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

O.C.G.A. § 7-4-4 (2019)

Advertisement of rates of interest or finance charge

✓ 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) No person shall advertise in or through any newspaper, radio, television, letter, circular, billhead, or in any way or through any medium any rate of interest or finance charge pertaining to any consumer credit transactions other than a rate stated in simple interest terms or a rate stated in terms which would comply with the federal

Truth in Lending Simplification and Reform Act, Public Law 96-221 (15 U.S.C. Sections 57a and 1602, et seq.). (b) There is no liability under this Code section on the part of any owner or personnel of any medium in which an advertisement appears or through which it is disseminated when the publisher, owner, agent, or employee did not have knowledge of the false, misleading, or deceptive character of the advertisement, did not prepare the advertisement, or did not have a direct financial interest in the sale or distribution of the advertised product or service. (c) Nothing contained in this Code section shall be construed to amend, modify, or repeal any of the provisions of Part 2 of Article 15 of Chapter 1 of Title 10, the “Fair Business Practices Act of 1975.”

History

Code 1981, § 7-4-4, enacted by Ga. L. 1983, p. 1146, § 3; Ga. L. 1984, p. 22, § 7; Ga. L. 2024, p. 1052, § 1(a)(36)/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 “U.S.C. Sections 57a” for “U.S.C. 57(a)” in

subsection (a) and deleted “known as” following “Title 10,” in subsection (c).

Annotations

Editor’s notes. Ga. L. 1983, p. 1146, § 3 repealed former Code Section 7-4-4, relating to maximum interest rates on installment loans and giving security for principal and interest, and enacted present Code Section 7-4-4, which became effective March 31, 1983.

RESEARCH REFERENCES ALR. What constitutes “finance charge” under § 106(a) of the Truth in Lending Act (15 USCA § 1605(a)) or applicable regulations, 154 A.L.R. Fed. 431.

Validity, construction, and application of Truth in Lending Act (TILA) and regulations promulgated thereunder - United States Supreme Court cases, 67 A.L.R. Fed. 2d 567.

Notes of Decisions
Cited in 2 cases, 1985–1992 · leading case: Wright v. Transamerica Fin. Servs., Inc. (In Re Wright), 144 B.R. 943 (Bankr. S.D. Ga. 1992).
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Wright v. Transamerica Fin. Servs., Inc. (In Re Wright), 144 B.R. 943 (Bankr. S.D. Ga. 1992). · cites it 6× “In Adamson the Georgia Court of Appeals addressed the issue of whether under Georgia’s civil usury statute existing in 1948, O.C.G.A. § 7-4-4 (repealed), 5 a loan not usurious if paid according to the terms of the loan agreement was rendered usurious by early repayment.”
Ward v. Hudco Loan Co., 328 S.E.2d 729 (Ga. 1985). · cites it 2× “1197 (former OCGA § 7-4-4), 7% add-on interest could be charged.”
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