Georgia Code
Article 4 - Sale of Payment Instruments
§ 7-1-680. Definitions

As used in this article, the term:
(14.1) “Multistate licensing process” means any licensing agreement entered into by and among state agencies that regulate money transmitters and sellers of payment instruments.
(16.1) “Passive investor” means a person that:
For purposes of determining ultimate equitable ownership by an individual, the individual’s interest shall be aggregated with the interest of any other immediate family member, including the individual’s spouse, parents, children, siblings, mothers- and fathers-in-law, sons- and daughters-in-law, brothers- and sisters-in-law, and any other individual who shares such individual’s home.
History. Code 1981, § 7-1-680 , enacted by Ga. L. 2014, p. 251, § 1/HB 982; Ga. L. 2015, p. 996, § 3C-2/SB 65; Ga. L. 2016, p. 390, § 1-6/HB 811; Ga. L. 2020, p. 493, § 7/SB 429; Ga. L. 2022, p. 220, § 30/HB 891.
The 2020 amendment, effective July 29, 2020, part of an Act to revise, modernize, and correct the Code, substituted “Nationwide Multistate Licensing System and Registry” for “Nation-wide Multistate Licensing System and Registry” in paragraphs (15) and (25).
The 2022 amendment, effective July 1, 2022, added “or the direct or indirect possession of power to elect or appoint a majority of executive officers or other persons exercising managerial authority of a person” at the end of paragraph (5), substituted “each officer” for “each vice president” and “or any other individual” for “secretary, treasurer, or any other person” in paragraph (8), added paragraphs (14.1) and (16.1), and added the last sentence in paragraph (24).
Editor’s notes.
Ga. L. 2015, p. 996, § 1-1/SB 65, not codified by the General Assembly, provides:
“(a) This Act shall be known and may be cited as the ‘Debtor Creditor Uniform Law Modernization Act of 2015.’
“(b) To promote consistency among the states, it is the intent of the General Assembly to modernize certain existing uniform laws promulgated by the Uniform Law Commission affecting debtor and creditor rights, responsibilities, and relationships and other federally recognized laws affecting such rights, responsibilities, and relationships.

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