Quarterly MSB newsletter, Issue 2 (May-June 2015)

Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division
Quarterly Summary of Money Service Businesses Activities MonthlyfoSrumtmhearyPeofriMoodrtgEangediAncgtivJiutinesefo3r0t,h2e 0P1er5iod Ending April 2007

Inside this Issue:
Quarterly Reporting 3 for Sale of Payment
Instruments and Money Transmitter
Licensees
Upcoming Atlanta 3 Check Cashing Classes
Upcoming 2015 3 State Holidays Department Offices
Closed
Upcoming 4 September 2015
Department Presentation in
Dalton, GA
Annual License 4 Renewal
Timeline--Mark Your Calendar!
APPENDIX: MSB Activity by Current License
Status

Take Note: Rule Changes Effective July 5, 2015
The Department has adopted changes to its Rules and Regulations effective July 5, 2015. Changes related to Money Service Businesses (MSBs) include the following:
For sellers of payment instruments and money transmitters, Rule 80-3-1-.01(4)(b) now provides in part that the licensee's quarterly reports shall be deemed to be the licensee's notice of new locations operated by authorized agents as well as the licensee's application for approval of the designated authorized agents. This rule change removes the requirement for monthly updates regarding authorized agent locations.
For check cashers, Rules 80-3-1-.02(9) and (11) now provide in part that the licensee must provide the Department with written notice at least thirty (30) days prior to opening a new location or changing locations.
Please refer to the complete Rules and Regulations on the Secretary of State's website.
Check Cashers Minimum Books and Records
Check cashers are required by law to maintain the following books and records and produce them when requested by the Department or during an exam:
Cash reconciliation statements: summarizing each day's activity and reconciling cash on hand at the opening of business to cash on hand at the close of business. Records must be kept on daily basis.
Receipts: each customer cashing a payment instrument shall be offered the option of receiving a receipt showing the name of the licensee or trade name of the licensee, the transaction date, the amount of the payment instrument, and the fee charged. (Copies of receipts are not required to be kept by the licensee).
Background checks: Every licensee must obtain a Georgia Crime Information Center ("GCIC") criminal background check on each covered employee prior to the initial date of hire or prior to an employee being given MSB responsibilities. Proof of the required GCIC criminal background check must be retained by the licensee until five years after termination of employment by the licensee and must be renewed every two to three years for current employees.
(Continued on page 2)

Page 2

2nd Quarter 2015

Check Cashers Minimum Books and Records
(Continued from page 1)
Transaction logs: A daily record of cashed payment instruments of $1,000 or more shall be maintained by each licensee as a log of all transactions occurring. The log must be maintained in chronological order based on the date of negotiation and include: 1. the date of negotiation of the payment instrument; 2. date of the payment instrument; 3. payment instrument number; 4. name and location or routing number of the payor bank or, if a pre-paid card, the branded card name; 5. name of the drawer of the payment instrument; 6. name, address, and identifying number (social security, driver's license, passport, etc.) of the person negotiating the payment instrument; 7. amount of the payment instrument; and, 8. amount of fee charged for cashing the payment instrument.
A daily record of cashed payment instruments of less than $1,000 shall be maintained by each licensee on a daily basis and shall include the following information: 1. the date of the transaction; 2. the name of the person presenting the payment instrument; 3. the amount of the payment instrument; and, 4. the fee charged.

Financial Statements
Balance Sheet: a summary of the financial balances of assets, liabilities and owners' equity which applies to a single point in time of a business' calendar year. (Must be maintained on a quarterly basis by the licensee and be prepared in accordance with Generally Accepted Accounting Practices).
Income Statement: shows the company's income and expenses during a particular period of time. (Must be maintained on a quarterly basis by the licensee and prepared in accordance with Generally Accepted Accounting Practices).
Take Note: Tax Return documents and Bank Account Statements are not acceptable substitutes for the Balance Sheet and Income Statement. Tax Returns are prepared on an annual basis. Additionally, Bank Account Statements only reflect the debits and credits to the Bank Accounts and are not an accurate reflection of the assets, liabilities, capital, expenses and income of the business.
Failure to provide this information upon request will subject your license to a fine of one thousand dollars ($1,000) per violation as well as possible administrative action.

2nd Quarter 2015

Page 3

Quarterly Reporting for Sale of Payment Instruments and Money Transmitter Licensees

All Money Transmitter and Seller of Payment Instruments Licensees were emailed directly with instructions on how to complete the online form that is being used for quarterly reporting requirements for the period ending June 30, 2015.

In addition to completing this webform, agent/office information must be uploaded via the Uniform Authorized Agent Report (UAAR) in the Nationwide Multistate Licensing System (NMLS) to complete your quarterly reporting. If you have no agents or offices, you must still report through the NMLS. Questions regarding the UAAR should be directed to the NMLS Call Center at 1-855-NMLS-123 (1-855-665-7123).

Please complete and submit both reports by August 15, 2015. Any reports received after the deadline will be subject to a fine of $1,000.

Upcoming Atlanta Check Cashing Classes
The Department offers a check cashing class that benefits first-time and experienced check cashers. Classes are scheduled on Tuesdays at 10:00 a.m. and generally last about an hour and a half.
Upcoming 2015 Atlanta Check Casher Class
July 21, 2015, 10:00 AM September 15, 2015, 10:00 AM November 17, 2015, 10:00 AM
There is no cost for the class and it is a great way to learn about Georgia law, Department regulations, the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) requirements. During examinations, those who have attended the class have stated that the knowledge and information they gained helped prevent violations and avoid the imposition of fines. As a further benefit, the Department provides a certificate of attendance that licensees may use as evidence of training received on BSA and Anti-Money Laundering.
The classes are limited to a maximum of seven attendees, so you must make an advance reservation by calling 770-986-1639 or emailing tkoeppel@dbf.state.ga.us. Reserve your seat NOW! We look forward to seeing you.
* Please note that the class schedule is subject to change

Upcoming 2015 State Holidays - Department Offices Closed

Holiday Name Labor Day
Columbus Day

Date Observed Monday, September 7th
Monday, October 12th

Page 4

2nd Quarter 2015

Upcoming September 2015 Department Presentation in Dalton, Georgia
Representatives from the Department will be speaking in Dalton, Georgia this September. The event will take place at the Northwest Georgia Trade and Convention Center in Dalton. Please check your email for specific information regarding the date and time. This will be an opportunity for MSB licensees to learn more about changes in the laws and rules and to ask any questions.
Please email tkoeppel@dbf.state.ga.us to reserve your seat. Please be sure to include your name(s), company name and license number.

Annual License Renewal Timeline--Mark Your Calendar!

The annual license renewal period will begin on November 1, 2015, for the 2016 annual license period. Please mark your calendar and continuously check your e-mail for instructions on how to renew through NMLS. Department and NMLS communications will be sent to the email address of the company's primary contact as listed on the company's MU2 on NMLS.

Renewal Period Begins Renewal Period Ends Late Renewal Begins Late Renewal Ends Non-Renewal License and Registration Expiration

11/1/15 12/1/15 12/2/15 12/31/15
1/1/16

Department Contact Information
NAME Teresa Koeppel, Administrative Examiner Ana Contreras, Applications Analyst Joel Byers, Senior NDFI Examiner

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

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

Corresponding with the Department

When corresponding with the Department, e-mail communication is preferred. Providing written details in the email 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.
Since the Department's main method of communicating with licensees is via e-mail, it is very important that you supply the Department with a valid e-mail address for your primary contact and that you keep us informed if your e-mail address changes by updating your company's MU2 on NMLS. Please also be sure that your email account does not divert Department e-mail to your spam or junk folder.

2nd Quarter 2015
Georgia Department of Banking and Finance
2990 Brandywine Road Suite 200
Atlanta, Georgia 30341-5565 Phone: (770) 986-1633
Fax: (770) 986-1655 or 1029 Email: msb@dbf.state.ga.us
We're on the Web! dbf.georgia.gov

Page 5
The Department is the state agency that regulates and examines Georgia statechartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of Merchant Acquirer Limited Purpose Banks (MALPBs) chartered in Georgia.
In addition, the Department has regulatory and/or licensing authority over mortgage brokers, lenders and processors, mortgage loan originators, check cashers, sellersissuers of payment instruments, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.
Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision.
Our Vision is to be a willing and able partner with our regulated entities in order to support vibrant and economic growth and prosperity in Georgia.

Sign-up to Receive this Publication
This quarterly 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 email 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.

APPENDIX

License Status Approved Denied Revoked
Terminated Expired
Terminated Ordered to Surrender Terminated Surrendered/Cancelled

Definition
The entity has an Approved licens e.
The entity applied for a licens e and the reques t was Denied. The entity's licens e was Revoked and the entity is no longer authorized to conduct business. The entity failed to renew. Alternatively, this licens e s tatus is als o us ed for MLOs that were s us pended by adm inis trative action for failing to m eet Georgia's sponsorship requirement. An entity has been ordered to s urrender their approved licens e. The entity is not authorized to conduct business. The entity has reques ted a s urrender/cancelation of their licens e and the regulator has granted this surrender/ cancelation request.

MSB ACTIVITY BY CURRENT LICENSE STATUS

GA Check Casher License

Approved

NMLS License No.

Company Name

1249920

45543

OMSAI TRADING INC

1311442

45632

A+ Cash Now, Inc.

1309468

34484

Ocilla Liquor Store Inc

1307312

45720

R M FOOD INC

1307230

45515

SAI KRUPA 2014 INC.

1289682

45153

SHREEJI S & B INVESTMENT LLC

1282186

45733

YOGINE LLC

1310854

45576

SANJANA & NAVYA LLC

1299501

33322

BJR ENTERPRISES, INC.

1301673

30695

B & J BEVERAGE, INC.

1269907

24314

GARCIA ACCOUNTING AND TAX SERVICE, LLC

1263347

14859

FKI,INC

1288863

45096

Shannon Grocry & Tobacco,LLC

1323726

21582

PENNY SAVER MARKET 1

1325516

45775

quickstop2

1325509

45786

Shiv Ganesh Krupa,Inc

1235839

44397

SAL-TOL INC

1326247

45956

DONGWOO, LLC

1336199

46028

SAHDEV LLC

1296642

46012

ATL ON TIME SERVICES LLC

Date 04/08/2015 04/08/2015 04/08/2015 04/08/2015 04/08/2015 04/08/2015 04/09/2015 04/10/2015 04/14/2015 04/15/2015 04/16/2015 04/17/2015 04/17/2015 04/17/2015 04/17/2015 04/28/2015 04/28/2015 05/04/2015 05/18/2015 05/18/2015

City Fort Oglethorpe Lawrencevile Ocilla CONYERS LAKE PARK MOULTRIE AMERICUS MOULTRIE Madison MADISON DULUTH Hinesville Rome SAVANNAH atlanta brunswick DALTON GAINESVILLE FOREST PARK MARIETTA

State GA GA GA GA GA GA GA GA GA GA GA GA GA GA GA GA GA GA GA GA

Appendix 1 of 3

1349186 1280474 1336204 1351224 1323473 1251229 1359682 1278402 1366702 1369134 1286177 1373778 1277097 1359710 1359695 1371510 1375920 1376458 1284799 1288849 1256032 1375396

46083 29848 46013 46103 46052 22109 46182 45716 46339 39920 46102 46431 35923 20859 46285 46423 22785 46562 35098 20833 44363 46564

SURYAKANTA,INC. CMM Properties Inc DBA Piggly Wiggly #136 SHIVESH KRUPA LLC R & R Check Cashing, L.L.C. SNH INVESTMENTS, INC LAMBIS CHECK CASHING DOLOMA 5 CORPORATION J.D. Fletcher and Associates LLC SUKHI BEVERAGE INC SSS BROS., INC, CARNICERIA Y PANDERIA INC JNG Financial Services Video Tienda Jesus Maria #3 PCA FOOD STORES INC HI FI EXPRESS LLC AGK Enterprises, Inc Carniceria Y Tienda La Mexicana Inc, IN N Out Group LLC RED TOP LLC shyamagi inc BACONTON INVESTMENTS INC BROCKTON USA LLC

42

Denied

NMLS License No.

1291888

45732

AISHA INC

1261557

44335

samira food inc

Company Name

2

Terminated - Surrendered/Cancelled

NMLS License No.

Company Name

1269902

22278

RJ"S Store INC

1229146

33208

RUTESHA INC

1308030

45516

Cedartown 101 LLC

1239881

36542

JAY SHRI SWAMINARAYAN LLC

05/18/2015 conyers

GA

05/21/2015 Ashburn

GA

05/21/2015 BRUNSWICK

GA

05/26/2015 Lake Park

GA

05/26/2015 CAROLLTON

GA

05/27/2015 lilburn

GA

06/02/2015 VALDOSTA

GA

06/02/2015 Atlanta

GA

06/04/2015 TOCCOA

GA

06/04/2015 LENOX

GA

06/04/2015 DALTON

GA

06/05/2015 Newnan

GA

06/05/2015 Omega

GA

06/15/2015 LAGRANGE

GA

06/29/2015 ROME

GA

06/29/2015 Decatur

GA

06/30/2015 Ellijay

GA

06/30/2015 Forest Park

GA

06/30/2015 TEMPLE

GA

06/30/2015 springfield

GA

06/30/2015 VALDOSTA

GA

06/30/2015 DALTON

GA

Date 06/17/2015 06/24/2015

City HINESVILLE Cumming

State GA GA

Date 06/23/2015 06/23/2015 06/24/2015 06/24/2015

City Valdosta BAINBRIDGE Cedartown VIDALIA

State GA GA GA GA

Appendix 2 of 3

1253350

41435

TULSIDEV LLC

5

GA Money Transmitter License

Approved

NMLS License No.

Company Name

1161354

46011

Chime Inc.

1280479

46133

Stripe Payments Company

1326449

46081

DEFAK LLC

3

GA Seller of Payment Instruments License

Approved

NMLS License No.

Company Name

1249319

45559

Microsoft Payments, Inc.

1

06/25/2015 UVALDA

GA

Date 05/15/2015 06/29/2015 06/29/2015

City New York San Francisco Lawrenceville

State NY CA GA

Date 06/30/2015

City Redmond

State WA

Appendix 3 of 3