As used in this chapter, the term: “Advance fee” means any consideration which is assessed or collected, prior to the closing of a loan, by a loan broker. “Borrower” means a person obtaining or desiring to obtain a loan of money, a credit card, or a line of credit. “Loan broker” means any person, firm, […]
No loan broker shall: Engage in unfair or deceptive acts or practices that are declared to be unlawful by Part 2 of Article 15 of Chapter 1 of Title 10, the “Fair Business Practices Act of 1975”; Assess, collect, or solicit an advance fee from a borrower to provide services as a loan broker; provided, […]
Each principal of a loan broker may be sanctioned for the actions of the loan broker, including its agents or employees, in the course of business of the loan broker. History. Code 1981, § 7-7-3 , enacted by Ga. L. 1992, p. 1123, § 1.
Any borrower injured by a violation of this chapter may bring civil action in a court of competent jurisdiction for recovery of damages. Judgment shall be entered for actual damages and in no case shall be less than the amount paid by the borrower to the loan broker, plus reasonable attorney’s fees and costs. An […]
A loan broker may not by contract, agreement, or otherwise limit the operation of this chapter, notwithstanding any other provision of law. History. Code 1981, § 7-7-5 , enacted by Ga. L. 1992, p. 1123, § 1.
Any person who violates any provision of this chapter shall be guilty of a felony and upon conviction shall be subject to a fine not to exceed $5,000.00 or by imprisonment for not less than one nor more than five years, or both. History. Code 1981, § 7-7-6 , enacted by Ga. L. 1992, p. […]
