Locations; Written Approval; Approval Process; Exemption

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Installment Loans
  5. Obligations of Licensees
  6. Locations; Written Approval; Approval Process; Exemption

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  1. A licensee shall not engage in the business of installment lending at a location in this state unless the licensee has first received written approval from the department. Applications or renewals for such additional locations shall be made in writing on a form prescribed by the department and accompanied by a nonrefundable fee in an amount established by rules and regulations of the department.
  2. Each manager of a licensee's location in Georgia shall be approved in writing by the department. A licensee may allow an individual to begin working as a new location manager prior to such approval, provided that the licensee submits an application for approval within 15 days of the new location manager beginning work as a location manager. If the department denies approval of such new location manager, the licensee shall immediately remove the individual upon notice of such denial.
  3. No person shall become an owner of any licensee through acquisition or other change in control or become an executive officer of a licensee unless the person has first received written approval from the department. To apply for such approval, the person shall:
    1. Submit an application to the department in such form as the department may prescribe;
    2. Provide such other information as the department may require concerning the financial responsibility, background, experience, and activities of the applicant or its directors, owners, and executive officers; and
    3. Pay a nonrefundable application fee as prescribed by rule and regulation of the department.
  4. The department may prescribe by rule and regulation additional requirements for approval of an application submitted pursuant to this Code section.
  5. The department shall approve an application properly submitted pursuant to this Code section if it finds that the applicant and its directors, owners, and executive officers have the financial responsibility, character, reputation, experience, and general fitness to warrant a belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with the law.
  6. This Code section shall not apply to:
    1. The acquisition of an interest in a licensee by merger or consolidation with a person licensed pursuant to this article or a person exempt from the licensure requirements of this article under Code Section 7-3-4;
    2. The acquisition of an interest in a licensee by merger or consolidation with a person affiliated through common ownership with the licensee; or
    3. The acquisition of an interest in a licensee by a person by bequest, descent, or survivorship or by operation of law.
  7. Any person acquiring an interest in a licensee in a transaction which is exempt pursuant to subsection (f) of this Code section shall send written notice to the department of such acquisition within 30 days of the closing of such transaction.

(Code 1981, §7-3-32, enacted by Ga. L. 2020, p. 156, § 2/SB 462.)


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