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2018 Georgia Code 7-4-5 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-4-5 Case Law from Google Scholar Amendments to OCGA 7-4-5

TITLE 7 BANKING AND FINANCE

Section 4. Interest and Usury, 7-4-1 through 7-4-36.

ARTICLE 1 IN GENERAL

7-4-5. Failure to include federal loan act provisions in retail installment loan; violating advertising restrictions.

  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, 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.)

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 L. 1983, p. 1146, § 4 repealed former Code Section 7-4-5, relating to maximum interest on loans secured by deposits or savings account, and enacted present Code Section 7-4-5, which became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

Cases Citing O.C.G.A. § 7-4-5

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Carey Canada, Inc. v. Hinely, 356 S.E.2d 202 (Ga. 1987).

Cited 24 times | Published | Supreme Court of Georgia | May 27, 1987 | 257 Ga. 150

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S. Guar. Corp. v. Doyle, 353 S.E.2d 510 (Ga. 1987).

Cited 5 times | Published | Supreme Court of Georgia | Mar 12, 1987 | 256 Ga. 790

...tections required by DIDMCA. OCGA § 7-4-3 (b) (1). Although the removal of the ceiling on interest rates was not, like DIDMCA, dependent upon compliance with the DIDMCA regulations (instead, noncompliance is sanctioned by the liability specified in § 7-4-5), "the legislature obviously intended for there to be a trade-off: in exchange for losing usury law protection, prospective borrowers would receive other consumer protections." Doyle v....