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-.03 - Minimum Requirements for Books and Records

Universal Citation: GA Rules and Regs r 80-14-6-.03

Current through Rules and Regulations filed through March 20, 2024

(1) Irrespective of the requirements set forth at Rule 80-14-2-.02, each installment loan servicer must maintain the following books, accounts, and records:

(a) Servicer file for each installment loan that it services. The servicer file must contain the following:
1. the name of each borrower;

2. copies of all loan agreements, contracts, deeds, assignments, letters, notes, and memos regarding the borrower;

3. documents related to assignment, sale, or transfer of installment loan servicing;

4. copies of all disclosures or notices provided to the borrower by the installment loan servicer as required by law, including Rule 80-14-6-.02;

5. copies of all written requests for information received from the borrower and the installment loan servicer's response to such requests as required by law;

6. full payment history that identifies and itemizes all payments made by or on behalf of the borrower and which contains the following:
(i) date each payment was made;

(ii) amount of each payment made;

(iii) remaining balance on account;

(iv) any late charge collected with the date on which the late charge was collected.

7. If the installment loan servicer defers installment loans, the deferred loan monthly journal required by O.C.G.A. § 7-3-11(6)(G);

8. a communications log, which documents all verbal communication with the borrower or the borrower's representative;

9. records regarding the final disposition of the installment loan including a copy of any collateral release document, records of servicing transfers, or charge-off information; and

10. an electronic system of record that can generate a report of every receipt or disbursement of funds for a requested period of time. All such entries shall be made on the exact date on which they occur. This system shall be balanced daily.

(b) A list of all the installment loan servicer's violations, if any, of the installment loan servicer standards set forth in Rule 80-14-6-.02.

(2) 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 Paragraph (1) of this Rule so long as any such acquired loans are reported on the licensee's loan transaction journal pursuant to Rule 80-14-2-.03.

(3) Failure to maintain the books, accounts, and records required under Paragraph (1) of this Rule may result in revocation of the license or other appropriate administrative action and will subject the licensee to fines in accordance with regulations prescribed by the Department.

O.C.G.A. § 7-3-51.

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