A BILL to be entitled an Act to amend Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, so as to enact the "Georgia Merchant Acquirer Limited Purpose Bank Act"; to provide for definitions; to provide for organization and control of merchant acquirer limited purpose banks; to provide for the promulgation of rules and regulations; to prohibit certain fees; to provide for requirements for articles of incorporation by merchant acquirer limited purpose banks; to provide for minimum requirements to operate as a merchant acquirer limited purpose bank; to provide for permissible activities of a merchant acquirer limited purpose bank; to provide for enforcement of rules and regulations; to provide for related matters; to repeal conflicting laws; and for other purposes.
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