Georgia § 10-1-34 - Right to prepay debt; credit upon anticipation of payments.
Full text of Georgia Official Code of Georgia Annotated § 10-1-34 — Right to prepay debt; credit upon anticipation of payments., with citation guidance and answers to common questions.
§ 10-1-34. Right to prepay debt; credit upon anticipation of payments.
Notwithstanding the provisions of any retail installment contract to the contrary, any buyer may pay in full at any time before maturity the debt of any retail installment contract and, in so paying the debt, shall receive a refund credit thereon for the anticipation of payments. The amount of the refund shall represent at least as great a proportion of the finance charge as the sum of the monthly time balance after the month in which prepayment is made bears to the sum of all the monthly time balances under the schedule of payments in the contract. This method of refund upon prepayment is commonly referred to as the "Rule of 78" or the "Sum of the Digits" refund method. Where the amount of credit is less than $1.00, no refund need be made. This Code section shall not apply to credit upon anticipation of payments or upon acceleration in those cases where the seller or holder of the contract has computed finance charges according to the actuarial method as set forth in Code Section 10-1-33. (Ga. L. 1967, p. 674, § 5; Ga. L. 1980, p. 523, § 3.)
Frequently Asked Questions About Georgia § 10-1-34
What does Official Code of Georgia Annotated § 10-1-34 cover?
Section 10-1-34 ("Right to prepay debt; credit upon anticipation of payments.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 10-1-34?
A common citation format is "Official Code of Georgia Annotated § 10-1-34" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 10-1-34 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.