This chapter shall be known and may be cited as the “Georgia Fair Lending Act.” History. Code 1981, § 7-6A-1 , enacted by Ga. L. 2002, p. 455, § 1; Ga. L. 2003, p. 1, § 1. Cross references. Vehicle protection product warranty cannot be condition to car loan, § 33-34A-9 . Law reviews. For […]
The provisions of this chapter shall be severable and, if any phrase, clause, sentence, or provision is declared to be invalid or is preempted by federal law or regulation, the validity of the remainder of this chapter shall not be affected thereby. If any provision of this chapter is declared to be inapplicable to any […]
No municipality or county shall enact any ordinance or law that regulates the terms of home loans or that makes the eligibility of any person or entity to do business with the municipality or county dependent upon the terms of home loans originated or serviced by such person or entity. History. Code 1981, § 7-6A-11 […]
The provisions of this chapter shall not apply to any bank, trust company, savings and loan, savings bank, credit union, or subsidiary thereof, respectively, that is chartered under the laws of this state or any other state only to the extent federal law precludes or preempts or has been determined to preclude or preempt the […]
Without limitations on the power conferred by Chapter 1 of this title, the Department of Banking and Finance shall have the authority to promulgate rules and regulations not inconsistent with law for the enforcement of this chapter to effectuate the purposes of this chapter and to clarify the meaning of terms. In complying with this […]
As used in this chapter, the term: “Acceleration” means a demand for immediate repayment of the entire balance of a home loan. “Affiliate” means any company that controls, is controlled by, or is under common control with another company, as set forth in 12 U.S.C. Section 1841, et seq. “Annual percentage rate” means the annual […]
All home loans shall be subject to the following limitations and prohibited practices: No creditor shall make a home loan that finances, directly or indirectly: Any credit life, credit accident, credit health, credit personal property, or credit loss-of-income insurance, debt suspension coverage, or debt cancellation coverage, whether or not such coverage is insurance under applicable […]
No creditor may knowingly or intentionally engage in the unfair act or practice of “flipping” a home loan. Flipping a home loan is the consummating of a high-cost home loan to a borrower that refinances an existing home loan that was consummated within the prior five years when the new loan does not provide reasonable, […]
High-cost home loans shall be subject to the following limitations and prohibited practices: No prepayment fees or penalties shall be provided for in the loan documents for a high-cost home loan or charged the borrower after the last day of the twenty-fourth month following the loan closing or which exceed in the aggregate: In the […]
Notwithstanding any other provision of law, where a home loan was made, arranged, or assigned by a person selling home improvements to the dwelling of a borrower, the borrower may assert against the creditor all affirmative claims and any defenses that the borrower may have against the seller or home improvement contractor, provided that this […]
Any creditor found by a preponderance of the evidence to have violated this chapter shall be liable to the borrower for the following: Actual damages, including consequential and incidental damages; Statutory damages equal to the recovery of two times the interest paid under the loan and forfeiture of interest under the loan for any violation […]
The Attorney General, the district attorneys of this state, and the commissioner of banking and finance shall have jurisdiction to enforce this chapter through their general regulatory powers and through civil process. The Commissioner of Insurance shall have like authority to enforce paragraph (1) of Code Section 7-6A-3. Any person, including members, officers, and directors […]
A creditor or servicer or an insurer providing insurance through premiums financed by a creditor of a home loan who, when acting in good faith, fails to comply with the provisions of this chapter will not be deemed to have violated this chapter if the creditor or servicer or insurer providing insurance through premiums financed […]
