Ga. Comp. R. & Regs. R. 80-3-4-.01 - Administrative Fines
(1)
Except as otherwise indicated, these fines and penalties apply to any person,
partnership, association, corporation, or any other group of individuals,
however organized, that is required to be licensed under Article 4 of Chapter 1
of Title 7. The Department, at its sole discretion, may waive or modify a fine
based upon the financial resources of the person, gravity of the violation,
history of previous violations, and such other facts and circumstances deemed
appropriate by the department.
(2)
All fines levied by the Department are due within thirty (30) days from the
date of assessment and must be paid prior to renewal of the annual license,
reapplication for a license, or any other activity requiring Departmental
approval.
(3) In addition to any
fines levied by the Department, the recipient of the fine may be subject to
additional administrative actions for the same underlying activity.
(4) The Department establishes the following
fines and penalties for violation of the laws and rules governing money
transmitters.
(a) Books and Records. If the
Department, in the course of an examination or investigation, finds that a
licensee has failed to maintain its books and records according to the
requirements of O.C.G.A. §
7-1-689 and Rules
80-3-1-.03,
80-3-1-.01(3),
80-3-2-.01,
80-3-1-.02(2),
80-3-3-.01, or
80-3-3-.02, such licensee shall be
subject to a fine of one thousand dollars ($1,000) for each books and records
violation listed in Rule
80-3-1-.03,
80-3-1-.01(3),
80-3-2-.01,
80-3-1-.02(2),
80-3-3-.01 or
80-3-3-.02.
(b) Operating Without Proper License. Any
person who acts as a money transmitter prior to receiving a current license
required under O.C.G.A. Article 4 of Chapter 1 of Title 7, or who acquires a
money transmission business without its own license, or during the time a
suspension, revocation or applicable cease and desist order is in effect, shall
be subject to a fine of one thousand dollars ($1,000) per day.
(c) Felons. Any licensee that hires or
retains a covered employee who is a felon as described in O.C.G.A. §
7-1-684(c), when
such covered employee has not complied with the remedies provided for in
O.C.G.A. §
7-1-684(c) for
each conviction before such employment, shall be subject to a fine of five
thousand dollars ($5,000) for each such covered employee.
(d) Locations and Authorized Agents. Any
licensee that does not give timely notice to the Department of new locations or
agents beyond those previously reported as required in O.C.G.A. §
7-1-686(d) and
Rules 80-3-1-.03(2) and
80-3-1-.01(3), shall
be subject to a fine of five hundred dollars ($500) for each location or agent
not reported.
(e) Background Checks
on Employees. Any licensee that does not obtain a criminal background check on
each covered employee prior to the initial date of hire, retention, or
transition of an existing employee to a covered employee as set forth in Rule
80-3-5-.04(1) shall
be subject to a fine of one thousand dollars ($1,000) per occurrence. Proof of
the required criminal background check must be retained by the licensee until
five years after termination of employment by the licensee. Notwithstanding
compliance with this requirement to perform a criminal background check prior
to employment, failure to maintain criminal background checks as required will
result in a fine of one thousand dollars ($1,000) for each covered employee for
which the licensee is missing this documentation.
(f) Authorized Agents. Any licensee that does
not give notice of an authorized agent whose agency certificate has been
revoked, suspended, cancelled, terminated, or voluntarily closed by the
licensee as required by Rule
80-3-1-.03(2), shall
be subject to a fine of five thousand dollars ($5,000) for each authorized
agent revocation, suspension, cancellation, termination, or voluntary closure
not reported in writing to the Department.
(g) Failure to Provide Receipt. In the event
a licensee or its authorized agent does not provide the customer with a written
receipt or other evidence of acceptance as required in Rule
80-3-1-.02(2), it
shall be subject to a fine of one thousand dollars ($1,000) per transaction
where the receipt was not provided.
(h) Failure to Notify or Obtain Approval from
the Department of Change in Ownership, Change in Control, or Designation of
Executive Officer. Any licensee or other person who fails to obtain the
Department's prior approval of a change in ultimate equitable ownership through
acquisition or other change in control or change in executive officer resulting
from such change in ownership or change in control of the licensee in
compliance with O.C.G.A. §
7-1-688 and Rule
80-3-2-.04 shall be subject to a fine
of one thousand dollars ($1,000). Any licensee or other person who fails to
timely notify the Department of a change in control not requiring approval in
compliance with O.C.G.A. §
7-1-687 shall be subject to a fine
of one thousand dollars ($1,000). Any licensee or other person who fails to
timely notify the Department of a change in executive officer not resulting
from a change in control or ownership in compliance with O.C.G.A. §
7-1-687 shall be subject to a fine
of one thousand dollars ($1,000).
(i) Other Business Activities. Any licensee
found to have violated any law of this state by conducting any other business
that is not lawful in conjunction with money transmission, shall be subject to
a fine of five thousand dollars ($5,000).
(j) Failure to Report. Any licensee who fails
to provide required reports as established by the Department and file the
reports with the Department or the Nationwide Multistate Licensing System and
Registry within the designated time periods shall be subject to a fine of one
thousand dollars ($1,000) for each such occurrence.
(k) Failure to Submit to Exam. The penalty
for the refusal of a licensee to permit the Department to conduct an
investigation or examination of its books, accounts, and records (after a
reasonable request by the Department), shall be a five thousand dollars
($5,000) fine. Refusal shall require at least two attempts by the Department to
schedule an examination or investigation.
(l) Consumer Complaints. Any licensee who
fails to respond to a written consumer complaint or fails to respond to the
Department regarding a consumer complaint, within the time periods specified in
the Department's correspondence to such licensee, shall be subject to a fine of
one thousand dollars ($1,000) for each occurrence.
(m) Bank Secrecy Act. If the Department, in
the course of an examination or investigation, finds that a licensee has failed
to comply with the Currency and Foreign Transactions Reporting Act of 1970 and
its related regulations, including those set forth at 31 CFR Chapter X
(together, the "Bank Secrecy Act") or the requirements referred to in Rules
80-3-6-.01,
80-3-6-.02, and
80-3-6-.03, such licensee shall be
subject to a fine of one thousand dollars ($1,000) for each instance of
non-compliance.
(n) Failure to
Timely Disclose Change in Affiliation of Natural Person that Executed Lawful
Presence Affidavit and Submission of New Affidavit. Any licensed money
transmitter that fails to disclose that the owner or executive officer that
executed the lawful presence affidavit is no longer in that position with the
licensee within ten (10) business days of the date of the event necessitating
the disclosure, shall be subject to a fine of one thousand dollars ($1,000).
Any licensed money transmitter that fails to submit a new lawful presence
affidavit from a current owner or executive officer within ten (10) business
days of the owner or executive officer that executed the previous lawful
presence affidavit no longer being in that position with the licensee, shall be
subject to a fine of one thousand dollars ($1,000) per day until the new
affidavit is provided.
(o) Failure
to Timely Update Information on the Nationwide Multistate Licensing System and
Registry. Any licensee that fails to update its information on the Nationwide
Multistate Licensing System and Registry ("NMLSR"), including, but not limited
to, amendments to any response to disclosure questions, within ten (10)
business days of the date of the event necessitating the change, shall be
subject to a fine of one thousand dollars ($1,000) per occurrence. In addition,
the failure of a control person of a licensee to update the individual's
information on the NMLSR, including, but not limited to, amendments to any
response to disclosure questions by the control person, within ten (10)
business days of the date of the event necessitating the change, shall subject
the licensee to a fine of one thousand dollars ($1,000) per occurrence.
(p) Failure to Post Required
License. Any licensee that fails to post a copy of its license in any physical
location in this state where money transmission is conducted shall be subject
to a fine of five hundred dollars ($500) for each instance of non-compliance.
(q) Prohibited Acts. Any licensee
or other person who violates the provisions of O.C.G.A. §§
7-1-691 and
7-1-692 shall be subject to a fine
of one thousand dollars ($1,000) per violation or transaction that is in
violation.
(r) Unauthorized Access
to Customer Information. Any licensee that fails to provide the Department with
notice of unauthorized access to customer information as required by Rule
80-3-1-.04 shall be subject to a fine
of one thousand dollars ($1,000) a day until the notice is provided.
(s) Failure to Timely Increase the Amount of
the Surety Bond. Any licensee that fails to increase the amount of the
applicable surety bond when its average daily money transmission liability, as
required by Rule
80-3-2-.03, exceeds the face amount
of the surety bond by ten percent (10%) or more shall be subject to a fine of
one thousand dollars ($1,000) per occurrence.
(t) Failure to Provide Refund. Any licensee
that fails to provide the customer with a refund as required by O.C.G.A. §
7-1-691(6) within
ten (10) days of a written request shall be subject to a fine of one hundred
dollars ($100) per transaction where a refund was not timely provided.
(u) Failure to Notify Authorized
Agents of Termination of License. Any licensee that fails to timely provide
documentation to the Department that the licensee has notified its authorized
agents of the suspension, revocation, surrender, or expiration of the
licensee's license as required by O.C.G.A. §
7-1-683.1(d) shall
be subject to a fine of five thousand dollars ($5,000).
Notes
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