On July 30, 2012 the Office of the Industrial Loan Commissioner advised that effective January 1, 2013 all Georgia Industrial Loan Act (“GILA”) licensees were to cease the practice of “live check” solicitation. Upon receipt of several requests for reconsideration and further investigation into GILA and the Rules and Regulations of this office, the Commissioner has decided to continue to permit GILA licensees to use “live check” solicitation subject to the following conditions:
- The licensee must obtain prior approval of the format and content of “live check” solicitation from the Office of the Industrial Loan Commissioner.
- Approval of this practice may be rescinded by the Commissioner if upon investigation he finds abuse or non-compliance.
- The licensee may not use “live check” solicitations beyond the boundaries of the county for which the license was issued.
- Any “live check” solicitation must contain the Zip+4 and the name of the county in the address line of the recipient.
- When a “live check” loan is made, the licensee must assign a unique identifier as the account number for the loan.
- The licensee may not provide “live check” loans in conjunction with insurance or other ancillary products.
- The licensee must report any complaints they receive concerning the “live check” practice to the Office of the Industrial Loan Commissioner within three business days of receipt of the complaint.
Should you have any questions regarding this matter, please e-mail inquires to email@example.com or by telephone at 404-656-2078.