Section 7-9-2 - DefinitionsAs used in this chapter, the term:
(1) "Articles of incorporation" or "articles" means the articles or certificate of incorporation of a corporation and shall include, when used in reference to a limited liability company, the articles or certificate of organization of a limited liability company.(2) "Bylaws" means the bylaws of a corporation and shall include, when used in reference to a limited liability company, the operating agreement, regulations, or similar documents regarding the governance and management of a limited liability company.(3) "Commissioner" means the commissioner of banking and finance.(4) "Control person" means any individual who directs the affairs or controls or establishes policy for a merchant acquirer limited purpose bank.(5) "Corporation" means a corporation organized under the laws of this state, the United States, or any other state, territory, or dependency of the United States or under the laws of a foreign country. Such term shall include a similarly organized limited liability company.(6) "Department" means the Department of Banking and Finance.(7) "Director" means a director of a corporation and shall include, when used in reference to a limited liability company, a manager or managing member of a limited liability company, as applicable.(8) "Eligible organization" means a corporation that at all times maintains an office in the State of Georgia at which it or its parent, affiliates, or subsidiaries employ at least 250 persons residing in this state who are directly or indirectly engaged in merchant acquiring activities or settlement activities, including providing the following services related to merchant acquiring activities or settlement activities, either for the eligible organization or on behalf of others:(A) Administrative support;(B) Information technology support;(C) Financial support; and(D) Tax and finance support.(9) "Holding company" means any company that controls a merchant acquirer limited purpose bank. For purposes of this paragraph, the terms "company" and "control" shall have the meanings set forth in Code Section 7-1-605.(10) "Incorporator" means the incorporator or organizer of a corporation and shall include, when used in reference to a limited liability company, an organizer of a limited liability company.(11) "Merchant" means an individual or entity authorized by a payment card network to accept payments in exchange for goods or services.(12) "Merchant acquirer limited purpose bank" means a corporation organized under this chapter and the activities of which are limited to those permitted under Code Section 7-9-12.(13) "Merchant acquiring activities" means the various activities associated with effecting transactions within payment card networks, including obtaining and maintaining membership in one or more payment card networks; signing up and underwriting merchants to accept payment card network branded payment cards; providing the means to authorize valid card transactions at client merchant locations; facilitating the clearing and settlement of the transactions through a payment card network; providing access to one or more payment card networks to merchant acquirer limited purpose bank affiliates, customers, or customers of its affiliates; sponsoring the participation of merchant acquirer limited purpose bank affiliates, customers, or customers of its affiliates in one or more payment card networks; and conducting such other activities as may be necessary, convenient, or incidental to effecting transactions within payment card networks.(14) "Merchant funds" means funds received by a merchant acquirer limited purpose bank as a result of its performance of clearing, settlement, or any other authorized activities which are ultimately payable to a merchant.(15) "Payment card network" means any organization, group, system, or other collection of individuals or entities that is organized to allow participants to accept or make payments for goods or services using a credit card, debit card, or any other payment device.(16) "Self-acquiring activities" means the act of a merchant, for itself or through an affiliated entity, engaging in merchant acquiring or settlement activities on its own behalf for payments it, or its affiliated entity, receives for goods and services it, or its affiliated entity, provides to consumers.(17) "Settlement activities" means the processing of payment card transactions to send to a payment card network for processing, to make payments to a merchant, and, ultimately, for cardholder billing.(18) "Shareholder" means a person in whose name shares are registered in the records of a corporation and shall include, when used in reference to a limited liability company, a member of a limited liability company.(19) "Shares" means any class of shares of capital stock of a corporation and shall include, when used in reference to a limited liability company, the membership interests of a limited liability company.Amended by 2024 Ga. Laws 474,§ 1-38, eff. 7/1/2024.Amended by 2015 Ga. Laws 64,§ 35, eff. 7/1/2015.Amended by 2014 Ga. Laws 523,§ 1, eff. 7/1/2014.Added by 2012 Ga. Laws 435,§ 1, eff. 3/28/2012.