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 80-14-6 - INSTALLMENT LOAN SERVICING
Rule 80-14-6-.01 - Definitions
Universal Citation: GA Rules and Regs r 80-14-6-.01
Current through Rules and Regulations filed through March 20, 2024
(1) As used in Chapter 80-14-6, the terms that are defined in O.C.G.A. §§ 7-1-4 and 7-3-3shall have the identical meaning.
(2) As used in Chapter 80-14-6, the below terms shall be defined as follows unless the term is otherwise defined in a specific rule:
(a) "Installment loan servicer" means any person that services installment loans made by others.
(b) "Notice of error" means any written notice from the borrower that asserts an error and that includes the name of the borrower, information that enables the installment loan servicer to identify the borrower's loan account, and the error the borrower believes has occurred. A notice on a payment coupon or other payment form supplied by the installment loan servicer need not be treated by the installment loan servicer as a notice of error.
(c) "Service an installment loan" means the collection or remittance or the right to collect or remit payments of principal, interest, trust items such as insurance and taxes, and any other payments pursuant to the terms of an installment loan.
O.C.G.A. § 7-3-51.
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