A corporation that performs merchant acquiring activities or settlement activities in this state may elect to obtain a charter from the department. Those corporations chartered by the department shall be subject to the provisions of this chapter and any rules and regulations adopted by the department for purposes of regulating chartered merchant acquirer limited purpose banks. The department shall have no authority to regulate a corporation performing merchant acquiring activities or settlement activities that has not been chartered by the department.
O.C.G.A. § 7-9-3
Chartering of merchant acquirer limited purpose banks; regulation limited
Known as the Georgia Merchant Acquirer Limited Purpose Bank Act
The act spans §§ 7–7 (26 sections).
Code 1981, § 7-9-3, enacted by Ga
Current official text: Official Code of Georgia Annotated (LexisNexis). Digitized from the Internet Archive scan of the OCGA. Reproduced from public-domain Georgia statutes; confirm against the official source for the current text. Not legal advice.