Failure to Include Federal Loan Act Provisions in Retail Installment Loan; Violating Advertising Restrictions

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  2. Georgia Code
  3. Banking and Finance
  4. Interest and Usury
  5. In General
  6. Failure to Include Federal Loan Act Provisions in Retail Installment Loan; Violating Advertising Restrictions

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  1. Any person who fails to comply with subsection (b) of Code Section 7-4-3 or Code Section 7-4-4 with respect to any person is liable to such person in an amount equal to the sum of:
    1. Any actual damage sustained by such person as a result of the failure; and
    2. Twice the amount of any interest or finance charge contracted for in connection with the transaction, except that the liability under this paragraph shall not be less than $100.00 nor greater than $1,000.00.
  2. Such liability may be asserted in an individual action only and may not be the subject of a class action; provided, however, that this provision shall not apply to any class action pending prior to March 31, 1983.

(Code 1981, §7-4-5, enacted by Ga. L. 1983, p. 1146, § 4; Ga. L. 2020, p. 493, § 7/SB 429.)

The 2020 amendment, effective July 29, 2020, part of an Act to revise, modernize, and correct the Code, substituted "provided, however, that this provision" for "provided, however, this provision" in the proviso of subsection (b).

Editor's notes.

- Ga. L. 1983, p. 1146, § 4 repealed former Code Section 7-4-5, relating to maximum interest on loans secured by deposits or savings account, and enacted present Code Section 7-4-5, which became effective March 31, 1983.

JUDICIAL DECISIONS

Cited in Ford Motor Credit Co. v. London, 175 Ga. App. 33, 332 S.E.2d 345 (1985).


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