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Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 9. GEORGIA MERCHANT ACQUIRER LIMITED PURPOSE BANK

7-9-13. Regulation and enforcement by department; rules and regulations.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    All merchant acquirer limited purpose banks chartered by the department shall be subject to supervision, regulation, and examination by the department, including, but not limited to, the examination powers as provided in Code Sections 7-1-64 through 7-1-73, and the department shall have all enforcement powers provided in this title, including, but not limited to, the enforcement powers provided in Code Section 7-1-92 and Part 7 of Article 1 of Chapter 1 of this title.#

  2. (b)

    In the event any chartered merchant acquirer limited purpose bank does not conduct its activities within the limitations provided in Code Section 7-9-12, the department may require such merchant acquirer limited purpose bank to cease all unauthorized activities. In the event such chartered merchant acquirer limited purpose bank fails to abide by such order, the department may:#

    1. (1)

      Impose upon the chartered merchant acquirer limited purpose bank or its parent holding company a penalty of up to $10,000.00 per day for each day such order is violated; and#

    2. (2)

      Require divestiture of such chartered merchant acquirer limited purpose bank by any holding company not qualified to acquire such chartered merchant acquirer limited purpose bank on the date it ceased to operate within the limitations imposed by Code Section 7-9-12 and became a bank for purposes of this title.#

  3. (c)

    The department shall have the power to promulgate rules and regulations implementing the provisions of this chapter.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 7-9-13, enacted by Ga. L. 2012, p. 43, § 1/HB 898; Ga. L. 2014, p. 226, § 2/HB 883; Ga. L. 2025, p. 590, § 35/HB 15, effective July 1, 2025.

Amendments

The 2025 amendment, effective July 1, 2025, added “, including, but not limited to, the enforcement powers provided in Code Section 7-1-92 and Part 7 of Article 1 of Chapter 1 of this title” at the end of subsection (a).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t7-t8-(v5)-pdf.pdf, Volume V5, 2024 edition, 2025 supplement, page 106; merge action: replaced; file SHA-256 be4c41aa6399.