O.C.G.A.
O.C.G.A.

O.C.G.A. § 33-22-9 (2019)

Service charges

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
Find cases: SyfertCases citing this section GA-LEGlegis.ga.gov (official) JustiaJustia CornellLII Search CasesGoogle Scholar

(a) As used in this Code section, the term:

(1) ‘‘Commercial insurance premium finance agreement’’ means any insurance premium finance agreement other than a consumer premium finance agreement.

(2) ‘‘Consumer insurance premium finance agreement’’ means an insurance premium finance agreement, as defined in Code Section 33-22-2, wherein the insurance contracts which are the subject of the premium finance agreement are for personal, family, or household purposes rather than business or professional purposes.

(b) A premium finance company shall not charge, contract for, receive, or collect a service charge other than as permitted by this chapter.

(c) The service charge shall be computed on the balance of the premiums due, after subtracting the down payment made by the insured in accordance with the premium finance agreement, from the effective date of the insurance coverage for which the premiums are being advanced, to and including the date when the final payment of the premium finance agreement is payable; provided, however, that service charges as specified in the premium finance agreement may continue to be charged until such agreement is paid in full.

(d) The service charge per consumer insurance premium finance agreement shall be a maximum of $12.00 per $100.00 per annum plus an additional charge which shall not exceed $20.00 per premium finance agreement, which additional charge need not be refunded upon prepayment. Any insured may prepay his or her premium finance agreement in full at any time before the due date of the final payment and in such event the unearned service charge shall be refunded in accordance with the Rule of 78 and shall represent at least as great a proportion of the service charge, if any, as the sum of the periodic balances after the month in which prepayment is made bears to the sum of all periodic balances under the schedule of payments in the agreement.

(e) The service charge for a commercial insurance premium finance agreement shall be properly agreed upon by the parties to the contract. The claim or defense of usury by such insureds who enter into such a commercial insurance premium finance agreement or their successors or anyone in their behalf shall not be valid if such agreement is a valid contract in all other respects.

History

Ga. L. 1969, p. 561, § 10; Ga. L. 1970, p. 567, § 2; Ga. L. 1979, p. 1076, § 1; Ga. L. 1981, p. 760, § 2; Ga. L. 2002, p. 1192, § 5; Ga. L. 2003, p. 140, § 33.

Annotations

Editor’s notes. - Ga. L. 1981, p. 760, § 4, provided that that Act, § 2 of which amended this section, was to apply to all insurance premium finance agreements

entered into on or after the date the Act was signed by the Governor or became law without his approval. The Act was approved April 7, 1981.

Law reviews. - For article surveying recent legislative and judicial developments regarding Georgia’s insurance laws, see 31 Mercer L. Rev. 117 (1979).

JUDICIAL DECISIONS Cited in Cochran v. Paco, Inc., 409 F. Supp. 219 (N.D. Ga. 1975).

Notes of Decisions
Cited in 3 cases, 1997–2003 · leading case: Restaurant Dev., Inc. v. Cananwill, Inc., 150 Wash. 2d 674 (Wash. 2003).
Sort: Relevance Newest Treatment
Restaurant Dev., Inc. v. Cananwill, Inc., 150 Wash. 2d 674 (Wash. 2003). · cites it 5× “840 (West 2003); Ga. Code Ann. § 33-22-9 (2002); Kan. Stat.”
Paulsen Street Investors v. EBCO Gen. Agencies, 481 S.E.2d 246 (Ga. Ct. App. 1997). · cites it 2× “OCGA §§ 33-22-9; 33-22-10. In the event of cancellation, the premium financing company gets the return of the unearned portion of the insurance premium that it paid to the insurer on behalf of the insured.”
Restaurant Dev., Inc. v. Cananwill, Inc., 55 P.3d 680 (Wash. Ct. App. 2002). “2002); Georgia ( Ga. Code Ann. § 33-22-9 (c), (d) (Supp. 2002); Delaware (Del.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.