Prohibited Activities While Engaged in Sale of Checks or Money Transmission

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Sale of Payment Instruments
  6. Prohibited Activities While Engaged in Sale of Checks or Money Transmission

Checkout our iOS App for a better way to browser and research.

It shall be prohibited for any person engaged in the sale of checks or money transmission in this state, including any person required to be licensed under this article, to:

  1. Sell payment instruments as an agent of a principal seller who is not exempt from the licensure requirements under Code Section 7-1-682 and has not obtained a license hereunder, and any person who does so shall be deemed to be the principal seller thereof and not merely an agent and shall be liable to the payment instrument holder or remitter as the principal seller;
  2. Receive, transmit, or handle monetary value on behalf of another or issue a payment instrument and not be exempt from licensure under Code Section 7-1-682, and any person who does so shall be liable to the payment instrument holder for the payment thereof to the same extent as a drawer of a negotiable instrument, whether or not the payment instrument is a negotiable instrument under Article 3 of Title 11;
  3. Fail to transmit moneys received within five business days of receiving such moneys; or
  4. Engage in any activity that would subject a licensee to suspension or revocation of its license under this article or any activity that the department may prohibit pursuant to rule or regulation, whether or not the person has a license.

(Code 1981, §7-1-691, enacted by Ga. L. 2014, p. 251, § 1/HB 982.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, § 872 et seq.


Download our app to see the most-to-date content.