Georgia Administrative Code

(1) Closing Fees. In addition to any other charges authorized by the Georgia Installment Loan Act ("Act"), a licensee may collect a closing fee at the time of making a loan to the extent authorized by O.C.G.A. § 13-1-14 and 7-3-17. (a) No licensee may collect a closing fee unless…

(1) "Live check" means a negotiable check or other negotiable instrument that may be used by a consumer to activate a loan regulated by the Georgia Installment Loan Act ("Act"). (2) The licensee must maintain in its office a system for: (a) preventing the offering of an unsolicit…

(1) In addition to the requirements of O.C.G.A. § 7-3-33, each non-employee debt collector utilized by a licensee must comply with the requirements of the Fair Debt Collection Practices Act ("FDCPA"), 18 U.S.C. 1692et seq. (2) Every licensee shall be presumed to know that any emp…

(1) As used in Chapter 80-14-6, the terms that are defined in O.C.G.A. §§ 7-1-4 and 7-3-3 shall have the identical meaning. (2) As used in Chapter 80-14-6, the below terms shall be defined as follows unless the term is otherwise defined in a specific rule: (a) "Installment loan s…

(1) The standards set forth in this Rule apply only to persons licensed or required to be licensed under Chapter 3 of Title 7 of the Official Code of Georgia Annotated as installment lenders that act as installment loan servicers. (2) Any person who acts as an installment loan se…

(1) Irrespective of the requirements set forth at Rule , each installment loan servicer must maintain the following books, accounts, and records: (a) Servicer file for each installment loan that it services. The servicer file must contain the following: 1. the name of each borrow…

(1) Each installment loan servicer shall submit to the Nationwide Multistate Licensing System and Registry or through other means specified by the Department timely reports of condition in accordance with O.C.G.A. § 7-3-30 and Rule containing information detailing the installment…

(1) Pursuant to O.C.G.A. § 50-36-1, the Department is required to obtain an affidavit verifying the lawful presence of every natural person that submits an application for a registration as a litigation financier on behalf of an individual, business, corporation, partnership, lim…

(1) Registration. (a) All applications for registrations must be made through the Nationwide Multistate Licensing System and Registry ("NMLS") unless otherwise expressly exempted from this requirement by the Department in writing. Applications for initial registrations which are …

(1) Except as otherwise indicated, these fines and penalties apply to any person, partnership, association, corporation, or any other group of individuals, however organized, that is required to be registered under Chapter 10 of Title 7. The Department, at its sole discretion, ma…

(1) A credit union is required to maintain its books of account in accordance with Generally Accepted Accounting Principles, including a complete and accurate account of: (a) All of its assets, whether in its name or in the name of another person; (b) All of its liabilities, its …

(1) In addition to the requirements otherwise set forth herein, the following subsidiary records must be maintained: (a) Securities Register - shall contain a record of all securities, certificates of deposit, commercial paper, acceptances, and other investments bought or sold, s…

Retention of records of the State chartered credit unions shall be in accordance with Rule 80-10-1.

(1) In order to invoke O.C.G.A. § 7-1-671, a credit union must provide the Department with notice if it intends to utilize a federal power or avail itself of any federal preclusion or preemption of any provision of law, rule or regulation of this State. Such notice shall contain …

Pursuant to 15 USC § 6801 et seq. and 12 CFR Part 748, credit unions are required to develop and implement a response program that will be utilized in the event unauthorized access to member information has taken place. Member information is any record containing nonpublic inform…

Pursuant to 12 C.F.R. Part 748 credit unions are required to notify the appropriate federal regulator no later than 72 hours after the credit union determines that a cyber incident, which rises to the level of a reportable cyber incident, has occurred. A reportable cyber incident…

The prohibition of Section 7-1-661 regarding vote by proxy makes it unlawful for any individual representative to cast a vote for another individual member of the credit union at any meeting. This does not preclude the authorized representative vote exception as provided in that …

(1) Members may vote in person, by written ballot, or electronically. Voting by written ballot or electronically may occur prior to the membership meeting by mail, electronically, or at established ballot box locations, provided: (a) The credit union's bylaws specifically authori…

An ATM machine, which by definition in O.C.G.A. § 7-1-664 takes deposits, and a night depository may be established anywhere in this state. Establishment of an ATM machine in this state does not constitute doing a banking business here.

(1) A credit union may provide unlimited banking services through mobile credit union units that do not have a single, permanent site and use a vehicle that travels to various locations to enable members to conduct the business of banking. (2) A mobile branch may provide banking …

Credit unions lawfully doing a banking business in Georgia may provide for account service representatives to visit public events and commercial locations including governmental, educational, and health facilities for the purpose of opening deposit accounts and providing services…

Credit unions lawfully doing a banking business in Georgia may participate in school savings and banking education programs, where such programs: are provided for minors in order to promote thrift or to provide banking and financial education; are supervised by a school official …

(1) No notification is necessary for an extension that is an ATM, cash dispensing machine, night depository or point of sale terminal. (2) If any other extension is located within the boundary lines of a single contiguous area of property owned or leased by the credit union and u…

(1) Lending limitations of Code Section 7-1-658 shall be computed quarterly as reported on the credit union's most recently filed call report; provided, however, that if significant capital changes occur after the filing of the call report which causes the net worth of the credit…

(1) A real estate loan shall be any loan secured by real estate where the credit union relies upon such real estate as the primary security for the loan. If the proceeds of the loan are used for the purchase of the real estate pledged, the loan will be presumed to be a real estat…

(1) Credit unions may invest in loans made by other lenders. Credit unions may purchase one hundred percent or less of a loan as part of a participation. Alternatively, credit unions may purchase one hundred percent of a loan as a whole loan. Loans purchased must conform to all l…

(1) All assets acquired through foreclosure or in lieu of foreclosure and all "Other Real Estate" acquired in such manner or otherwise shall be valued six (6) months prior to or three (3) months following the acquisition by an independent appraiser knowledgeable in the fair marke…

(a) General Rule. Pursuant to Code Section 7-1-658, loans or extensions of credit to one person will be attributed to another person and each person will be deemed a borrower: (1) When proceeds of a loan or extension of credit are to be used for the direct benefit of the other pe…

(1) An application for chartering a Georgia state chartered credit union is necessary. An organizing group should schedule an initial meeting with the Department to discuss chartering issues. (2) Specific requirements for documents, meetings with the Department and publication of…

(1) Applications will not be considered for investigation until accorded official acceptance in compliance with Rule , until any appropriate application to the NCUA has been accepted for filing by the NCUA, and until any required publication of the Notice of Filing is completed. …

(1) An applicant will be notified of receipt of a credit union charter application within seven days of receipt. An applicant will also be notified of official acceptance of the credit union charter application upon satisfaction of the elements in Rule . The applicant shall cause…

(1) Hearings described in this Rule are held for the purpose of giving the public an opportunity to voice protest of charter applications and are not intended to conform to hearings under the Georgia Administrative Procedure Act. Such hearing shall be a forum for the presentation…

(1) Conversion to state-chartered credit union. A meeting with the Department should precede filing a letter form application, which application should include all of the information requested in the Applications Manual. (2) Mergers. The procedure for approval of a merger involve…

(1) The following criteria, when met and certified to by an applicant credit union, shall, where permitted by statute or rule, qualify the credit union to utilize a shorter application and/or an expedited process for approval: (a) The credit union must be well capitalized as defi…

(1) Standards for consideration of applications submitted by a credit union whether covered under this Rule Chapter or otherwise, shall in most cases include: evaluations of financial history and condition of the applicant; adequacy of applicant capital; future earnings prospects…

"Group Sales Promotions" shall mean any offering for the sale of goods or services by or through a credit union to its members, or a class of members, on behalf of a third party not affiliated with the credit union whether or not the credit union is compensated for making the off…

(1) "Group Sales Promotions" shall generally be permitted, provided: (a) There is no warranty, guaranty, or indemnity on the part of the credit union, either expressed or implied; (b) all compensation or commissions, payable by the provider of such goods or services to any office…

(1) Certificates of Deposit Generally--Any credit union may, from time to time as determined by its board of directors, issue deposit contracts in the form of Certificates of Deposit whereby the credit union agrees to pay a guaranteed rate of interest to the depositor which may b…

(1) At least thirty (30) days prior to conducting a savings promotion raffle under O.C.G.A. § 7-1-239.10, a credit union must provide the Department with written notice detailing the proposed savings promotion raffle. Such notice shall, at a minimum, contain the following informa…

(1) A credit union proposing to pay dividends that total less than 50% of its net income of the preceding calendar year as reported in the Statement of Income and Expense in the December 31st Call Report may do so without the prior written approval of the department; provided tha…

The provisions contained in Chapter 80-1-8, Dormant Accounts, shall be applicable to credit unions in determining which accounts are dormant and the maximum service charges which may be assessed against such accounts.

(1) No credit union shall deposit its funds in an amount exceeding twenty-five (25) percent of the net worth of the credit union in any one bank, savings and loan association, or other credit union that is less than adequately capitalized as defined by 12 CFR § 324.403, 12 CFR § …

(1) The aggregate investment by a credit union in fixed assets shall not exceed sixty (60) percent of net worth except that a greater sum may be invested with the prior approval of the Department. (2) In the event a credit union invests in a leasehold in order to occupy the premi…

(1) Unless otherwise precluded by law or regulations, a credit union may acquire and hold for its own account shares of stock or interest in a subsidiary or affiliate corporation or limited liability company engaged in the following functions or activities that do not pose undue …

(1) Except as otherwise provided in this Rule, a credit union may purchase real property for expansion purposes only with the prior written approval of the Department. (2) Department approval shall be granted only in those cases where the applicant credit union provides reasonabl…