Suspension or Revocation of Licenses

1. Law
2. Georgia Code
3. Banking and Finance
4. Installment Loans
5. Regulation by Department
6. Suspension or Revocation of Licenses

1. The department may suspend or revoke a license if it finds that any ground exists which would require or warrant the denial of an application for the issuance or renewal of a license.
2. The department may deny an application or suspend or revoke a license upon a finding that an applicant or a licensee has:
   1. Committed any fraud, engaged in any dishonest activities, or made any misrepresentation;
   2. Violated any provision of this chapter, any rule, regulation, or order issued by the department pursuant to this chapter, or any other law in the course of its business of making installment loans;
   3. Made a false statement or failed to give a true reply in an application;
   4. Demonstrated incompetency or untrustworthiness to act as an installment lender;
   5. Failed to pay within 30 days after it became final a judgment recovered in any court in an action arising out of the licensee's business of making installment loans;
   6. Purposely withheld, deleted, destroyed, or altered information requested by the department or made misrepresentations to the department;
   7. Operated in an unsafe or unsound manner; or
   8. Failed or refused to remit the tax required by Code Section 7-3-16 within the required time period.
3. The department shall not issue a license and shall revoke a license if it determines that the applicant or licensee is not financially sound or responsible or not able to engage in the business of making installment loans in an honest, fair, and efficient manner and with the confidence and trust of the community.
4. The department shall not issue a license and may suspend or revoke a license if an applicant or licensee was subject to, or employs any person subject to, a final cease and desist order or license revocation under this chapter within the preceding five years. Each applicant or licensee shall, before hiring an employee, examine the Nationwide Multistate Licensing System and Registry to determine that such employee is not subject to a cease and desist order or license revocation.
5. The department shall not issue a license and may suspend or revoke a license if it finds that any owner, director, trustee, or executive officer of the applicant or licensee has been in one or more of those roles for a licensee whose application has been denied or revoked or suspended within the preceding five years.

(Code 1981, §7-3-43, enacted by Ga. L. 2020, p. 156, § 2/SB 462.)

Download our app to see the most-to-date content.