HB1314: HB1314 Banking and finance; require licensees to disclose whether a transaction is reportable to a credit reporting agency

Georgia law regulates installment lenders under Chapter 3 of Title 7 of the Official Code of Georgia Annotated, which sets rules for licensed lenders offering installment loans. Currently, the law does not require these lenders to tell borrowers whether their loan activity gets reported to credit reporting agencies like Equifax or Experian. This bill adds a new section, O.C.G.A. § 7-3-18, requiring every licensee (a company licensed to make installment loans under this chapter) to disclose to a borrower whether their loan is reportable to a credit reporting agency. The change would take effect July 1, 2026, and would apply to installment loans entered into on or after that date. The bill also repeals any conflicting laws.

• Adds a new Code section, O.C.G.A. § 7-3-18, requiring licensed installment lenders to disclose to borrowers whether their loan is reportable to a credit reporting agency.
• Applies the disclosure requirement to installment loans entered into on or after July 1, 2026, the bill's effective date.
• Repeals any existing state laws that conflict with this new disclosure requirement.

Licensed installment lenders operating under Georgia's Chapter 3 of Title 7 lending rules, and borrowers who take out installment loans from those licensees on or after July 1, 2026.

Borrowers would learn upfront whether a loan could affect their credit history, information that can influence decisions about repayment priorities and future borrowing. Lenders would face a new, specific disclosure duty tied to each loan transaction.

• Section 1 adds O.C.G.A. § 7-3-18, requiring every licensee to 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 requirement to installment loans made on or after that date.
• Section 3 repeals conflicting 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
• banking and finance regulation
• installment loans