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Can you summarize 7 GACO Chapter 5?
Banking And Finance > Credit Cards and Credit Card Banks
Short Summary
This legal document, part of the Georgia Code on Banking and Finance, governs the regulation of credit cards and credit card banks in Georgia. It applies to entities involved in credit card and credit card bank activities. The document imposes criminal penalties for the illegal use of credit cards, bank services cards, and other financial resources. It provides definitions for various terms used in this chapter, including ‘affiliate’, ‘commissioner’, ‘credit card’, ‘credit card account’, ‘credit card bank’, ‘domestic lender’, ‘foreign lender’, and ‘holding company’. The document also defines ‘qualifying organization’ as a corporation, partnership, or other entity that maintains an office in Georgia and engages in specific services related to credit cards and credit card accounts. The document outlines the requirements and conditions for organizing a credit card bank, including the payment of applicable fees, ownership restrictions, limited deposit taking business, capital stock and paid-in surplus requirements, and permissible activities. It also governs the charges and fees associated with credit card accounts, allowing domestic lenders and credit card banks to charge and collect finance charges based on the outstanding balances on the credit card account, as well as other fees and charges agreed upon in the written agreement. The document further pertains to the supervision, regulation, and examination of credit card banks organized under the laws of Georgia by the Department of Banking and Finance. It grants the department the authority to require credit card banks to cease unauthorized activities and impose penalties for non-compliance. The document also addresses the applicability of banking laws to credit card banks, stating that they are subject to the provisions of Chapter 1 of the Georgia Code, unless inconsistent with the rights, powers, privileges, provisions, or limitations of this chapter. However, credit card banks are not considered banks for the purposes of Part 18 or Part 19 of Article 2 of Chapter 1. Overall, this document provides the legal framework for the regulation of credit cards and credit card banks in Georgia.
Whom does it apply to?
Entities involved in credit card and credit card bank activities
What does it govern?
Regulation of credit cards and credit card banks
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
Criminal penalties for illegal use of credit cards, bank services cards, and other financial resources
Jurisdiction
Georgia