Requirements for Licensure; Fees; Rules and Regulations

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Sale of Payment Instruments
  6. Requirements for Licensure; Fees; Rules and Regulations

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  1. Each applicant for a license under this article shall:
    1. Submit an application in writing, which is made under oath and in such form as the department may prescribe;
    2. Furnish to the Nationwide Multistate Licensing System and Registry the following information:
      1. The legal name and principal office address of the person applying for the license;
      2. The name, residence, and business address of each director, ultimate equitable owner, and executive officer;
      3. If the applicant has one or more branches or other locations, including but not limited to locations operated by an authorized agent, at or through which the applicant proposes to engage in the sale of payment instruments or money transmission within this state, the complete address of each such location; and
      4. The location where its initial registered office will be located in this state, if any; and
    3. Submit such other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, trustees, officers, members, ultimate equitable owners, subsidiaries, affiliates, or agents.
  2. The application for license shall be filed together with:
    1. An investigation and supervision fee established by the department through rule or regulation which shall not be refundable but which, if the license is granted, shall satisfy the fee requirement for the first licensed year or the remaining part thereof;
    2. Items required by other provisions of this article, including but not limited to Code Sections 7-1-683.2 and 7-1-684; and
    3. Other information as may be required by the department.
  3. Where a person engages only in the sale of payment instruments issued by another person which is primarily obligated for payment of the payment instrument and the seller is a wholly owned subsidiary of or is wholly owned by the sole shareholder of the issuer, the department may grant a single license naming both the seller and issuer as joint licensees. In such cases, only a single license fee shall be collected and only one corporate surety bond, pursuant to Code Section 7-1-683.2, shall be required where such bond names both the seller and issuer.
  4. The department shall pay all fees received from licensees and applicants related to applications, licenses, and renewals to the Office of the State Treasurer; provided, however, that the department may net such fees to recover the cost of participation in the Nationwide Multistate Licensing System and Registry.
  5. The department shall enact rules and regulations regarding the time frame by which all persons must submit an original or renewal application for licensure through the Nationwide Multistate Licensing System and Registry.

(Code 1981, §7-1-683, enacted by Ga. L. 2014, p. 251, § 1/HB 982; Ga. L. 2020, p. 493, § 7/SB 429.)

The 2020 amendment, effective July 29, 2020, part of an Act to revise, modernize, and correct the Code, substituted "Nationwide Multistate Licensing System and Registry" for "Nation-wide Multistate Licensing System and Registry" in paragraph (a)(2), and in subsections (d) and (e).


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