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2018 Georgia Code 7-1-690 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-1-690 Case Law from Google Scholar Amendments to OCGA 7-1-690

TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 4 SALE OF PAYMENT INSTRUMENTS

7-1-690. Enforcement; enactment of rules and regulations.

  1. 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.
  2. The department is authorized to enact rules and regulations that apply solely to persons engaged in money transmission or the sale of payment instruments 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 or the sale of payment instruments 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 or the sale of payment instruments 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 or the sale of payment instruments 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 or the sale of payment instruments involving virtual currency provide customers with timely and understandable information in order that customers may make informed decisions about virtual currency products and services.

(Code 1981, §7-1-690, enacted by Ga. L. 2014, p. 251, § 1/HB 982; Ga. L. 2016, p. 390, § 1-7/HB 811.)

The 2016 amendment, effective July 1, 2016, substituted the present provisions of this Code section for the former provisions, which read: "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."

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