Definitions

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Installment Loans
  5. General Provisions
  6. Definitions

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As used in this chapter, the term:

  1. "Control" or "controlling" means the direct or indirect possession of power to direct or cause the direction of management and policies of a person.
  2. "Covered employee" means any employee of a licensee engaged in any function related to making installment loans.
  3. "Department" means the Department of Banking and Finance.
  4. "Executive officer" means an individual who performs significant managerial, supervisory, or policy-making functions on behalf of a person, including, but not limited to, the vice presidents, chief executive officer, president, chief financial officer, chief operating officer, secretary, and treasurer.
  5. "Individual" means a natural person.
  6. "Installment lender" or "lender" means any person that advertises, solicits, offers, or makes installment loans.
  7. "Installment loan" or "loan" means a contract or agreement to make a loan to an individual in an amount of $3,000.00 or less, including the renewal or refinancing of any such loan.
  8. "License" means an authorization issued by the department or required to be obtained under this chapter to engage in the business of making installment loans.
  9. "Licensee" means a person to whom a license under this chapter has been issued.
  10. "Nationwide Multistate Licensing System and Registry" means a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of certain persons engaged in nondepository activities.
  11. "Owner" means a person that:
    1. Owns, directly or indirectly, 10 percent or more interest in a corporation or any other form of business organization;
    2. Owns, directly or indirectly, 10 percent or more of the voting shares of any corporation or any other form of business organization; or
    3. Exerts control, directly or indirectly, over a corporation or any other form of business organization, regardless of whether such person owns or controls such interest through one or more individuals or one or more proxies, powers of attorney, nominees, corporations, associations, limited liability companies, partnerships, trusts, joint stock companies, other entities or devices, or any combination thereof.
  12. "Person" means any individual, sole proprietorship, corporation, limited liability company, partnership, trust, or any other group of individuals, however organized.
  13. "Unique identifier" means a number or other identifier assigned by protocols established by the Nationwide Multistate Licensing System and Registry.

(Ga. L. 1955, p. 431, § 4; Ga. L. 1975, p. 393, § 1; Ga. L. 1989, p. 14, § 7; Ga. L. 1997, p. 143, § 7; Ga. L. 2020, p. 156, § 2/SB 462.)

The 2020 amendment, effective June 20, 2020, deleted former paragraph (1), which read: "'Commissioner' means the Industrial Loan Commissioner"; added paragraphs (1) through (7); redesignated former paragraphs (2) and (3) as present paragraphs (8) and (9), respectively; in paragraph (8), substituted "an authorization" for "a single license", inserted "by the department", "to be obtained" and "to engage in the business of making installment loans"; in paragraph (9), substituted "a license" for "one or more licenses" and "has" for "have"; deleted former paragraph (4) which read: "'Loan' means any advance or money in an amount of $3,000.00 or less under a contract requiring repayment and any and all renewals or refinancing thereof or any part thereof"; added paragraphs (10) and (11); redesignated former paragraph (5) as present paragraph (12); in paragraph (12), substituted "any individual, sole proprietorship, corporation, limited liability company, partnership, trust, or any other group of individuals, however organized" for "individual, copartnerships, associations, corporations, and all other legal and commercial entities"; and added paragraph (13). See Editor's notes at the beginning of this chapter for applicability.

OPINIONS OF THE ATTORNEY GENERAL

Industrial loan license was required to make "payday loans" of $3000 or less, unless the lender was exempt under former O.C.G.A. § 7-3-6 (see now O.C.G.A. § 7-3-4). "Payday loans" were subject to the Georgia Industrial Loan Act (now Georgia Installment Loan Act), O.C.G.A. § 7-3-1 et seq., notwithstanding the lender's use of token consideration such as catalog coupons or purchase-leaseback arrangements. 2002 Op. Att'y Gen. No. 2002-3.


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