Ga. Comp. R. & Regs. R. 80-14-6-.01 - Definitions
(1)
As used in Chapter 80-14-6, the terms that are defined in O.C.G.A. §§
7-1-4 and
7-3-3 shall 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.
Notes
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