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
Was this article valuable?
Here are more articles you may enjoy.
Active Tornado Season Expected in the US 
Married Insurance Brokers Indicted for Allegedly Running $750K Fraud Scheme 
AIG, Chubb Can’t Use ‘Bump-Up’ Provision in D&O Policy to Avoid Coverage 
Charges Dropped Against ‘Poster Boy’ Florida Contractor Accused of Insurance Fraud 
