Georgia § 7-3-16 Additional loan fees; interest; penalties

Georgia Statutes

§ 7-3-16 — Additional loan fees; interest; penalties

Georgia § 7-3-16

Title7

This text of Georgia § 7-3-16 (Additional loan fees; interest; penalties) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

O.C.G.A. § 7-3-16 (2026).

Text

(a)On and after July 1, 2022, in addition to all other fees, license fees, fines, or other charges now or hereafter levied or assessed, there is imposed on each loan made pursuant to this chapter a fee of 0.125 percent of the gross loan amount. Such per loan fee shall become due on the making of any such loan, including, but not limited to, the closing of a loan, the renewal or refinancing of a loan, or a modification of a loan which results in the execution of a new or amended loan agreement.

(b)Such per loan fee is levied and assessed against the person so licensed and shall be paid by such person and shall not be added in any manner as an additional fee or charge against the borrower. Such per loan fee shall be remitted to the department at the time and in the manner specified by rule

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(a) On and after July 1, 2022, in addition to all other fees, license fees, fines, or other charges now or hereafter levied or assessed, there is imposed on each loan made pursuant to this chapter a fee of 0.125 percent of the gross loan amount. Such per loan fee shall become due on the making of any such loan, including, but not limited to, the closing of a loan, the renewal or refinancing of a loan, or a modification of a loan which results in the execution of a new or amended loan agreement. (b) Such per loan fee is levied and assessed against the person so licensed and shall be paid by such person and shall not be added in any manner as an additional fee or charge against the borrower. Such per loan fee shall be remitted to the department at the time and in the manner specified by rules and regulations of the department. (c) In the event any person fails or refuses to remit the fees required by this Code section within the time prescribed, the fees shall bear interest at the rate of 1 percent per month. Interest shall begin to accrue from the date the fees are due until the date the fees are paid. For purposes of this Code section, any period of less than one month shall be considered to be one month. (d) In the event any person fails or refuses to remit the per loan fees required by this Code section within the time prescribed, there shall be added to the fees a penalty equivalent to 25 percent of the fees due, but in no case shall the penalty so added be less than $5.00. In the event any person fraudulently remits the incorrect fees, there shall be added to the fees a penalty equivalent to 50 percent of the fees due, but in no case shall the penalty so added be less than $5.00. (e) The 2022 revisions of Code Sections 7-3-16 , 7-3-17 , and 7-3-18 shall not affect the fees, taxes, and related interest and penalties owed pursuant to the earlier versions of such Code sections for any time prior to July 1, 2022. (f) The department and its authorized examiners and employees shall have the right to inspect all records of any person licensed pursuant to this chapter, and the department is authorized to promulgate rules and regulations relative to the enforcement of this Code section.