GA H 982 extensively amends the money transmitter licensing law and requires a license for those engaged in selling payment instruments or transmitting money. The term “payment instrument” explicitly encompasses stored value, as well as a newly added term “open-loop transaction” (which encompasses transactions using a payment instrument with stored value). Furthermore, the law exempts agents of licensed entities from needing licenses to sell stored value, as well as agents of exempt banks.
The law is a complete overhaul of Georgia’s Sale of Checks and Money Orders law, which currently does not explicitly reference stored value. The agent provision under the law is broad, exempting both agents of licensees and agents of exempt entities.
More information may be found here.