O.C.G.A.

O.C.G.A. § 7-1-690 (2019)

Rules and regulations

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) Without limiting the power conferred by Article 1 of this chapter, the department may make reasonable rules and regulations, not

inconsistent with law, for the interpretation and enforcement of this article. (b) The department is authorized to enact rules and regulations that apply solely to persons engaged in money transmission involving virtual currency. The department shall enact such rules and regulations it finds necessary to: (1) Foster the growth of businesses engaged in money transmission involving virtual currency in Georgia and spur state economic development; (2) Ensure the continued solvency, safety, soundness, and prudent conduct of persons engaged in money transmission involving virtual currency; (3) Ensure fair, timely, and equitable fulfillment of the financial obligations of such persons; (4) Protect customers of businesses engaged in money transmission involving virtual currency from financially impaired or insolvent providers of such services; (5) Encourage high standards of honesty, transparency, fair business practices, and public responsibility; (6) Eliminate financial fraud, other criminal abuse, and unethical conduct in the industry; and (7) Ensure businesses engaged in money transmission involving virtual currency provide customers with timely and understandable information in order that customers may make informed decisions about virtual currency products and services.

History

Code 1981, § 7-1-690, enacted by Ga. L. 2014, p. 251, § 1/HB 982; Ga. L. 2016, p. 390, § 1-7/HB 811; Ga. L. 2023, p. 651, § 29/HB 55, effective July 1, 2023. Amendments. The 2023 amendment, effective July 1, 2023, in subsection (b), deleted “or the

sale of payment instruments” following “money transmission” in the beginning and in paragraphs (b)(1), (b)(2), (b)(4), and (b)(7).