Ga. Comp. R. & Regs. R. 80-3-5-.01 - Verification of Lawful Presence Citizenship Affidavit

(1) Pursuant to O.C.G.A. § 50-36-1, the Department is required to obtain an affidavit verifying the lawful presence of every natural person that submits an application for a license as a money transmitter on behalf of an individual, business, corporation, partnership, limited liability company, or any other business entity. For businesses, corporations, partnerships, limited liability companies, and other business entities (collectively "company applicant"), only an owner or executive officer that is authorized to act on behalf of the company applicant is authorized to submit the required signed and sworn affidavit.

(2) In the event the individual that executed the lawful presence affidavit on behalf of the company applicant is no longer an owner or executive officer of the licensee, the licensee must notify the Department within ten (10) business days following the date of the occurrence and provide the Department with an affidavit from a current owner or executive officer verifying his or her lawful presence on behalf of the licensee. The failure to disclose within ten (10) business days that the owner or executive officer that executed the lawful presence affidavit is no longer in that position with the licensee or to timely submit a new affidavit from a current owner or executive officer may subject the license to revocation, suspension, and other administrative action.

Notes

Ga. Comp. R. & Regs. R. 80-3-5-.01

O.C.G.A. §§ 7-1-61, 7-1-690.

Original Rule entitled "Verification of Lawful Presence Citizenship Affidavit" adopted. F. Dec. 16, 2021; eff. Jan. 5, 2022. Amended: F. July 7, 2023; eff. July 27, 2023.