About GILA's Mission...
The Georgia Installment Lenders Association is a trade association founded for the purpose of acquiring and accumulating information in such a manner as to create a better public understanding of such business and to develop higher standards, decorum and ethics in the conduct of lending money.
Our history...
The Georgia Industrial Loan Association began in 1951 by a group of 12 business leaders from all parts of Georgia in order to improve the conditions for small loan lenders and for consumers needing short term loans.
Through these efforts, a comprehensive loan law known as The Georgia Industrial Loan Act was passed by the legislature in 1955. The act provided for protection and guidance in a regulated environment necessary for long term investments that eliminated illegal “hip-pocket” lending forever.
In 1963, this association, in concert with the Comptroller General, created a school for training and education of loan personnel in the complexities of the Georgia Industrial Loan Act. GILA recognized then, as we do now, that the answers to public image problems of our industry would be through the education of our people. To this date, the Norman Kinsler Loan Managers School has graduated more than 10,000 qualified managers.
In 2016, The Georgia Industrial Loan Association changed its name to The Georgia Installment Lenders Association in order to differentiate our industry from title pawn and payday loan operators.
These other forms of subprime lending charge usurious high rates of interest and require payment in full on balances owed, leaving consumers in a cycle of unpayable debt.
The Georgia Installment Loan business model offered by GILA licensees allows borrowers to pay monthly payments of principal and interest, at a fair rate, thereby paying the loan in full with the final payment due.
The GILA Association lobbies each year during the legislative session on behalf of the installment loan industry, as well as consumers who are taken advantage of by these unregulated lenders.
Our Bylaws...
ARTICLE I
SECTION 1. The name of the Corporation is GEORGIA INSTALLMENT LENDERS ASSOCIATION, INCORPORATED but for convenience will be referred to in these by-laws as the Association.
ARTICLE II
Objective
The purpose of said Association shall be the acquisition and accumulation of educational data pertaining to the business of extending credit in small amounts to the general public; and the dissemination among the members of this Association of this information in such a manner as will, (1) create better public understanding of such business, (2) develop higher standards, decorum, and ethics in the conduct of such business, and (3) foster credit counseling.