Georgia Code, Title 7, Chapter 3 - Industrial Loans
- § 7-3-1 - Short Title
This chapter shall be known and may be cited as the "Georgia Industrial Loan Act."
- § 7-3-2 - Purpose of Chapter
The purpose of this chapter is to authorize and provide regulation of the business of making loans of $3,000.00 or less and to bring...
- § 7-3-3 - Definitions
As used in this chapter, the term: (1) "Commissioner" means the Industrial Loan Commissioner. (2) "License" means a single license issued or required under...
- § 7-3-4 - Applicability of Chapter -- Generally; Effect on Existing Lenders
This chapter shall apply to all persons, as defined in Code Section 7-3-3, unless expressly exempted in this chapter, engaged in the business of...
- § 7-3-5 - Applicability of Chapter -- Transactions by Which Money is Paid Others
A loan and brokerage transaction or any other transaction by which money is paid or agreed to be paid others by the borrower in...
- § 7-3-6 - Exemptions From Chapter
This chapter shall not apply to businesses organized or operating under the authority of any law of this state or of the United States...
- § 7-3-7 - Industrial Loan Commissioner; Powers and Duties Generally; Employees; Deputy; Training Programs for Licensees
(a) There is created the office of Industrial Loan Commissioner; and the Commissioner of Insurance of the State of Georgia is designated and constituted...
- § 7-3-8 - License Required; Application; Fees
All persons engaged in the business of making loans of $3,000.00 or less in the State of Georgia, unless expressly exempted therefrom, shall be...
- § 7-3-9 - Investigation of Application; Issuance or Denial of License; Purchase of Licensed Location
(a) Upon the filing of the application and the payment of the fees provided in Code Section 7-3-8, the Commissioner shall cause an investigation...
- § 7-3-10 - License Required for Each Location; Display; Duration; Annual Fee; Moving Office Within County
(a) No more than one place of business shall be maintained under the same license, but the Commissioner may issue more than one license...
- § 7-3-11 - Failure to Begin Business or Suspending Activities After License Issued
In the event a licensee does not begin the operation of business under such license within a period of 120 days from the date...
- § 7-3-12 - Books, Records, and Reports
(a) Each licensee shall keep and use in his business sufficient books and records to enable the Commissioner to determine whether or not the...
- § 7-3-13 - False Advertising Prohibited
No person shall advertise, display, distribute, or broadcast in any manner whatsoever any false, misleading, or deceptive statement or representation with regard to the...
- § 7-3-14 - Maximum Loan Amount, Period, and Charges
Every licensee under this chapter may loan any sum of money not exceeding $3,000.00 for a period of 36 months and 15 days or...
- § 7-3-15 - Limitation on Further Charges
No licensee shall charge, contract for, or receive any other or further amount in connection with any loans authorized by this chapter in addition...
- § 7-3-16 - Loans to Pay Contracts Acquired by Licensee Restricted
No loan shall be made by any licensee for the purpose of paying all or any part of the amount owed on any note,...
- § 7-3-17 - Payment Before Maturity; Refund of Prepaid Interest; Continuing Insurance
Notwithstanding the provisions of any contract to the contrary, a borrower may at any time prepay all or any part of the unpaid balance...
- § 7-3-18 - Delivery of Copy of Contract or Itemized Statement; Receipts
At the time the loan is made, each licensee under this chapter shall deliver to the borrower or, if there are two or more,...
- § 7-3-19 - Tax on Interest -- Levy; Penalty for Tax to Charges
(a) In addition to all other taxes, fees, license fees, or other charges now or hereafter levied or assessed, there is levied a tax...
- § 7-3-20 - Tax on Interest -- Payment; Inspection of Records; Rules and Regulations
The tax provided for in Code Section 7-3-19 shall be remitted to the Commissioner on or before the twentieth day of each month for...
- § 7-3-21 - Tax on Interest -- Penalties for Late or Fraudulent Tax Payments
In the event any person fails or refuses to remit the tax required by Code Sections 7-3-19 and 7-3-20 within the time prescribed, there...
- § 7-3-22 - Examinations, Investigations, and Hearings
(a) For the purpose of discovering violations of this chapter, the Commissioner or his duly authorized representative may from time to time examine the...
- § 7-3-23 - Cease and Desist Orders; Enjoining Violations
In the event the Commissioner shall find cause to believe that any person is violating this chapter or the rules and regulations promulgated by...
- § 7-3-24 - Suspension or Revocation of License -- Grounds; Procedure; Effect of Loss of License on Contracts
(a) The Commissioner, upon ten days' written notice in the form of a show cause order to the licensee stating his contemplated action and...
- § 7-3-25 - Suspension or Revocation of License -- Unreasonable Collection Tactics
(a) Any license shall be subject to suspension or revocation, after notice and hearing as provided for in Code Section 7-3-24, in the event...
- § 7-3-26 - Probation and Civil Penalties for Violations
In addition to all other penalties provided for under this chapter, the Commissioner shall have authority to place any licensee on probation for a...
- § 7-3-27 - Judicial Review of Commissioner's Decisions
The decision of the Commissioner in granting or refusing to grant a license and in revoking or suspending such license and in any other...
- § 7-3-28 - Code Section 7-4-4 Not Repealed
Nothing in this chapter shall be construed as repealing Code Section 7-4-4.
- § 7-3-29 - Criminal Penalties; Void Loans; Civil Penalty to Borrower for Violation; Violation Not Subject of Class Action; Defense of Good Faith; Limitation on Remedies for Voidness
(a) Any person who shall make loans under this chapter without first obtaining a license or who shall make a false statement under oath...
Last modified: October 14, 2016