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 710 7-4-5 Truth in Lending Simplification and Reform Act, Public Law 96-221 (15 U.S.C. Sections 57a 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.” History. Code 1981, § 7-4-4, enacted by Ga. L. 1983, p. 1146, § 3; Ga. L. 1984, p. 22, § 7; Ga. L. 2024, p. 1052, § 1(a)(36)/SB 448, effective July 1, 2024. Amendments. The 2024 amendment, effective July 1, 2024, part of an Act to revise, modernize, and correct the Code, substituted “U.S.C. Sections 57a” for “U.S.C. 57(a)” in subsection (a) and deleted “known as” following “Title 10,” in subsection (c). Editor’s notes. Ga. L. 1983, p. 1146, § 3 repealed former Code Section 7-4-4, relating to maximum interest rates on installment loans and giving security for principal and interest, and enacted present Code Section 7-4-4, which became effective March 31, 1983.