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2018 Georgia Code 10-1-34 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 10-1-34 Case Law from Google Scholar Amendments to OCGA 10-1-34

TITLE 10 COMMERCE AND TRADE

Section 1. Selling and Other Trade Practices, 10-1-1 through 10-1-915.

ARTICLE 2 MOTOR VEHICLE SALES FINANCING

10-1-34. Right to prepay debt; credit upon anticipation of payments.

Notwithstanding the provisions of any retail installment contract to the contrary, any buyer may pay in full at any time before maturity the debt of any retail installment contract and, in so paying the debt, shall receive a refund credit thereon for the anticipation of payments. The amount of the refund shall represent at least as great a proportion of the finance charge as the sum of the monthly time balance after the month in which prepayment is made bears to the sum of all the monthly time balances under the schedule of payments in the contract. This method of refund upon prepayment is commonly referred to as the "Rule of 78" or the "Sum of the Digits" refund method. Where the amount of credit is less than $1.00, no refund need be made. This Code section shall not apply to credit upon anticipation of payments or upon acceleration in those cases where the seller or holder of the contract has computed finance charges according to the actuarial method as set forth in Code Section 10-1-33.

(Ga. L. 1967, p. 674, § 5; Ga. L. 1980, p. 523, § 3.)

JUDICIAL DECISIONS

Rebate of unearned finance charges on a monthly basis is harmonious with provisions of O.C.G.A. Art. 2, Ch. 1, T. 10. Fitch v. GMAC, 181 Ga. App. 7, 351 S.E.2d 215 (1986).

Cited in Cook v. First Nat'l Bank, 130 Ga. App. 587, 203 S.E.2d 870 (1974); Stewart v. Ford Motor Credit Co., 685 F.2d 391 (11th Cir. 1982).

RESEARCH REFERENCES

Am. Jur. 2d.

- 9A Am. Jur. 2d, Bankruptcy, § 1131.

50 Am. Jur. 2d, Larceny, § 62.

C.J.S.

- 8B C.J.S., Bankruptcy, § 833.

Cases Citing Georgia Code 10-1-34 From Courtlistener.com

Total Results: 1

Richardson v. State

Court: Supreme Court of Georgia | Date Filed: 2003-06-02

Citation: 581 S.E.2d 528, 276 Ga. 639, 2003 Fulton County D. Rep. 1708, 2003 Ga. LEXIS 544

Snippet: (Cit.)’ [Cits.]” Arnold v. State, 163 Ga. App. 10, 13 (4) (293 SE2d 501) (1982). Although a trial court