Compilation of Rules and Regulations of the State of Georgia
Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE
Chapter 80-3 - MONEY TRANSMISSION
Subject 80-3-1 - DISCLOSURES, LOCATIONS, AUTHORIZED AGENTS, AND CUSTOMER INFORMATION
Rule 80-3-1-.01 - Definitions, Activities, and Locations

Universal Citation: GA Rules and Regs r 80-3-1-.01

Current through Rules and Regulations filed through December 18, 2024

(1) For purposes of this Rule Chapter and Rule 80-5-1-.02(1), the terms that are defined in O.C.G.A. § 7-1-680 shall have the identical meaning.

(2) "Outstanding money transmission obligations" shall be established and extinguished in accordance with applicable state law and shall mean:

(a) Any payment instrument or stored value issued or sold by the licensee to a person located in the United States or reported as sold by an authorized agent of the licensee to a person that is located in the United States that has not yet been paid or refunded by or for the licensee, or escheated in accordance with applicable abandoned property laws; or

(b) Any money received for transmission by the licensee or an authorized agent in the United States from a person located in the United States that has not been received by the payee, refunded to the sender, or escheated in accordance with applicable abandoned property laws.

(c) For purposes of this term, "in the United States" shall include, to the extent applicable, a person in any state, territory, or possession of the United States; the District of Columbia; the Commonwealth of Puerto Rico; or a U.S. military installation that is located in a foreign country.

(3) O.C.G.A. § 7-1-681 provides that no person shall engage in money transmission in this state without a license unless such person is exempt from the requirements of licensure. For a transaction requested in person, "in this state" means at a physical location within this state. For a transaction requested electronically or by telephone, the provider of money transmission may determine if the person requesting the transaction is "in this state" by relying on information provided by the person regarding the location of an individual's residence or a business entity's principal place of business or other physical address location, and any records associated with the person that the provider of money transmission may have that indicate such location, including but not limited to an address associated with an account.

(4) O.C.G.A. § 7-1-691(6) provides that it is a prohibited act for a person engaged in money transmission to fail to issue a refund within ten (10) days of receipt of a customer's request for a refund except in a number of identified circumstances. For payroll processing services, in the event a customer has delivered money or monetary value to a licensee and requested that the money or monetary value be delivered in multiple distributions over multiple days to a person(s) designated by the customer, the failure of the licensee to honor a refund request made after the initial distribution by the licensee but before the final distribution by the licensee will not be deemed a prohibited act under O.C.G.A. § 7-1-691(6) so long as the licensee completes the remaining distribution(s) in compliance with the terms in the written agreement between customer and licensee.

(5) Every licensee giving notices of additional locations or changes in locations operated by the licensee shall do so via the Nationwide Multistate Licensing System and Registry. Such notices shall be uploaded as state specific documents under the document type "Additional Requirements." The file name for each document shall begin with "Georgia Notice of New Locations" but may contain additional words at the option of the licensee. The required notices must be uploaded at least five (5) days prior to the change in location or the opening of the additional location.

O.G.G.A. §§ 7-1-61, 7-1-690.

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