If a licensee purchases or receives by transfer or assignment any note, bill of sale to secure debt, title retention contract, conditional sales contract, or any other similar contract that would otherwise be governed by this chapter, the licensee shall comply with the provisions of this chapter when making a loan for the purpose of paying off all or any part of such instrument.
(Ga. L. 1964, p. 288, § 7; Code 1981, §7-3-16; Code 1981, §7-3-13, as redesignated by Ga. L. 2020, p. 156, § 2/SB 462.)
The 2020 amendment, effective June 30, 2020, redesignated former Code Section 7-3-16 as present Code Section 7-3-13, and substituted "If a licensee purchases or receives by transfer or assignment" for "No loan shall be made by any licensee for the purpose of paying all or any part of the amount owed on" and "that would otherwise be governed by this chapter, the licensee shall comply with the provisions of this chapter when making a loan for the purpose of paying off all or any part of such instrument" for "which has been purchased by or assigned or transferred to such licensee for a period of at least 90 days from the date of such purchase or transfer". See Editor's notes at the beginning of this chapter for applicability.
Editor's notes.- Ga. L. 2020, p. 156, § 2/SB 462, effective June 30, 2020, redesignated former Code Section 7-3-13 as present Code Section 7-3-10.
RESEARCH REFERENCES
Am. Jur. 2d.
- 53A Am. Jur. 2d, Moneylenders and Pawnbrokers, § 9 et seq.
ALR.
- Finance charge in connection with conditional sale contract as usury, 143 A.L.R. 238.