Compilation of Rules and Regulations of the State of Georgia
Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE
Chapter 80-14 - INSTALLMENT LOANS
Subject 80-14-2 - BOOKS AND RECORDS
Rule 80-14-2-.03 - Installment Loan Transaction Journal

Universal Citation: GA Rules and Regs r 80-14-2-.03

Current through Rules and Regulations filed through March 20, 2024

(1) Each licensee shall maintain a journal of installment loan transactions which shall include, at a minimum, the following information:

(a) Full name of the borrower and any co-borrowers;

(b) Loan Number;

(c) Date of the loan;

(d) Amount of the loan; and

(e) Due date of the loan.

(2) A complete installment loan transaction journal shall be maintained in the principal place of business. The journal shall be kept current. Entries shall be organized by chronological order by date of the loan. Records may be kept at an approved branch office but the principal place of business must have a current journal updated no less frequently than every seven (7) days. The failure to initiate an entry to the journal within seven (7) business days from the date of the occurrence of the event required to be recorded in the journal shall be deemed a failure to keep the journal current.

O.C.G.A. §§ 7-3-30, 7-3-51.

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