A corporation that performs merchant acquiring activities or settlement activities in this state may elect to obtain a charter from the department. Those corporations chartered by the department shall be subject to the provisions of this chapter and any rules and regulations adopted by the department for purposes of regulating chartered merchant acquirer limited purpose banks. The department shall have no authority to regulate a corporation performing merchant acquiring activities or settlement activities that has not been chartered by the department.
History. Code 1981, § 7-9-3 , enacted by Ga. L. 2012, p. 43, § 1/HB 898.
Structure Georgia Code
Chapter 9 - Georgia Merchant Acquirer Limited Purpose Bank
§ 7-9-3. Chartering of Merchant Acquirer Limited Purpose Banks; Regulation Limited
§ 7-9-4. Application; Fees; Minimum Number of Employees
§ 7-9-5.3. Merchant Acquirer Limited Purpose Bank
§ 7-9-5.4. Oath of Office; Administration of Affairs
§ 7-9-6. Information to Be Included on Charter Application
§ 7-9-8. Issuance of Certificate of Incorporation by Secretary of State
§ 7-9-10. Liability of Applicant Beginning Business Before Authorized
§ 7-9-11. Capital Stock and Paid-in Surplus Requirements
§ 7-9-11.1. Merger or Consolidation of Limited Purpose Bank; Compliance With Provisions of Chapter 9
§ 7-9-11.2. Terms and Conditions of Merger or Consolidation
§ 7-9-11.3. Notice of Merger or Consolidation; Filing
§ 7-9-11.4. Parties to Merger or Consolidation Plan to File Application; Requirements
§ 7-9-11.5. Investigation of Merger or Consolidation Plan; Approval or Disapproval
§ 7-9-11.6. Issuance of Certificate of Merger or Consolidation
§ 7-9-11.8. Rights and Remedies of Shareholders