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-.02 - Disclosures and Receipts
Current through Rules and Regulations filed through December 18, 2024
(1) Every licensee or authorized agent of a licensee, unless such authorized agent is a financial institution whose deposits are federally insured, shall display a copy of the licensee's license prominently in every physical location in this state where money transmission is conducted.
(2) Each customer shall be provided with a written receipt or other evidence of acceptance of money received for transmission showing the name of the licensee or trade name of the licensee that is registered with the Department, unique identifier of the licensee, authorized agent identifier information, the date of the receipt of money for transmission, the dollar amount of the money received for transmission, and the fee charged to the customer. The requirement to provide a receipt in this paragraph shall not apply to: money received for transmission subject to 12 C.F.R. Part 1005, Subpart B; money received for transmission that is not for personal, family, or household purposes; money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods and services provided by the payee; and payroll processing services.
(3) Every licensee or authorized agent of a licensee shall transmit money within ten (10) days of receipt unless the agreement satisfies the exception set forth in O.C.G.A. § 7-1-691(3) or the licensee or its authorized agent has a reasonable belief that the customer may be a victim of fraud or that a crime or other violation of law, rule, or regulation has occurred, is occurring, or may occur. If a licensee or its authorized agent fails to forward money received for transmission in accordance with this subsection, the licensee must respond to an inquiry by the customer with the reason for the failure unless providing such response would violate a state or federal law, rule, or regulation.
O.G.G.A. §§ 7-1-61, 7-1-690.
