A retail installment seller may advance money to a buyer or pay money to a third party on behalf of the buyer to satisfy a lease on or a lien on or a security interest in a motor vehicle used as a trade-in on a motor vehicle which is the subject of a retail installment transaction under this article. Any amount so advanced or paid may be financed as part of a retail installment contract and shall not be considered a loan. The transaction and the seller making such advance or payment shall be exempt from the provisions of Chapter 3 of Title 7, relating to installment loans, from the provisions of Chapter 4 of Title 7, relating to interest and usury, and from any other provision of Georgia law regulating loans.
History. Code 1981, § 10-1-33.1 , enacted by Ga. L. 1999, p. 1229, § 2; Ga. L. 2020, p. 156, § 8/SB 462.
The 2020 amendment, effective June 30, 2020, substituted “installment loans” for “industrial loans” in the last sentence. See the Editor’s notes for applicability.
Editor’s notes.
Ga. L. 2020, p. 156, § 10/SB 462, not codified by the General Assembly, provides that: “This Act shall apply to all installment loan agreements entered into on and after July 1, 2020.
Structure Georgia Code
Chapter 1 - Selling and Other Trade Practices
Article 2 - Motor Vehicle Sales Financing
§ 10-1-31. Definitions; Construction
§ 10-1-33. Finance Charge Limitations; Assignment of Contract
§ 10-1-34. Right to Prepay Debt; Credit Upon Anticipation of Payments
§ 10-1-35. Refinancing Retail Installment Contract
§ 10-1-36. Disposition of Motor Vehicle Repossessed After Default; Right to Recover Deficiency
§ 10-1-37. Waiver of This Article Void
§ 10-1-38. Criminal and Civil Penalties