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Closing fees; refund or credit; pro rata basis

O.C.G.A. § 7-3-17 — under Banking and Finance.

O.C.G.A. § 7-3-17

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. History. Code 1981, § 7-3-17, enacted by Ga. L. 2024, p. 354, § 1-37/HB 876, effective July 1, 2024. Effective date. This Code section became effective July 1, 2024. Editor’s notes. This Code section formerly pertained to tax on interest, payment, inspection of records, and rules and regulations. The former Code section was based on Ga. L. 1955, Ex. Sess., p. 57, § 2; Ga. L. 1956, p. 86, § 2; Ga. L. 1975, p. 1247, § 2; Ga. L. 1989, p. 14, § 7; Ga. L. 2004, p. 631, § 7; Code 1981, § 7-3-20; Code 1981, § 7-3-17, as redesignated by Ga. L. 2020, p. 156, § 2/SB 462; and was repealed by Ga. L. 2022, p. 220, § 41/HB 891, effective July 1, 2022. 658 7-3-20 7-3-18. [Reserved] Tax on interest — Penalties for late or fraudulent tax payments. History. Ga. L. 1955, Ex. Sess., p. 57, § 3; Code 1981, § 7-3-21; Code 1981, § 7-3-18, as redesignated by Ga. L. 2020, p. 156, § 2/SB 462; repealed by Ga. L. 2022, p. 220, § 42/HB 891, effective July 1, 2022. Editor’s notes. Ga. L. 2020, p. 156, § 2/SB 462, effective June 30, 2020, redesignated former Code Section 7-3-18 as present Code Section 7-3-15. Ga. L. 2022, p. 220, § 42/HB 891 repealed and reserved this Code section, effective July 1, 2022. ARTICLE 3 LICENSING 7-3-20. Licensing application; fee.