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-.11 - Approval or Denial of Application

(1) The determination to grant, conditionally or otherwise, or deny any application shall be in the sole discretion of the Department and such determination shall be a final action of the Department. The Department may impose conditions on any approval, including, but not limited to, conditions designed to address competitive, financial, managerial, safety and soundness, compliance and other concerns. Any conditions related to the approval of an application by the Department may be imposed on the MALPB, the holding company, and the MALPB's affiliates. If the Department disapproves an application for an MALPB charter, the Department shall notify the applicant of its denial and state generally the unfavorable factors influencing its decision. In the event the Department denies an application for an MALPB charter, the denial shall be without prejudice to the applicant to submit a new application at any time following the denial.

(2) The Department may nullify a decision on any application if: the Department becomes aware of any material misrepresentation or omission by the applicant; the Department becomes aware that circumstances are substantially different from those upon which the decision was based; the decision is contrary to law, regulation, or Department policy; or the decision was granted due to clerical or administrative error or was based on a material mistake of law or fact.