PREPARING FOR AN EXAMINATION -Installment Lender

Recommendations for being ready for an examination by the Department at any given time:

• Ensure the company’s information in NMLS is always up-to-date and accurate, especially the Primary Company Contact email and phone information.
• Ensure all books and records required by Department Rule Chapter 80-14-2 are properly maintained.
  • Have a specific folder for advertising samples including the dates/time period used.
  • Maintain Georgia Quarterly Activity Reports and associated financial reports used to calculate or reconcile the companies semi-annual GILA per loan fee remittances.
• Maintain and organize employee files in a manner that is consistent and provides easy retrieval of hire documents, background checks, eligibility checks, termination paperwork and other required documentation.
• Ensure the installment loan transaction journal is compliant and in accordance with DBF Rule Chapter 80-14-2-.03.
• Ensure all Georgia regulated installment loans are accessible and can be made available to the Department upon request. Have a procedure on how these will be made available for the exam. For example, if the licensee has multiple branches in Georgia, how will the licensee transport loan files to a designated location for the examination?
• Frequently visit the Department’s website, dbf.georgia.gov, for information concerning changes to Georgia installment loan laws and related Department Rules and Regulations and for updates to the FAQs and Examination Overview section.