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
MSB Laws and Rules
Laws governing the cashing, selling and issuing of payment instruments and money transmission are primarily found in Title 7, Chapter 1, Articles 4 and 4A of the Official Code of Georgia Annotated (O.C.G.A.). - O.C.G.A. § 7-1-680 et seq.
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://rules.sos.ga.gov/home.aspx
MSB Federal Definitions / Requirements
FinCEN Resources (for compliance with applicable federal laws):
- MSB Registration Query website
- Money Service Business (MSB) Information (Links off-site to FinCEN) - This link will take you to a website created to address the needs of a special category of financial institutions under the Bank Secrecy Act (BSA) referred to as Money Services Businesses or MSBs. Click on the link above to learn more.