reglab/statecodes huggingface dataset:
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 7-4-18 - Criminal penalty for excessive interest

(a)
Any person, company, or corporation who shall reserve, charge, or take for any loan or advance of money, or forbearance to enforce the collection of any sum of money, any rate of interest greater than 5 percent per month, either directly or indirectly, by way of commission for advances, discount, exchange, or the purchase of salary or wages; by notarial or other fees; or by any contract, contrivance, or device whatsoever shall be guilty of a misdemeanor; provided, however, that regularly licensed pawnbrokers, as defined in Code Section
44-12-130
, are limited in the amount of interest they may charge only by the limitations set forth in Code Section
44-12-131
.
(b)
This Code section shall not be construed as repealing or impairing the usury laws now existing but shall be construed as being cumulative thereof.
(c)
Nothing contained in Code Section
7-4-2
or
7-4-3
shall be construed to amend or modify the provisions of this Code section.
(d)
Notwithstanding the foregoing, fees and other charges agreed upon by a financial institution and depositor, as defined in Code Section
7-1-4
, in a written agreement governing a deposit, share, or other account, including, but not limited to, overdraft and nonsufficient funds, delinquency or default charges, returned payment charges, stop payment charges, or automated teller machine charges, shall not be considered interest.
Amended by 2014 Ga. Laws 515,§ 2, eff. 4/15/2014.
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 7-4-19 - Civil action to enforce chapter

The Department of Banking and Finance may bring an appropriate civil action to enforce any provision of this chapter whether by injunction or otherwise in any superior court of this state having jurisdiction over one or more defendants.
Amended by 2020 Ga. Laws 409,§ 4, 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 7-4-20 - Election to forgo application of federal usury laws

In enacting Code Sections
7-4-2
through
7-4-5
, the General Assembly exercises its prerogative:
(1)
Under subsection (b)(2) 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), and declares that the provisions of subsection (a)(1) of Section 501 do not apply to loans, mortgages, credit sales, and advances made in the State of Georgia on and after March 31, 1983; and
(2)
Under Section 512 of that act, Public Law 96-221(
12 U.S.C. Section 86a
, notes), and declares that the provisions which preempt the law of this state in Section 511 of that act do not apply to business and agricultural loans in amounts of $1,000.00 or more made in the State of Georgia on and after March 31, 1983.
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 7-4-21 - Class action barred on claims for violation of interest laws on loans secured by real estate

A claim of violation on any loan secured by an interest in real estate may be asserted in an individual action only and may not be the subject of a class action under Code Section
9-11-23
or any other provisions of law.
Nothing contained in this Code section shall be construed to affect any class action which was pending in any court of this state, including any United States courts, on February 15, 1983, as to the parties to and subject matter then before such court.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 5 - CREDIT CARDS AND CREDIT CARD BANKS (§§ 7-5-1 — 7-5-7) › Section 7-5-1 - Short title

This chapter shall be known and may be cited as "The Credit Card and Credit Card Bank Act."
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 5 - CREDIT CARDS AND CREDIT CARD BANKS (§§ 7-5-1 — 7-5-7) › Section 7-5-3 - Organization of credit card banks

Subject to the provisions of this chapter and to the approval of the commissioner, any domestic lender, foreign lender, or holding company may organize, own, and control a credit card bank on the terms and conditions provided in this Code section:
(1)
If the credit card bank is to be organized under the laws of this state, such bank shall be organized as provided in Part 8 of Article 2 of Chapter 1 of this title;
(2)
In connection with the application to organize, or to own and control a credit card bank, the applicant shall pay applicable fees established by regulation of the department to defray the costs of the investigation and review of the application;
(3)
The shares of a credit card bank shall be owned solely by a domestic lender, a foreign lender, or a holding company;
(4)
The credit card bank shall conduct its limited deposit taking business only from a single location in this state;
(5)
The credit card bank shall at all times maintain capital stock and paid-in surplus as required by regulatory policies of the department but in no event less than $2 million;
(6)
The credit card bank may only engage in the business of soliciting, processing, and making loans pursuant to credit card accounts and conducting such other activities as may be necessary incidents thereto;
(7)
The credit card bank may not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others, and it may not accept savings or time deposits of less than $100,000.00;
(8)
The credit card bank must operate in a manner that is not likely to attract customers from the general public in this state to the substantial detriment of other domestic lenders;
(9)
The credit card bank shall have, within one year of the date it commences operations, no fewer than 50 employees located in this state devoted to its credit card activities; provided, however, that, where the credit card bank contracts with a qualifying organization for the performance of services incidental to offering credit card activities, the minimum number of employees in this state shall be determined by the commissioner at a level to assure the continued and substantive presence of the credit card bank in this state for the purpose of conducting its corporate affairs and performing the credit underwriting function and such other activities not subject to contract with the qualifying organization as may be incidental to its servicing of credit card accounts; and
(10)
A domestic lender is not required to establish a credit card bank to issue credit cards and create credit card accounts.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Amended by 2004 Ga. Laws 564, § 7, eff. 5/13/2004.
Amended by 2003 Ga. Laws 376,§ 23, eff. 7/1/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 5 - CREDIT CARDS AND CREDIT CARD BANKS (§§ 7-5-1 — 7-5-7) › Section 7-5-5 - Regulation of credit card banks; enforcement; rules and regulations

(a)
All credit card banks organized under the laws of this state shall be subject to the supervision, regulation, and examination of the department, and the department shall have all enforcement powers with respect thereto as are provided in Chapter 1 of this title.
(b)
In the event any credit card bank does not conduct its activities within the limitations provided in Code Section
7-5-3
, the department may require such credit card bank to cease all unauthorized activities. In the event such credit card bank fails to abide by such order, the department may in addition to all other rights, remedies, and powers it may have under Chapter 1 of this title:
(1)
Impose upon the credit card bank or its parent holding company or domestic lender or foreign lender a penalty of up to $10,000.00 per day for each day such order is violated; and
(2)
Require divestiture of such credit card bank by any domestic lender, foreign lender, or holding company not qualified to acquire such credit card bank on the date it ceased to operate within the limitations imposed by Code Section
7-5-3
and became a bank for purposes of Part 18 or Part 19 of Article 2 of Chapter 1 of this title.
(c)
The department shall have the power to promulgate rules and regulations implementing the provisions of this chapter.
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 5 - CREDIT CARDS AND CREDIT CARD BANKS (§§ 7-5-1 — 7-5-7) › Section 7-5-6 - Applicability of banking laws

(a)
A credit card bank shall be subject to the provisions of Chapter 1 of this title except when any rights, powers, privileges, or provisions of Chapter 1 of this title are inconsistent with the rights, powers, privileges, provisions, or limitations of this chapter.
(b)
A credit card bank shall not be considered a bank for purposes of Part 18 or Part 19 of Article 2 of Chapter 1 of this title; provided, however, that every domestic lender, foreign lender, or holding company owning a credit card bank shall be subject to the provisions of Code Section
7-1-607
, which concerns registration, reporting, and examination.
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 6 - CREDIT OR LOAN DISCRIMINATION (§§ 7-6-1 — 7-6-2) › Section 7-6-1 - Discrimination in extending credit or making loans prohibited

(a)
No bank, lending company, financial institution, retail installment seller, or person extending credit may discriminate or provide requirements which discriminate in the extending of credit or the making of loans solely on the basis of sex, race, religion, national origin, or marital status.
(b)
Any person, firm, or corporation which willfully violates any provision of this Code section shall be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine not to exceed $1,000.00.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 6 - CREDIT OR LOAN DISCRIMINATION (§§ 7-6-1 — 7-6-2) › Section 7-6-2 - Cause of action for individual discriminated against

Any person denied a loan or credit solely on the basis of discrimination because of sex, race, religion, national origin, or marital status shall have a right to bring an action for damages in any court of competent jurisdiction in an individual, but not in a representative, capacity against the person, firm, or corporation violating this chapter.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 6A - FAIR LENDING (§§ 7-6A-1 — 7-6A-13) › Section 7-6A-1 - Short title

This chapter shall be known and may be cited as the "Georgia Fair Lending Act."
Added by 2003 Ga. Laws 1, § 1, eff. 3/7/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 6A - FAIR LENDING (§§ 7-6A-1 — 7-6A-13) › Section 7-6A-3 - Limitations of home loans

All home loans shall be subject to the following limitations and prohibited practices:
(1)
No creditor shall make a home loan that finances, directly or indirectly:
(A)
Any credit life, credit accident, credit health, credit personal property, or credit loss-of-income insurance, debt suspension coverage, or debt cancellation coverage, whether or not such coverage is insurance under applicable law, that provides for cancellation of all or part of a borrower's liability in the event of loss of life, health, personal property, or income or in the case of accident written in connection with a home loan; or
(B)
Any life, accident, health, or loss-of-income insurance without regard to the identity of the ultimate beneficiary of such insurance;
provided, however, that, for the purposes of this Code section, any premiums or charges calculated and paid on a monthly basis shall not be considered financed directly or indirectly by the creditor;
(2)
No creditor or servicer shall recommend or encourage default on an existing loan or other debt prior to and in connection with the closing or planned closing of a home loan that refinances all or any portion of such existing loan or debt;
(3)
No creditor or servicer may charge a borrower a late payment charge unless the loan documents specifically authorize the charge, the charge is not imposed unless the payment is past due for ten days or more, and the charge does not exceed 5 percent of the amount of the late payment. A late payment charge may not be imposed more than once with respect to a particular late payment. If a late payment charge is deducted from a payment made on the home loan and such deduction results in a subsequent default on a subsequent payment, no late payment charge may be imposed for such default. A lender may apply any payment made in the order of maturity to a prior period's payment due even if the result is late payment charges accruing on subsequent payments due; and
(4)
No creditor or servicer may charge a fee for informing or transmitting to any person the balance due to pay off a home loan or to provide a release upon prepayment. When such information is provided by facsimile or if it is provided upon request within 60 days of the fulfillment of a previous request, a creditor or servicer may charge a processing fee up to $10.00. Payoff balances shall be provided within a reasonable time but in any event no more than five business days after the request.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
Added by 2003 Ga. Laws 1, § 1, eff. 3/7/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 6A - FAIR LENDING (§§ 7-6A-1 — 7-6A-13) › Section 7-6A-4 - "Flipping" a home loan; costs and fees

(a)
No creditor may knowingly or intentionally engage in the unfair act or practice of "flipping" a home loan. Flipping a home loan is the consummating of a high-cost home loan to a borrower that refinances an existing home loan that was consummated within the prior five years when the new loan does not provide reasonable, tangible net benefit to the borrower considering all of the circumstances including, but not limited to, the terms of both the new and refinanced loans, the cost of the new loan, and the borrower's circumstances.
(b)
The home loan refinancing transaction shall be presumed to be a flipping where a high-cost home loan refinances an existing home loan that was consummated within the prior five years and that is a special mortgage originated, subsidized, or guaranteed by or through a state, tribal, or local government or a nonprofit organization, which either bears a below-market interest rate at the time the loan was originated or has nonstandard payment terms beneficial to the borrower, such as payments that vary with income, are limited to a percentage of income, or where no payments are required under specified conditions and where, as a result of the refinancing, the borrower will lose one or more of the benefits of the special mortgage. Notwithstanding any provision to the contrary contained in this chapter, home loan refinancing transactions of first mortgage loans originated by, purchased by, or assigned to the Georgia Housing and Finance Authority shall not be presumed to be a flipping under this subsection.
(c)
Notwithstanding any provision to the contrary contained in this chapter regarding costs and attorneys' fees, in any action instituted by a borrower who alleges that the defendant violated this Code section, the borrower shall be entitled to costs and attorneys' fees only if the presiding judge, in the judge's discretion, allows reasonable attorneys' fees and costs to the borrower as prevailing party, such fees and costs to be taxed as a part of the court costs and payable by the losing party upon a finding by the presiding judge that the party charged with the violation has willfully engaged in the act or practice and there was unwarranted refusal by such party to fully resolve the matter which constitutes the basis of such action.
Amended by 2004 Ga. Laws 564, § 7, eff. 5/13/2004.
Added by 2003 Ga. Laws 1,§ 1, eff. 3/7/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 6A - FAIR LENDING (§§ 7-6A-1 — 7-6A-13) › Section 7-6A-6 - Affirmative claims and defenses against creditors; conditions for relief; actions intending to evade chapter prohibited

(a)
Notwithstanding any other provision of law, where a home loan was made, arranged, or assigned by a person selling home improvements to the dwelling of a borrower, the borrower may assert against the creditor all affirmative claims and any defenses that the borrower may have against the seller or home improvement contractor, provided that this subsection shall not apply to loans other than high-cost home loans unless applicable law requires a certificate of occupancy, inspection, or completion to be obtained and said certificate is not obtained.
(b)
Notwithstanding any other provision of law, any person who purchases, is assigned, or otherwise becomes a holder of a high-cost home loan shall be subject to all affirmative claims and any defenses with respect to the high-cost home loan that the borrower could assert against the creditor of the high-cost home loan, unless the purchaser or holder demonstrates, by a preponderance of the evidence, that the purchaser or holder exercised reasonable due diligence at the time of purchase of the home loans, or within a reasonable time thereafter, intended to prevent the purchaser or holder from purchasing or taking assignment of high-cost home loans.
(c)
The relief granted in an action pursuant to subsection (b) of this Code section:
(1)
May be asserted by the borrower only in an individual action and shall not exceed the sum of the amount of all remaining indebtedness of the borrower under such loan and reasonable attorneys' fees in such individual action;
(2)
May be sought by the borrower of a high-cost home loan after notice of acceleration or foreclosure of the high-cost home loan, asserting a violation of Code Section
7-6A-4
or
7-6A-5
in an individual action to enjoin foreclosure or to preserve or obtain possession of the home secured by the high-cost home loan; and
(3)
Must be brought within one year from the date of the occurrence of the violation; provided, however, a borrower shall not be barred from asserting a violation of Code Section
7-6A-5
in an action to collect the debt which was brought more than one year from the date of the occurrence of such a violation as a matter of defense by recoupment or set-off in such action except as otherwise provided by law.
(d)
It shall be a violation of this chapter for any person to attempt in bad faith to avoid the application of this chapter by dividing any loan transaction into separate parts or structuring a home loan transaction as an open-end loan for the purpose of evading the provisions of this chapter when the loan would have been a high-cost home loan if the loan had been structured as a closed-end loan or engaging in any other subterfuge with the intent of evading any provision of this chapter.
Added by 2003 Ga. Laws 1, § 1, eff. 3/7/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 6A - FAIR LENDING (§§ 7-6A-1 — 7-6A-13) › Section 7-6A-8 - Enforcement of chapter; penalties for violations

(a)
The Attorney General, the district attorneys of this state, and the commissioner of banking and finance shall have jurisdiction to enforce this chapter through their general regulatory powers and through civil process. The Commissioner of Insurance shall have like authority to enforce paragraph (1) of Code Section
7-6A-3
.
(b)
Any person, including members, officers, and directors of a creditor, who knowingly violates this chapter is guilty of a misdemeanor and, on conviction, is subject to a fine not exceeding $1,000.00 for each violation or to imprisonment not exceeding six months, or both.
Added by 2003 Ga. Laws 1, § 1, eff. 3/7/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 6A - FAIR LENDING (§§ 7-6A-1 — 7-6A-13) › Section 7-6A-9 - Terms of insurer providing insurance through financed premiums

A creditor or servicer or an insurer providing insurance through premiums financed by a creditor of a home loan who, when acting in good faith, fails to comply with the provisions of this chapter will not be deemed to have violated this chapter if the creditor or servicer or insurer providing insurance through premiums financed by a creditor establishes that either:
(1)
Within 90 days of the loan closing and prior to receiving any notice from the borrower of the compliance failure, (A) the creditor or servicer has offered appropriate restitution to the borrower and appropriate adjustments are made to the loan or (B) to correct a compliance failure of paragraph (1) of Code Section
7-6A-3
, an insurer providing insurance through premiums financed by a creditor may provide appropriate restitution to the borrower by returning premiums paid plus interest charged on the premiums to the borrower upon receipt of notice of the compliance failure; or
(2)
Within 90 days of discovering a compliance failure and prior to receiving any notice of the compliance failure and the compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid such errors, the borrower is notified of the compliance failure, appropriate restitution is offered to the borrower, and appropriate adjustments are made to the loan. Examples of a bona fide error include clerical, calculation, computer malfunction and programming, and printing errors. An error of legal judgment with respect to a person's obligations under this chapter is not a bona fide error.
Added by 2003 Ga. Laws 1, § 1, eff. 3/7/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 6A - FAIR LENDING (§§ 7-6A-1 — 7-6A-13) › Section 7-6A-10 - Severability of chapter

The provisions of this chapter shall be severable and, if any phrase, clause, sentence, or provision is declared to be invalid or is preempted by federal law or regulation, the validity of the remainder of this chapter shall not be affected thereby. If any provision of this chapter is declared to be inapplicable to any category of persons or any specific category, type, or kind of loan or portions thereof, the provisions of this chapter shall nonetheless continue to apply with respect to all other persons and all other loans or portions thereof.
Added by 2003 Ga. Laws 1, § 1, eff. 3/7/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 6A - FAIR LENDING (§§ 7-6A-1 — 7-6A-13) › Section 7-6A-11 - Municipality or county not able to regulate terms of home loans

No municipality or county shall enact any ordinance or law that regulates the terms of home loans or that makes the eligibility of any person or entity to do business with the municipality or county dependent upon the terms of home loans originated or serviced by such person or entity.
Added by 2003 Ga. Laws 1, § 1, eff. 3/7/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 6A - FAIR LENDING (§§ 7-6A-1 — 7-6A-13) › Section 7-6A-12 - Application; preemption by federal law

The provisions of this chapter shall not apply to any bank, trust company, savings and loan, savings bank, credit union, or subsidiary thereof, respectively, that is chartered under the laws of this state or any other state only to the extent federal law precludes or preempts or has been determined to preclude or preempt the application of the provisions of this chapter to any federally chartered bank, trust company, savings and loan, savings bank, or credit union, respectively, and such federal preclusion or preemption shall apply only to the same type of state chartered entity as the federally chartered entity affected; provided, however, that the provisions of this chapter, including subsection (f) of Code Section
7-6A-7
, shall be applicable to an independent mortgage broker for any loan originated or brokered by the broker that is initially funded by any state or federally chartered bank, trust company, savings and loan, savings bank, or credit union.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Added by 2003 Ga. Laws 1, § 1, eff. 3/7/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 6A - FAIR LENDING (§§ 7-6A-1 — 7-6A-13) › Section 7-6A-13 - Promulgation of rules and regulations; creditor's good faith reliance on guidance from department constituting prima-facie evidence of compliance

Without limitations on the power conferred by Chapter 1 of this title, the Department of Banking and Finance shall have the authority to promulgate rules and regulations not inconsistent with law for the enforcement of this chapter to effectuate the purposes of this chapter and to clarify the meaning of terms. In complying with this chapter, a creditor's good faith reliance on any formal or informal written guidance of the Department of Banking and Finance previously made available to the general public shall constitute prima-facie evidence of compliance with this chapter. The provisions of this Code section shall apply even if, following the reliance, such guidance is amended, rescinded, or determined by any judicial or other authority to be invalid.
Added by 2003 Ga. Laws 1, § 1, eff. 3/7/2003.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 7 - LOAN BROKERS (§§ 7-7-1 — 7-7-6) › Section 7-7-1 - Definitions

As used in this chapter, the term:
(1)
"Advance fee" means any consideration which is assessed or collected, prior to the closing of a loan, by a loan broker.
(2)
"Borrower" means a person obtaining or desiring to obtain a loan of money, a credit card, or a line of credit.
(3)
"Loan broker" means any person, firm, or corporation who does not operate or maintain an office that is open regularly to the public for the transaction of business and where potential borrowers actually visit to transact, discuss, or negotiate potential loans and:
(A)
For or in expectation of consideration, arranges or attempts to arrange or offers to fund a loan of money, a credit card, or a line of credit;
(B)
For or in expectation of consideration, assists or advises a borrower in obtaining or attempting to obtain a loan of money, a credit card, a line of credit, or related guarantee, enhancement, or collateral of any kind or nature;
(C)
Acts for or on behalf of a loan broker for the purpose of soliciting borrowers; or
(D)
Holds himself out as a loan broker.
"Loan broker" does not include any regulated lender or any third party soliciting borrowers for a regulated lender pursuant to a written contract with the regulated lender or any mortgage banker or mortgage broker approved by a regulated lender or the federal Department of Housing and Urban Development, the Veterans' Administration, the Federal National Mortgage Corporation, or the Federal Home Loan Mortgage Corporation.
(4)
"Mortgage" means any indebtedness secured by a mortgage, deed of trust, security deed, or other lien on real property.
(5)
"Mortgage banker" means any person who in the regular course of business:
(A)
Holds himself out as being able to make mortgage loans;
(B)
Holds himself out as being able to service mortgage loans; or
(C)
Holds himself out as being able to buy or sell mortgage loans.
(6)
"Mortgage broker" means any person who in the regular course of business for compensation or gain or in the expectation of compensation or gain holds himself out as being able to assist a person in obtaining a mortgage loan.
(7)
"Principal" means any officer, director, partner, joint venturer, branch manager, or other person with similar managerial or supervisory responsibilities for a loan broker.
(8)
"Regulated lender" means any person, firm, corporation, or subsidiary thereof that is licensed by and subject to regulation or supervision of any agency of the United States or this state and is acting within the scope of the license.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 7 - LOAN BROKERS (§§ 7-7-1 — 7-7-6) › Section 7-7-2 - Prohibited practices by loan brokers

No loan broker shall:
(1)
Engage in unfair or deceptive acts or practices that are declared to be unlawful by Part 2 of Article 15 of Chapter 1 of Title 10, the "Fair Business Practices Act of 1975";
(2)
Assess, collect, or solicit an advance fee from a borrower to provide services as a loan broker; provided, however, that nothing contained in this paragraph shall preclude a loan broker from soliciting a potential borrower to pay for or preclude a potential borrower from paying for actual services necessary to apply for a loan, including but not limited to a credit check or an appraisal of security where such payment is made by check or money order payable to a party independent of the loan broker;
(3)
Make or use any false or misleading representations or omit any material fact in the offer or sale of the services of a loan broker or engage, directly or indirectly, in any act that operates or would operate as fraud or deception upon any person in connection with the offer or sale of the services of a loan broker, notwithstanding the absence of reliance by the buyer;
(4)
Make or use any false or deceptive representation in its business dealings or to the department or conceal a material fact from the department; or
(5)
Offer the services of a loan broker by making, publishing, disseminating, circulating, or placing before the public within this state an advertisement in a newspaper or other publication or an advertisement in the form of a book, notice, handbill, poster, sign, billboard, bill, circular, pamphlet, letter, photograph, or motion picture or an advertisement circulated by radio, loud-speaker, telephone, television, telegraph, or in any other way, where said offer or advertisement does not disclose the name, business address, and telephone number of the loan broker. For purposes of this Code section, the loan broker shall disclose the actual address and telephone number of the business of the loan broker in addition to the address and telephone number of any forwarding service that the loan broker may use.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 7 - LOAN BROKERS (§§ 7-7-1 — 7-7-6) › Section 7-7-3 - Liability of principals

Each principal of a loan broker may be sanctioned for the actions of the loan broker, including its agents or employees, in the course of business of the loan broker.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 7 - LOAN BROKERS (§§ 7-7-1 — 7-7-6) › Section 7-7-4 - Borrower's remedies for violation of chapter

(a)
Any borrower injured by a violation of this chapter may bring civil action in a court of competent jurisdiction for recovery of damages. Judgment shall be entered for actual damages and in no case shall be less than the amount paid by the borrower to the loan broker, plus reasonable attorney's fees and costs. An award may also be entered for punitive damages.
(b)
Any borrower injured by a violation of this chapter may bring an action against the surety bond or trust account, if any, of the loan broker.
(c)
The remedies provided under this chapter are in addition to any other procedures or remedies for any violation or conduct provided for in any other law.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 7 - LOAN BROKERS (§§ 7-7-1 — 7-7-6) › Section 7-7-5 - Operation of chapter not limitable by contract or agreement

A loan broker may not by contract, agreement, or otherwise limit the operation of this chapter, notwithstanding any other provision of law.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 7 - LOAN BROKERS (§§ 7-7-1 — 7-7-6) › Section 7-7-6 - Penalties

Any person who violates any provision of this chapter shall be guilty of a felony and upon conviction shall be subject to a fine not to exceed $5,000.00 or by imprisonment for not less than one nor more than five years, or both.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 8 - SAFE USE OF REMOTE SERVICE TERMINALS (§§ 7-8-1 — 7-8-8) › Section 7-8-2 - Procedures for evaluating safety of remote service terminals

(a)
On or before July 1, 1994, with respect to all existing installed remote service terminals in this state, and any remote service terminals installed after July 1, 1993, the operator shall adopt procedures for evaluating the safety of the remote service terminals. These procedures shall include a consideration of the following:
(1)
The extent to which the lighting for the remote service terminal complies or will comply with applicable standards;
(2)
The presence of landscaping, vegetation, or other obstructions in the area of the remote service terminal, the access area, and the defined parking area; and
(3)
The incidence of crimes of violence in the immediate neighborhood of the remote service terminal as reflected in the records of the local law enforcement agency and of which the operator has actual knowledge.
(b)
It is not the intent of the General Assembly in enacting this chapter to impose a duty to relocate or modify remote service terminals upon the occurrence of any particular events or circumstances, but rather to establish a standard of good faith for the evaluation of all remote service terminals as provided in this chapter. A violation of the provisions of this chapter or any regulation made pursuant thereto will not constitute negligence per se.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 8 - SAFE USE OF REMOTE SERVICE TERMINALS (§§ 7-8-1 — 7-8-8) › Section 7-8-3 - Date of compliance; provision of adequate lighting

(a)
Each operator of a remote service terminal installed on or after July 1, 1993, shall comply with the provisions of this chapter commencing on the date the remote service terminal is installed. Compliance with the provisions of this chapter by operators as to remote service terminals existing as of July 1, 1993, shall be optional until July 1, 1994, and mandatory thereafter. This Code section shall apply to an operator of a remote service terminal only to the extent that the operator controls the access area or defined parking area to be lighted.
(b)
If an access area or defined parking area is not controlled by the operator of the remote service terminal, and if the person who leased the remote service terminal site to the operator controls the access area or defined parking area, the person who controls the access area or defined parking area shall comply with the provisions of this chapter as to any remote service terminals installed on or after July 1, 1994, commencing on the date the remote service terminal is installed and as to any remote service terminal existing as of July 1, 1993, commencing no later than on July 1, 1994.
(c)
The operator, owner, or other person responsible for the remote service terminal shall provide lighting during the hours of darkness with respect to an open and operating remote service terminal and any defined parking area, access area, and the exterior of an enclosed remote service terminal installation according to the following standards:
(1)
There shall be a minimum of ten candlefoot power at the face of the remote service terminal and extending in an unobstructed direction outward five feet;
(2)
There shall be a minimum of two candlefoot power within 50 feet from all unobstructed directions from the face of the remote service terminal. In the event the remote service terminal is located within ten feet of the corner of the building and the remote service terminal is generally accessible from the adjacent side, there shall be a minimum of two candlefoot power along the first 40 unobstructed feet of the adjacent side of the building; and
(3)
There shall be a minimum of two candlefoot power in that portion of the defined parking area within 60 feet of the remote service terminal.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 8 - SAFE USE OF REMOTE SERVICE TERMINALS (§§ 7-8-1 — 7-8-8) › Section 7-8-4 - Notices to customers of basic safety precautions

Customers receiving access devices shall be furnished by the respective issuers thereof with notices of basic safety precautions which customers should employ while using a remote service terminal. This information shall be furnished by personally delivering or mailing the information to each customer whose mailing address as to the account to which the access device relates is in this state. This information shall be furnished with respect to access devices issued on or after July 1, 1994, at or before the time the customer is furnished with his or her access device. With respect to a customer to whom an access device has been issued prior to July 1, 1993, the information shall be delivered on or before July 1, 1994. Only one notice need be furnished per household, and if access devices are furnished to more than one customer for a single account or set of accounts or on the basis of a single application or other request for access devices, only a single notice need be furnished in satisfaction of the notification responsibilities as to those customers. The information may be included with other disclosures related to the access device furnished to the customer, such as with any initial or periodic disclosure statement furnished pursuant to the federal Electronic Fund Transfer Act.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 8 - SAFE USE OF REMOTE SERVICE TERMINALS (§§ 7-8-1 — 7-8-8) › Section 7-8-5 - Terminals to which chapter not applicable

The provisions of this chapter shall not apply to any remote service terminal which is located:
(1)
Inside a building, unless it is a freestanding installation which exists for the sole purpose of providing an enclosure for the remote service terminal;
(2)
Inside a building, except to the extent a transaction can be conducted from outside the building; or
(3)
In any area, including any access area, building, enclosed space, or parking area, which is not controlled by the operator.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 8 - SAFE USE OF REMOTE SERVICE TERMINALS (§§ 7-8-1 — 7-8-8) › Section 7-8-6 - Rules and regulations

The commissioner of the Department of Banking and Finance is empowered to enforce the provisions of this chapter and is empowered to make all necessary rules and regulations for the purpose of carrying out the purposes of this chapter.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 8 - SAFE USE OF REMOTE SERVICE TERMINALS (§§ 7-8-1 — 7-8-8) › Section 7-8-7 - Inapplicability to persons or entities that are not a financial depository institution or operator

The provisions of this chapter shall not be construed to create any duty, responsibility, or obligation for any person or entity whose primary function is to provide for the exchange, transfer, or dissemination of electronic fund transfer data and is not otherwise a financial depository institution or an operator, as defined in this chapter, and such person or entity shall have no liability of any nature to any customer or user of a remote service terminal and shall not be named in any action by a customer or user of a remote service terminal for any claim concerning any provision of this chapter or relating to the use or attempted use of a remote service terminal.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 8 - SAFE USE OF REMOTE SERVICE TERMINALS (§§ 7-8-1 — 7-8-8) › Section 7-8-8 - Preemption

This chapter supersedes and preempts all rules, regulations, codes, statutes, or ordinances of all cities, counties, consolidated cities and counties, municipalities, and local agencies regarding customer safety at remote service terminals.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 9 - GEORGIA MERCHANT ACQUIRER LIMITED PURPOSE BANKS (§§ 7-9-1 — 7-9-13) › Section 7-9-1 - Short title

This chapter shall be known and may be cited as the "Georgia Merchant Acquirer Limited Purpose Bank Act."
Added by 2012 Ga. Laws 435,§ 1, eff. 3/28/2012.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 9 - GEORGIA MERCHANT ACQUIRER LIMITED PURPOSE BANKS (§§ 7-9-1 — 7-9-13) › Section 7-9-3 - Chartering of merchant acquirer limited purpose banks; regulation limited

A corporation that performs merchant acquiring activities or settlement activities in this state may elect to obtain a charter from the department. Those corporations chartered by the department shall be subject to the provisions of this chapter and any rules and regulations adopted by the department for purposes of regulating chartered merchant acquirer limited purpose banks. The department shall have no authority to regulate a corporation performing merchant acquiring activities or settlement activities that has not been chartered by the department.
Added by 2012 Ga. Laws 435,§ 1, eff. 3/28/2012.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 9 - GEORGIA MERCHANT ACQUIRER LIMITED PURPOSE BANKS (§§ 7-9-1 — 7-9-13) › Section 7-9-4 - Application; fees; minimum number of employees

(a)
A corporation that seeks to be chartered shall file an application with the department and shall pay applicable fees established by regulation of the department to defray the costs of the investigation and review of the application.
(b)
The department shall, by regulation, prescribe annual examination fees, charter fees, registration fees, and supervision fees to be paid by each merchant acquirer limited purpose bank. In addition, the department may, by regulation, prescribe reasonable application and related fees, special investigation fees, hearing fees, and fees to provide copies of any book, account, report, or other paper filed in its office or for any certification thereof or for processing any papers as required by this title. The department, in its discretion, may require the payment of such fees in any manner deemed to be efficient, including collection through automated clearing-house arrangements or other electronic means, so that the state receives funds no later than the date the payment is required to be made. The department is authorized to net the fees authorized in this subsection to recover any costs incurred by the department related to any investigation or examination of a merchant acquirer limited purpose bank.
(c)
The merchant acquirer limited purpose bank shall have, within one year after the date it begins operations, no fewer than 50 employees located in this state devoted to merchant acquiring activities; provided, however, that a merchant acquirer limited purpose bank may contract with an eligible organization for the performance of merchant acquiring activities, settlement activities, or any of the other services identified in paragraph (8) of Code Section
7-9-2
, and when a merchant acquirer limited purpose bank enters into such contracts with an eligible organization for merchant acquiring activities, settlement activities, or any other services identified in paragraph (8) of Code Section
7-9-2
, the minimum number of employees in this state shall be determined by the commissioner at a level to assure the continued and substantive presence of the merchant acquirer limited purpose bank in this state for the purpose of conducting its corporate affairs and operations. If a merchant acquirer limited purpose bank contracts with an eligible organization that is an affiliate of the merchant acquirer limited purpose bank, the commissioner shall consider the eligible organization's or its parent's, affiliates', or subsidiaries' employees engaged on behalf of the merchant acquirer limited purpose bank as employees of the merchant acquirer limited purpose bank for purposes of complying with this subsection.
Amended by 2024 Ga. Laws 474,§ 1-39, eff. 7/1/2024.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
Amended by 2015 Ga. Laws 64,§ 36, eff. 7/1/2015.
Added by 2012 Ga. Laws 435,§ 1, eff. 3/28/2012.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 9 - GEORGIA MERCHANT ACQUIRER LIMITED PURPOSE BANKS (§§ 7-9-1 — 7-9-13) › Section 7-9-5.1 - Meetings

(a)
The board of directors shall hold regular meetings at such times as may be fixed by the bylaws and shall, at all times, be subject to call by the chairperson of the board, the chief executive officer, the president, or any two members of the board. The board shall meet at least once in ten different months of each calendar year unless an alternative schedule is approved in writing by the department, but in no event shall the board meet less frequently than once in each calendar quarter.
(b)
Unless otherwise provided in the articles or bylaws:
(1)
A majority of all the directors in office shall constitute a quorum for the transaction of business; and actions of a majority of those present at a meeting at which a quorum is present shall be actions of the board;
(2)
The board of directors may designate by resolution three or more of its number to constitute an executive committee or other committee which, to the extent provided in such resolution, shall have and exercise the authority of the board of directors in regard to the business of the merchant acquirer limited purpose bank; and
(3)
Any action which may be taken at a meeting of the directors or of the members of an executive or other committee may be taken without a meeting if a consent or consents in writing setting forth the action shall be signed by all of the directors or all of the members of the executive or other committee and filed with the secretary of the merchant acquirer limited purpose bank.
Added by 2016 Ga. Laws 450,§ 4-1, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 9 - GEORGIA MERCHANT ACQUIRER LIMITED PURPOSE BANKS (§§ 7-9-1 — 7-9-13) › Section 7-9-5.2 - Bylaws

The board of directors shall have the power to adopt, amend, or repeal bylaws governing the regulation and management of affairs of the merchant acquirer limited purpose bank unless such power is reserved exclusively to the shareholders by the articles or bylaws previously adopted by shareholders; provided, however, that any bylaws adopted by the board of directors may be altered, amended, or repealed and new bylaws adopted by shareholders. Shareholders may prescribe that any bylaw or bylaws adopted shall not be altered, amended, or repealed by the board of directors. Copies of the bylaws and any change, addition, or amendment thereto shall be filed with the department immediately upon adoption by the directors or the shareholders.
Added by 2016 Ga. Laws 450,§ 4-1, eff. 7/1/2016.