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Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 4. INTEREST AND USURY · Article 1. IN GENERAL

7-4-5. Failure to include required contract provisions for manufactured homes; violation of advertising restrictions.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    Any person who fails to comply with subsection (b) of Code Section 7-4-3 or Code Section 7-4-4 with respect to any person is liable to such person in an amount equal to the sum of:#

    1. (1)

      Any actual damage sustained by such person as a result of the failure; and#

    2. (2)

      Twice the amount of any interest or finance charge contracted for in connection with the transaction, except that the liability under this paragraph shall not be less than $100.00 nor greater than $1,000.00.#

  2. (b)

    Such liability may be asserted in an individual action only and may not be the subject of a class action; provided, however, that this provision shall not apply to any class action pending prior to March 31, 1983.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 7-4-5, enacted by Ga. L. 1983, p. 1146, § 4; Ga. L. 2020, p. 493, § 7/SB 429.

Editor's notes

Ga. L. 1983, p. 1146, § 4 repealed former Code Section 7-4-5, relating to maximum interest on loans secured by deposits or savings account, and enacted present Code Section 7-4-5, which became effective March 31, 1983.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t7-t8-(v5)-2024-pdf.pdf, Volume V5, 2024 edition, pages 725 to 726; merge action: carried; file SHA-256 5c69f28428d8.