Quarterly MSB newsletter, Issue 3 (July-Sept. 2016)

Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division
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Inside this Issue:
Senior NDFI 2 Examiner Joel Byers Retires
Money Transmitter 2 and Seller of Payment Instruments
Quarterly Reporting
Georgia 2017 3 Renewal Checklists
Streamlined 3 Renewals - MSB
Licensees and Branches
Georgia License 4 Renewal Fees
2017 MSB Renewal 5 and Reporting Timeline
Upcoming Atlanta 5 Check Cashing Classes
NMLS Money 6 Services
Businesses Call Report Adoption
Remaining 2016 7 State Holidays
Contact Information 7

New NMLS Enhancements
NMLS Enhancements were released September 12, 2016. The following is a brief overview of the new functionality that applies to existing licensees and applicants in Georgia.
Criminal Background Check (CBC) for MU2 Individuals: NMLS is now
authorized to process background checks for the following individuals:
Direct Owners/Executive Officers (DO/EO) Indirect Owners (IO) (with control)
Applicants will need to refer to the New Application Georgia Checklists on the NMLS Resource Center to determine when a direct/indirect owner or executive officer may require a CBC. Existing licensees submitting a change in ownership or officer should refer to the appropriate Amendment Checklist.
Individual Document Upload: Individual MU2 Forms will now have a
Document Upload section. The following document types are available for selection:
Credit Report Explanations Legal Name/Status Documentation Verification of Experience Personal Financial Statement State Background Check Authorization
Pre-recorded industry training is available through the Conference of State Bank Supervisors Learning Management System on the 2016.3 Release.
If you have any questions about the new functionality, please contact the NMLS Call Center at 1-855-665-7123.
NOTE: No action is required on the part of existing licensees. The above functionality only applies to change requests.

APPENDIX: MSB Activity by Current
License Status

Page 2

3rd Quarter 2016

Senior NDFI Examiner Joel Byers Retires

Senior NDFI Examiner Joel Byers retired effective September 30, 2016, after 30 years of faithful service to the State of Georgia.

Joel Byers

Joel began his career with the Department in 1986 as an examiner in the Northeast District, where he examined both banks and credit unions. In 1995, he transferred to the Mortgage Division, serving as a mortgage examiner for 10 years before transitioning to the Money Service Business ("MSB") section in 2005. During his time in the MSB section, Joel served as a Supervisory Manager and performed both licensing and examination duties. Up until his retirement, he assisted both the Mortgage and MSB areas with licensing and examination duties.

Joel has a BBA dual major in Accounting/Finance from the University of North Georgia. He is also a Certified Fraud Examiner and was the first employee from the Department to obtain this designation.

Congratulations Joel! We wish you the best in your well-deserved retirement!

Money Transmitter and Seller of Payment Instruments Quarterly Reporting
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 as part of the quarterly reporting requirements for the period ending September 30, 2016.
In addition to completing the 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). The Call Center is open 9:00 am to 9:00 pm (Eastern Time), Monday through Friday.
Please complete and submit both reports by November 14, 2016.
Licensees that fail to file both reports by the deadline will be assessed a fine of $1,000 and may subject their Georgia license to revocation.

COMMONLY USED ACRONYMS

CC-- Check Casher License Department -- Ga. Department of Banking and Finance MSB -- Money Services Business MSBCR -- Money Services Business Call Report MT--Money Transmitter License

NMLS or NMLSR -- Nationwide Multistate Licensing System & Registry O.C.G.A. -- Official Code of Georgia Annotated
SPI--Seller of Payment Instruments License
UAAR -- Uniform Authorized Agent Report

3rd Quarter 2016

Page 3

Georgia 2017 Renewal Checklists
Georgia's license renewal checklist has been posted to the NMLS Resource Center. Please review the checklist for information on the requirements to renew your Georgia license(s). To avoid a late fee, please renew between November 1 and December 1, 2016. To complete a renewal request you must continue to meet all licensing requirements and must attest to that fact and submit a renewal request through NMLS.
Click the Annual Renewal link on the home page of the NMLS Resource Center to get started.

If you have any questions about renewing your Georgia license(s) through NMLS, please send an email to: msb@dbf.state.ga.us.
Streamlined Renewals -- MSB Licensees and Branches
All companies holding a Check Casher, Money Transmitter or Seller of Payment Instruments License in Georgia must submit a renewal request through NMLS between November 1 and December 1, 2016. The late renewal period is between December 2 and December 31, 2016; companies may be assessed a $300 late fee during this period. The NMLS Streamlined Renewal Process allows your company to conveniently manage the renewal of company and branches, through your organization's NMLS account.
Actions Required: Records must be up to date at the time of renewal. Amendments to license information CANNOT be made through the renewal feature. If you need to make changes to a company or branch record before you attest to its accuracy for renewal, this must be done prior to submitting a renewal request through the Filing tab. It is strongly recommended that you submit updates immediately to allow sufficient time for review. Additionally, you should review license statuses and confirm that there are no outstanding license items that need to be cleared.
NOTE: Waiting until November or December to submit amendments and/or clear outstanding license items will delay the approval of your renewal request.
Easy Steps for Renewal:
To complete a renewal request: Continue to meet all licensing requirements If your company continues to meet these requirements:
Attest to that fact and submit a renewal request through NMLS. Pay the required statutory license renewal fees and NMLS transaction fees (see fee information on Page
4).
The NMLS Resource Center has valuable tools to assist in the NMLS 2017 Streamlined Renewal Process. Please visit the Annual Renewal Information page for more details.
(Continued on page 4)

Page 4

3rd Quarter 2016

Streamlined Renewals -- MSB Licensees and Branches (cont'd)
(Continued from page 3)
ADDITIONAL INFORMATION REGARDING RENEWAL REQUIREMENTS
Attestation Companies may log onto the NMLS website and complete the attestation process and request renewal starting November 1st. Attestation is a company's legal certification that: (i) company and branch NMLS records are up to date, (ii) renewal requirements have been satisfied, and (iii) the company meets all license renewal eligibility requirements.
Companies are required to complete an attestation pertaining to company and branch renewal requests selected for submission each time the Company Renewals Cart is submitted. Control Persons (Form MU2) do not need to attest to their record as part of a company's renewal submission.
Renewal Submissions Deadlines Renewal requests may be submitted starting November 1st and should be submitted no later than December 1st. If you have licenses you do not intend to renew, you must notify the Department by selecting the "Do Not Renew" option.
NMLS WILL NOT ACCEPT RENEWAL SUBMISSIONS AFTER December 31, 2016 (EASTERN TIME). Please note the time zone difference of your location.
Fees In addition to Georgia annual renewal fees, NMLS charges processing fees of $100 per company license and $20 per branch license. These fees must be paid electronically through NMLS upon submission of the license renewal request. Processing fees cover NMLS' operations, including system access, financial statement functionality, access to reports, the ability to maintain and renew licenses, and call center support.
Training Renewal workshops will be conducted by the State Regulatory Registry, LLC to review the NMLS 2017 Streamlined Renewal Process. The optional workshops will provide licensees and applicants with tips on how to use the NMLS during the 2017 Streamlined Renewal period. The fee for these workshops is $75. To register for one of the workshops, visit the State-Licensed Training Workshops page on the NMLS Resource Center.

Georgia License Renewal Fees

Check Casher License Check Casher Branch Notification Money Transmitter License Seller of Payment Instrument License

$300 annual renewal license fee $30 annual renewal fee $900 annual renewal license fee $1,900 annual renewal license fee

The fee above must be paid electronically through NMLS upon submission of the license renewal request. Requests must be submitted by December 1, 2016 for a timely renewal. Renewal requests submitted on or after December 2nd will be considered late and may be subject to an additional $300 late renewal application fine that will be invoiced through NMLS. The above fees do not reflect NMLS processing fees.

3rd Quarter 2016

Page 5

2017 MSB Renewal and Reporting Timeline
All entities holding a Georgia license must submit a renewal request through NMLS starting November 1st if they wish to retain their license to conduct business in Georgia in 2017. Check Casher branches must also be renewed 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 MU1 on NMLS.

Renewal Period Begins
MT & SPI Quarterly Report Deadline
Renewal Period Ends

November 1 November 14 December 1

NMLS opens renewal functionality.
Money Transmitter & Seller of Payment Instruments Only (UAAR and Department webform). Late Fine $1,000
Last day to renew without being subject to a late renewal fine.

Late Renewal Begins

December 2 Late Renewal Fines may be assessed.

Late Renewal Ends

NMLS closes renewal functionality. No renewal requests can be December 31 submitted after December 31.

Expiration

January 1

Licensees that failed to request renewal will be expired.

Upcoming Atlanta Check Cashing Class
The Department offers a check cashing class that benefits first-time and experienced check cashers. These classes generally last about an hour. 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 770-986-1652 or emailing msb@dbf.state.ga.us. Reserve your seat now! We look forward to seeing you.
Upcoming Atlanta Check Casher Class* November 9, 2016, 10:00 AM
* Please note that the class schedule is subject to change

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3rd Quarter 2016

NMLS Money Services Businesses Call Report Adoption
On September 19, 2016, the Department e-mailed existing Money Transmitter and Seller of Payment Instrument Licensees to notify them that the Department will adopt the NMLS Money Services Businesses (MSB) Call Report functionality for submission of routine financial and transactional reporting requirements.
The NMLS MSB Call Report is set to go live in NMLS in the first quarter of 2017, with the initial report due 45 days after the first quarter end (May 15, 2017). The Department will adopt the MSB Call Report for the licenses listed below starting the first quarter of 2017.
Seller of Payment Instruments License Money Transmitter License
For 2017 reporting and beyond, licensees should follow the instructions and directions provided by NMLS for completing this requirement, in addition to updating the Uniform Authorized Agent Report. Licensees will also be required to submit Average Daily Balance of Outstandings directly to the Department.
The Department recognizes that adopting this process, though more efficient in the long run, does present some initial operational and technical challenges to you as a licensee. With those challenges in mind, over the next several months, the State Regulatory Registry (SRR), will provide free trainings, webinars, and additional resources to assist licensees in submitting the report. All updates and resources will be posted on the MSB Call Report page on the NMLS Resource Center. Likewise, the Department will communicate with its licensees instructions for reporting quarterly average daily outstandings.
Background
The Money Services Businesses (MSB) Call Report was developed with the goal of enhancing and standardizing the information available to state regulators concerning the activities of their Money Services Businesses licensees (money transmitters, check cashers, prepaid cards, etc.). Licensees will be able to complete the report directly in NMLS. The report includes national and state specific MSB activity information that is submitted on a quarterly and annual basis.
Helpful Links
MSB Call Report Overview MSB Call Report Information Webinar Recording MSB Call Report Page on NMLS Resource Center
More information about the NMLS MSB Call Report functionality can be found on the NMLS Resource Center.
If you have additional questions, please e-mail the Department's MSB Section at msb@dbf.state.ga.us.

3rd Quarter 2016

Remaining 2016 State Holidays

Monday, October 10th Friday, November 11th Thursday, November 24th December 25th - will be observed on Monday, December 26th

Columbus Day Veterans Day Thanksgiving Day Christmas Day

Page 7

Department Contact Information
NAME Fernando Ornelas, Supervisory Examiner Ana Contreras, Senior Assistant Financial Examiner

E-MAIL ADDRESS fornelas@dbf.state.ga.us acontreras@dbf.state.ga.us

PHONE# (770) 986-1313 (770) 986-1652

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 and that you keep us informed if your e-mail address changes. Please be sure that your e-mail account does not divert Department e-mail to your spam or junk folder.

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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

3rd Quarter 2016
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 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 license.
The entity applied for a license and the request was Denied. The entity's license was Revoked and the entity is no longer authorized to conduct business. The entity failed to renew. Alternatively, this license status is also used for MLOs that were suspended by administrative action for failing to meet Georgia's sponsorship requirement. An entity has been ordered to surrender their approved license. The entity is not authorized to conduct business. The entity has requested a surrender/cancelation of their license and the regulator has granted this surrender/ cancelation request.

MSB ACTIVITY BY CURRENT LICENSE STATUS

GA Check Casher License
Approved

NMLS# License#

Company Name

1507489

51607

SHREEJI OF BAXLEY INC

1504001

51488

Adams Meat Market, INC.

1489857

51072

Beer Tobacco 1182 LLC

1489863

51074

LOLO 2722 LLC

1496987

51306

SHIVA ENTERPRISE INC

1449765

50940

empire quick stop inc

1489860

51073

Fine Cigar 5000 LLC

1508811

51731

SHIVLINK LLC

1507480

51733

FUTURE CHOICE, LLC

1434633

51217

TA Operating LLC

1492350

51486

AMERICAN EXPRESS MART INC

1476130

20347

NARAYAN SWAROOP CORP

1273882

23254

Seven Seas Bottle Shop Inc

1464025

49940

Shital Enterprises LLC

1509239

51732

Shree Nath Investments LLC

1502331

51608

Dhanbantari inc

1278402

45716

J.D. Fletcher and Associates LLC

1500419

51487

OHM SHREE GURUDUTT SAI LLC

1514860

52042

SHREENARAYAN 1 INC

1488321

51485

Ross Management Group LLC

Date 07/13/2016 07/13/2016 07/13/2016 07/13/2016 07/13/2016 07/13/2016 07/13/2016 07/18/2016 07/26/2016 08/01/2016 08/01/2016 08/02/2016 08/02/2016 08/03/2016 08/03/2016 08/11/2016 08/15/2016 08/19/2016 08/24/2016 09/01/2016

City JESUP Brunswick Brunswick Brunswick Adairsville jesup Brunswick DOUGLASVILLE CUTHBERT Westlake LITHIA SPRINGS locust grove Powder Springs Brunswick Rockmart savannah Atlanta BRUNSWICK MONTICELLO Dalton

State GA GA GA GA GA GA GA GA GA OH GA GA GA GA GA GA GA GA GA GA

Appendix 1 of 2

1234173 1526080 1514858

35162 52429 52581

dharam group llc K&C CHECK CASHING LLC Hari's Food Store LLC

23
Terminated - Surrendered/Cancelled

NMLS# License#

Company Name

1243800

39372

NATIONAL TITLE PAWN OF CARTERSVILLE, INC. DBA NATIONAL TITLE PAWN

1230615

43745

Sitaram Bapu INC

1375926

46697

sara investments llc

3

GA Money Transmitter License

Approved

NMLS# License#

Company Name

1487382 1403399 907321

51137 49086 50325

Kaah International LLC Payrion Consumer Credit Counseling Service of Greater Atlanta, Inc.

917447 1351219

48131 48166

Commonwealth Foreign Exchange, Inc. TransferWise Inc.

1182910 1499492 1494826 1458102 1083568

46079 52003 52430 51216 50491

SMART Payment Plan, LLC USA Concierge Services Limited AvidXchange, Inc. WI-PAY GLOBAL LLC Intercambio Express, Inc.

10

GA Seller of Payment Instruments License
Approved

NMLS# License#

Company Name

1124974

52022

Tiger Commissary Services, Inc.

1

09/02/2016 Buford

GA

09/22/2016 ATLANTA

GA

09/22/2016 Savannah

GA

Date 08/25/2016

City CARTERSVILLE

09/01/2016 09/01/2016

rockmart gainesville

State GA
GA GA

Date 07/13/2016 08/18/2016 08/18/2016 08/19/2016 08/30/2016 08/31/2016 09/02/2016 09/16/2016 09/23/2016 09/26/2016

City Seattle Atlanta Atlanta Providence New York Austin Villa Park Charlotte NEWARK Elkhart

State WA GA GA RI NY TX IL NC NJ IN

Date 08/29/2016

City Jonesboro

State AR

Appendix 2 of 2