Required Notifications to Be Provided by Licensee; Bond Company Requirement of Notification; Method for Providing Notice

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Installment Loans
  5. Obligations of Licensees
  6. Required Notifications to Be Provided by Licensee; Bond Company Requirement of Notification; Method for Providing Notice

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  1. A licensee shall send written notice to the department within ten days of the following:
    1. Any knowledge or discovery that any of the licensee's owners, executive officers, directors, trustees, agents, or covered employees has been convicted of a felony as described in subsection (a) of Code Section 7-3-42;
    2. Any knowledge or discovery that any of the licensee's owners, executive officers, directors, trustees, agents, or covered employees has committed fraud, engaged in dishonest activities, or made any misrepresentation;
    3. The discharge of a covered employee for actual or suspected misrepresentations, dishonest acts, or fraudulent acts;
    4. Any knowledge or discovery of an administrative, civil, or criminal action initiated by any governmental entity against the licensee;
    5. Any knowledge or discovery of a criminal action initiated by any governmental entity for misrepresentations, dishonest acts, or fraudulent acts against any owner, executive officer, director, trustee, agent, or covered employee of a licensee; and
    6. The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. Sections 101 through 110, for bankruptcy reorganization or the filing of a petition by or against the licensee for receivership or the making of a general assignment for the benefit of its creditors.
  2. A licensee shall send written notice to the department within 30 days of the following:
    1. The commencement of any action brought against it relating to its business of installment lending in Georgia;
    2. The commencement of any action by any creditor or claimant relating to its business of installment lending in Georgia or involving a claim against the bond filed with the department pursuant to Code Section 7-3-21;
    3. The entry of any judgment against the licensee related to its business of installment lending in Georgia; and
    4. Any change in the address of its principal place of business or registered agent for service in Georgia.
  3. The corporate surety that issued a licensee a bond pursuant to Code Section 7-3-21 shall send written notice to the department within ten days of paying any claim or judgment to any creditor or claimant.
  4. Any notice sent pursuant to this Code section shall be sent by registered or certified mail or statutory overnight delivery and include sufficient details for the department to identify any relevant creditor or claimant, claim, cause of action, judgment, payment, or prohibited act.

(Code 1981, §7-3-31, enacted by Ga. L. 2020, p. 156, § 2/SB 462.)


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