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Can you summarize 7 GACO Chapter 9?
Banking And Finance > Georgia Merchant Acquirer Limited Purpose Bank
Short Summary
The provided legal documents pertain to the formation, operation, and regulation of merchant acquirer limited purpose banks in Georgia. They outline the requirements for corporations seeking to be chartered as a merchant acquirer limited purpose bank, including the filing of an application with the Department of Banking and Finance and the payment of applicable fees. The documents specify that within one year of receiving its charter, a merchant acquirer limited purpose bank must have no fewer than 50 employees located in Georgia dedicated to merchant acquiring activities. The documents also govern the corporate existence of these banks, the rights and responsibilities of shareholders, and the authority of the department to regulate and supervise the sale of shares. Additionally, the documents address the merger or consolidation of merchant acquirer limited purpose banks, the treatment of merchant funds, and the supervision, regulation, and examination of these banks. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Corporations seeking to be chartered as a merchant acquirer limited purpose bank in Georgia
What does it govern?
Formation, operation, and regulation of merchant acquirer limited purpose banks in Georgia
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Georgia