MSB newsletter, Issue 4 (Oct.-Dec. 2010)

October - December 2010, Volume 6, Issue 4

(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

In This Issue:

Annual License Renewal

2

- Check Sellers and

Money Transmitters

(continued)

Prepaid and Stored Value 2 Cards

Check Casher

3

License/Registration

Renewal Deadline

Annual License Renewal - Check Sellers and Money Transmitters
On October 1, 2010, the Department sent out check seller and money transmitter renewal notices VIA E-MAIL to existing licensees. If you did not receive the login information and online renewal requirements via email, 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):

Department Issues

3

Proposed Rulemaking and

Provides Opportunity to

Comment

Upcoming 2010 State

4

Holidays

Check Cashing Class

4

Action on Applications for 6 the Previous Quarter

Closed/Expired/Revoked/ 8 Surrendered in the Previous Quarter

Customer Service Stars

8

for the Previous Quarter

Department Contact

9

Information

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Annual License Renewal - Check Sellers and Money Transmitters (continued)
Completion of the application, associated questionnaire, reporting schedules, and payment for all renewal fees and outstanding examination fees or fines must be done online. However, supporting documentation must be submitted separately using the Cover Sheet for Attachments provided online or with your renewal notice. When supplemental information is not received in a timely manner, renewal prior to license expiration cannot be guaranteed.
Please remember that the surety bond needed for renewal must cover the new license year. The surety bond, the current financial statement, and the audit or annual financial are due December 1st.
Renewals must be completed online by midnight, November 1, 2010, or they are considered late, and the licensee will be assessed a late fee of $300 in addition to the renewal fee. Licensees who do not complete the renewal process by midnight December 31, 2010, will have their licenses expire.
If you have questions regarding the license renewal process, please contact the Department via e-mail at msb@dbf.state.ga.us. Please be sure to include your license number on any communication with the Department. This will allow us to assist you more quickly and efficiently. REMINDER: As noted in the Department's e-mail to licensees on September 30th, license renewal certificates will no longer be e-mailed. Please note that you cannot access the secure site to retrieve your license certificate until December 17, 2010, or until such earlier time that the Department makes this website available. You will be notified by e-mail when you license is approved and the license certificate website is available. Please alert your financial institution that you renewal license certificate may not be available before the aforementioned date.
Prepaid and Stored Value Cards
Existing Georgia money transmitter licensees whose product line includes prepaid or stored value cards will be required to upgrade their license to a Seller of Checks during the current renewal period which began on October 1st. A renewal fee of $2,000 is required for the upgrade from a money transmitter to a check seller license.
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Prepaid and Stored Value Cards (continued)
Money transmitters who are required to upgrade to a check seller license must ensure that their surety bond coverage is adequate. O.C.G.A. Section 7-1-683(b)(2) of the Office Code of Georgia Annotated (O.C.G.A.) requires check sellers to provide a surety bond in the principal sum of $100,000.00. Higher bond coverage amounts may be required (see O.C.G.A. Section 7-1-683(b)(2) for specific requirements).
A licensee that is required to upgrade will also need to provide a copy of its annual certified audit to the Department within thirty (30) days after receipt of the report from outside accountants. In no event should these certified audits be more than fifteen (15) months old.
Please contact Administrative Examiner Teresa Koeppel at (770) 986-1639 or via e-mail at tkoeppel@dbf.state.ga.us for specific instructions on upgrading a money transmitter license.
Check Casher License/Registration Renewal Deadline
The expiration date for all check casher licenses and registrations was September 30, 2010. If you did not complete the online license/registration renewal process by September 30, 2010, your license/registration expired and you cannot conduct business as a check casher until a new license/registration is applied for and approved.
Failure to properly RENEW a license before expiration requires a REINSTATEMENT of the license in order to conduct a check cashing business. This requires the submission to the Department of a hard copy license or registration application form and all supporting documents. The application form is the same one available for NEW licensees on the Department's website under Money Service Businesses, Forms and Applications. Please Indicate "Reinstatement" when submitting the application form.
Department Issues Proposed Rulemaking and Provides Opportunity to Comment
On September 23, 2010, the Department gave notice of its intent to adopt new and amended rules through the issuance of a Proposed Rulemaking. Comments to the Department must be received by Monday, October 25, 2010, at the close of business.
You may view or download the Proposed Rules from our website on the Laws and Regulations page at (http://dbf.georgia.gov) or directly from: http://dbf.georgia.gov/vgn/images/portal/cit_1210/59/63/163361399DBFProposedRules_9-23-2010.pdf
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Upcoming 2010 State Holidays

Holiday

Date Observed

Columbus Day

October 11th Monday

Veterans' Day

November 11th Thursday

Thanksgiving Day

November 25th Thursday Lee's Birthday will be observed on Friday, November 26th

Christmas Day

December 25th Saturday (will be observed on Friday, Dec 24th) Washington's Birthday will be observed on Thursday, Dec. 23rd)

Check Cashing Class
Are you keeping the proper books and records required by law and regulation? Each month the Department offers a class on the MSB rules for check cashers. There is no cost for the class. While the class is not mandatory, it is a great way to learn about Georgia law and Department regulations as well as the Bank Secrecy Act and Anti-Money Laundering requirements. Please read the laws and rules that apply to your business and bring your questions to ask the examiner at the class! Gain knowledge so that you can avoid violations and fines.
The one-hour class is held at the Department's main office on the third Tuesday of the month. The class size is limited, but if the demand is great enough, more classes will be scheduled. You must reserve a seat by emailing msb@dbf.state.ga.us or tkoeppel@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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**RREEMMIINNDDEERR**
Contact Information E-mail Addresses
Since the Department's main method of communicating with licensees/registrants is via e-mail, it is very important that you supply this agency with a valid e-mail address and that you keep us informed if your email address changes. To ensure receipt of these e-mails, please make certain that:
The Department has your current e-mail address on file, and that notification of changes in that address are made via our online form at: https://bkgfin.dbf.state.ga.us/MSBUpdate.html Your e-mail account does not divert Department e-mail to your spam or junk folder. You are knowledgeable of website information, renewal or other filing due-dates, and check the Department's website for information.
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ACTION ON APPLICATIONS FOR THE PREVIOUS QUARTER
APPROVED CHECK CASHERS (License/Registration)
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ACTION ON APPLICATIONS FOR THE PREVIOUS QUARTER
APPROVED CHECK CASHERS (License/Registration) continued
R=Registrant L=Full Service
APPROVED CHECK SELLERS AND MONEY TRANSMITTERS
M=Money Transmitter S=Sale of Checks Company
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CLOSED/EXPIRED/REVOKED/SURRENDERED IN THE PREVIOUS QUARTER
CLOSED CHECK CASHERS (License/Registration)
CUSTOMER SERVICE STAR FOR THE PREVIOUS QUARTER
Teresa Koeppel, Administrative Examiner The Department received the comments from a customer stating: "Thanks once again. It has been excellent working with you. You have kept excellent communication and also educated me in how to do this; not only that, but the turnaround time for the license was outstanding."
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Department Contact Information
NAME
Teresa Koeppel, Administrative Examiner (Check Sellers/Money Transmitters)
Susan Nelson, Applications Analyst (Check Cashers)

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

PHONE#
770-986-1639

nelson@dbf.state.ga.us

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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