Georgia CommonsHouse · Introduced · 2025-2026 Regular Session
HB 1314: Banking and finance; require licensees to disclose whether a transaction is reportable to a credit reporting agency
Last action February 26, 2026 · House Committee Favorably Reported
A Georgia House bill would require licensed installment lenders to tell borrowers whether their loan will be reported to a credit reporting agency, starting with loans made on or after July 1, 2026.
The summaries below were written by an AI model (claude-sonnet-5) from the text of the bill and are not part of it. Quote the text, not the summary. The stored text is the Introduced version, the latest the General Assembly's website lists.
In plain language
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.
What the bill does
- 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.
Who it affects
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.
Why it matters
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.
Key provisions
- 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.
From the bill
“Every licensee shall disclose to a borrower whether a loan authorized by this chapter is reportable to a credit reporting agency.”
Discussed in meetings (5)
The House and Senate meetings that took this bill up, from their machine transcripts. Each account was written by Georgia Commons with AI and is not part of the record; the video is what was said.
House Banks & Banking Committee, February 26, 2026
From 0:22:11 · Watch on the General Assembly's Vimeo channel
Summary by Georgia Commons: The sponsor said the bill would require Georgia Installment Lending Act licensees to disclose whether a loan is reportable to a credit reporting agency, without requiring reporting or prescribing a disclosure format. The sponsor said buy now, pay later loans inspired the proposal, most such loans were under $3,000, and about 15 licensees offered them. The sponsor said most lenders did not report, consumers often did not know whether reporting occurred, and federal law did not require this disclosure. Asked about title lenders, the sponsor said they were not included. One member questioned adding burdens and warned costs could reach borrowers. The sponsor said most lenders that report likely already disclose that practice, though this was not certain. Asked about reporting costs, the sponsor acknowledged administrative costs but did not know the amount. Another member described those costs as small and supported disclosure as helping borrowers choose whether to build credit or avoid reporting. After a motion and second, members voiced support, with no opposition heard. The chair ended the meeting without explicitly announcing whether the motion passed.
House Rules Committee, March 2, 2026
From 0:46:21 · Watch on the General Assembly's Vimeo channel
Summary by Georgia Commons: The sponsor said HB 1314 would require lenders licensed under the Georgia Installment Lending Act to disclose whether a loan is reportable to a credit reporting agency. The sponsor cited the growth of buy-now-pay-later financing and said borrowers need to know whether those loans affect credit reporting. No questions or decision followed.
Status timeline
- House Committee Favorably Reported (House)
- House Second Readers (House)
- House First Readers (House)
- House Hopper (House)
Sponsors
- Marvin Lim (D, HD-98)
- Dale Washburn (R, HD-144)
- Jasmine Clark (D, HD-108)
- Carter Barrett (R, HD-24)
Topics
- consumer lending
- credit reporting
- installment loans
- banking regulation