Georgia § 7-1-682 - Exemption from licensing requirements.

§ 7-1-682. Exemption from licensing requirements.

The requirement for licensure set forth in this article shall not apply to: Any state or federally chartered bank, trust company, credit union, savings and loan association, or savings bank with deposits that are federally insured; Any authorized agent of a licensee; The United States Postal Service; A state or federal governmental department, agency, authority, or instrumentality and its authorized agents; Any foreign bank that establishes a federal branch pursuant to the International Bank Act, 12 U.S.C. Section 3102; A wholly owned subsidiary of a state or federally chartered bank, trust company, credit union, savings and loan association, or savings bank with deposits that are federally insured; A registered futures commission merchant under the federal commodities laws to the extent of its operation as such a futures commission merchant; A person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws to the extent of its operation as such a provider; An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons exempted by this Code section, in connection with wire transfers, credit card transactions, debit card transactions, stored value transactions, automated clearing house transfers, or similar fund transfers; A person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer; or An individual employed by a licensee or any person exempted from the licensing requirements of this article when acting within the scope of employment and under the supervision of the licensee or exempted person as an employee and not as an independent contractor. (Code 1981, § 7-1-682 , enacted by Ga. L. 2014, p. 251, § 1/HB 982; Ga. L. 2019, p. 828, § 27/HB 185; Ga. L. 2020, p. 493, § 7/SB 429.) The 2019 amendment, effective July 1, 2019, deleted "or" at the end of paragraph (5); added paragraphs (6) through (10); and redesignated former paragraph (6) as present paragraph (11). The 2020 amendment, effective July 29, 2020, part of an Act to revise, modernize, and correct the Code, substituted "this Code section" for "this section" in paragraph (9).