Georgia Installment Lenders Association
The premier trade association for consumer lending in Georgia.
Non File Premium Increase
September 4, 2020
To: The Board of Directors and General Membership
From: Rob Robinson
RE: Non File Premium Increase
I’m pleased to announce to you today that Georgia Insurance Commissioner John King has approved an increase for the personal property portion of the non-file premium from $10.00 to $20.00.
We had hoped to get the full $25.00 premium authorized, per the UCC-1 filing fee statute that went into effect in 2019, but were not able to do so.
However, the $20.00 premium is a significant increase that we all need and will go into effect immediately, per Commissioner King’s authorization today.
Please notify your appropriate credit insurance companies and software vendors of this change so that they may make the necessary adjustments.
A letter of notification should be forthcoming from the Installment Loan Department soon, but I have it on authority that we may proceed with the new rate increase today.
Thanks for your support of Georgia Installment Lenders Association!
Rob Robinson, Legislative Chair
New Rules from Dept. of Banking & Finance
Questions
Please be patient with us. The Department of Banking & Finance has not given GILA any information regarding changes to procedures, etc.
The Department of Banking & Finance will contact ALL licensees concerning any change in procedure.
GILA will send out any information that we receive as soon as we receive it.
Loan Manager School
The Department of Banking and Finance has instructed us that the Norman Kinsler Loan Manager Schools are no longer required.
GILA LOAN MANAGER SCHOOLS HAVE BEEN CANCELED.
If you are already registered to attend the August or September class, you will receive a refund of your fees.
Information from the
Department of Banking and Finance
1. Letter concerning Electronic Installment Loan Transactions
2. Get more information from the Department of Bank and Finance HERE
3.GA Installment Lender License Transition WebEx 8.25.2020
Important: Changes in the New Installment Lending Act
Attention All Members,
Attached are changes in the new Georgia Installment Lending Act vs. the original Georgia Industrial Loan Act.
There are important requirements of all licensed installment lenders in Georgia that must be complied with this year and all years going forward.
The Legislative Committee will send regular communications to help all members comply with the new regulations and licensing criteria.
Please check your email and the GILA Association website frequently for updates and correspondence with the Banking Dept.
Find the changes under the "Read More" tab below.
Follow these instructions on how to use the active links in the document:
Red headers are deletions in the original GILA act.
The blue headers are rules and regulations per the new Georgia Installment Lenders Act.
Place the cursor on the blue header. Press Control and Click.
The link will take you to the section of the New GILA Act that applies to the old version.
Thank you for your continued support of our industry and association!
Rob Robinson, Legislative Chair
GILA has received the Executive Order from Governor Kemp regarding Shelter at Home and Essential Businesses.
Governor Kemp's Executive Order
Financial Services Sector Essential Critical Infrastructure Workers
from the Department of the Treasury