Recommendations For Best Practices

INSTALLMENT LENDER LICENSEES

• As respective state laws allow, implement policies and procedures to conduct periodic background checks or records searches to ensure current employees have not become ineligible per O.C.G.A. Section 7-3-42 while employed.

• Implement policies and procedures to conduct periodic checks of employees on NMLS Consumer Access for ineligibility per O.C.G.A. Section 7-3-43(d).

• Ensure a process is in place that allows for compliance personnel to review any advertisements to be disseminated in Georgia for compliance with advertising and Georgia trade name laws and regulations.     

• Implement processes and procedures to ensure applicable personnel are familiar with the Georgia Installment Lender Quarterly Activity Report, semi-annual per loan fee remittance requirements, and the payment portal.  A FAQ is available here:  https://dbf.georgia.gov/installment-lenders/georgia-installment-lender-quarterly-activity-report

• Implement procedures and processes to frequently check for changes to applicable Georgia laws and to Department Rules and Regulations.  The Department will post information concerning proposed rules changes on the Department's website at:  https://dbf.georgia.gov