Ga. Comp. R. & Regs. R. 80-5-1-.07 - Collection and Remittance of Per Loan Fee on Loans Made by Installment Lenders

(1) For installment loans made on or after July 1, 2022, the fees payable on the gross loan amount of each loan under the provisions of O.C.G.A. § 7-3-16 shall be payable to the Department by the licensee on a semiannual basis. More specifically, such fees for the period January 1 through June 30 of each year shall be remitted to the Department no later than the first business day of September of each year and such fees for the period July 1 through December 31 of each year shall be remitted to the Department no later than the first business day of March of each year. A fee statement indicating the number of installment loans made during the applicable reporting period by the installment lender, the gross loan amount of such loans, and the total amount of fees remitted for the period shall accompany the fees remitted. The per loan fees and the corresponding fee statement shall be remitted to the Department through its online reporting and payment system.

(2) In the event that any licensee fails to timely remit fees along with the corresponding fee statement via the online reporting and payment system, the unpaid fees shall bear interest at the rate of one percent (1%) per month from the date the fees are due until the date the fees are paid, and there shall be added to the fees a penalty equivalent to twenty-five percent (25%) of the fees, or not less than five dollars ($5). In the event that any licensee fraudulently remits the incorrect fees, there shall be added to the fees a penalty equivalent to fifty percent (50%) of the fees, or not less than five dollars ($5).

(3) For purposes of this rule, the "gross loan amount" is the total of all of the borrower's precomputed payments related to the loan. For loans requiring multiple payments, the obligations that have to be disclosed as the total of payments under 12 CFR 1026.18 shall be included in the gross loan amount.

Notes

Ga. Comp. R. & Regs. R. 80-5-1-.07

O.C.G.A. §§ 7-3-16, 7-3-51.

Original Rule entitled "License Renewal Periods and Requirements for Mortgage Brokers and Lenders" adopted. F. Dec. 15, 2008; eff. Jan. 4, 2009. Repealed: New Rule entitled "License Renewal Periods and Requirements for Mortgage Brokers, Mortgage Lenders, and Mortgage Originators" adopted. F. Aug. 17, 2009; eff. Sept. 6, 2009. Amended: F. Aug. 2, 2011; eff. Aug. 22, 2011. Amended: F. June 20, 2016; eff. July 10, 2016. Repealed: F. Jan. 8, 2021; eff. Jan. 28, 2021. Adopted: New Rule entitled "Collection and Remittance of Per Loan Fee on Loans Made by Installment Lenders." F. July 7, 2022; eff. July 27, 2022.