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-.02 - Installment Loan Servicing Standards
Current through Rules and Regulations filed through March 20, 2024
(1) The standards set forth in this Rule apply only to persons licensed or required to be licensed under Chapter 3 of Title 7 of the Official Code of Georgia Annotated as installment lenders that act as installment loan servicers.
(2) Any person who acts as an installment loan servicer:
(4) Each installment loan servicer shall, at the time the installment loan servicer acquires the right to service the installment loan, make the following initial disclosures in writing to borrowers:
(5) If an installment loan servicer discovers a violation of these standards, the installment loan servicer:
(6) Loans that a licensee has purchased or otherwise acquired through one of the methods provided at O.C.G.A. § 7-3-32(f), or by way of acquisition of a branch office that has been approved by the Department pursuant to O.C.G.A. § 7-3-32(c), are exempt from the requirements of this Rule so long as such acquired loans are serviced according to their underlying terms.
(7) Failure to adhere to these standards may result in revocation of the license and will subject the licensee to fines in accordance with regulations prescribed by the Department, including Rule Chapter 80-14-3.
O.C.G.A. § 7-3-51.