reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 2 - RESTRICTIONS (§§ 7-3-10 — 7-3-19) › Section 7-3-17 - [Refund or credit of closing fee]

Notwithstanding the provisions of subsection (b) of Code Section
13-1-14
, when any installment loan upon which a closing fee has been charged by a licensee is prepaid by any means within 90 days of the date of the loan, the borrower shall be entitled to a refund or credit of the closing fee, calculated as follows: the installment lender shall determine, on a daily pro rata basis over the original term of the loan, the amount of the closing fee that has accumulated prior to the prepayment. The installment lender shall refund or credit the borrower with the pro rata amount that has not accumulated prior to the prepayment; provided, however, that the installment lender may retain from the collected closing fee the greater of the accumulated pro rata closing fee or $25.00.
Added by 2024 Ga. Laws 474,§ 1-37, eff. 7/1/2024.
Amended by 2022 Ga. Laws 748,§ 41, eff. 7/1/2022.
Renumbered from §
7-3-20
and amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
Amended by 2004 Ga. Laws 564, § 7, eff. 5/13/2004.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 2 - RESTRICTIONS (§§ 7-3-10 — 7-3-19) › Section 7-3-18 - [Reserved] Tax on interest - Penalties for late or fraudulent tax payments

Amended by 2022 Ga. Laws 748,§ 42, eff. 7/1/2022.
Renumbered from §
7-3-21
and amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 3 - APPLICATION (§§ 7-3-20 — 7-3-29) › Section 7-3-20 - Requirements for original and renewal licenses

(a)
Each applicant for an original or renewal license shall:
(1)
Submit an application in writing, under oath, and in such form as the department may prescribe;
(2)
Furnish to the Nationwide Multistate Licensing System and Registry the following information:
(A)
The legal name and principal business address of the person applying for the license;
(B)
The names and the residence and business addresses of each director, owner, and executive officer of the applicant;
(C)
The address of each location where the applicant will engage in the business of making installment loans in this state;
(D)
Any name, subject to approval by the department, under which the applicant will engage in the business of making installment loans in this state; and
(E)
The name and address of the initial registered agent and registered office for service of process in this state;
(3)
Submit such other data, financial statements, and pertinent information as the department may require with respect to the applicant or its directors, owners, or executive officers; and
(4)
Pay a nonrefundable supervision fee established by rules and regulations of the department.
(b)
A person applying for an original license shall pay a nonrefundable investigation fee established by rules and regulations of the department.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
Renumbered as §
7-3-17
by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
See 2020 Ga. Laws 409, § 10.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 3 - APPLICATION (§§ 7-3-20 — 7-3-29) › Section 7-3-21 - Bonds required

(a)
An applicant shall provide with its application a corporate surety bond issued by a bonding company or insurance company authorized to do business in this state and approved by the department.
(b)
The bond shall:
(1)
Be in a form satisfactory to the department;
(2)
Be in the aggregate amount of $25,000.00 for the primary location to be operated by a licensee plus $5,000.00 for each additional location to be operated by such licensee, provided that no licensee shall be required to have a bond that exceeds a total amount of $100,000.00;
(3)
Run to the State of Georgia for the benefit of the department or any claimant against a licensee arising out of the licensee's business of making installment loans;
(4)
Require a licensee to pay any and all money for the benefit of any person damaged by noncompliance of the licensee with this chapter, with rules, regulations, or orders issued by the department pursuant to this chapter, or with any condition of the bond; and
(5)
Require a licensee to pay any and all money that may become due and owing to any creditor of or claimant against the licensee arising out of the licensee's business of making installment loans.
(c)
Payments due under the bond shall include money owed to the department for fees and related interest and penalties under Code Section
7-3-16
and fines or penalties for noncompliance of the licensee with this chapter or rules, regulations, or orders issued pursuant to this chapter.
(d)
Claimants or creditors against the licensee may bring an action directly on the bond.
(e)
In no event shall the aggregate liability of the surety exceed the principal sum of the face amount of the bond.
(f)
In the event that the principal sum of the bond is reduced by one or more recoveries or payments thereon, a licensee shall:
(1)
Provide a new or additional bond so that the total or aggregate principal sum of such bond or bonds equals the sum required under subsection (b) of this Code section; or
(2)
Provide an endorsement duly executed by the corporate surety reinstating the bond to the required principal sum thereof.
(g)
A bond shall not be canceled by either the licensee or the corporate surety except upon notice to the department electronically through the Nationwide Multistate Licensing System and Registry, and such cancellation shall be effective no sooner than 30 days after receipt by the department of such notice and only with respect to any breach of condition occurring after the effective date of such cancellation.
Amended by 2022 Ga. Laws 748,§ 43, eff. 7/1/2022.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
Renumbered as §
7-3-18
by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 3 - APPLICATION (§§ 7-3-20 — 7-3-29) › Section 7-3-22 - Investigations of applicants; license nontransferable; expiration and annual renewal

(a)
The department shall conduct an investigation of every applicant for licensure to determine the financial responsibility, experience, character, general fitness, and eligibility for licensure of such applicant. The department may issue the applicant a license if the department determines to its general satisfaction that:
(1)
The applicant is financially sound and responsible and able to engage in the business of making installment loans in an honest, fair, and efficient manner and with the confidence and trust of the community;
(2)
Approval of the application will promote the convenience and advantage of the community in which the applicant proposes to operate; and
(3)
All conditions for licensure set forth in this chapter and in the rules and regulations of the department have been satisfied.
(b)
No license shall be transferable or assignable.
(c)
Each license shall expire on December 31 of each year, and application for renewal shall be made annually on or before December 1 of each year.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 3 - APPLICATION (§§ 7-3-20 — 7-3-29) › Section 7-3-23 - Authority of department; disclosure

(a)
The department is authorized to:
(1)
Participate in the Nationwide Multistate Licensing System and Registry to facilitate the sharing of information and standardization of the licensing and application processes for persons subject to this chapter;
(2)
Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and other contracts necessary for the department's participation in the Nationwide Multistate Licensing System and Registry;
(3)
Disclose or cause to be disclosed without liability, via the Nationwide Multistate Licensing System and Registry, applicant and licensee information, including, but not limited to, violations of this chapter and enforcement actions, to facilitate regulatory oversight;
(4)
Request that the Nationwide Multistate Licensing System and Registry adopt an appropriate privacy, data security, and security breach notification policy that is in full compliance with existing state and federal law; and
(5)
Establish and adopt, by rule and regulation, requirements for participation by applicants and licensees in the Nationwide Multistate Licensing System and Registry, upon the department's determination that each requirement is consistent with both the public interest and the purposes of this chapter.
(b)
The department shall enact rules and regulations establishing a process whereby licensees may challenge information entered by the department into the Nationwide Multistate Licensing System and Registry.
(c)
Regardless of its participation in the Nationwide Multistate Licensing System and Registry, the department shall retain full and exclusive authority over determinations of whether to grant, renew, suspend, or revoke licenses issued under this chapter. Nothing in this Code section shall be construed to reduce or otherwise limit such authority.
(d)
Information disclosed through the Nationwide Multistate Licensing System and Registry is deemed to be disclosed directly to the department and subject to Code Section
7-1-70
. Such information shall not be disclosed to the public and shall remain privileged and confidential pursuant to Code Section
7-1-70
.
(e)
Applicants and licensees shall be required to pay the charges associated with their utilization of the Nationwide Multistate Licensing System and Registry.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 3 - APPLICATION (§§ 7-3-20 — 7-3-29) › Section 7-3-24 - [Repealed] Suspension or revocation of license - Grounds; procedure; effect of loss of license on contracts

Repealed by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 3 - APPLICATION (§§ 7-3-20 — 7-3-29) › Section 7-3-25 - [Renumbered as 7-3-33] Redesignated

Renumbered as §
7-3-33
by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 3 - APPLICATION (§§ 7-3-20 — 7-3-29) › Section 7-3-26 - [Repealed] Probation and civil penalties for violations

Repealed by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 3 - APPLICATION (§§ 7-3-20 — 7-3-29) › Section 7-3-27 - [Repealed] Judicial review of Commissioner's decisions

Repealed by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 3 - APPLICATION (§§ 7-3-20 — 7-3-29) › Section 7-3-28 - [Renumbered as 7-3-49] Redesignated

Renumbered as §
7-3-49
by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 3 - APPLICATION (§§ 7-3-20 — 7-3-29) › Section 7-3-29 - [Renumbered as 7-3-50] Redesignated

Renumbered as §
7-3-50
by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
Amended by 2004 Ga. Laws 440, § 1, eff. 5/1/2004.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 4 - OBLIGATIONS OF LICENSEES (§§ 7-3-30 — 7-3-33) › Section 7-3-30 - Requirements of licensees; maintenance of records

(a)
Each licensee shall:
(1)
Conspicuously post a copy of its license in each location where the licensee engages in installment lending;
(2)
Submit to the Nationwide Multistate Licensing System and Registry timely reports of condition, which shall be in such form and shall contain such information as the department may require;
(3)
Clearly label all advertisements and any other documents required by rules and regulations of the department with its unique identifier;
(4)
Make, keep, and use in its business such books, accounts, and records as the department may require; and
(5)
Make available to the department, upon request, any books, accounts, records, files, documents, evidence, or other information relating to the business of making installment loans.
(b)
Each licensee shall preserve any books, accounts, and records required to be made, kept, or used pursuant to this Code section or rules and regulations of the department for five years or such greater period of time as prescribed by rules and regulations of the department to the licensee.
(c)
A licensee may maintain any books, accounts, and records required to be made, kept, or used pursuant to this Code section:
(1)
In photographic, electronic, or other similar form; and
(2)
At a location outside of this state so long as such records are transmitted to a location designated by the department within ten days of the date of a written request by the department.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 4 - OBLIGATIONS OF LICENSEES (§§ 7-3-30 — 7-3-33) › Section 7-3-31 - Required notifications to be provided by licensee; bond company requirement of notification; method for providing notice

(a)
A licensee shall send written notice to the department within ten days of the following:
(1)
Any knowledge or discovery that any of the licensee's owners, executive officers, directors, trustees, agents, or covered employees has been convicted of a felony as described in subsection (a) of Code Section
7-3-42
;
(2)
Any knowledge or discovery that any of the licensee's owners, executive officers, directors, trustees, agents, or covered employees has committed fraud, engaged in dishonest activities, or made any misrepresentation;
(3)
The discharge of a covered employee for actual or suspected misrepresentations, dishonest acts, or fraudulent acts;
(4)
Any knowledge or discovery of an administrative, civil, or criminal action initiated by any governmental entity against the licensee;
(5)
Any knowledge or discovery of a criminal action initiated by any governmental entity for misrepresentations, dishonest acts, or fraudulent acts against any owner, executive officer, director, trustee, agent, or covered employee of a licensee; and
(6)
The filing of a petition by or against the licensee under the United States Bankruptcy Code,
11 U.S.C. Sections 101
through
110
, for bankruptcy reorganization or the filing of a petition by or against the licensee for receivership or the making of a general assignment for the benefit of its creditors.
(b)
A licensee shall send written notice to the department within 30 days of the following:
(1)
The commencement of any action brought against it relating to its business of installment lending in Georgia;
(2)
The commencement of any action by any creditor or claimant relating to its business of installment lending in Georgia or involving a claim against the bond filed with the department pursuant to Code Section
7-3-21
;
(3)
The entry of any judgment against the licensee related to its business of installment lending in Georgia; and
(4)
Any change in the address of its principal place of business or registered agent for service in Georgia.
(c)
The corporate surety that issued a licensee a bond pursuant to Code Section
7-3-21
shall send written notice to the department via registered or certified mail or statutory overnight delivery within ten days of paying any claim or judgment to any creditor or claimant with details sufficient to identify the claimant and the claim or judgment so paid.
Amended by 2022 Ga. Laws 748,§ 44, eff. 7/1/2022.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 4 - OBLIGATIONS OF LICENSEES (§§ 7-3-30 — 7-3-33) › Section 7-3-33 - Unreasonable collection tactics

No licensee or employee or agent thereof shall willfully use any unreasonable collection tactics. Unreasonable collection tactics shall include, but not be limited to, any conduct by the licensee or any employee or agent thereof which:
(1)
Causes the borrower or any member of his or her family to suffer bodily injury or physical harm;
(2)
Constitutes a willful or intentional trespass by force of the borrower's home or personal property without process of law;
(3)
Holds up the borrower to public ridicule or unreasonably degrades the borrower in the presence of neighbors or business associates;
(4)
Involves use of printed material which simulates or resembles a summons, warrant, or other legal process; or
(5)
Although otherwise lawful, occurs at an unreasonable hour of the night. Attempts to make collections by means of personal visits, telephone calls, and the like shall be deemed to occur at an unreasonable hour of the night if they occur between the hours of 10:00 P.M. and 5:00 A.M.
Renumbered from §
7-3-25
and amended by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 5 - INVESTIGATIONS AND EXAMINATIONS; SUSPENSION OR REVOCATION OF LICENSE (§§ 7-3-40 — 7-3-52) › Section 7-3-41 - Subpoena powers and procedures

(a)
A subpoena issued pursuant to Code Section
7-3-40
may be served by:
(1)
Registered or certified mail or statutory overnight delivery, return receipt requested, to the addressee's business or personal mailing address;
(2)
Examiners appointed by the department; or
(3)
The sheriff of the county where such witness resides or is found or where the person in custody of any books, accounts, records, files, documents, or papers resides or is found.
(b)
The department may issue and apply to enforce subpoenas in this state at the request of any governmental agency, department, organization, or entity regulating the making of installment loans in another state if the activities constituting the alleged violation for which the information is sought would be a violation of this chapter if the alleged activities had occurred in this state.
(c)
If any person refuses to obey a subpoena issued under this chapter, a superior court of appropriate jurisdiction, upon application by the department, may issue to the person an order requiring such person to appear before the court to show cause why such person should not be held in contempt for refusal to obey the subpoena. Failure to obey a subpoena may be punished as contempt by the court.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 5 - INVESTIGATIONS AND EXAMINATIONS; SUSPENSION OR REVOCATION OF LICENSE (§§ 7-3-40 — 7-3-52) › Section 7-3-43 - Suspension or revocation of licenses

(a)
The department may suspend or revoke a license if it finds that any ground exists which would require or warrant the denial of an application for the issuance or renewal of a license.
(b)
The department may deny an application or suspend or revoke a license upon a finding that an applicant or a licensee has:
(1)
Committed any fraud, engaged in any dishonest activities, or made any misrepresentation;
(2)
Violated any provision of this chapter, any rule, regulation, or order issued by the department pursuant to this chapter, or any other law in the course of its business of making installment loans;
(3)
Made a false statement or failed to give a true reply in an application;
(4)
Demonstrated incompetency or untrustworthiness to act as an installment lender;
(5)
Failed to pay within 30 days after it became final a judgment recovered in any court in an action arising out of the licensee's business of making installment loans;
(6)
Purposely withheld, deleted, destroyed, or altered information requested by the department or made misrepresentations to the department;
(7)
Operated in an unsafe or unsound manner; or
(8)
Failed or refused to remit the fee required by Code Section
7-3-16
within the required time period.
(c)
The department shall not issue a license and shall revoke a license if it determines that the applicant or licensee is not financially sound or responsible or not able to engage in the business of making installment loans in an honest, fair, and efficient manner and with the confidence and trust of the community.
(d)
The department shall not issue a license and may suspend or revoke a license if an applicant or licensee was subject to, or employs any person subject to, a final cease and desist order or license revocation under this chapter within the preceding five years. Each applicant or licensee shall, before hiring an employee, examine the Nationwide Multistate Licensing System and Registry to determine that such employee is not subject to a cease and desist order or license revocation.
(e)
The department shall not issue a license and may suspend or revoke a license if it finds that any owner, director, trustee, or executive officer of the applicant or licensee has been in one or more of those roles for a licensee whose application has been denied or revoked or suspended within the preceding five years.
Amended by 2022 Ga. Laws 748,§ 45, eff. 7/1/2022.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 5 - INVESTIGATIONS AND EXAMINATIONS; SUSPENSION OR REVOCATION OF LICENSE (§§ 7-3-40 — 7-3-52) › Section 7-3-44 - Obligation to provide notice; hearings; compliance

(a)
Notice of the department's intention to enter an order denying an application or suspending or revoking a license shall be sent to the applicant or licensee in writing by registered or certified mail or statutory overnight delivery addressed to the principal business address of such applicant or licensee. If a person refuses to accept service of such notice, the notice shall be served by the department under any other method of lawful service, and the person shall be liable to the department for a sum equal to the actual costs incurred to serve the notice. Such liability shall be paid upon notice and demand by the department and shall be assessed and collected in the same manner as other fees or fines administered by the department.
(b)
Within 20 days of the date of the notice issued pursuant to subsection (a) of this Code section, the applicant or licensee may request in writing a hearing to contest the order. If no such hearing is requested, the department shall enter a final order stating the grounds for the denial, suspension, or revocation. Such final order shall be effective on the date of issuance, and the department shall promptly mail a copy thereof to the principal business address of such applicant or licensee.
(c)
A decision by the department denying an application for licensure or an order of the department suspending or revoking a license shall be subject to review in accordance with Chapter 13 of Title 50, the "Georgia Administrative Procedure Act," except that judicial review shall be available solely in the superior court of the county of domicile of the department.
(d)
The department may pursue any administrative action initiated under this chapter against an applicant or licensee to its conclusion, regardless of whether the applicant or licensee withdraws its application or whether a licensee does not renew or surrenders its license.
(e)
The suspension, revocation, or expiration of a license shall not alter, ameliorate, or void the duties, defenses, and liabilities of either a borrower or a licensee under any existing agreement or contract entered into by the licensee prior to such suspension, revocation, or expiration.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 5 - INVESTIGATIONS AND EXAMINATIONS; SUSPENSION OR REVOCATION OF LICENSE (§§ 7-3-40 — 7-3-52) › Section 7-3-46 - Petitioning for state court jurisdiction; civil penalty; other penalties

(a)
Whenever a person fails to comply with the terms of a final order or decision of the department issued pursuant to this chapter, the department may, through the Attorney General, petition any superior court of this state having jurisdiction over one or more defendants for an order directing such person to obey the order of the department within a period of time as shall be fixed by the court. Upon the filing of such petition, the court shall allow a motion to show cause why it should not be granted. After a hearing upon the merits or after failure of such person to appear when ordered, the court shall grant the petition of the department upon a finding that the order of the department was properly issued.
(b)
Any person who violates the terms of any final order or decision issued pursuant to this chapter shall be liable for a civil penalty not to exceed $1,000.00. Each day the violation continues shall constitute a separate offense. In determining the amount of the penalty, the department shall take into account the appropriateness of the penalty relative to the size of the financial resources of such person, the good faith efforts of such person to comply with the order, the gravity of the violation, the history of previous violations by such person, and such other factors or circumstances that contributed to the violation. The department may reduce any penalty which is subject to imposition or has been imposed pursuant to this Code section. Such penalty shall be final except as to judicial review as provided in Code Section
7-1-90
, except that judicial review shall be available solely in the superior court of the county of domicile of the department.
(c)
The department may bring an appropriate civil action to enforce any provision of this chapter or any rule, regulation, decision, or order issued pursuant to this chapter, whether by injunction or otherwise, in the superior court of this state having jurisdiction over one or more of the defendants.
(d)
The department may prescribe by rule and regulation administrative fines for violations of this chapter or of rules, regulations, decisions, or orders issued pursuant to this chapter.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 5 - INVESTIGATIONS AND EXAMINATIONS; SUSPENSION OR REVOCATION OF LICENSE (§§ 7-3-40 — 7-3-52) › Section 7-3-47 - Confidentiality; disclosure limitations

(a)
Except as provided in this Code section, information obtained by the department pursuant to this chapter, which shall include any information disclosed through the Nationwide Multistate Licensing System and Registry, is confidential as provided in Code Section
7-1-70
.
(b)
In addition to the exceptions set forth in subsection (b) of Code Section
7-1-70
, the department is authorized to share information obtained under this chapter with other regulatory or law enforcement authorities. In the case of such sharing, the safeguards to confidentiality already in place within such agencies or authorities shall be deemed adequate. A designated employee or agent of the department may disclose such information as is necessary to conduct a civil or administrative investigation or proceeding related to the business of making installment loans.
(c)
The department is authorized to make the following information available to the public on the department's website, upon receipt by the department of a written request, or in the Nationwide Multistate Licensing System and Registry:
(1)
The name, business address, telephone number, facsimile number, and unique identifier of a licensee;
(2)
The names and titles of the executive officers of a licensee;
(3)
The names of the owners of a licensee;
(4)
The name, business address, telephone number, and facsimile number of all locations of a licensee;
(5)
The terms of or a copy of any bond filed by a licensee;
(6)
Information concerning any violation of this chapter or any rule, regulation, or order issued pursuant to this chapter, provided that such information is derived from a final order of the department;
(7)
The imposition of an administrative fine or penalty under this chapter; and
(8)
The address of a licensee's registered agent for service of process in this state.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 5 - INVESTIGATIONS AND EXAMINATIONS; SUSPENSION OR REVOCATION OF LICENSE (§§ 7-3-40 — 7-3-52) › Section 7-3-48 - Civil liability limited for providing information

(a)
Except in the case of malice, fraud, or bad faith, no person shall be subject to civil liability arising out of furnishing the department with information required pursuant to this chapter. No civil cause of action of any nature shall arise against such person:
(1)
For any information relating to suspected prohibited conduct furnished to or received from law enforcement officials, their agents, or employees or furnished to or received from other regulatory authorities;
(2)
For any information furnished to or received from other persons subject to the provisions of this chapter; or
(3)
For any information furnished in complaints filed with the department.
(b)
Neither the department nor its employees or agents shall be subject to civil liability, and no civil cause of action of any nature shall exist against the department or its employees or agents arising out of the performance of activities or duties pursuant to this chapter or by publication of any report of activities under this Code section.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 5 - INVESTIGATIONS AND EXAMINATIONS; SUSPENSION OR REVOCATION OF LICENSE (§§ 7-3-40 — 7-3-52) › Section 7-3-49 - [Renumbered from 7-3-28] Code Section 7-4-4 not repealed

Nothing in this chapter shall be construed as repealing Code Section
7-4-4
.
Renumbered from §
7-3-28
by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 5 - INVESTIGATIONS AND EXAMINATIONS; SUSPENSION OR REVOCATION OF LICENSE (§§ 7-3-40 — 7-3-52) › Section 7-3-51 - Regulatory authority

Without limiting the power conferred by Chapter 1 of this title, the department may make reasonable rules and regulations, not inconsistent with law, for the interpretation and enforcement of this chapter.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 3 - INSTALLMENT LOANS (§§ 7-3-1 — 7-3-52) › Article 5 - INVESTIGATIONS AND EXAMINATIONS; SUSPENSION OR REVOCATION OF LICENSE (§§ 7-3-40 — 7-3-52) › Section 7-3-52 - Limited continuation of licenses

Every license in force and effect under the former provisions of this chapter on June 30, 2020, shall remain in full force and effect on July 1, 2020, and all such existing licensees shall be required to renew their licenses pursuant to Code Sections
7-3-20
and
7-3-22
.
Added by 2020 Ga. Laws 409,§ 2, eff. 6/30/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-1 - "Usury" defined

The term "usury" means reserving and taking or contracting to reserve and take, either directly or indirectly, a greater sum for the use of money than the lawful interest.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-3 - Finance charge on retail installment contracts for manufactured homes and motor vehicles subject to federal law; stating of federal provisions in contract

(a)
Notwithstanding the provisions of subsections (a) through (c) of Code Section
10-1-33
, any retail installment contract pertaining to:
(1)
Any manufactured home with a cash sale price of more than $3,000.00; or
(2)
Any motor vehicle where the amount financed is $5,000.00 or more
may provide for such finance charge as the parties may agree in writing.
(b)
(1)
Any retail installment contract pertaining to a manufactured home or any consumer loan secured by such a home shall contain the contract provisions required by subsection (c) of Section 501 of the Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221(
12 U.S.C. Section 1735f-7
, notes).
(2)
Any person violating this subsection shall be subject to the liability specified in Code Section
7-4-5
; provided, however, that the contract or loan shall still be entitled to the benefits of the other provisions of Code Section
7-4-2
.
(c)
As used in this Code section, the term:
(1)
"Finance charge" means the amount agreed upon between the buyer and the seller to be added to the cash sale price and, if a separate charge is made therefor, the amount, if any, included for insurance and other benefits and official fees, in determining the time sale price.
(2)
"Manufactured home" means a structure, transportable in one or more sections, which, in the traveling mode, is eight body feet or more in width, or 40 body feet or more in length, or, when erected on site, is 320 or more square feet and which is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities and includes the plumbing, heating, air-conditioning, and electrical systems contained therein; except that such term shall include any structure which meets all the requirements of this paragraph except the size requirements and with respect to which the manufacturer voluntarily files a certification required by the secretary of Housing and Urban Development and complies with the standards established under The National Mobile Home Construction and Safety Standards Act of 1974,
42 U.S.C. Section 5401
, et seq.
(3)
"Retail installment contract" or "contract" means an instrument or instruments creating a purchase money security interest or any instrument evidencing an obligation secured by a purchase money security interest.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
Amended by 2004 Ga. Laws 564, § 7, eff. 5/13/2004.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-4 - Advertisement of rates of interest or finance charge

(a)
No person shall advertise in or through any newspaper, radio, television, letter, circular, billhead, or in any way or through any medium any rate of interest or finance charge pertaining to any consumer credit transactions other than a rate stated in simple interest terms or a rate stated in terms which would comply with the federal Truth in Lending Simplification and Reform Act, Public Law 96-221(
15 U.S.C. Sections57a
and
1602
, et seq.).
(b)
There is no liability under this Code section on the part of any owner or personnel of any medium in which an advertisement appears or through which it is disseminated when the publisher, owner, agent, or employee did not have knowledge of the false, misleading, or deceptive character of the advertisement, did not prepare the advertisement, or did not have a direct financial interest in the sale or distribution of the advertised product or service.
(c)
Nothing contained in this Code section shall be construed to amend, modify, or repeal any of the provisions of Part 2 of Article 15 of Chapter 1 of Title 10, the "Fair Business Practices Act of 1975."
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-5 - Failure to include federal loan act provisions in retail installment loan; violating advertising restrictions

(a)
Any person who fails to comply with subsection (b) of Code Section
7-4-3
or Code Section
7-4-4
with respect to any person is liable to such person in an amount equal to the sum of:
(1)
Any actual damage sustained by such person as a result of the failure; and
(2)
Twice the amount of any interest or finance charge contracted for in connection with the transaction, except that the liability under this paragraph shall not be less than $100.00 nor greater than $1,000.00.
(b)
Such liability may be asserted in an individual action only and may not be the subject of a class action; provided, however, that this provision shall not apply to any class action pending prior to March 31, 1983.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-8 - Commission to third person does not make lawful interest usurious

Except as the application of this Code section is modified by Code Section
7-3-5
, where the lender neither takes nor contracts to take more than lawful interest, the loan is not rendered usurious by money paid or agreed to be paid others by the borrower in order to obtain the loan.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-9 - Back interest may be stipulated in contract and recovered

Interest from date, if the debt is not punctually paid at maturity, may be recovered when so stipulated in the contract, provided that interest has not already been included in the principal amount.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-10 - Usury forfeits entire interest; right of setoff; how forfeiture discharged; when time bars action or defense

(a)
Any person, company, or corporation violating the provisions of Code Section
7-4-2
shall forfeit the entire interest so charged or taken or contracted to be reserved, charged, or taken. No further penalty or forfeiture shall be occasioned, suffered, or allowed.
(b)
The amount forfeited as provided in subsection (a) of this Code section may be pleaded as a setoff in any action for the recovery of the principal sum loaned or advanced by the defendant in said action.
(c)
No contrivance or arrangement between the parties to any such unlawful transaction or their privies, except an actual and full payment of the amount forfeited as provided in subsection (a) of this Code section, shall have the effect of discharging such forfeiture.
(d)
No plea or action for the recovery of such forfeiture shall be barred by lapse of time shorter than one year.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-11 - Usury is personal defense; no collection from insolvent to prejudice of others

Usury is a personal defense; provided, however, that a creditor may not collect usurious interest from an insolvent debtor to the prejudice of other creditors.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-12 - Interest on judgments

(a)
All judgments in this state shall bear annual interest upon the principal amount recovered at a rate equal to the prime rate as published by the Board of Governors of the Federal Reserve System, as published in statistical release H. 15 or any publication that may supersede it, on the day the judgment is entered plus 3 percent.
(b)
If the judgment is rendered on a written contract or obligation providing for interest at a specified rate, the judgment shall bear interest at the rate specified in the contract or obligation.
(c)
The postjudgment interest provided for in this Code section shall apply automatically to all judgments in this state and the interest shall be collectable as a part of each judgment whether or not the judgment specifically reflects the entitlement to postjudgment interest.
(d)
This Code section shall apply to all civil actions filed on or after July 1, 2003.
Amended by 2003 Ga. Laws 363, § 1, eff. 7/1/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-12.1 - Interest on arrearage on child support; settlement of unreimbursed public assistance

(a)
All awards, court orders, decrees, or judgments rendered pursuant to Title 19 expressed in monetary amounts shall accrue interest at the rate of 7 percent per annum commencing 30 days from the date such award, court order, decree, or judgment is entered or an installment payment is due, as applicable. The court may modify the date on which interest shall begin to accrue. It shall not be necessary for the party to whom the child support is due to reduce any such award to judgment in order to recover such interest. The court shall have discretion in applying or waiving past due interest. In determining whether to apply, waive, or reduce the amount of interest owed, the court shall consider whether:
(1)
Good cause existed for the nonpayment of the child support;
(2)
Payment of the interest would result in substantial and unreasonable hardship for the parent owing the interest;
(3)
Applying, waiving, or reducing the interest would enhance or detract from the parent's current ability to pay child support, including the consideration of the regularity of payments made for current child support of those dependents for whom support is owed; and
(4)
The waiver or reduction of interest would result in substantial and unreasonable hardship to the parent to whom interest is owed.
(b)
Subsection (a) of this Code section shall not be construed to abrogate the authority of the Department of Human Services to waive, reduce, or negotiate a settlement of unreimbursed public assistance in accordance with subsection (b) of Code Section
19-11-5
.
(c)
Notwithstanding Code Section
7-4-12
,
7-4-15
,
9-12-10
, or
13-6-13
, when an award, court order, decree, or judgment for alimony or equitable division of assets and liabilities is payable in installments, interest on such award, court order, decree, or judgment shall not begin to accrue until an installment is 30 days past due unless otherwise ordered by the court.
Amended by 2017 Ga. Laws 242,§ 2-1, eff. 7/1/2017.
Amended by 2015 Ga. Laws 16,§ 1, eff. 4/2/2015.
Amended by 2010 Ga. Laws 624,§ 7, eff. 6/3/2010.
Amended by 2006 Ga. Laws 650,§ 2, eff. 1/1/2007.
Amended by 2005 Ga. Laws 52,§ 3, eff. 4/22/2005.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-13 - Law of place of contract governs interest unless otherwise provided

Every contract shall bear interest according to the law of the place of the contract at the time of the contract, unless upon its face it shall be apparent that the intention of the parties was to adopt the law of another forum; in this case the law of that forum shall govern.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-14 - Interest runs from default unless otherwise agreed; when demand necessary

In the absence of an agreement to the contrary, interest shall not run until default; hence, where money can be recovered because of mistake or other like reasons, no interest shall run until after demand and refusal to refund.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-15 - When interest runs on liquidated demands; promissory notes payable on demand

All liquidated demands, where by agreement or otherwise the sum to be paid is fixed or certain, bear interest from the time the party shall become liable and bound to pay them; if payable on demand, they shall bear interest from the time of the demand. In case of promissory notes payable on demand, the law presumes a demand instantly and gives interest from date.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-16 - When interest runs on commercial accounts; maximum interest rate on commercial accounts

Unless otherwise provided in writing signed by the obligor, a commercial account becomes due and payable upon the date a statement of the account is rendered to the obligor. The owner of a commercial account may charge interest on that portion of a commercial account which has been due and payable for 30 days or more at a rate not in excess of 1 1/2 percent per month calculated on the amount owed from the date upon which it became due and payable until paid. As used in this Code Section, the term "commercial account" means an obligation for the payment of money arising out of a transaction to sell or furnish, or the sale of, or furnishing of, goods or services other than a "retail installment transaction" as defined in paragraph (10) of subsection (a) of Code Section
10-1-2
.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 4 - INTEREST AND USURY (§§ 7-4-1 — 7-4-30) › Article 1 - IN GENERAL (§§ 7-4-1 — 7-4-21) › Section 7-4-17 - Payment applied first to interest; no interest on unpaid interest; exceptions

When a payment is made upon any debt, it shall be applied first to the discharge of any interest due at the time, and the balance, if any, shall be applied to the reduction of the principal. If the payment does not extinguish the interest then due, no interest shall be calculated on such balance of interest and interest shall be calculated only on the principal amount up to the time of the next payment. Notwithstanding the foregoing restrictions against charging interest on unpaid interest:
(1)
On loans having first priority on real estate and on loans secured by the pledge or assignment of instruments evidencing loans having first priority on real estate, the parties by written contract may lawfully agree that unpaid interest when due shall be added to the unpaid principal balance of the indebtedness and that the increased principal balance of the indebtedness bear interest pursuant to the terms of the contract; and
(2)
On loans secured by real estate or secured by real estate and other collateral, the parties by written contract may lawfully agree that, in the event of bankruptcy, the lender or creditor may include interest on its claim pursuant to the terms of the contract.