Georgia House Bill 241 has been passed and is effective 7/1/21. Although language is not required in contracts, please be advised that a 10% penalty per month shall be added to a refund that is not paid or credited within 45 days of the return of the contract. The penalty only applies to cancellations during the free look period. Georgia is not requiring previously approved forms to include this language. However, the penalty applies not only to contracts written after 7/1/21 but also to contracts cancelled after this date, regardless to the contract effective date.
The information provided in this bulletin is for informational purposes only and is not for the purpose of providing legal advice
As always, thank you for your continued business. Please contact your Axiom Representative with any questions.