Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-107 - INSURANCE WRITTEN IN CONNECTION WITH LOANS UNDER THE GEORGIA INSTALLMENT LOAN ACT
Rule 120-2-107-.07 - Non-Recording Insurance
Current through Rules and Regulations filed through March 20, 2024
(1) No licensee shall charge any recording fee, or actual premiums on insurance used in lieu of such recording fee unless the amount of such fee or premium be fully set forth in the copy of the loan contract or voucher furnished to the borrower.
(2) Non-recording insurance may be written on loans with a face amount in excess of $100.00. Such insurance may be written in lieu of recording the security instrument with the proper "public official or agency of the State" and protects the lender against losses.
(3) Rates. The rates for such non-recording insurance shall be those which meet the applicable standards and requirements contained in Chapter 9 of Title 33 of the Official Code of Georgia Annotated and the applicable Rules and Regulations of the Georgia Insurance Department.
(4) Restrictions.
(5) Commissions. A licensee shall not deduct a fee or commission from the borrower's payment of non-recording insurance premiums. Where commissions are returned to the lender, such shall be credited to the customer's account.
O.C.G.A. §§ 33-2-9, 7-3-11(3).
