The Department is implementing electronic document submission for correspondence in order to improve our service. Regular and ongoing communication should be submitted to your designated Department receiver through e-mail.
TRANSFER OF INDUSTRIAL LOAN PROGRAM TO THE DIVISION
Governor Kemp finalized Senate Bill 462 into legislation on June 30, 2020, plus it went into influence on July 1, 2020. The bill had been introduced by Senator John Kennedy and sponsored into the homely house by Representative Bruce Williamson. The bill transfers the legislation of customer installment loans of $3,000 or less (вЂњinstallment loansвЂќ) through the workplace of the insurance coverage Commissioner into the Department of Banking and Finance (вЂњDepartmentвЂќ).
The Department appreciates the faith put into it because of the Governor while the General Assembly in moving the legislation of those customer loans to your Department. The Department can be grateful for the trust shown by both the industry plus the customer advocates in actively giving support to the transfer. The Department is directed to ensure that licensees operate in compliance with state law, consumer interests are protected, and economic and technological progress takes place in the industry in the regulation of non-depository financial institutions. It’s the DepartmentвЂ™s view that most of these objectives are available if industry, customer advocates, therefore the Department are prepared to interact to modernize the relevant laws and the offering of the loans in the State.