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Can you summarize 7 GACO Chapter 1, Article 4A?
Financial Institutions > Cashing of Payment Instruments
Short Summary
This legal document governs the cashing of payment instruments in the state of Georgia. It applies to financial institutions operating within the state. The document defines various terms related to the cashing of payment instruments and establishes the scope of its application to individuals, partnerships, associations, or corporations engaged in cashing payment instruments for a fee. The document outlines the requirements for obtaining a license to cash payment instruments, including the submission of a written application, payment of fees, and providing necessary information. It also addresses the authority of the department in the context of cashing payment instruments, including participation in the Nationwide Multistate Licensing System and Registry. The document specifies record-keeping obligations, investigation and background check requirements, and the process for license renewal. It also outlines grounds for license suspension or revocation and the procedures for administrative and judicial enforcement. The document does not mention specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Financial institutions operating within the state of Georgia
What does it govern?
The cashing of payment instruments in the state of Georgia
What are exemptions?
Exemptions include state or federally chartered banks, the United States Postal Service, state or federal governmental departments, agencies, authorities, or instrumentalities, foreign banks establishing a federal branch, persons accepting payment instruments without charging a fee, and individuals employed by a licensee or exempted person acting within the scope of employment and under supervision
What are the Penalties?
No specific penalties are mentioned in the document
Jurisdiction
Georgia