Georgia State-Chartered Banks and Credit Unions Closure Procedures
In light of recent inquiries related to COVID-19, the Department would like to remind all Georgia State-Chartered Banks and Credit Unions of emergency closing notification procedures. Georgia Banks and Credit Unions Closure Procedures
Information for New Seller-Issuer of Payment Instruments Applicants
Entities Exempt from Licensing Requirements:
- Any state or federally chartered bank, trust company, credit union, savings and loan association, or savings bank with deposits that are federally insured;
- Any authorized agent of a licensee;
- The United States Postal Service;
- A state or federal governmental department, agency, authority, or instrumentality and its authorized agents;
- Any foreign bank that establishes a federal branch pursuant to the International Bank Act, 12 U.S.C. Section 3102;
- A wholly owned subsidiary of a state or federally chartered bank, trust company, credit union, savings and loan association, or savings bank with deposits that are federally insured;
- A registered futures commission merchant under the federal commodities laws to the extent of its operation as such a futures commission merchant;
- A person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws to the extent of its operation as such a provider;
- An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons exempted by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored value transactions, automated clearing house transfers, or similar fund transfers;
- A person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer; or
- An individual employed by a licensee or any person exempted from the licensing requirements of this article when acting within the scope of employment and under the supervision of the licensee or exempted person as an employee and not as an independent contractor.
File a new application through the Nationwide Multistate Licensing System (NMLS):
The Department uses the Nationwide Multistate Licensing System (NMLS) to manage all Seller of Payment Instruments and Money Transmitter licensees. All applications and changes to a Seller of Payment Instruments and Money Transmitter license must be made through the NMLS.
Steps to Apply for a Seller of Payment Instruments License:
- Review the Instructions and Requirements and prepare all items listed on the New Application Checklist - If you do not have the items listed on the application checklist before applying, the processing of your application will be delayed and you risk your application being withdrawn as abandoned.
- Apply for a Georgia Seller of Payment Instruments License through the NMLS.
- Complete and submit your application through the NMLS, including paying the application and licensing fees.
Processing times can vary depending on the workload of the Department, the completeness of the application, the complexity of the application, and other factors such as renewals. Applications are worked in the order received, but submitting a complete application per the Department’s instructions and checklist on NMLS, will generally produce a quicker turnaround. Processing times for complete applications are generally 4-6 weeks from the time the Department begins its review.
- State Licensing Requirements and Checklists
- To gain access to the Nationwide Multistate Licensing System (NMLS), please visit Getting Started
- As of 9/12/2016, criminal history background checks on MU2 individuals should be authorized and submitted through the NMLS.
Electronic Surety Bonds (ESB)
Electronic surety bonds (ESB) will be available in NMLS starting January 23, 2017.
New company license applications submitted after January 23, 2017 will be required to meet all surety bond requirements by completing the electronic surety bond process. See the ESB Adoption Map and Table for more information.
Companies are required to convert their existing surety bond to NMLS via the submission of an ESB by December 31, 2017. See the GA ESB Conversion Plan for more information.