• Georgia Creates New Merchant Acquirer Limited Purpose Bank Charter
  • April 5, 2012 | Authors: B. Knox Dobbins; Heather J. Howdeshell; Robert J. Pile; Jason D. Stone; Annette L. Tripp
  • Law Firms: Sutherland Asbill & Brennan LLP - Atlanta Office ; Sutherland Asbill & Brennan LLP - Houston Office
  • On March 28, 2012, Governor Nathan Deal signed into law the Georgia Merchant Acquirer Limited Purpose Bank Act. The Act, which became effective upon signing, creates a new state charter for payment card merchant processors. By affording merchant processors bank status as “merchant acquirer limited purpose banks” (MALPBs) and making them eligible for (but not required to obtain) FDIC insurance, the Act is intended to enable MALPBs to obtain membership in payment card networks without a sponsoring bank.