Ga. Comp. R. & Regs. R. 80-3-5-.05 - Transition Period

Money transmitters licensed as of July 1, 2023, shall be afforded a transition period through December 31, 2024, to demonstrate compliance with the following requirements:

(a) The content of written agreements between licensees and their authorized agents, including both new and continuing authorized agents, as required by 80-3-1-.03(1)(a) through (c).

(b) For any person previously approved as a seller of payment instruments licensee that is deemed to be a money transmitter licensee as of July 1, 2023, the license type indicated in any document produced or used by the licensee, including but not limited to the license posted in a physical location in this state where money transmission is conducted, and written agreements between the licensee and its authorized agents.

(c) The minimum tangible net worth required by O.C.G.A. § 7-1-683.2(a) or submission of a request for a waiver of the requirement pursuant to O.C.G.A. § 7-1-683.2(a) and Rule 80-3-2-.02.

Notes

Ga. Comp. R. & Regs. R. 80-3-5-.05

O.C.G.A. §§ 7-1-61, 7-1-690.

Original Rule entitled "Transition Period" adopted. F. July 7, 2023; eff. July 27, 2023.