July - September 2011, Volume 7, 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 In This Issue: Check Casher License / 2 Registration Renewal (continued) Semi-Annual Reporting: 2 Check Sellers and Money Transmitters Upcoming Outreach and 3 Speaking Engagements Upcoming State Holidays 3 Check Casher License / Registration Renewal On July 7, 2011, 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. Check Cashing Class 4 Administrative Actions 4 Action on Applications for 5 the Previous Quarter Closed/Expired/Revoked/ 6 Surrendered in the Previous Quarter Department Contact 7 Information Licensees and Registrants must complete the renewal process and payment of the renewal fee online via the Department's secure website https://bkgfin.dbf.state.ga.us/CCRenewal.html. Licensees and registrants that DO NOT wish to renew their license or registration can record this decision via the online renewal process. The due date for filing for renewal of your check cashing license or registration for FY2012 (October 1, 2011 to September 30, 2012) without incurring a late fee is August 8, 2011, due to a short delay in opening the renewal site. Page - 1 - Check Casher License / Registration Renewal (continued) Reminder regarding online forms of payment: The Department accepts online renewal fee payment 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): If your renewal application is approved, you will receive an e-mail directing you to log in to the following secure website in order to retrieve and print your check cashing license or registration certificate: https://bkgfin.dbf.state.ga.us/CCCERT2012.html If you have questions regarding the license / registration renewal process or need to update your e-mail address, please contact Applications Analyst Susan Nelson via e-mail at nelson@dbf.state.ga.us or via phone at (770) 986-1652. Semi-Annual Reporting: Check Sellers and Money Transmitters By now, all Check Seller and Money Transmitter licensees should have received the Department's e-mail notice regarding Semi-Annual Reporting. These reports must be made by the licensee through the Department's online reporting system. The report that is due covers the period of January 1, 2011 through June 30, 2011. Page - 2 - Semi-Annual Reporting: Check Sellers and Money Transmitters (continued) Passwords for accessing the online reporting system are e-mailed to the licensee's primary contact, per the Department's records. The licensee may change the password at any time. Please make certain that the e-mail we have on file for your company is correct. The online system for Check Seller Semi-Annual Reporting is found at: https://bkgfin.dbf.state.ga.us/CSSemiAnnualReport.html The online system for Money Transmitter Semi-Annual Reporting is found at: https://bkgfin.dbf.state.ga.us/MTSemiAnnualReport.html Licensees should ensure that the average outstanding checks and outstanding transactions are calculated correctly. You must complete the semi-annual reporting by September 1, 2011. Any licensee not filing a report by that date may be subject to a fine, administrative action, or both. Upcoming Outreach and Speaking Engagements Deputy Commissioner for Non-Depository Financial Institutions Rod Carnes, Administrative Examiner Teresa Koeppel and Applications Analyst Susan Nelson will be participating and/or speaking at the MSBGA Annual Meeting on August 25, 2011, at the Gwinnett Center. Registration is now open online at: http://msbgameeting2011.eventbrite.com/. Upcoming State Holidays During the next quarter, the Department's offices will be closed in observance of the following State holidays: Holiday Name Independence Day Date Observed July 4th Monday Labor Day September 5th Monday Page - 3 - Check Cashing Class Are you keeping the proper books and records required by law and regulation? Every other month the Department offers a class on the MSB rules to new check cashers. There is no cost for the class and it is a great way to learn about Georgia law and Department regulations as well as the Bank Secrecy Act (BSA) and Anti-Money Laundering requirements. In addition, the Department now provides a certificate of attendance which licensees may use as evidence of training received on BSA and Anti-Money Laundering. This class has proven very helpful to those who have attended. During subsequent examinations, those who have attended the class have stated that the knowledge and information gained helped prevent violations and subsequent fines. Upcoming Check Casher Class Dates and Times Tuesday, July 19, 2011, 10:00 AM Tuesday, September 20, 2011, 10:00 AM The one-hour class is held at the Department's main office. The class is limited to a maximum of seven attendees, so 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. ADMINISTRATIVE ACTIONS Department's Revocation of the Check Casher Registration of Trend Stitchers International, Inc. d/b/a Conoco Truck Stop Becomes Final, as does an Order to Cease and Desist Issued to its President, Amin Budhwani On April 27, 2011, an Amended Notice of Intent to Revoke Annual Registration became final against Trend Stitchers International, Inc. d/b/a Conoco Truck Stop, check casher registration number 20066, located at 3000 Moreland Avenue, Conley, Georgia 30288. The Department's Order to Cease and Desist to Amin Budhwani, who is the president of Trend Stitchers International, Inc. d/b/a Conoco Truck Stop, also became final on April 27, 2011. Read the entire press release on the Department's website. Page - 4 - ACTION ON APPLICATIONS FOR THE PREVIOUS QUARTER APPROVED/REINSTATED CHECK CASHERS (License/Registration) R=Registrant L=Full Service License Page - 5 - ACTION ON APPLICATIONS FOR THE PREVIOUS QUARTER APPROVED CHECK SELLERS AND MONEY TRANSMITTERS M=Money Transmitter S=Sale of Checks Company CLOSED/EXPIRED/REVOKED/SURRENDERED IN THE PREVIOUS QUARTER CLOSED CHECK CASHERS (License/Registration) RD=Registrant Dead LD=Full Service License Dead CLOSED/EXPIRED/SURRENDERED CHECK SELLERS AND MONEY TRANSMITTERS MD=Money Transmitter Dead SD=Sale of Checks Company Dead Page - 6 - 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: Georgia 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 Publications, MSB Newsletter. If you would like to be added to our distribution list, send an e-mail to dbfpress@dbf.state.ga.us stating your name and e-mail address. Please be sure to include "Subscribe to MSB Newsletter" in the Subject line. Page - 7 -