HB 1314: Banking and finance; require licensees to disclose whether a transaction is reportable to a credit reporting agency

Georgia law currently regulates installment lenders under Chapter 3 of Title 7 of the Official Code of Georgia Annotated, which covers how licensed lenders must operate. This bill adds a new section to that law requiring every licensee to disclose to a borrower whether the loan they are taking out will be reported to a credit reporting agency, such as one of the major consumer credit bureaus. The disclosure requirement would apply to installment loans made under this licensing chapter. The bill would take effect July 1, 2026, and would apply only to loans entered into on or after that date, meaning existing loans would not be affected.

• Adds a new Code section (O.C.G.A. § 7-3-18) requiring licensed installment lenders to tell borrowers whether their loan is reportable to a credit reporting agency.
• Applies the disclosure requirement specifically to loans authorized under Chapter 3 of Title 7, Georgia's installment loan licensing law.
• Sets an effective date of July 1, 2026, and limits the requirement to loans entered into on or after that date.
• Repeals any existing state laws that conflict with the new disclosure requirement.

Licensed installment loan companies in Georgia, who must add the new disclosure, and borrowers taking out installment loans from those licensees, who would learn whether their loan payments could affect their credit report.

Borrowers would gain clearer information about whether making or missing loan payments could show up on their credit report, which can affect their ability to get future credit. Lenders would need to update their loan disclosures and processes to comply by the 2026 deadline.

• Section 1 adds new O.C.G.A. § 7-3-18, stating every licensee shall disclose to a borrower whether a loan is reportable to a credit reporting agency.
• Section 2 sets the effective date as July 1, 2026, and limits the rule to installment loans entered into on or after that date.
• Section 3 repeals any conflicting state laws.

1. 2026-02-26House Committee Favorably Reported (House)
2. 2026-02-18House Second Readers (House)
3. 2026-02-17House First Readers (House)
4. 2026-02-12House Hopper (House)

• Marvin Lim (D, HD-098)Primary sponsor
• Dale Washburn (R, HD-144)
• Jasmine Clark (D, HD-108)
• Carter Barrett (R, HD-024)

• consumer lending
• credit reporting
• installment loans
• banking regulation