Georgia § 7-9-12 - Limitations on depositors and deposit-taking activities; deposit insurance; self-acquiring activities not permitted.
Full text of Georgia Official Code of Georgia Annotated § 7-9-12 — Limitations on depositors and deposit-taking activities; deposit insurance; self-acquiring activities not permitted., with citation guidance and answers to common questions.
§ 7-9-12. Limitations on depositors and deposit-taking activities; deposit insurance; self-acquiring activities not permitted.
A merchant acquirer limited purpose bank shall only accept deposits from a corporation that owns a majority of the shares of the merchant acquirer limited purpose bank. A merchant acquirer limited purpose bank shall not operate in any manner that attracts depositors from the general public, and no deposit shall be withdrawn by the depositor by check or similar means for payment to third parties or others. A merchant acquirer limited purpose bank shall not accept "brokered deposits" as that term is defined in the Federal Deposit Insurance Act as such existed on January 1, 2012, or the regulations adopted by the Federal Deposit Insurance Corporation in force and effect on January 1, 2012. A merchant acquirer limited purpose bank shall conduct its deposit-taking activities only from a single location within this state. A merchant acquirer limited purpose bank may apply to receive deposit insurance from the Federal Deposit Insurance Corporation or its successor agency. Notwithstanding subsection (a) of this Code section, the business conducted by a merchant acquirer limited purpose bank shall be merchant acquiring activities. A merchant acquirer limited purpose bank shall not engage in self-acquiring activities. (Code 1981, § 7-9-12 , enacted by Ga. L. 2012, p. 43, § 1/HB 898.) U.S. Code. - The Federal Deposit Insurance Act, referred to in this Code section, is codified at 12 U.S.C. § 1811 et seq.
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 7-9-12
What does Official Code of Georgia Annotated § 7-9-12 cover?
Section 7-9-12 ("Limitations on depositors and deposit-taking activities; deposit insurance; self-acquiring activities not permitted.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 7-9-12?
A common citation format is "Official Code of Georgia Annotated § 7-9-12" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 7-9-12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.