Georgia Code, Title 7, Chapter 9 - Georgia Merchant Acquirer Limited Purpose Bank

• § 7-9-1 - Short Title
  This chapter shall be known and may be cited as the "Georgia Merchant Acquirer Limited Purpose Bank Act."
• § 7-9-2 - Definitions
  As used in this chapter, the term: (1) "Commissioner" means the commissioner of banking and finance. (1.1) "Control person" means any individual who directs...
• § 7-9-3 - Chartering of Merchant Acquirer Limited Purpose Banks; Regulation Limited
  A corporation that performs merchant acquiring activities or settlement activities in this state may elect to obtain a charter from the department. Those corporations...
• § 7-9-4 - Application; Fees; Minimum Number of Employees
  (a) A corporation that seeks to be chartered shall file an application with the department and shall pay applicable fees established by regulation of...
• § 7-9-5 - Articles of Incorporation; Filing; Publication; Registered Agent; Administration by Board of Directors
  (a) A merchant acquirer limited purpose bank shall have articles of incorporation signed by the incorporator and shall set forth in the English language:...
• § 7-9-6 - Information to Be Included on Charter Application
  (a) An application to the department to charter a merchant acquirer limited purpose bank shall include: (1) Any information desired by the department in...
• § 7-9-7 - Investigation; Approval or Disapproval of Charter Application; "Conviction Data" Defined; Background Checks; Impact of Disapproval
  (a) (1) Upon receipt of the articles of incorporation and the filings and fees from the applicant as required under this chapter, the department...
• § 7-9-8 - Issuance of Certificate of Incorporation by Secretary of State
  The Secretary of State shall immediately issue a certificate of incorporation to a proposed merchant acquirer limited purpose bank upon submission of: (1) Written...
• § 7-9-9 - Corporate Existence; Shareholders; Authority to Regulate and Supervise Sale of Shares; Legal Effect of Incorporation Certificate; When Business May Begin
  (a) The corporate existence of the merchant acquirer limited purpose bank shall begin upon the issuance of a certificate of incorporation by the Secretary...
• § 7-9-10 - Liability of Applicant Beginning Business Before Authorized
  The applicant who charters a merchant acquirer limited purpose bank which transacts business before its capital stock have been paid in as required under...
• § 7-9-11 - Capital Stock and Paid-In Surplus Requirements
  A merchant acquirer limited purpose bank shall at all times maintain capital stock and paid-in surplus as required by policies of the department but...
• § 7-9-12 - Limitations on Depositors and Deposit-Taking Activities; Deposit Insurance; Self-Acquiring Activities Not Permitted.
  (a) A merchant acquirer limited purpose bank shall only accept deposits from a corporation that owns a majority of the shares of the merchant...
• § 7-9-12.1 - Treatment of Merchant Funds
  (a) All merchant funds shall constitute a trust fund until paid to the individual merchant. A merchant acquirer limited purpose bank shall have a...
• § 7-9-13 - Enforcement by Department; Rules and Regulations
  (a) All merchant acquirer limited purpose banks chartered by the department shall be subject to supervision, regulation, and examination by the department, including, but...

Last modified: October 14, 2016