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Application for Change in Control/Ownership of Seller-Issuer of Payment Instruments or Money Transmitter Licensee

June 30, 2014
Application for Change in Control/Ownership of  Seller-Issuer of Payment Instruments or Money Transmitter Licensee:

This application must be filed by any/each person seeking to acquire 10% or more of the voting shares of a corporation or a 10% or more controlling interest in any other entity licensed to conduct business as a Seller-Issuer of Payment Instruments or Money Transmitter in Georgia.  There is a non-refundable application fee of 500 dollars.

Change in Officer or Director of a Licensee - Prior to taking position, any/each person seeking to be an officer or director of a seller-issuer of payment instruments or money transmitter licensee must provide certain documentation in order to be approved by this Department. This is similar to the process for one seeking to acquire 10% or more.

Note that a credit report will be pulled as permission is granted by the MSB3 Form. Issues including collections, charge-offs with balances, public records/liens, will need to be resolved prior to approval.

APPLICATION REQUIRED WHEN:

  1. One company buys or invests directly or indirectly in a licensee
  2. Individuals become owners of 10% or more
  3. New directors join the Board of Directors
  4. Officer changes occur, including the Compliance Officer

Please do not bind, hole punch or staple the completed application package.