Georgia Credit Laws
| INTEREST RATE | (Legal: 7%) | Judgment 12% or contractual.
Commercial Accounts: 18%. On loans below $ 3,000 the usury limit is 16%. On loans above $ 3,000, the limit appears to be 5% per month. As to loans below $ 250,000 the interest rate must be specified in simple interest and in writing. |
| STATUTE OF LIMITATIONS | (In Years) |
Open Acct: 4 - Written Contract 6 - Domestic Judgment .7 - Foreign Judgment 5 |
| BAD CHECK LAWS | (Civil Penalty) |
After 10 day written demand double damages up to $500 and service charge ot $20 or 5%, whichever is greater. |
| GENERAL GARNISHMENT EXEMPTIONS |
See federal law. City, County & State employees may be garnished. |
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| HOMESTEAD EXEMPTION |
Georgia Real property is exempt up to $10,000. A couple may double this amount. |
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ADDING FEES |
debt collector may not represent to a consumer that an existing obligation of the consumer may be increased by the addition of attorney’s fees, investigative fees, service fees or any other charges when, in fact, such fees or charges may not legally be added to the existing obligation. |