Investigations and Examinations; Payment of Fees; Cooperation by Licensee

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Installment Loans
  5. Regulation by Department
  6. Investigations and Examinations; Payment of Fees; Cooperation by Licensee

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  1. The department is authorized to investigate and examine the affairs, businesses, premises, and records of any applicant, licensee, or any other installment lender as often as it deems necessary to carry out the purposes of this chapter, regardless of whether such applicant, licensee, or other installment lender acts or claims to act under any other licensing or registration requirement of this state. The department may conduct such investigation outside of this state if it deems necessary.
  2. The department may conduct an investigation or examination pursuant to this Code section at least once every 60 months; provided, however, that the department may alter the frequency or scope of investigations or examinations through rules and regulations or waive an investigation or examination if it determines that, based on records submitted to the department and the past history of operations in this state, such investigation or examination is unnecessary.
  3. A licensee or other installment lender shall pay a fee as prescribed by rule or regulation of the department to cover the cost of an investigation or examination.
  4. In carrying out an investigation or examination pursuant to this Code section, the department shall be authorized to:
    1. Conduct an on-site examination of any applicant, licensee, or other installment lender at any location without prior notice;
    2. Access, receive, and use any books, accounts, records, files, documents, evidence, or other information, including, but not limited to:
      1. Criminal, civil, and administrative history information, including information related to charges that did not result in a conviction;
      2. Personal history and experience information, including, but not limited to, independent credit reports obtained from a consumer reporting agency described in the federal Fair Credit Reporting Act, 15 U.S.C. Section 1681a; and
      3. Any other documents, information, or evidence the department deems relevant to the investigation or examination, regardless of the location, possession, control, or custody of such documents, information, or evidence;
    3. Enter into agreements or relationships with other government officials or regulatory authorities to improve efficiencies and reduce regulatory burden by sharing resources, documents, records, information, or evidence or by utilizing standardized or uniform methods or procedures;
    4. Accept and rely on investigation or examination reports made by other government officials or regulatory authorities within or outside this state, provided that such reports provide information necessary to fulfill the responsibilities of the department under this chapter;
    5. Accept and incorporate in any report of the department audit reports or portions of audit reports made by an independent certified public accountant on behalf of an applicant or licensee;
    6. Require or permit any person to file a statement in writing as to all the facts and circumstances concerning any matter to be investigated pursuant to this chapter;
    7. Request any financial data relevant to the business of making installment loans;
    8. Administer oaths, call any party to testify under oath, and require the attendance of witnesses;
    9. Require the production of books, accounts, records, files, documents, and papers;
    10. Take the depositions of witnesses; and
    11. Issue subpoenas for any witness or for the production of documentary evidence.
  5. Each licensee or person subject to this chapter shall make available to the department, upon request, any books, accounts, records, files, documents, evidence, or other information relating to the activities of engaging in the business of making installment loans.
  6. No licensee or person subject to investigation or examination under this chapter shall knowingly withhold, abstract, remove, mutilate, destroy, or secrete any books, accounts, records, files, documents, evidence, or other information.

(Code 1981, §7-3-40, enacted by Ga. L. 2020, p. 156, § 2/SB 462.)


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