Title 7 — Banking and Finance
0 chapters · 568 sections in this title.
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. …
O.C.G.A. § 7-4-1 Usury
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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. History. Orig. Code 1863, § 2023; Code 1868, § 2024; Code 1882, § 2051; Civil Code 1895, § 2877; Civil Code …
O.C.G.A. § 7-4-10 Usury
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Legal rate of interest; maximum rate of interest generally; certain items not considered interest. Finance charges on certain retail installment contracts; contract provisions related to manufactured homes; violations. Advertisement of rates of interest or finance charge. Failure …
O.C.G.A. § 7-4-12 Interest on judgments
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(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 i…
O.C.G.A. § 7-4-13 Law of place of contract governs interest unless otherwise provided
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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. Hi…
O.C.G.A. § 7-4-15 Harkleroad v
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Stringer, 231 Ga. App. 464, 499 S.E.2d 379, 1998 Ga. App. LEXIS 455 (1998). Interest is allowed on liquidated accounts, and should be payable from due date. Walter E. Heller & Co. v. Aetna Bus. Credit, Inc., 158 Ga. App. 249, 280 S.E.2d 144, 1981 Ga. App. LEXIS 2151 (1981). Recov…
O.C.G.A. § 7-4-16 Tench v
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United States Tsubaki, Inc., 191 Ga. App. 248, 381 S.E.2d 319, 1989 Ga. App. LEXIS 534 (1989). Summary judgment precluded. — When evidence in an action against a defendant-farmer on open account indicated that the plaintiff was basing the plaintiff’s estimation of the defendant’s…
O.C.G.A. § 7-4-17 Usurious interest, §7-4-8
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As personal defense, §7-4-11. Civil action to enforce laws, §7-4-19. Class action barred on loans secured by real estate, §7-4-21. Criminal penalty for excessive interest, §7-4-18. Federal usury laws. Election to forego application of laws, §7-4-20. Forfeiture of interest, §7-4-1…
O.C.G.A. § 7-4-18 Criminal penalty for excessive interest
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(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 fo…
O.C.G.A. § 7-4-19 Civil action to enforce chapter
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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. History. Code 1981, § 7-4-19, enacted by Ga…
O.C.G.A. § 7-4-2 Gallagher v
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McKinnon, 273 Ga. App. 727, 615 S.E.2d 746, 2005 Ga. App. LEXIS 378 (2005), cert. denied, No. S05C1740, 2005 Ga. LEXIS 745 (Ga. Oct. 24, 2005). Applicability to national banks of state laws regulating interest rate. — See Cooper v. National Bank, 21 Ga. App. 356, 94 S.E. 611 (191…
O.C.G.A. § 7-4-20 Election to forgo application of federal usury laws
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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 764 7-4-36 Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221 (12 U.S.C. Section 1735f-7, notes),…
O.C.G.A. § 7-4-4 Advertisement of rates of interest or finance charge
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(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 …
O.C.G.A. § 7-4-5 Back interest
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Recoverable, §7-4-9. Banks and trust companies. Powers generally, §7-1-293. Child support, §7-4-12.1. Commercial accounts, §7-4-16. Conflict of laws. Law of place of contract governs interest, §7-4-13. Construction of chapter, §7-4-2. Contracts. Back interest, §7-4-9. Credit union…
O.C.G.A. § 7-4-8 Commission to third person does not make lawful interest usurious
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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…
O.C.G.A. § 7-4-9 Back interest may be stipulated in contract and recovered
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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. History. Orig. Code 1863, § 2025; Code 1868, § 2026; Code 1873, § 2052; Code 1882…
O.C.G.A. § 7-5-1 Short title
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This chapter shall be known and may be cited as “The Credit Card and Credit Card Bank Act.” History. Code 1981, § 7-5-1, enacted by Ga. L. 1987, p. 268, § 1. 766 7-5-2
O.C.G.A. § 7-5-2 Definitions
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As used in this chapter, the term: (1) “Affiliate” means the same as that set forth in paragraph (1) of Code Section 7-1-4. (2) “Commissioner” and “department” shall have the meanings provided in paragraphs (13) and (16) of Code Section 7-1-4. (3) “Credit card” means any type of …
O.C.G.A. § 7-5-4 Credit card charges and fees; terms and conditions
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(a)(1) Notwithstanding the provisions of any other law prescribing, regulating, or limiting interest rates, any domestic lender or credit card bank may charge and collect in connection with a credit card account: 770 7-5-4 (A) Finance charges at such periodic interest rate or rat…
O.C.G.A. § 7-5-6 Applicability of banking laws
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(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…
O.C.G.A. § 7-6-1 Discrimination in extending credit or making loans prohibited
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(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 …
O.C.G.A. § 7-6-2 Cause of action for individual discriminated against
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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, capa…
O.C.G.A. § 7-6A-1 Short title
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This chapter shall be known and may be cited as the “Georgia Fair Lending Act.” 776 History. Code 1981, § 7-6A-1, enacted by Ga. L. 2002, p. 455, § 1; Ga. L. 2003, p. 1, § 1.
O.C.G.A. § 7-6A-10 Severability of chapter
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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 chapt…
O.C.G.A. § 7-6A-11 Preemption of local regulation
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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 e…
O.C.G.A. § 7-6A-12 Application; preemption by federal law
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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 …
O.C.G.A. § 7-6A-13 Short title, §7-6A-1
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GEORGIA INDUSTRIAL LOAN ACT. Installment loans generally, §§7-3-1 to 7-3-52. GEORGIA INSTALLMENT LOAN ACT. General provisions, §§7-3-1 to 7-3-52. Short title, §7-3-1. GEORGIA MERCHANT ACQUIRER LIMITED PURPOSE BANK ACT. General provisions, §§7-9-1 to 7-9-13. Short title, §7-9-1. G…
O.C.G.A. § 7-6A-2 Definitions
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As used in this chapter, the term: (1) “Acceleration” means a demand for immediate repayment of the entire balance of a home loan. (2) “Affiliate” means any company that controls, is controlled by, or is under common control with another company, as set forth in 12 U.S.C. Section…
O.C.G.A. § 7-6A-3 Limitations of home loans
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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, d…
O.C.G.A. § 7-6A-5 Limitations of high-cost home loans
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High-cost home loans shall be subject to the following limitations and prohibited practices: (1) No prepayment fees or penalties shall be provided for in the loan documents for a high-cost home loan or charged the borrower after the last day of the twenty-fourth month following t…
O.C.G.A. § 7-6A-6 Remedies for violations, §7-6A-7
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Rules and regulations, §7-6A-13. Severability of provisions, §7-6A-10. Short title, §7-6A-1. FAUCETS. Buildings and housing requirements, §8-2-3. FEES. ATM’s transaction fee, §7-1-295. 1136 INDEX FEES —Cont’d Automatic teller machines. Transaction fee, §7-1-295. Banks and trust c…
O.C.G.A. § 7-6A-7 Violation of chapter
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(a) Any creditor found by a preponderance of the evidence to have violated this chapter shall be liable to the borrower for the following: (1) Actual damages, including consequential and incidental damages; (2) Statutory damages equal to the recovery of two times the interest pai…
O.C.G.A. § 7-6A-8 Enforcement of chapter; penalties for violations
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(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…
O.C.G.A. § 7-7-1 Definitions
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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) “L…
O.C.G.A. § 7-7-2 Prohibited practices
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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 servic…
O.C.G.A. § 7-7-3 Liability of principals
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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. History. Code 1981, § 7-7-3, enacted by Ga. L. 1992, p. 1123, § 1. 7-7-4. Borrower’s remedies for violation of ch…
O.C.G.A. § 7-7-4 Borrower’s remedies for violation of chapter
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(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 rea…
O.C.G.A. § 7-7-5 LOANS
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Brokers, §§7-7-1 to 7-7-6. Business development corporations. Membership loans, §7-1-747. Credit unions, §7-1-658. Discrimination, §§7-6-1, 7-6-2. Fair lending act, §§7-6A-1 to 7-6A-13. Industrial loans. Installment loans, §§7-3-1 to 7-3-52. Installment loans. Generally, §§7-3-1 …
O.C.G.A. § 7-7-6 Penalties
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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. History. Code 1981, § 7-7-6, enacted by Ga. L. 1992, …
O.C.G.A. § 7-8-1 Definitions
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As used in this chapter, the term: (1) “Access area” means any paved walkway or sidewalk which is within 50 feet of any remote service terminal. The term does not include any street or highway open to the use of the public or any adjacent sidewalk. (2) “Access device” shall have …
O.C.G.A. § 7-8-3 Date of compliance; provision of adequate lighting
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(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 te…
O.C.G.A. § 7-8-4 Notices to customers of basic safety precautions
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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 inform…
O.C.G.A. § 7-8-5 Terminals to which chapter not applicable
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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, exce…
O.C.G.A. § 7-8-6 Rules and regulations
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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. History. Code 1981, § 7-8-6, enacted by Ga. …
O.C.G.A. § 7-8-8 Preemption
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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. History. Code 1981, § 7-8-8, enacted by…
O.C.G.A. § 7-9-1 Short title
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This chapter shall be known and may be cited as the “Georgia Merchant Acquirer Limited Purpose Bank Act.” History. Code 1981, § 7-9-1, enacted by Ga. L. 2012, p. 43, § 1/HB 898.
O.C.G.A. § 7-9-10 Liability of applicant beginning business before authorized
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The applicant who charters a merchant acquirer limited purpose bank which transacts business before its capital stock have been paid in as required under this chapter shall be jointly and severally liable to creditors for the amounts not paid in by subscribers or any other deficie…
O.C.G.A. § 7-9-11 Capital stock and paid-in surplus requirements
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A merchant acquirer limited purpose bank shall at all times maintain capital stock and paid-in surplus as required by policies of the department but in no event less than $3 million. History. Code 1981, § 7-9-11, enacted by Ga. L. 2012, p. 43, § 1/HB 898. 7-9-11.1. Merger or cons…
O.C.G.A. § 7-9-11.1 Merger or consolidation requirements
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(a) Merchant acquirer limited purpose banks may merge or consolidate upon compliance with the requirements of this chapter and other applicable laws and regulations. (b) A corporation other than a merchant acquirer limited purpose bank may be merged into or may be consolidated wi…
O.C.G.A. § 7-9-11.2 Merger or consolidation plan; requirements
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(a) The parties to a merger or consolidation of a merchant acquirer limited purpose bank shall: (1) Adopt a plan stating the method, terms, and conditions of the merger or consolidation, including the rights under the plan of the shareholders of each of the parties and any agreem…