Industrial Loan Frequently Asked Questions

  Where can I find out if a finance company is licensed to conduct business in Georgia?

Search under “Georgia Industrial Loan Licensees”. A complete listing of licensed lenders is available here.

  I have a complaint against a “Georgia Industrial Loan Licensee" company. How do I file a complaint?

If the consumer’s attempt to resolve their complaint directly with an appropriate person at the financial institution is unsuccessful, the consumer may file a written complaint with the Georgia Industrial Loan Department.

  Do we regulate pawnshops or title pawns?

No. There is not a state regulatory agency with authority to regulate pawnbrokers. Any questions or complaints regarding pawnbrokers (including title pawnshops) should be directed to the local municipality. O.C.G.A. §44-12-136 provides that “Municipal authorities may license pawnbrokers, define their powers and privileges by ordinance, impose taxes upon them, revoke their licenses, and exercise such general supervision as will ensure fair dealing between the pawnbroker and his customers.”

  Do we regulate sales finance agreements? I’ve paid off the loan on my car. How do I get the lien released?

No, these contracts are governed under Code Section 10-1. There is not a state regulatory agency. This Department cannot provide information about entities it does not regulate. You may want to check the Georgia Secretary of State’s website to get further information about the institution in question. You may be able to locate a successor entity or parent company. If the entity is still in business, you may need to request the release in writing. If the institution is no longer in business, you need to obtain information from the Department of Motor Vehicle Safety about the procedure to obtain title.

  Do we regulate direct loans above $3,000?

No. These contracts are governed under Code Section 7-4-18, the general usury statute. There is not a state regulatory agency.

  Do we regulate banks, credit unions, mortgage companies or check cashers?

No. Some of these are regulated by the Department of Banking and Finance and others by the FTC.