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GA HB1640
Bill
Status
Introduced
4/4/2022
Primary Sponsor
Marvin Lim
Click for details
AI Summary
- Creditors must verify a debtor's ability to repay principal and interest on loans with principal amounts of $3,000 or less, and on loans between $3,000 and $250,000 where the interest rate exceeds 10 percent per annum
- Failure of a creditor to provide a debtor with the debt amount, creditor name, and dispute rights within five business days of initial contact is classified as an unlawful trade practice under Georgia's consumer protection law
- Bank customers are not liable for overdraft fees if the bank does not immediately send notification and an explanation of the fee upon charging it
- Plaintiffs in debt collection actions involving revolving credit agreements (e.g., credit cards) must file detailed affidavits with the complaint, including proof of the debt's existence, chain of ownership, charge-off amount and date, and verification of the defendant's residential address within three months prior to filing
- Creditors and collectors are prohibited from initiating consumer debt collection actions after the statute of limitations has expired, and any payment or affirmation of the debt after expiration does not revive or extend the limitations period; applies to agreements entered into or renewed on or after July 1, 2022
Legislative Description
Banking and finance; require creditors to verify a lender's ability to repay certain loans
Last Action
House Hopper
4/4/2022
Full Bill Text
No bill text available