A payoff is the complete repayment of a loan, including principal, interest, and any other amounts due. Payoff occurs either over the full term of the loan or through prepayments. A payoff statement is a formal statement prepared when a loan payoff is contemplated. It shows the current status of the loan account, all sums due, and the daily rate of interest.
For loans originated before October 2, 2002 - Under Georgia Code Section 44-14-3, the consumer has the right to obtain a payoff figure free of charge if the request is made in writing. However, there are no provisions in the law regarding how long the lender has to provide this information.
For loans originated after October 1, 2002 - The Georgia Fair Lending Act ("GAFLA")provides that a creditor or servicer must provide a payoff within five business days of the request.
You may access Code Section 44-14-3, as well as any other Georgia law through LexisNexis from the Georgia General Assembly's website. Access to the entire Georgia Code is provided by LexisNexis from the Georgia General Assembly's website.
HINT: Once you enter the OCGA through LexisNexis, click on the TOC link at the top left corner of the page to the view the Table of Contents to easily locate a Title, Article, or Chapter within the OCGA.