Ga. Comp. R. & Regs. R. 80-12-4-.02 - Self-Acquiring Activities
(1) An MALPB is prohibited from engaging in self-acquiring activities as defined by O.C.G.A. §
7-9-2. An MALPB performing authorized merchant acquiring activities shall not be deemed to be engaged in self-acquiring activities merely because it imposes fees or other charges to merchants related solely to the performance of authorized merchant acquiring activities.
(2) No merchant shall exercise control over an MALPB, the holding company of an MALPB, or the affiliate of an MALPB. For purposes of this rule, a merchant has control over an MALPB, an MALPB holding company, or an affiliate of an MALPB if the Department determines: the merchant directly or indirectly or acting through one (1) or more other persons owns, controls, or has the power to vote five (5) percent or more of any class of voting securities of the MALPB, holding company, or affiliate; the merchant controls in any manner the election of a majority of the directors or trustees of the MALPB, holding company, or affiliate; or the merchant exercises a controlling influence over the management or policies of the MALPB, holding company, or affiliate.
Notes
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