A Georgia licensee moves its loan files to a storage vendor in 2026 and tells the Department afterwards. Must the written location-change notice precede the move to off-site storage?
Correct Answer
C) Out of order: written notice through the Registry must come first
A licensee must keep required books, accounts and records at the principal place of business, and a licensee wishing to keep them elsewhere must notify the Department in writing through the Registry before they are moved. Other choices: telling the Department afterwards reverses the order the rule sets; the vendor being local and bonded is not the condition; and records may be kept elsewhere once notice is given. Source: Ga. Comp. R. & Regs. 80-11-2-.01(1)
Why This Is the Correct Answer
A licensee must keep required books, accounts and records at the principal place of business, and a licensee wishing to keep them elsewhere must notify the Department in writing through the Registry before they are moved. Other choices: telling the Department afterwards reverses the order the rule sets; the vendor being local and bonded is not the condition; and records may be kept elsewhere once notice is given. Source: Ga. Comp. R. & Regs. 80-11-2-.01(1)
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