Licensing Requirements; Engagement in Sale of Payment Instruments or Money Transmission Defined; Liabilities

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Sale of Payment Instruments
  6. Licensing Requirements; Engagement in Sale of Payment Instruments or Money Transmission Defined; Liabilities

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  1. Pursuant to this article, the department may license a person to engage in the sale of payment instruments or the transmission of money.
  2. A license for the sale of payment instruments authorizes the licensee to sell payment instruments and to transmit money.
  3. A license for the transmission of money authorizes the licensee to transmit money.
  4. No person, regardless of the location of such person, its facilities, or its agents, shall engage in the sale of payment instruments or money transmission without having first obtained a license authorizing such activity under this article. This prohibition applies whether or not a person utilizes a branch, subsidiary, affiliate, or agent in this state. A person is deemed to be engaged in the sale of payment instruments or money transmission if the person advertises any of those services, provides any of those services with or without compensation, solicits to provide any of those services, or holds itself out as providing any of those services to or from this state, even if the person has no physical presence in this state.
  5. Every person that directly or indirectly controls another that violates subsection (d) of this Code section, including but not limited to each general partner, executive officer, joint venture, ultimate equitable owner, or director of such person, and every person occupying a similar status or performing similar functions as such person violates with and to the same extent as such person. Any person that directly or indirectly controls a person that violates subsection (d) of this Code section may avoid liability if such person sustains the burden of proof that the person did not know and, in the exercise of reasonable care, could not have known of the existence of the facts by reason of which the original violation is alleged to exist.

(Code 1981, §7-1-681, enacted by Ga. L. 2014, p. 251, § 1/HB 982.)


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