Requirements for Licensure

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Cashing of Payment Instruments
  6. Requirements for Licensure

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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 at or through which the applicant proposes to cash payment instruments within this state, the complete address of each such location; and
      4. The location where the initial registered office will be located in this state; 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, or agents.
  2. The application for license shall be filed together with:
    1. An investigation and supervision fee established by 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 Section 7-1-703 and subsection (c) of Code Section 7-1-707; and
    3. Other information as may be required by the department.
  3. 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.
  4. 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, §7-1-702, enacted by Ga. L. 2014, p. 251, § 2/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 the introductory language of paragraph (a)(2) and in subsections (c) and (d).


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