audit must be of sufficient scope to enable the auditor to render an opinion on the financial statements of the MALPB; provided, however, that, upon request by the MALPB, the Department may approve in writing the use of a consolidated holding company audit. The audit shall include a review of the MALPB's internal controls and such other tests and reviews of the MALPB records as deemed appropriate by the independent auditor, including, but not limited to, adequate testing and review of the MALPB's information technology activities as well as operations and risk management process reviews. The information technology audit shall include, but not be limited to, enhanced perimeter testing in the form of quarterly vulnerability scans of the entire enterprise and an annual penetration test of all external-facing systems, not just those utilized in the performance of merchant acquiring activities. The operations and risk management process reviews shall be in conformity with SSAE-16. The extent of audit work should be clearly defined in engagement letters. Such letters should discuss the scope of the audit, the objectives, resource requirements, audit timeframe and resulting reports. The engagement letter shall also provide that the accountants must make their audit work papers, policies, and procedures available to the Department upon its request.
(2) Reports of such audits shall be filed with the Department within thirty (30) days after receipt by the MALPB. The reports shall be accompanied by the engagement letter and, if applicable, the letter to management detailing any reportable conditions discovered during the audit engagement.
O.C.G.A. §§
										7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-5 - BOOKS AND RECORDS › Rule 80-12-5-.03 - Director Financial Statements

Current through Rules and Regulations filed through June 27, 2024
The chief executive officer of each MALPB shall maintain on file a financial statement of each director of the MALPB on forms prescribed by the Department. Such financial statement shall be revised annually, but in no event shall the statement on file be more than eighteen (18) months old. At the discretion of the Board of Directors of the MALPB, such financial statements may be maintained in sealed envelopes available for inspection only by the Department.
O.C.G.A. §§
										7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-5 - BOOKS AND RECORDS › Rule 80-12-5-.04 - Reports

Current through Rules and Regulations filed through June 27, 2024
(1) Pursuant to O.C.G.A. §
									7-1-68, the Department may require reports on the condition of or any particular facts concerning an MALPB at any time the Department deems it necessary or advisable. Each such report shall be on a form prescribed by the Department, for the timeframe required by the Department, attested to as provided on the form, and due on the date prescribed by the Department.
(2) Without limiting the foregoing, each MALPB shall submit standardized regulatory reports ("SRRs"), which may include both public and confidential supervisory information, on approved forms with instructions provided by the Department. These SRRs will include a monthly activity report ("MAR") due within seven (7) days of month-end, a quarterly financial report ("QFR") due within thirty (30) days of quarter-end, and an annual attestation report ("AAR") due within forty-five (45) days of year-end.
O.C.G.A. §§
										7-1-68, 7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-5 - BOOKS AND RECORDS › Rule 80-12-5-.06 - Location and Access Requirements for Books and Records

Current through Rules and Regulations filed through June 27, 2024
(1) An MALPB must maintain required books and records as set forth in Rule  80-12-5-.05  at its main office. In the event an MALPB wishes to maintain such records elsewhere in the State, it must notify the Department in writing prior to maintaining the books and records at any place other than its main office. Any books and records that are not maintained at the MALPB's main office shall be made available to the Department within five (5) business days after the date of request by the Department and at a reasonable and convenient location acceptable to the Department.
(2) An MALPB shall provide the Department with unlimited access to all of its books and records. In the event any books or records in the MALPB's possession were obtained from another supervisory or regulatory agency, law enforcement, or payment card network and such entity mandates that the books or records not be disclosed to the Department, the MALPB shall make every reasonable effort with the supervisory or regulatory agency, law enforcement, or payment card network to obtain authorization for the books or records to be shared with the Department. At the Department's request, an MALPB shall provide documentation of the efforts it has taken to obtain authorization from the appropriate entity to authorize sharing of the applicable books or records with the Department.
Authority: O.C.G.A. §§
										7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-5 - BOOKS AND RECORDS › Rule 80-12-5-.07 - Minimum Records Retention Period

Current through Rules and Regulations filed through June 27, 2024
Any records of the MALPB that fall within the scope of Rule  80-10-1-.01  shall be retained in accordance with the retention period set forth in the Rule. All other records required to be maintained by the MALPB pursuant to federal, state, or, if applicable, international law, rules, or regulations, including, but not limited to, Rules  80-12-5-.04  and  80-12-5-.05, shall be maintained for at least five (5) years.
O.C.G.A. §§
										7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-5 - BOOKS AND RECORDS › Rule 80-12-5-.08 - Public Access to Records

Current through Rules and Regulations filed through June 27, 2024
(1) The following records in the Department's possession shall be subject to inspection by members of the public: the portion of the SSRs, if any, that have been expressly designated as public on the Department's approved form; final orders; and the audited financial statement with the auditor's opinion from the annual audit prepared in conformity with Rule  80-12-5-.02.
(2) Upon receipt of a written request by an MALPB, the Department is authorized to disclose any records or information provided to it by the MALPB or by another entity on behalf of the MALPB with any entity related to the payment card network notwithstanding the fact that the records or information are otherwise confidential pursuant to Georgia law or the rules of the Department. These authorized disclosures of information, where appropriate, shall be made only if safeguards are in place that are designed to prevent further dissemination of confidential records or information. The Department retains complete discretion to grant or deny a request for the production of records and documents in whole or in part and nothing in this Rule shall be deemed to require that the Department produce any records or information.
(3) Any examination reports, reports of investigation or other information in the Department's possession that were obtained from another supervisory or regulatory agency, law enforcement, or the payment card networks shall be treated as the property of the provider. Requests for such information should be made to the provider directly.
O.C.G.A. §§
										7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-6 - MALPB LOCATIONS AND EXAMINATIONS › Rule 80-12-6-.01 - Main Office

Current through Rules and Regulations filed through June 27, 2024
The location of the MALPB's main office shall be authorized in writing by the Department. In the event the MALPB wishes to relocate its main office, the MALPB shall submit a written request to the Department seeking approval of the proposed relocation. The Department shall request additional information, approve, conditionally or otherwise, or reject the relocation request within thirty (30) days after receipt of the request. In the event the Department does not take any of the above actions within thirty (30) days after receipt, then the request will be deemed approved.
O.C.G.A. §§
										7-9-2, 7-9-12, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-6 - MALPB LOCATIONS AND EXAMINATIONS › Rule 80-12-6-.02 - Other Physical Locations

Current through Rules and Regulations filed through June 27, 2024
If the MALPB wishes to establish any additional physical locations outside of its main office, the MALPB shall submit a written request to the Department seeking approval of the proposed location. The written request must detail the MALPB's rationale for seeking to have an additional location and establish that the proposed location is consistent with the Act, the rules promulgated thereunder, and any other applicable law. The Department shall request additional information, approve, conditionally or otherwise, or deny the request to open an additional location within thirty (30) days after the receipt of the request. In the event the Department does not take any of the above actions within thirty (30) days after receipt, then the request will be deemed approved.
O.C.G.A. §§
										7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-6 - MALPB LOCATIONS AND EXAMINATIONS › Rule 80-12-6-.03 - Examinations and Investigations

Current through Rules and Regulations filed through June 27, 2024
(1) The Department shall examine or investigate all MALPBs at least once each year and may examine or investigate any MALPB more frequently at any time it deems such action necessary or desirable. At least once annually, the examination shall consist of a comprehensive review of the accounts, records, and affairs of the MALPB. To aid in its examination or investigation of an MALPB, the Department may conduct an examination or investigation of the MALPB's holding companies, affiliates, eligible organizations, or support organizations.
(2) Notwithstanding Paragraph 1, the Department may, consistent with the purposes of the Act and the rules enacted pursuant to the Act, alter the examination frequency and scope in order to: assure that appropriate time and attention are devoted to the supervision of troubled entities regulated by the Department; or minimize the examination burden on well-managed MALPBs which have consistently been operated with safe and sound practices.
(3) To aid the Department in examining or investigating an MALPB, its holding companies, affiliates, eligible organizations, or support organizations, the Department may determine that it needs to retain a third-party expert to assist with the examination or investigation. The third-party expert will analyze the accounts, records, affairs, systems, data, or information requested by the Department and provide the results to the Department. Any fees or costs associated with a third-party expert retained to aid the Department with the examination or investigation of the MALPB will be paid by the MALPB. The general provisions that must be contained in the third-party expert agreement are set forth in Rule  80-12-6-.04.
(4) An MALPB is required to cooperate with and provide access to all accounts, records, affairs, systems, data or information requested by a third-party expert retained to assist the Department with the examination or investigation. The failure to cooperate with the third-party expert will result in an enforcement action.
O.C.G.A. §§
										7-1-64, 7-1-66, 7-9-3, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-6 - MALPB LOCATIONS AND EXAMINATIONS › Rule 80-12-6-.04 - Third-Party Expert Agreement

Current through Rules and Regulations filed through June 27, 2024
(1) In the event the Department enters into an agreement with a third-party expert for the purpose of aiding the Department in evaluating an MALPB charter application or examining or investigating an MALPB, the agreement may provide, among other items, that:
(a) All fees and costs incurred by the third-party expert will be paid by the MALPB;
(b) The fees can vary depending on the service provided by the third-party expert but as set forth in a general fee schedule;
(c) The purpose of the agreement is to aid the Department in determining if the MALPB, its holding companies, and affiliates have complied with the Act, the rules promulgated pursuant to the Act, and are operating in a safe and sound manner;
(d) The Department will direct the focus and scope of the third-party expert's analysis including, but not limited to, the accounts, records, affairs, data, or information to be reviewed;
(e) The third-party expert shall produce at least one detailed report to the Department which shall reach conclusions about its review and provide the support for the conclusions in the report;
(f) The third-party expert shall have access to all of the records of the MALPB, its holding companies and affiliates that the Department can review;
(g) All information reviewed by the third-party expert shall be confidential and not subject to disclosure other than to the Department or as may otherwise be required by law; and
(h) All services shall be performed in accordance with applicable professional standards.