Ga. Comp. R. & Regs. R. 80-14-2-.04 - Installment Loan Files

(1) Each installment lender shall maintain a loan file for each installment loan borrower. If there are multiple borrowers on one loan, the loan documents may be maintained in the loan file for the primary borrower or, alternatively, a loan file may be maintained for each borrower. The files shall be maintained in an alphabetical or numerical sequence in the principal place of business or in each approved branch office where installment loans are made.

(2) Each loan file shall contain the following:

(a) Copy of the loan application;

(b) Copy of credit report if the credit report is pulled or ordered by the licensee;

(c) Copy of the signed loan agreement;

(d) Copy of all notes, bills of sale, or other evidence of indebtedness or security; and

(e) Copy of the signed acknowledgement of written disclosure statement as required by Rule 80-14-5-.01(6).

Notes

Ga. Comp. R. & Regs. R. 80-14-2-.04

O.C.G.A. §§ 7-3-30, 7-3-51.

Original Rule entitled "Installment Loan Files" adopted. F. Aug. 19, 2020; eff. Sept. 8, 2020. Amended: F. Jan. 8, 2021; eff. Jan. 28, 2021. Amended: F. July 12, 2024; eff. Aug. 1, 2024.