Election to forgo application of federal usury laws

In enacting Code Sections 7-4-2 through 7-4-5, the General Assembly exercises its prerogative: (1) Under subsection (b)(2) of Section 501 of the Depository 764 7-4-36 Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221 (12 U.S.C. Section 1735f-7, notes), and declares that the provisions of subsection (a)(1) of Section 501 do not apply to loans, mortgages, credit sales, and advances made in the State of Georgia on and after March 31, 1983; and (2) Under Section 512 of that act, Public Law 96-221 (12 U.S.C. Section 86a, notes), and declares that the provisions which preempt the law of this state in Section 511 of that act do not apply to business and agricultural loans in amounts of $1,000.00 or more made in the State of Georgia on and after March 31, 1983. History. Code 1981, § 7-4-20, enacted by Ga. L. 1983, p. 1146, § 7; Ga. L. 2004, p. 631, § 7. 7-4-21. Class action barred on claims for violation of interest laws on loans secured by real estate. A claim of violation on any loan secured by an interest in real estate may be asserted in an individual action only and may not be the subject of a class action under Code Section 9-11-23 or any other provisions of law. Nothing contained in this Code section shall be construed to affect any class action which was pending in any court of this state, including any United States courts, on February 15, 1983, as to the parties to and subject matter then before such court. History. Code 1981, § 7-4-21, enacted by Ga. L. 1983, p. 1316, § 1; Ga. L. 1984, p. 22, § 7.