MSB newsletter, Issue 3 (July-Sept. 2010)

July - September 2010, Volume 6, Issue 3

(This Newsletter is a quarterly publication containing topics of interest to MSBs regulated by the Georgia Department of Banking and Finance (Department). We hope that you will find this publication to be informative and valuable for providing information about the issues affecting your industry. If there are any issues you would like for the Department to highlight or address in future editions, please e-mail your questions or suggestions to msb@dbf.state.ga.us).
REGULATORY MATTERS
Georgia News
Check Casher License / Registration Renewal
On July 1, 2010, the Department sent out check casher renewal notices VIA E-MAIL to existing licensees and registrants. If you did not receive the login information and online renewal requirements via e-mail, please be sure that your e-mail account does not divert Department e-mail to your spam or junk folder and that you have the correct e-mail address on file with our Department.
This year you must complete and pay for your renewal online. For administrative reasons, the Department is requiring that you pay online, either by credit card or ACH. If you have a checking account, you can choose the ACH payment option. You will need the bank routing number and your checking account number to pay by ACH (see sample below):

In This Issue:

Check Casher License /

2

Registration Renewal

(continued)

Check Sellers and Money 2 Transmitters: SemiAnnual Reporting

Sale of Check / Money

3

Transmitter Licensees:

Changes in Officers and

Directors

Check Cashing Class

3

Action on Applications for 4 the Previous Quarter

Closed/Expired/Revoked/ 5 Surrendered in the Previous Quarter

Name Changes in the

6

Previous Quarter

Customer Service Stars

6

for the Previous Quarter

Department Contact

7

Information

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Check Casher License / Registration Renewal (continued)
If you have questions regarding the license / registration renewal process, please contact Applications Analyst Susan Nelson via e-mail at nelson@dbf.state.ga.us. Please be sure to include your license/registration number on any communication with the Department. This will allow us to assist you more quickly and efficiently.
Additionally, it is requested that licensee/registrants refrain from calling the Department to ask for status updates regarding renewal applications. The Department will work diligently with its limited staff to process renewals as quickly as possible. Thank you for your cooperation in this matter.
REMINDER: As noted in the Department's e-mail to licensees/registrants on July 1st, you will need to log in to the secure website in order to retrieve and print your license/registration renewal certificate. The link and logon information to the secure site was provided in the above referenced e-mail. Please note that you will not be able to log in to retrieve and print your new certificate until October 1, 2010.
Check Sellers and Money Transmitters: Semi-Annual Reporting
The Department's online system for the semi-annual update opened July 1, 2010. On June 23, 2010, you should have received an e-mail notice that included your login information / password and other important information. The system is available from July 1st thru August 31st. Late fines of $5,000 will be assessed on September 2, 2010.
When you update your information, a few things to keep in mind:
As you enter new agents or returning agents (you might be able to reinstate rather than enter these), please use new ID numbers. The system cannot handle two agents with the same ID number and your agent list will be incorrect.
You will be asked to list the countries to which money is transmitted. List the first 19 with the largest volumes then group the others into the category of "OTHER" and input a total. Please note that the list is limited to 20.
When asked whether your fees are dollar-based or percentage-based, you need to report the lowest low and the highest high.
The surety bond must cover all locations and the outstandings. Considering that you may have branches as well as agents, you must include both as locations. In addition, consider that your agents may have more than one location -- you must list each location. Remember, each location must be considered for your bond amount, and note that each location increases the required bond by $5,000 to a maximum of $250,000 for the required amount based on locations. If your average daily outstandings exceed $250,000, you must increase your bond based on outstandings.
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Check Sellers and Money Transmitters: Semi-Annual Reporting (continued)
Please print the attestation or affidavit page when the report is complete, along with any other pages that you want to print, so that you have proof of completion.
Direct links to the semi-annual reporting forms are available from the Department's MSB website: http://dbf.georgia.gov/msbforms or you may use the links noted below for each license type:
https://bkgfin.dbf.state.ga.us/MTQtrReport.html for Money Transmitters, and:
https://bkgfin.dbf.state.ga.us/CSQtrReport.html for licensed Sellers of Checks.
Sale of Check / Money Transmitter Licensees: Changes in Officers and Directors
Regardless of whether you are a private or publicly held company, as you make changes in officers and directors, the Department requires certain information in order to approve these individuals. In the Department's definition of officers and directors or persons who control and make policy, the Compliance Officer is included. In order to investigate and approve such persons, the Department requires the completion of the MSB3 Form which is found on our website - http://dbf.georgia.gov/ and submission of a current credit report and fingerprint cards (along with the processing fee of $40 per person). In addition, if there is a change in control, please utilize the application form for Change in Control on our website from the MSB Forms and Application page.
You may request the number of fingerprint cards needed via our website form or via email. The Department uses FBI blue line fingerprint cards. Please be sure the prints are rolled and are not too dark or too light. Poor images require reprinting of the individual and additional fees for processing more cards.
Check Cashing Class
Each month the Department offers a class on the MSB Rules and Regulations for check cashers. There is no cost for the class. While the class is not mandatory, it is a great way to learn about state law and regulations as well as the Bank Secrecy Act and Anti-Money Laundering requirements. Please read the law and the rules and bring your questions to ask the examiners at the class! Gain knowledge so that you can avoid violations and fines.
The one-hour class is held at the Department Main Office on the second Tuesday of the month. The class size is limited in space, but if the demand is great enough, more classes will be scheduled. You must reserve a seat by emailing msb@dbf.state.ga.us at least five days before the class is held. Reserve your seat NOW! We look forward to seeing you.
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ACTION ON APPLICATIONS FOR THE PREVIOUS QUARTER
APPROVED / REINSTATED CHECK CASHERS (License/Registration)
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ACTION ON APPLICATIONS FOR THE PREVIOUS QUARTER
APPROVED / REINSTATED CHECK CASHERS (License/Registration) continued
R=Registrant L=Full Service
APPROVED CHECK SELLERS AND MONEY TRANSMITTERS
M=Money Transmitter S=Sale of Checks Company
CLOSED/EXPIRED/REVOKED/SURRENDERED IN THE PREVIOUS QUARTER
CLOSED CHECK SELLERS AND MONEY TRANSMITTERS
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CLOSED/EXPIRED/REVOKED/SURRENDERED IN THE PREVIOUS QUARTER
CLOSED CHECK CASHERS (License/Registration)
CHECK CASHER NAME CHANGES IN THE PREVIOUS QUARTER
CUSTOMER SERVICE STARS FOR THE PREVIOUS QUARTER
Teresa Koeppel, Administrative Examiner The Department received the comments from a customer stating: "Teresa, Thank you so much for all your help in getting the money transmission license approval. We really enjoyed working with you, you exceeded our expectation and we will forever be grateful. We will definitely call you whenever we have questions. Once more thank you and keep up the good work." Supervisory Manager (MSBs) Joel Byers - The Department received an e-mail from a customer stating: "Good morning Joel. I just wanted to say it was a great experience during the exam on my end. You were great. I would rank you an A+. Thank you very much. I learned a lot."
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Department Contact Information

NAME
Joel Byers, Supervisory Manager - Money Service Businesses Teresa Koeppel, Administrative Examiner Susan Nelson, Applications Analyst (Check Cashers)

E-MAIL ADDRESS
byers@dbf.state.ga.us tkoeppel@dbf.state.ga.us nelson@dbf.state.ga.us

PHONE#
770-986-1656 770-986-1639 770-986-1652

Mailing Address: Department of Banking and Finance
2990 Brandywine Road, Suite 200 Atlanta, GA 30341-5565
Website: http://dbf.georgia.gov
Phone & Fax Numbers: Phone: (770) 986-1633 or
Toll Free: (888) 986-1633 Fax: (770) 986-1655 or (770) 986-1029

E-MAILING THE DEPARTMENT
When corresponding with the Department, e-mail communication is preferred. Providing written details in the e-mail regarding any questions or concerns you may have allows the Department to forward the request to the appropriate person who handles that area, and if sufficient details are included in the request, that person can then more efficiently provide you with an answer. The main Division e-mail address is
msb@dbf.state.ga.us.
NOTE: This publication is delivered to interested parties via e-mail and is also available from the Department's website at: http://dbf.georgia.gov under News/Press Releases. If you would like to be added to our distribution list, please send an e-mail to dbfpress@dbf.state.ga.us and indicate your name, the company you are with, license or registration # (if applicable), and phone number. Also, please indicate which publication(s) you would like to receive. See the list under Publications on our home page.

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