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

26 LC 62 0237 House Bill 1314 By: Representatives Lim of the 98th, Washburn of the 144th, Clark of the 108th, and Barrett of the 24th A BILL TO BE ENTITLED AN ACT To amend Article 2 of Chapter 3 of Title 7 of the Official Code of Georgia Annotated,1 relating to operating procedures, so as to require licensees to disclose whether a transaction2 is reportable to a credit reporting agency; to provide for an effective date and applicability;3 to provide for related matters; to repeal conflicting laws; and for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Article 2 of Chapter 3 of Title 7 of the Official Code of Georg ia Annotated, relating to7 operating procedures, is amended by adding a new Code section to read as follows:8 "7-3-18.9 Every licensee shall disclose to a borrower whether a loan auth orized by this chapter is10 reportable to a credit reporting agency."11 SECTION 2.12 This Act shall become effective on July 1, 2026, and shall appl y to all installment loans13 entered into on or after that date.14 H. B. 1314 - 1 - 26 LC 62 0237 SECTION 3.15 All laws and parts of laws in conflict with this Act are repealed.16 H. B. 1314 - 2 -