Georgia’s Merchant Acquirer Limited Purpose Bank Act
Atlanta partner Tyler Dempsey and associate Brendan Thomas had their article – “ Georgia’s Merchant Acquirer Limited Purpose Bank Act”– published March 24 in The Green Sheet.
In the article, they discuss how Georgia has recently enacted a “one-of-a-kind” law that permits merchant card processors to apply for a special bank charter that will effectively allow them to participate in VISA, MasterCard and similar payment networks without needing to engage a sponsor bank. This article summarizes the key provisions of the statute (and accompanying rules) and highlights some of the potential opportunities and benefits for companies engaged in the merchant acquiring business.
Note: Troutman Sanders and Troutman Sanders Strategies were involved in the drafting of this law and in the advocacy efforts to enact it.