Georgia’s Insurance Commissioner John Oxendine has fined a Georgia industrial loan company with branch offices in Cornelia and Gainesville $100,000 for overcharging customers in various financial transactions.
Among the violations that examiners found during a financial exam of the firm: charging excessive interest rates for industrial loans and overcharging for property insurance coverage on customers’ vehicles that were collateral for loans.
A report from John Oxendine’s office said that First Financial Services had signed a consent order agreeing to the fine and to one year of probation. The company also must reimburse its customers for overcharges totaling $25,563.
First Financial also has branches in Acworth, Canton and Winder.
Topics Georgia
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