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GA HB824

Bill

Official Source

Status

Passed

4/15/2014

Primary Sponsor

Richard Smith

Click for details

Origin

House of Representatives

2013-2014 Regular Session

AI Summary

  • Fees and charges agreed upon in writing between a financial institution and a depositor — including overdraft fees, nonsufficient funds charges, delinquency or default charges, returned payment charges, stop payment charges, and ATM charges — are excluded from the legal definition of "interest" under Georgia's usury laws
  • Amends both Code Section 7-4-2 (legal and maximum rates of interest) and Code Section 7-4-18 (criminal penalties for charging excessive interest), shielding these account fees from interest rate caps and criminal usury prosecution
  • The Act explicitly does not apply to litigation pending as of February 19, 2014
  • Effective immediately upon the Governor's approval or upon becoming law without such approval

Legislative Description

Banking and finance; term "interest" does not include certain fees agreed upon by financial institution and depositor in written agreement between parties; clarify

Last Action

Effective Date

4/15/2014

Full Bill Text

No bill text available