Installment Lender Requirements of Licensee, Maintenance of Records

Georgia Code Title 7 - Banking and Finance Chapter 3 - Installment Loans Article 4 - Obligations of Licensees § 7-3-30. Requirements of Licensees; Maintenance of Records

Each licensee shall conspicuously post a copy of its license in each location where the licensee engages in installment lending; submit to the Nationwide Multistate Licensing System and Registry timely reports of condition, which shall be in such form and shall contain such information as the department may require; clearly label all advertisements and any other documents required by rules and regulations of the department with its unique identifier; make, keep, and use in its business such books, accounts, and records as the department may require; and make available to the department, upon request, any books, accounts, records, files, documents, evidence, or other information relating to the business of making installment loans.

Each licensee shall preserve any books, accounts, and records required to be made, kept, or used pursuant to this Code section or rules and regulations of the department for five years or such greater period of time as prescribed by rules and regulations of the department to the licensee. A licensee may maintain any books, accounts, and records required to be made, kept, or used pursuant to this Code section: in photographic, electronic, or other similar form; and at a location outside of this state so long as such records are transmitted to a location designated by the department within ten days of the date of a written request by the department

Generally, all books, accounts, and records required by Department Rule Chapter 80-14-2 are required to maintained for a period of five years.  Employee files and related background checks, eligibility checks and hire documents must be maintained for a period of five years after termination of employment.

Please refer to the Rule Chapter 80-14-2 of Department’s Rules and Regulations for more information:   https://dbf.georgia.gov/laws-regulations-rulings-publications/dbf-regulations