Georgia Code
Article 1 - General Provisions
§ 7-3-4. Licensing Requirement; Exemptions

History. Ga. L. 1904, p. 79, § 18; Ga. L. 1920, p. 215, § 19; Code 1933, §§ 25-221, 25-318; Ga. L. 1955, p. 431, § 5; Code 1981, § 7-3-6 ; Ga. L. 1985, p. 249, § 1; Ga. L. 1997, p. 143, § 7; Ga. L. 2016, p. 390, § 7-4/HB 811; Code 1981, § 7-3-4 , as redesignated by Ga. L. 2020, p. 156, § 2/SB 462; Ga. L. 2022, p. 220, § 38/HB 891.
The 2020 amendment, effective June 30, 2020, redesignated former Code Section 7-3-6 as present Code Section 7-3-4, added subsection (a), and rewrote the former provisions now designated as subsection (b), which read: “This chapter shall not apply to businesses organized or operating under the authority of any law of this state or of the United States relating to banks, trust companies, real estate loan or mortgage companies, federal savings and loan associations, credit unions, and pawnbrokers or to the transactions of such businesses, which businesses are expressly excluded from regulation under this chapter and exempted from the operation of its provisions. This chapter also shall not apply to the University System of Georgia or its educational units, to private colleges and universities in this state and associations thereof, or to student loan transactions of such educational entities, which educational entities and student loan transactions thereof are expressly excluded from regulation under this chapter and exempted from the operation of its provisions. It is expressly provided that no bank, trust company, national bank, insurance company, or real estate loan or mortgage company authorized to do business in this state shall be required to obtain a license under this chapter nor shall the University System of Georgia or its educational units or private colleges and universities in this state and associations thereof be required to obtain a license under this chapter. It is further provided that persons making loans and charging interest thereon at a rate of not more than 8 percent simple interest per annum shall not be subject to this chapter or required to obtain a license under this chapter.” See Editor’s notes at the beginning of this chapter for applicability.
The 2022 amendment, effective July 1, 2022, inserted “or acting as an installment lender” in the first sentence in subsection (a); deleted “or” from the end of paragraph (b)(4), substituted a semicolon for a period at the end of paragraph (b)(5), and added paragraphs (b)(6) through (b)(9).
Editor’s notes.
Former Code Section 7-3-4, concerning the applicability of the chapter and its effect on existing lenders, was repealed by Ga. L. 2020, p. SB 462, § 2/SB 462, effective June 30, 2020. This Code section was based on Ga. L. 1955, p. 431, § 3; Ga. L. 1975, p. 393, § 1; Ga. L. 1989, p. 14, § 7.