Who needs to register?
Under Georgia statute, businesses sending or receiving money transmissions in or through businesses located in the state must obtain a money transmitter license. This term does not include closed-loop transactions. Closed-loop transactions means a transaction where the value or credit is primarily intended to be redeemed for a limited universe of goods, intangibles, services, or other items provided by the issuer of the payment instrument, its affiliates or agents, or others involved in the transaction functionally related to the issuer or its affiliates or agents.
Who is the regulator?
Georgia Department of Banking and Finance
What are the money transmitter license requirements?
Registering as a transmitter in the state of Florida requires the following fees and documentation:
- Statement of fees charged for transmission of money
- Listing of Georgia agents
- List of states currently licensed in for transfer of money
- Name and address of agent for service in Georgia
- Biographical Statement and Consent form for directors, officers, managers, and owners of 10% of the business, including: 1) name, address, % owned, social security number, contact information; 2) residential and office addresses; 3) residential history for last 10 years; 4) employment history over last 10 years, including periods of bankruptcy, judgment liens, or denial or revocation of bond; 5) criminal disclosures; 6) regulatory action disclosure; 7) civil action disclosure; 8) customer arbitration disclosure; 9) termination disclosure, responding to accusations of violations, fraud, dishonesty, theft; 10) disclosure of unemployment, student or extended travel; 11) passport photo; 12) details of any other business activities
- Independent credit report for each director, office manager, and 10% owner of the business
- Fingerprint card + $44.25 fee for each director, officer, manager, and owner of 10% of business
- Copy of Certificate of Authority to do business in Georgia; copy of business license from city or county where business is located
- Certificate of Incorporation, Partnership Agreement and bylaws
- Copy of Statement of Assets and Liabilities ad profits and loss for most recent year, or latest tax return
- Current, valid email address
- Background checks for agents and employees through Georgia Crime Information Center and similar state law enforcement authority, if applicant’s home state is not Georgia
- Federal taxpayer number
- Contact information for designated person
- Location of books and records
- Website URL
- Description of business activities in Georgia
- Type of money transmission
- Criminal or civil investigation history of applicant, officers, etc.
- List of Georgia business locations
- List of depository institutions where accounts are maintained
- Sample receipt or acceptance showing name of licensee, identifier info, date of order, dollar amount of transfer, and fee charged
- Copy of FinCEN and IRS registration as an MSB
- Copy of anti-money laundering and BSA compliance program
- Agent approval and monitoring process
- $2,000 application fee + $250 investigation fee
What are the general bonding requirements?
Bonding requirements for Georgia include:
- $50,000 surety bond
- $5,000 for each additional location, amounting to no more than $250,000
- Additional bonding may be required, amounting to no more than $1.5 million based on Average Daily Orders to Transmit Not Yet Paid
Disclaimer: Information provided by Shipkevich, PLLC and any of its affiliated web pages is for general educational purposes only, and should not be taken as legal advice.