O.C.G.A.

O.C.G.A. § 7-4-3 (2019)

Finance charges on certain retail installment contracts; contract provisions related to manufactured homes; violations

✓ 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.

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(a) Notwithstanding the provisions of subsections (a) through (c) of Code Section 10-1-33, any retail installment contract pertaining to: (1) Any manufactured home with a cash sale price of more than $3,000.00; or (2) Any motor vehicle where the amount financed is $5,000.00 or more may provide for such finance charge as the parties may agree in writing. (b)(1) Any retail installment contract pertaining to a manufactured home or any consumer loan secured by such a home shall contain the contract provisions required by subsection (c) of Section 501 of the Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221 (12 U.S.C. Section 1735f-7, notes). (2) Any person violating this subsection shall be subject to the liability specified in Code Section 7-4-5; provided, however, that the contract or loan shall still be entitled to the benefits of the other provisions of Code Section 7-4-2. (c) As used in this Code section, the term: (1) “Finance charge” means the amount agreed upon between the buyer and the seller to be added to the cash sale price and, if a separate charge is made therefor, the amount, if any, included for insurance and other benefits and official fees, in determining the time sale price. (2) “Manufactured home” means a structure, transportable in one or more sections, which, in the traveling mode, is eight body feet or more in width, or 40 body feet or more in length, or, when erected on site, is 320 or more square feet and which is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities and

includes the plumbing, heating, air-conditioning, and electrical systems contained therein; except that such term shall include any structure which meets all the requirements of this paragraph except the size requirements and with respect to which the manufacturer voluntarily files a certification required by the secretary of Housing and Urban Development and complies with the standards established under The National Mobile Home Construction and Safety Standards Act of 1974, 42 U.S.C. Section 5401, et seq. (3) “Retail installment contract” or “contract” means an instrument or instruments creating a purchase money security interest or any instrument evidencing an obligation secured by a purchase money security interest.

History

Code 1981, § 7-4-3, enacted by Ga. L. 1983, p. 1146, § 2; Ga. L. 1985, p. 698, § 4; Ga. L. 2004, p. 631, § 7; Ga. L. 2024, p. 1052, § 1(a)(35)/SB 448, effective July 1, 2024. Amendments. The 2024 amendment, effective July 1, 2024, part of an Act to revise, modernize, and correct the Code, substituted

“provided, however, that” for “but” in paragraph (b)(2).

Annotations

Editor’s notes. Ga. L. 1983, p. 1146, § 2 repealed the former Code Section 7-4-3, relating to flexible maximum interest rates on real estate loans, and enacted the present Code Section 7-4-3, which became effective March 31, 1983.

JUDICIAL DECISIONS Controlling nature of section as to mobile homes. - Since the General Assembly, beginning in 1983, has distinguished between mobile home loans and motor vehicle loans, and since O.C.G.A. § 7-4-3(a)(1) and (b)(1), as amended in 1983, deal specifically with mobile home installment sales contracts, whereas O.C.G.A. § 10-1-33(d), as amended in 1985, does not, paragraphs (a)(1) and (b)(1) express the controlling legislation and legislative intent on mobile home installment sales contracts in excess of $3,000. Southern Guar. Corp. v. Doyle, 256 Ga. 790, 353 S.E.2d 510, 1987 Ga. LEXIS 657 (1987).

Retroactivity. - The 1983 enactment of O.C.G.A. § 7-4-3(a), which provides that O.C.G.A. § 10-1-33 shall not apply to retail installment contracts pertaining to any manufactured home with a cash sales price of more than $3,000.00, does not operate retroactively so as to eliminate any cause of action a manufactured home purchaser may have acquired under O.C.G.A. § 10-1-38 by a transaction prior to the 1983 act’s effective date. Southern Guar. Corp. v. Doyle, 256 Ga. 790, 353 S.E.2d 510, 1987 Ga. LEXIS 657 (1987).

Notes of Decisions

Cited in 9 cases, 1985–2020 · leading case: S. Guar. Corp. v. Doyle, 353 S.E.2d 510 (Ga. 1987).

Sort: Relevance Newest Treatment

S. Guar. Corp. v. Doyle, 353 S.E.2d 510 (Ga. 1987). · cites it 38× “For purposes of the certified question, the lenders’ pertinent defense was that the 1983 amendment of OCGA § 7-4-3, effective March 31, 1983, 4 eliminated the causes of action of Doyle and Wood, even though they entered into their contracts before the amendment’s effective date.”

Wright v. Transamerica Fin. Servs., Inc. (In Re Wright), 144 B.R. 943 (Bankr. S.D. Ga. 1992). · cites it 14× “Any sums of money reserved or taken for the loan or forbearance which are in the nature of and taken into account in the calculation of interest, even though paid at one time, shall be spread over the stated term of the loan for the purpose of determining the rate of interest…”

Whildon L. Moyer v. Citicorp Homeowners, Inc., 799 F.2d 1445 (11th Cir. 1986). · cites it 3× “Subsequent to the filing of this action, MVSFA was partially superseded by O.C.G.A. §§ 7-4-3, 7-4-5 (Supp.1985). In addition, certain sections of MVSFA have recently been amended.”

Kenneth M. Henson v. Columbus Bank & Trust Co., 770 F.2d 1566 (11th Cir. 1985). “1(a), recodified at Ga. Code Ann. § 7-4-3 (repealed 1983). 2 .”

Ward v. Hudco Loan Co., 328 S.E.2d 729 (Ga. 1985). · cites it 2× “Under former Code Ann. § 57-116; Ga. L. 1976, p. 1197 (former OCGA § 7-4-4), 7% add-on interest could be charged.”

Richard Doyle v. S. Guar. Corp., Jimmy E. Wood v. Fort Wayne Mortg. Co., 795 F.2d 907 (11th Cir. 1986). · cites it 2× “Laws 1146, O.C.G.A. § 7-4-3(a), which provides that O.”

Gibbs v. Green Tree Acceptance, Inc., 373 S.E.2d 637 (Ga. Ct. App. 1988). · cites it 4× “Gibbs contends that judgment for Green Tree was error because Green Tree had never given her 30 days’ notice of default and right to cure, pursuant to OCGA § 7-4-3 (b) (1), which adopts the “contract provisions required by subsection (c) of Section 501 of the Depository…”

Premier Paving Gp, Inc. v. Iou Cent., Inc. (Ga. Ct. App. 2020). · cites it 4× “” And as a defense to IOU Central’s action, Premier Paving asserted that the loan at issue was “usurious, illegal[,] and uncollectible under OCGA § 7-4-18 and OCGA § 7-4-3.” Thereafter, IOU Central moved to dismiss Premier Paving’s class-action counterclaim , arguing that…”

Purser Truck Sales, Inc. v. Patrick, 410 S.E.2d 335 (Ga. Ct. App. 1991). · cites it 4× “After the jury charge, appellant’s counsel registered an exception “as to the directed verdict” on grounds that the interest was not usurious according to OCGA § 7-4-3 (b). The trial court’s statement that the interest rate was usurious *121 was not germane because the trial…”

— 7-4-3(a) — 1 case

Richard Doyle v. S. Guar. Corp., Jimmy E. Wood v. Fort Wayne Mortg. Co., 795 F.2d 907 (11th Cir. 1986). “Laws 1146, O.C.G.A. § 7-4-3(a), which provides that O.”

— 7-4-3(b)(2) — 1 case

Whildon L. Moyer v. Citicorp Homeowners, Inc., 799 F.2d 1445 (11th Cir. 1986). “Subsequent to the filing of this action, MVSFA was partially superseded by O.C.G.A. §§ 7-4-3, 7-4-5 (Supp.1985). In addition, certain sections of MVSFA have recently been amended.”

— 7-4-3(c)(7) — 1 case

Wright v. Transamerica Fin. Servs., Inc. (In Re Wright), 144 B.R. 943 (Bankr. S.D. Ga. 1992). “Any sums of money reserved or taken for the loan or forbearance which are in the nature of and taken into account in the calculation of interest, even though paid at one time, shall be spread over the stated term of the loan for the purpose of determining the rate of interest…”

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.