Ga. Comp. R. & Regs. R. 80-3-1-.01 - Definitions, Activities, and Locations
(1)
For purposes of this Rule Chapter and Rule
80-5-1-.02(1), the
terms that are defined in O.C.G.A. §
7-1-680 shall have the identical
meaning.
(2) "Outstanding money
transmission obligations" shall be established and extinguished in accordance
with applicable state law and shall mean:
(a)
Any payment instrument or stored value issued or sold by the licensee to a
person located in the United States or reported as sold by an authorized agent
of the licensee to a person that is located in the United States that has not
yet been paid or refunded by or for the licensee, or escheated in accordance
with applicable abandoned property laws; or
(b) Any money received for transmission by
the licensee or an authorized agent in the United States from a person located
in the United States that has not been received by the payee, refunded to the
sender, or escheated in accordance with applicable abandoned property laws.
(c) For purposes of this term, "in
the United States" shall include, to the extent applicable, a person in any
state, territory, or possession of the United States; the District of Columbia;
the Commonwealth of Puerto Rico; or a U.S. military installation that is
located in a foreign country.
(3) O.C.G.A. §
7-1-681 provides that no person
shall engage in money transmission in this state without a license unless such
person is exempt from the requirements of licensure. For a transaction
requested in person, "in this state" means at a physical location within this
state. For a transaction requested electronically or by telephone, the provider
of money transmission may determine if the person requesting the transaction is
"in this state" by relying on information provided by the person regarding the
location of an individual's residence or a business entity's principal place of
business or other physical address location, and any records associated with
the person that the provider of money transmission may have that indicate such
location, including but not limited to an address associated with an
account.
(4) O.C.G.A. §
7-1-691(6)
provides that it is a prohibited act for a person engaged in money transmission
to fail to issue a refund within ten (10) days of receipt of a customer's
request for a refund except in a number of identified circumstances. For
payroll processing services, in the event a customer has delivered money or
monetary value to a licensee and requested that the money or monetary value be
delivered in multiple distributions over multiple days to a person(s)
designated by the customer, the failure of the licensee to honor a refund
request made after the initial distribution by the licensee but before the
final distribution by the licensee will not be deemed a prohibited act under
O.C.G.A. §
7-1-691(6) so long
as the licensee completes the remaining distribution(s) in compliance with the
terms in the written agreement between customer and licensee.
(5) Every licensee giving notices of
additional locations or changes in locations operated by the licensee shall do
so via the Nationwide Multistate Licensing System and Registry. Such notices
shall be uploaded as state specific documents under the document type
"Additional Requirements." The file name for each document shall begin with
"Georgia Notice of New Locations" but may contain additional words at the
option of the licensee. The required notices must be uploaded at least five (5)
days prior to the change in location or the opening of the additional
location.
Notes
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