Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division QuarteMrolnythSluy mSummmaarryy ooff MMorotngaegye AScetrivviitciees Bfour sthineePsesrieosd AEncdtiinvgitAipersil 2007 for the Period Ending September 30, 2017 Inside this Issue: Streamlined 2 Renewals -- MSB Licensees and Branches (continued) 2017 MSB Renewal 3 and Reporting Timeline Georgia License 3 Renewal Fees NMLS Electronic 4 Surety Bonds Upcoming 2017 4 State Holidays NMLS Money 5 Services Businesses Call Report and 3rd Quarter 2017 Quarterly Reporting Upcoming Atlanta 5 Check Cashing Classes Contact Information 6 APPENDIX: MSB Activity by Current License Status Georgia 2018 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, 2017. 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, 2017. The late renewal period is between December 2 and December 31, 2017; 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. (Continued on page 2) Page 2 3rd Quarter 2017 Streamlined Renewals -- MSB Licensees and Branches (continued) 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 3). The NMLS Resource Center has valuable tools to assist in the NMLS 2018 Streamlined Renewal Process. Please visit the Annual Renewal Information page for more details. ADDITIONAL INFORMATION REGARDING RENEWAL REQUIREMENTS NMLS Electronic Surety Bond Conversion Your company will be required to convert currently issued "paper" bonds to an electronic surety bond (ESB) through NMLS by December 31, 2017. Bonds not converted by this deadline will prevent your renewal request from being approved. Refer to Page 4 of this publication for requirements related to ESB conversion required by December 31, 2017. 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, 2017 (EASTERN TIME). Please note the time zone difference of your location. COMMONLY USED ACRONYMS CC -- Check Casher License Department -- Ga. Department of Banking and Finance ESB -- Electronic Surety Bond MSB -- Money Services Business MSBCR -- Money Services Businesses 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 2017 Page 3 Streamlined Renewals -- MSB Licensees and Branches (continued) 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. 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 2018. 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 November 1 NMLS opens renewal functionality. MT & SPI Quarterly Report Deadline November 14 Money Transmitter & Seller of Payment Instruments Only (MSBCR, UAAR and Department webform). Late Fine $1,000 Renewal Period Ends December 1 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 December 31 NMLS closes renewal functionality. No renewal requests can be submitted after December 31. Expiration January 1 Licensees that failed to request renewal will be expired. 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, 2017 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. Page 4 3rd Quarter 2017 NMLS Electronic Surety Bonds All new applicants for a money transmitter or seller of payment instrument license must utilize the Electronic Surety Bonds (ESB) feature through the NMLS to meet Georgia's surety bond requirements. For existing licensees, electronic bond conversion has begun. The deadline for conversion is December 31, 2017. Please refer to the ESB for Licensees resources on NMLS found at: http://mortgage.nationwidelicensingsystem.org/Pages/ESBforNMLSLicensees.aspx. Bonds for Existing Company Licensees Must be Marked "Converted" When creating an ESB through NMLS, the surety entity has the option of choosing a new or a converted bond. Before delivering an ESB to the Department, existing licensees should ensure that the surety entity submits a converted ESB through NMLS. If the licensee finds that the bond is not a converted bond, the company user should use the Return to Surety functionality to return the bond to the surety entity prior to delivery to the Department. The converted bond is the conversion of a licensee's paper bond, including any associated riders for such paper bond, issued outside the NMLS (collectively referred to as "original bond") into an electronic form. The bond number on the ESB should be the same as the number that appears on the original bond form that was submitted in hard copy. The amount of the ESB must represent the current bond obligation, including all riders issued since the original date of the bond. Bond Execution and Delivery to the Regulator: Georgia requires that a Control Person (MU2) be designated as a signatory for the ESB execution process. Once the Control Person has signed the bond, the bond must be marked "Ready" by a company user. Marking a bond "Ready" indicates an executed original or converted bond is ready for delivery to the regulator. To complete the bond submission process, the company user must return to the company account and complete the Mark Ready process to prepare the bond for submission to the regulator. If the corresponding license request has not yet been submitted, the bond is delivered to the regulator immediately upon submission of the license application. Bonds that have been delivered will no longer show on the Bonds Pending Action page. Companies may find the following resource helpful in ensuring that they have properly executive and delivered the bond to the regulator--http://mortgage.nationwidelicensingsystem.org/licensees/resources/LicenseeResources/ Bond%20Execution%20(Company).pdf Upcoming 2017 State Holidays -- State Offices Closed Columbus Day -- Monday, October 9th Veterans Day -- November 11th (will be observed on Friday, November 10th) Thanksgiving Day -- Thursday, November 23rd Observance of State Holiday -- Friday, November 24th Christmas Day -- Monday, December 25th Observance of Washington's Birthday -- Tuesday, December 26th 3rd Quarter 2017 Page 5 NMLS Money Services Businesses Call Report and 3rd Quarter 2017 Quarterly Reporting The Department adopted the NMLS Money Services Businesses Call Report (MSBCR) functionality for submission of routine financial and transactional reporting requirements by Seller of Payment Instrument and Money Transmitter Licensees. The NMLS MSBCR is a mandatory filing for Seller of Payment Instrument and Money Transmitter Licensees and is due 45 days after the quarter end (November 14, 2017). Licensees should follow the instructions and directions provided by NMLS for completing the MSBCR requirement, in addition to updating the Uniform Authorized Agent Report. Licensees will also be required to continue to submit Average Daily Balance of Outstandings directly to the Department, outside of the NMLS, through the existing webform. All updates and resources will be posted on the MSB Call Report page on the NMLS Resource Center. Likewise, the Department will continue to communicate with its licensees for reporting requirements outside of NMLS. In addition to completing the Department's webform, agent/office information must be uploaded via the UAAR in the 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-NMLS123 (1-855-665-7123). Please complete and submit all reports by November 14, 2017. Licensees that fail to file all required reports by the deadline will be assessed a fine of $1,000 and may subject their Georgia license to revocation. If you have additional questions, please e-mail the Department's MSB Section at msb@dbf.state.ga.us. 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* December 6, 2017, 10:00 AM * Please note that the class schedule is subject to change Page 6 3rd Quarter 2017 Department Contact Information NAME Fernando Ornelas, Supervisory Examiner Ana Contreras, Senior Assistant Financial Examiner Byron Larios, Assistant Financial Examiner E-MAIL ADDRESS fornelas@dbf.state.ga.us acontreras@dbf.state.ga.us blarios@dbf.state.ga.us PHONE# (770) 986-1313 (770) 986-1652 (770) 986-1639 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. 3rd Quarter 2017 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 Page 7 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 highlights topics and activities pertaining to the Department's regulation of state-licensed Money Service Businesses (MSBs). Notification is delivered to interested parties via e-mail. Licensee primary contacts are automatically subscribed to receive Department publications appropriate to their particular industry. If you would like to be added to our distribution list, please go to our homepage (dbf.georgia.gov) and look for the Stay Connected e-mail subscription box. This will take you to our new subscription service provided by GovDelivery (also known as Granicus). Notifications regarding subscriptions will originate from Department of Banking and Finance GADBF@public.govdelivery.com. 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. An entity has been ordered to s urrender their approved licens e. The entity is not authorized to conduct busines s. 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# Company Name 1637226 56926 BEST CHECK CASHERS INC 1645510 57266 Davis1029, LLC 1628861 57175 OM SONA INC. 1633113 56965 Parker Food Mart, Inc. 1635222 57124 SIDDHI BHAVANI, INC. 1646487 57297 Bashabo Enterprise Inc 1610255 56666 AARU & AAYU LLC 1636887 57027 AAP 1527 Inc 1654315 57692 RS PATEL INC 1665505 58167 LAGRANGE CITGO LLC 1649949 57414 SKYDILL INC Date 07/07/2017 07/07/2017 07/11/2017 07/13/2017 07/13/2017 07/19/2017 07/24/2017 08/15/2017 08/21/2017 09/07/2017 09/08/2017 City Marietta Warner Robins Rochelle Alma Grovetown Chamblee JEFFERSON Savannah GAINESVILLE LAGRANGE Temple State GA GA GA GA GA GA GA GA GA GA GA 11 Terminated - Surrendered/Cancelled NMLS# License# Company Name 1580503 55135 Sugar Hill Quality Foods, L.L.C. 1245846 33816 Sidewinder Inc 1234155 28814 OM GANESAY INC/OM FOOD MART 1232802 23570 afshan ent, inc. Date 07/03/2017 09/21/2017 09/25/2017 09/26/2017 City Buford Columbus Gillsville Kennesaw State GA GA GA GA 4 Appendix 1 of 2 GA Money Transmitter License Approved NMLS# License# Company Name 1596669 57718 SUPER-SERVICES ATLANTA LLC 1597670 57968 RegionsLink Corp 2 Terminated - Surrendered/Cancelled NMLS# License# Company Name 1271971 51611 Tipalti, Inc. 1172934 42147 TimesofMoney Private Limited 1238819 18923 SHIV INTERNATIONA, LLC 3 GA Seller of Payment Instruments License Approved NMLS# License# Company Name 1370002 56015 Internet Escrow Services, Inc. 1271971 51611 Tipalti, Inc. 1528491 54090 bitFlyer USA, Inc. 3 Date 08/31/2017 08/31/2017 City atlanta Snellville State GA GA Date 08/25/2017 09/06/2017 09/21/2017 City San Mateo Navi Mumbai Suwanee State CA GA Date 07/26/2017 08/25/2017 09/22/2017 City San Francisco San Mateo San Francisco State CA CA CA Appendix 2 of 2