A retail installment seller may advance money to a buyer or pay money to a third party on behalf of the buyer to satisfy a lease on or a lien on or a security interest in a motor vehicle used as a trade-in on a motor vehicle which is the subject of a retail installment transaction under this article. Any amount so advanced or paid may be financed as part of a retail installment contract and shall not be considered a loan. The transaction and the seller making such advance or payment shall be exempt from the provisions of Chapter 3 of Title 7, relating to installment loans, from the provisions of Chapter 4 of Title 7, relating to interest and usury, and from any other provision of Georgia law regulating loans.
(Code 1981, §10-1-33.1, enacted by Ga. L. 1999, p. 1229, § 2; Ga. L. 2020, p. 156, § 8/SB 462.)
The 2020 amendment, effective June 30, 2020, substituted "installment loans" for "industrial loans" in the last sentence. See the Editor's notes for applicability.
Editor's notes.- Ga. L. 2020, p. 156, § 10/SB 462, not codified by the General Assembly, provides that: "This Act shall apply to all installment loan agreements entered into on and after July 1, 2020."