GA HB898

Creates the "Georgia Merchant Acquirer Limited Purpose Bank Act" (new Chapter 9 of Title 7), establishing a special state charter for banks whose primary business is merchant acquiring activities—processing payment card transactions, signing up merchants, and facilitating clearing and settlement through payment card networks

Requires a minimum of $2 million in capital stock and paid-in surplus at all times, and mandates at least 50 employees in Georgia devoted to merchant acquiring activities within one year of receiving the charter, unless the bank contracts with an "eligible organization" employing at least 250 Georgia residents in related activities

Restricts deposit-taking to a single Georgia location, permits deposits only from a majority owner (not the general public), prohibits brokered deposits, and bars withdrawals by check or similar instruments payable to third parties

Grants the Georgia Department of Banking and Finance authority to supervise, examine, and regulate chartered merchant acquirer limited purpose banks, with enforcement powers including penalties of up to $10,000 per day for unauthorized activities and authority to require divestiture by a holding company

Establishes a 90-day application review period during which the department evaluates the applicant's character and fitness, capital adequacy, and compliance with incorporation requirements before approving or denying the charter