Ga. Comp. R. & Regs. R. 80-3-2-.02 - Net Worth

(1) Every applicant for a license shall demonstrate to the Department that such applicant has sufficient financial resources in the form of working capital and tangible net worth to successfully engage in the business of money transmission. Sufficiency of financial resources shall be determined through financial analysis by the Department of pro-forma and historical financial information of the applicant, including, but not limited to, audited financial statements for the most recent fiscal year and the previous two years or, if determined to be acceptable by the Department for a more recently formed entity, certified unaudited financial statements for the most recent fiscal year or other relevant period. Each licensee shall be required to complete and attest to official questionnaires and statements of assets and liabilities when requested for examination purposes.

(2) An applicant or licensee that is unable to meet the minimum tangible net worth requirement set forth in O.C.G.A. § 7-1-683.2 may submit to the Department a written request for a waiver in a form and manner prescribed by the Department. The request should provide information pertinent to the request, including but not limited to the applicant or licensee's financial condition, the extent to which a waiver is requested, and the specific reasons for the request. The Department shall take into consideration competitive, financial, managerial, compliance, and other concerns in evaluating any waiver request. The Department is authorized to impose conditions on the grant of any request for a waiver. Such written request shall be submitted to the Department via NMLS. Such written request shall be uploaded as a state-specific document under the document type "Additional Requirements." The file name shall begin with "Georgia Tangible Net Worth Waiver Request" but may contain additional words at the option of the licensee.

Notes

Ga. Comp. R. & Regs. R. 80-3-2-.02

O.G.G.A. §§ 7-1-61, 7-1-690.

Original Rule entitled "Net Worth" adopted. F. Dec. 16, 2021; eff. Jan. 5, 2022. Amended: F. July 7, 2022; eff. July 27, 2022. Amended: F. July 7, 2023; eff. July 27, 2023.