Title 7 — Banking and Finance
0 chapters · 568 sections in this title.
O.C.G.A. § 7-3-1 Short title
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This chapter shall be known and may be cited as the “Georgia Installment Loan Act.” History. Ga. L. 1955, p. 431, § 1; Ga. L. 1997, p. 143, § 7; Ga. L. 2020, p. 156, § 2/SB 462.
O.C.G.A. § 7-3-10 False advertising prohibited
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No person shall advertise, display, distribute, or broadcast in any manner whatsoever any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions for loans subject to this chapter. History. Ga. L. 1920, p. 215, § 12; Code 1933, §…
O.C.G.A. § 7-3-11 Maximum loan amount, period, and charges; deferments
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Every authorized licensee location under this chapter may lend any sum of money not to exceed $3,000.00, with the term for any individual loan not to exceed a period of 36 months and 15 days or less and may charge, contract for, collect, and receive interest and fees and may requ…
O.C.G.A. § 7-3-12 Limitation on further charges
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No licensee shall charge, contract for, or receive any other or further amount in connection with any loans authorized by this chapter in addition to those provided in Code Section 7-3-11, except the actual lawful fees paid to a public official or agency of the state for filing, r…
O.C.G.A. § 7-3-16 Additional loan fees; interest; penalties
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(a) On and after July 1, 2022, in addition to all other fees, license fees, fines, or other charges now or hereafter levied or assessed, there is imposed on each loan made pursuant to this chapter a fee of 0.125 percent of the gross loan amount. Such per loan fee shall become due …
O.C.G.A. § 7-3-17 Closing fees; refund or credit; pro rata basis
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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 …
O.C.G.A. § 7-3-18 False advertising prohibited
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Maximum loan amount, period, and charges; deferments. Limitation on further charges. Licensee’s compliance when purchasing notes and other documents. Payment before maturity; refund of prepaid interest; continuing insurance. Delivery of copy of contract or itemized statement; rec…
O.C.G.A. § 7-3-2 Transfer to Department of Banking and Finance
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(a) The powers, functions, and duties of the office of the Commissioner of Insurance relative to this chapter are transferred to the Department of Banking and Finance effective July 1, 2020. All action taken by the office of the Commissioner of Insurance prior to that date shall …
O.C.G.A. § 7-3-20 Licensing application; fee
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(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 an…
O.C.G.A. § 7-3-21 Bond requirements
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(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 …
O.C.G.A. § 7-3-23 Bonds, surety
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Applicant’s duties, §7-3-21. Notice. Required notice by licensee to department, §7-3-31. Criminal background checks, §7-3-42. Department of banking and finance. Authority of department, §7-3-23. Discipline of licensees. Contesting order, §7-3-44. Grounds, §§7-3-42, 7-3-43. Notice …
O.C.G.A. § 7-3-3 Definitions
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As used in this chapter, the term: (1) “Control” or “controlling” means the direct or indirect possession of power to direct or cause the direction of management and policies of a person. (2) “Covered employee” means any employee of a licensee engaged in any function related to m…
O.C.G.A. § 7-3-30 Requirements of licensees; maintenance of records
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(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 conta…
O.C.G.A. § 7-3-31 Notification requirements
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(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 subs…
O.C.G.A. § 7-3-33 Off-hours visits, calls, etc
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Unreasonable collection tactics. Prohibition, §7-3-33. 1158 INDEX INSTALLMENT LOANS —Cont’d Ownership of licensee. Acquisition, change in control, etc, ownership by means of. Approvals, §7-3-32. Place of business. Approvals, §7-3-32. Manager of place of business. Approvals, §7-3-…
O.C.G.A. § 7-3-4 Licensing requirement; exemptions
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(a) No person shall engage in the business of making installment loans or acting as an installment lender in this state unless such person 634 7-3-4 is licensed in accordance with this chapter or exempt from licensure as provided in subsection (b) of this Code section. No person …
O.C.G.A. § 7-3-40 Investigations and examinations; payment of fees; cooperation by licensee
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(a) The department is authorized to investigate and examine the affairs, businesses, premises, and records of any applicant, licensee, or 667 7-3-40 any other installment lender as often as it deems necessary to carry out the purposes of this chapter, regardless of whether such a…
O.C.G.A. § 7-3-41 Subpoena powers and procedures
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(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 sherif…
O.C.G.A. § 7-3-42 Felony convictions; criminal background checks
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(a) The department shall not issue a license and may revoke a license if it finds that the applicant or licensee or any director, trustee, owner, executive officer, or covered employee of the applicant or licensee has been convicted of a felony in any jurisdiction or of a crime wh…
O.C.G.A. § 7-3-43 Grounds for denial, suspension, and revocation of license
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(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 …
O.C.G.A. § 7-3-44 Procedure, §7-3-44
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Exemptions from licensing requirement, §7-3-4. Fees. Application fees, §7-3-20. Investigations of applicants, §7-3-22. INSTALLMENT LOANS —Cont’d Licenses —Cont’d Nationwide multistate licensing system and registry. Charges involved with utilization of system. Responsibility of ap…
O.C.G.A. § 7-3-45 Cease and desist orders; hearings; review
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(a) The department may issue an order requiring a person to cease and desist immediately from unauthorized activities whenever it shall appear to the department that: (1) Except as provided in paragraphs (2) and (3) of this subsection, 674 7-3-45 a person has violated any law of …
O.C.G.A. § 7-3-46 Failure to comply with order; civil action; penalties
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(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 o…
O.C.G.A. § 7-3-47 Money transmission
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Investigation and supervision, §7-1-689. Mortgage lenders and brokers, §7-1-1003.6. Investigations and examinations of licensees, §7-1-1009. CONFLICTS OF INTEREST. Banks and trust companies, §7-1-287. Commissioner of banking and finance, §7-1-37. Credit unions. Board of directors.…
O.C.G.A. § 7-3-48 Civil liability limited for providing information
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(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 677 7-3-50 information required pursuant to this chapter. No civil cause of action of any nature shall arise against such person: (1)…
O.C.G.A. § 7-3-49 Licensing application; fee
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Bond requirements. Investigations of applicants; license nontransferable; expiration and annual renewal. Requirements of licensees; maintenance of records. Notification requirements. Locations; managers; change in control; approval of department. Unreasonable collection tactics. A…
O.C.G.A. § 7-3-50 Violations; criminal penalties; civil actions; liability
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(a) Any person, including the executive officers, directors, trustees, owners, agents, and employees of such person, that willfully engages in the business of making installment loans without a license or an exemption pursuant to Code Section 7-3-4 shall be guilty of a felony and…
O.C.G.A. § 7-3-51 Rules and regulations
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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. History. Code 1981, § 7-3-51, enacted by Ga. L. 2020, p. 156, § 2/SB 462. …
O.C.G.A. § 7-3-52 PROPERTY TAXES
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Credit union deposit insurance corporation. Corporation subject to real property taxes, §7-2-14. Manufactured homes. Conversion from personal property to real property, §8-2-190. Personal property. Manufactured homes. Conversion from personal property to real property, §8-2-190. …