Section 7-1-705 - Written notice of claims against licensee, judgments, or other misconduct by employees, directors, or others; written notice of change of executive officer(a) A licensee shall give written notice to the department of any action which may be brought against it by any creditor or claimant where such action relates to activities authorized under this article or involves a claim against the bond filed with the department under subsection (c) of Code Section 7-1-707. The notice shall provide details sufficient to identify the action and shall be sent within 30 days after the commencement of any such action. The licensee shall also give written notice to the department within 30 days of the entry of any judgment against the licensee.(b) A licensee shall give written notice to the department within ten days of the following: (1) Any knowledge or discovery of an act prohibited by Code Section 7-1-703 or 7-1-707 or subsection (a) of Code Section 7-1-708;(2) The discharge of any employee for actual or suspected misrepresentations, dishonest acts, or fraudulent acts; or(3) Any knowledge or discovery of an administrative, civil, or criminal action initiated by any government entity against the licensee or any of the licensee's directors, officers, partners, ultimate equitable owners, or any individual who directs the affairs of or controls or establishes policy for the licensee.(c) Unless prior approval of a change in executive officer is required under Code Section 7-1-705.1 and notwithstanding subsection (f) of Code Section 7-1-703 requiring a criminal background check prior to the initial date of hire, a licensee shall notify the department in writing of any change of executive officer in such a manner that the notice is received by the department no later than ten business days after the effective date of the change. In the event of such change, the licensee shall initiate a criminal background check no later than ten business days after the effective date of the change.Amended by 2023 Ga. Laws 348,§ 35, eff. 7/1/2023.Amended by 2022 Ga. Laws 748,§ 34, eff. 7/1/2022.Amended by 2018 Ga. Laws 339,§ 21, eff. 5/3/2018.Added by 2014 Ga. Laws 532,§ 2, eff. 7/1/2014.