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
Money Transmission/Money Transmitter
Generally, a money transmitter is a person or business entity that is authorized/licensed to transmit money.
As used in Georgia law, 'Money transmission,' 'transmit money,' or 'transmission of money' means engaging in the business of receiving money or monetary value for transmission or transmitting money or monetary value within the United States or to locations abroad by any and all means, including, but not limited to, an order, wire, facsimile, or electronic transfer. The term does not include closed-loop transactions.
If a person is receiving money for transmission on behalf of another person or persons, they will need to be licensed. If a person were sending money on their own behalf, they would not need to be licensed.
Money transmitters and sellers-issuers of payment instruments operating in Georgia should be licensed with the Department. There are certain entities, however, that are exempt from licensing requirements.
Those Exempt from Licensing Requirements:
- A state or federally chartered bank, trust company, credit union, savings and loan association, or savings bank with deposits that are federally insured;
- An 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; 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.
The Department uses the Nationwide Multistate Licensing System (NMLS) to manage its Money Service Business licensees (MSB).
- Use the NMLS Consumer Access portal to verify a seller-issuer of payment instruments or money transmitter license.
To report an unlicensed money transmitter to the Department, you may contact the MSB section of the Non-Depository Financial Institutions Division by one of the following methods. Be sure to include the name of the business, address (if known), and any other details you have:
Phone: (770) 986-1652
Fax: (770) 986-1655
Mail: Department of Banking and Finance
2990 Brandywine Road, Suite 200
Atlanta, GA 30341-5565