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Can you summarize GARR Rule 80-12-1-.01?
Definitions > Definitions
Short Summary
This section of the Rules and Regulations of the State of Georgia provides definitions for terms used in Chapters 80-12-1 to 80-12-12, which pertain to Merchant Acquirer Limited Purpose Banks (MALPBs). The definitions in this section apply to entities and individuals involved in merchant acquiring activities within the state of Georgia. The definitions cover various terms such as ‘Act’, ‘Affiliate’, ‘Annual Attestation Report’, ‘Capital Letter of Credit’, ‘Chargeback’, ‘Executive Officer’, ‘Financial Crime’, ‘Leverage Capital Ratio’, ‘MALPB’, ‘Payment Card’, and many others. The section also clarifies the meanings of terms related to reports and filings required by the Department of Banking and Finance. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Entities and individuals involved in merchant acquiring activities within the state of Georgia
What does it govern?
Definitions used in Chapters 80-12-1 to 80-12-12 of the Rules and Regulations of the State of Georgia related to Merchant Acquirer Limited Purpose Banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Georgia