Rule 80-12-3-.01 - Requirement to Begin Business(1) If an application is approved and a charter is issued, then, within one (1) year of beginning operations, the MALPB must be operating in this State with the number of resident employees required by Rule 80-12-4-.04 that are devoted to performing merchant acquiring activities for the MALPB.(2) If the MALPB fails to begin operations within one (1) year after the date of issuance of the charter, the MALPB charter shall expire and a new application will be required for the issuance of a new charter. Prior to the expiration of the one (1) year period, the MALPB can make a written request for an extension of time to begin operations and it shall be in the Commissioner's sole discretion to approve or deny the request for an extension of time.Ga. Comp. R. & Regs. R. 80-12-3-.01
O.C.G.A. §§ 7-9-3, 7-9-13.
Original Rule entitled "Requirement to Begin Business" adopted. F. Dec. 3, 2013; eff. Dec. 23, 2013.Amended: F. July 12, 2024; eff. Aug. 1, 2024.