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GA SB465
Bill
Status
Introduced
2/21/2018
Primary Sponsor
Ellis Black
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AI Summary
- Charges for letters of credit, as defined by Code Section 11-5-102, shall not be classified as interest under Georgia's interest and usury laws
- The letter of credit charge may be added to the principal advanced to determine whether the loan principal exceeds $3,000 and is less than $250,000
- Applies to letters of credit issued by any bank operating under the authority of Georgia, any other state, the United States, or any U.S. territory
- Extends the same exemption to letters of credit issued by non-banking entities, provided the issuer is not affiliated with the beneficiary through common ownership or control
- Effective date of July 1, 2018; amends Chapter 4 of Title 7 of the Official Code of Georgia Annotated by adding new Code Section 7-4-2.1
Legislative Description
Interest and Usury; letter of credit from being classified as interest; exempt any charge
Last Action
Senate Read and Referred
2/21/2018
Committee Referrals
Banking and Financial Institutions2/21/2018
Full Bill Text
No bill text available