Details for deferred collection and the location count

Section 7-1-707(b) ordinarily requires immediate cash payment for each accepted payment instrument. Subsection (c) permits checks to be accepted for collection with payment deferred only with the required security. Once the licensee collects on the check, it must immediately pay the customer; security is not permission to keep collected proceeds.

Count every location operated by the licensee. The aggregate is $10,000 for each of the first three locations, plus $5,000 each for the fourth and fifth, plus $1,000 for every location beyond the fifth. For example, four locations require $35,000 and six require $41,000. Do not substitute the separate money-transmitter minimum merely because the filing statute refers to money-transmitter procedures.

The condition must be satisfactory to the Department for this actual deferred-payment check-casher activity. Match the legal licensee, NMLS company, all locations, sum and operative terms. Section 7-1-707(c) makes cancellation effective no sooner than thirty days after the Department receives notice. Follow the current Department/NMLS process rather than assuming the date a provider receives an application is the cancellation date.

Georgia uses NMLS for check-casher applications and changes; apply for Georgia branches at the same time and do not enter out-of-state branches as Georgia branch applications. The Department's current rules specifically penalize deferred payment without the required undertaking. Complete the license checklist and current electronic security instructions separately from payment to the provider.