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O.C.G.A. § 7-4-5 — Failure to include federal loan act provisions in retail installment loan; violating advertising restrictions | Georgia Code
O.C.G.A. § 7-4-5 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

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 L. 1983, p. 1146, § 4 repealed former Code Section 7-4-5, relating to maximum interest on loans secured by deposits or savings account, and enacted present Code Section 7-4-5, which became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

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This Georgia Code resource is curated by Graham W. Syfert, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.