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GA HB247
GA HB247Fair Business Practices Act; maximum interest rate of six percent on obligations or liabilities incurred by active military service members; provide
summary
Introduced
02/06/2023
02/06/2023
In Committee
Crossed Over
Passed
Dead
03/28/2024
03/28/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT To amend Part 2 of Article 15 of Chapter 1 of Title 10 of the Official Code of Georgia Annotated, relating to the "Fair Business Practices Act," so as to provide a maximum interest rate of six percent on obligations or liabilities incurred by service members while in active military service of the United States; to provide for findings; to provide for definitions; to provide for a private right of action; to provide for a civil action by the Attorney General; to provide for damages; to provide for related matters; to repeal conflicting laws; and for other purposes.
AI Summary
This bill amends the "Fair Business Practices Act" in Georgia to provide a maximum interest rate of 6% on obligations or liabilities incurred by active military service members. The bill defines "interest" and "obligation or liability" for the purposes of this law. It allows service members to notify creditors of their active duty status to receive the interest rate cap. The bill establishes a private right of action for service members to seek equitable relief, monetary damages, and class action representation for violations. It also authorizes the Attorney General to file civil actions for patterns of violations or issues of significant public importance, with the potential for civil penalties. The bill aims to address the issue of exorbitant interest rates burdening service members during their military service.
Committee Categories
Justice
Sponsors (6)
Josh Bonner (R)*,
David Clark (R)*,
Lee Hawkins (R)*,
Bill Hitchens (R)*,
Brad Thomas (R)*,
Al Williams (D)*,
Last Action
House Second Readers (on 02/08/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/64030 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/213742 |
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