Georgia Statutes
§ 7-9-12 — Limitations on activities; deposit insurance
Georgia § 7-9-12
JurisdictionGeorgia
Title7
This text of Georgia § 7-9-12 (Limitations on activities; deposit insurance) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
O.C.G.A. § 7-9-12 (2026).
Text
(a)A merchant acquirer limited purpose bank shall only accept deposits from a corporation that owns a majority of the shares of the merchant acquirer limited purpose bank. A merchant acquirer limited purpose bank shall not operate in any manner that attracts depositors from the general public, and no deposit shall be withdrawn by the depositor by check or similar means for payment to third parties or others. A merchant acquirer limited purpose bank shall not accept "brokered deposits" as that term is defined in the Federal Deposit Insurance Act as such existed on January 1, 2012, or the regulations adopted by the Federal Deposit Insurance Corporation in force and effect on January 1, 2012.
(b)A merchant acquirer limited purpose bank shall conduct its deposit-taking activities only from a
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Legislative History
Added by 2012 Ga. Laws 435,§ 1, eff. 3/28/2012.
Nearby Sections
15
§ 7-1-1
Short title§ 7-1-10
Rules of construction§ 7-1-1000
Definitions§ 7-1-1001-1
Requirement for mortgage loan originator license; application to sellers of mobile homes§ 7-1-1002
Prohibited transactions; liability§ 7-1-1003
Applications for licenses§ 7-1-1003-1
[Repealed] Physical place of business§ 7-1-1003-3
[Reserved] Application for registration§ 7-1-1003-4
[Reserved] Notification statementCite This Page — Counsel Stack
Bluebook (online)
Georgia § 7-9-12, Counsel Stack Legal Research, https://law.counselstack.com/statute/ga/7-9-12.