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 80-12-3 - IN ORGANIZATION PERIOD
Rule 80-12-3-.02 - Notification Requirements Prior to Operation
Current through Rules and Regulations filed through March 20, 2024
(1) After approval of a charter, but prior to engaging in any merchant acquiring activities, as set forth in Rule 80-12-4-.01, an MALPB shall, in addition to the requirements in O.C.G.A. § 7-9-9, provide the Department with: written notification of any material changes to any of the representations made in the approved application or supporting documentation; copies of the agreements in place with various payment card networks; a compliant receivership letter of credit and, if applicable, a compliant capital letter of credit; and a copy of the certificate of insurance or similar documentation establishing the existence of fidelity insurance coverage and data breach coverage as required by Rules 80-12-7-.03 and 80-12-7-.04.
(2) The MALPB shall provide the Department with written notice of the date it intends to begin engaging in merchant acquiring activities. This notice shall be provided to the Department no later than ten (10) business days prior to the proposed beginning date for operations. In addition, the MALPB shall also provide the Department with written notice when it begins engaging in merchant acquiring activities. This notice shall be provided to the Department on the date operations have begun.
O.C.G.A. §§ 7-9-3, 7-9-9, 7-9-13.
