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

(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.