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 80-3-2 - FINANCIAL CONDITION, REPORTING, AND CONTROL
Rule 80-3-2-.06 - Passive Investor
Current through Rules and Regulations filed through December 18, 2024
(1) Each applicant or licensee who has an owner or potential owner who claims to satisfy the passive investor definition in O.C.G.A. § 7-1-680 shall provide to the Department the following documentation at the time of initial license application or at least thirty (30) days prior to the proposed acquisition by such person:
(2) If an applicant or licensee has an owner or potential owner who claims to satisfy the passive investor definition in O.C.G.A. § 7-1-680 and fails to provide acceptable documentation establishing that the person is a passive investor or the person fails to continuously satisfy the passive investor requirements, then
O.C.G.A. §§ 7-1-61, 7-1-690.