Ga. Comp. R. & Regs. 80-14-2-.02

Current through Rules and Regulations filed through October 17, 2024

Rule 80-14-2-.02 - Minimum Requirements for Books and Records

Each licensee shall maintain the following books, accounts, and records:

(a) Copies of all disclosure documents required by Rule Chapter 80-14-5;

(b) Samples of advertisements as required by Rule 80-14-1-.04 ;

(c) Copies of all written complaints by customers and written records of disposition;

(d) Copies of examination reports prepared by any agency, division or corporate instrumentality of the United States, the State of Georgia or any other state, which reports pertain to the installment lending business of the licensee or registrant and are not prohibited from being disclosed to the Department by state or federal law;

(e) Copies of reports required to be prepared and/or submitted by the licensee to any agency, division, or corporate instrumentality of the United States, the State of Georgia or any other state, which reports pertain to the installment lending business of the licensee and are not prohibited from being disclosed to the Department by state or federal law;

(f) Copies of all payroll records, including federal and state withholding tax forms, W-2's, and 1099 forms filed with the Internal Revenue Service by the licensee or its agent on behalf of individuals employed by the licensee in the installment lending business of the licensee;

(g) A cash book or daily report for each approved location in which all receipts and disbursements of any amount shall be entered. Separate spaces shall be provided for amounts received or charged as interest, fees, insurance premiums, recording fees and any other receipts or disbursements made by the licensee. All such entries shall be made on the exact date on which they occur. This cash book shall be balanced daily. This paragraph shall not prevent licensees from closing their books in the late afternoon, commonly known as providing for "late drawer" payments, so long as entries of loans and collections are made on their exact date;

(h) A general ledger which shall be posted at least monthly containing all assets, liabilities, capital, and income and expense accounts;

(i) All bank statements and bank reconciliations records which pertain to the installment lending business of the licensee;

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

(k) Copies of all credit report bills received from all credit reporting agencies;

(l) Employee file for each employee. The employee file must contain all documents related to hiring the employee, including criminal background check, date employment began, and a print out or screenshot confirming that the Department's public records were reviewed on NMLS Consumer Access to verify eligibility for employment with such review of the Department's public records taking place prior to the date of hire;

(m) Copies of all reports required to be filed with the Department or the Nationwide Multistate Licensing System and Registry, including any amended reports, for the previous five (5) years and all related work papers and supporting documentation that support the accuracy of the information contained in such reports;

(n) Copies of any required notifications required to be made to the Department pursuant to O.C.G.A. § 7-3-31(a) and (b) and supporting documentation; and

(o) Information security program materials maintained by the licensee in accordance with 16 C.F.R. Part 314, ("the Safeguards Rule") and Rule 80-3-1-.05, including, but not limited to, any risk assessment and incident response plan; and

(p) A separate account record for each installment loan transaction or renewal thereof, which shall include the following information:

(i) Name and address of the licensee;

(ii) Loan number;

(iii) Date of the loan;

(iv) Name and address of each borrower and co-maker or endorser, if any;

(v) Brief description of security, if any;

(vi) Actual amounts of individual charges shall be shown separately for interest and fees.;

(vii) Amount of loan;

(viii) If a renewal, the loan number of the previous loan;

(ix) Terms of repayment;

(x) Payments received showing:

A. Date of payment.

B. Amount paid on account.

C. Remaining balance.

D. Date to which account is paid.

E. Any late charge collected, and date of collection;

(xi) Date of final payment on loan or expiration; and

(xii) Record of the amount, date, and reason for any refunds.

Ga. Comp. R. & Regs. R. 80-14-2-.02

O.C.G.A. §§ 7-3-30, 7-3-51.

Original Rule entitled "Minimum Requirements for Books and Records" adopted. F. Aug. 19, 2020; eff. Sept. 8, 2020.

Amended: F. July 7, 2021; eff. July 27, 2021.

Amended: F. July 7, 2022; eff. July 27, 2022.

Amended: F. July 12, 2024; eff. Aug. 1, 2024.