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MSB Laws and Rules

Governor Deal signed House Bill 982 into law on April 29, 2014.  This law modernized and revised the current statutes related to sellers of checks, money transmitters, and check cashers.  Among a host of other changes, the law provides that these money service businesses must apply for licensure and renewal through the Nationwide Multistate Licensing System and Registry.  The bill was introduced at the request of the Department and it will go into effect on July 1, 2014.  The Department  House Bill 982 can be accessed at http://www.legis.ga.gov/Legislation/20132014/143773.pdf.

Laws governing the cashing, selling and issuing of payment instruments and money transmission are primarily found in Title 7, Chapters 4 and 4A of the Official Code of Georgia Annotated (O.C.G.A.). 

Please note that other Georgia laws, as well as federal laws and regulations, may apply to the activities of MSBs.  Access to the entire Georgia Code is provided by LexisNexis from the Georgia General Assembly's website. Go to the Official Code of Georgia (O.C.G.A.).  **Please note that the O.C.G.A. is provided by the State of Georgia from the Georgia General Assembly's website, so you will be leaving the Department's website if you click on the link to O.C.G.A. above.

**Changes to O.C.G.A. that are brought about by bills passed during the most recent legislative session may not yet be posted.

Rules governing the cashing, selling and issuing of payment instruments and money transmission are primarily located at Chapter 80-3.  Certain application, investigation, supervision, examination and other fees are also found at Chapter 80-5.

The above links will redirect you to the Georgia Secretary of State's website. The Rules and Regulations of the State of Georgia is a compilation of the rules and regulations of state agencies that have been filed with the Office of Secretary of State pursuant the Georgia Administrative Procedures Act, O.C.G.A.§ 50-13-1 et seq.  Rules published on the Secretary of State's website also contain the Administrative History for Chapter 80, as well as the history of each Rule, which gives the date on which the Rule was originally filed and its effective date, as well as the date on which any amendment or repeal was filed and its effective date.

An “official” compilation of the Rules and Regulations of the State of Georgia may be obtained from the designated legal publisher as indicated on the Secretary of State's website: http://sos.ga.gov/index.php/General/rules_and_regulations


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MSB Requirements under Federal Law46.5 KB
MSB Federal Definitions / Requirements:

The Bank Secrecy Act (BSA) requires certain MSBs to register with the Financial Crimes Enforcement Network (FinCEN). MSBs must comply with the registration, reporting, recordkeeping, and anti-money laundering program requirements contained in regulations promulgated pursuant to the BSA.  Please refer to the document below to determine if you are an MSB under Federal law.

 

FinCEN Resources (for compliance with applicable federal laws):