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Can you summarize GARR Chapter 80-12?
RULES OF DEPARTMENT OF BANKING AND FINANCE. > MERCHANT ACQUIRER LIMITED PURPOSE BANKS
Short Summary
The provided legal document content pertains to the Rules and Regulations of the State of Georgia, specifically focusing on the rules governing Merchant Acquirer Limited Purpose Banks (MALPBs). These rules apply to entities and individuals involved in merchant acquiring activities within the state of Georgia. The document provides definitions for various terms used in Chapters 80-12-1 to 80-12-12, which cover the regulations for MALPBs. The definitions include terms such as ‘Act’, ‘Affiliate’, ‘Annual Attestation Report’, ‘Capital Letter of Credit’, ‘Chargeback’, ‘Executive Officer’, ‘Financial Crime’, ‘Leverage Capital Ratio’, ‘MALPB’, ‘Payment Card’, and others. The definitions also clarify the meanings of terms related to reports and filings required by the Department of Banking and Finance. However, no specific exemptions or penalties are mentioned in this section of the document.
Whom does it apply to?
Entities and individuals involved in merchant acquiring activities within the state of Georgia.
What does it govern?
The provided legal document content pertains to the Rules and Regulations of the State of Georgia, specifically focusing on the rules governing Merchant Acquirer Limited Purpose Banks (MALPBs).
What are exemptions?
No specific exemptions are mentioned in this section of the document.
What are the Penalties?
No specific penalties are mentioned in this section of the document.
Jurisdiction
Georgia