A Georgia licensee keeps full fee detail on each 2026 file but no summary of which loans crossed a fee threshold. What points-and-fees threshold indication must be included for each loan?
Correct Answer
B) Deficient: each loan carries an indication of points and fees at 5% or more
The records must include an indication of whether each loan has points and fees of 5% or more, as calculated under the Georgia Fair Lending Act. Other choices: computability is not the same as an indication in the records; computing it during an examination is what the standing record exists to avoid; and the threshold is 5% rather than 3%. Source: Ga. Comp. R. & Regs. 80-11-2-.02(1)(l)
Why This Is the Correct Answer
The records must include an indication of whether each loan has points and fees of 5% or more, as calculated under the Georgia Fair Lending Act. Other choices: computability is not the same as an indication in the records; computing it during an examination is what the standing record exists to avoid; and the threshold is 5% rather than 3%. Source: Ga. Comp. R. & Regs. 80-11-2-.02(1)(l)
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