Title 7 — Banking and Finance
0 chapters · 568 sections in this title.
O.C.G.A. § 7-4-1 Usury
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The term “usury” means reserving and taking or contracting to reserve and take, either directly or indirectly, a greater sum for the use of money than the lawful interest. History. Orig. Code 1863, § 2023; Code 1868, § 2024; Code 1882, § 2051; Civil Code 1895, § 2877; Civil Code …
O.C.G.A. § 7-4-10 Usury
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Legal rate of interest; maximum rate of interest generally; certain items not considered interest. Finance charges on certain retail installment contracts; contract provisions related to manufactured homes; violations. Advertisement of rates of interest or finance charge. Failure …
O.C.G.A. § 7-4-12 Interest on judgments
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(a) All judgments in this state shall bear annual interest upon the principal amount recovered at a rate equal to the prime rate as published by the Board of Governors of the Federal Reserve System, as published in statistical release H. 15 or any publication that may supersede i…
O.C.G.A. § 7-4-13 Law of place of contract governs interest unless otherwise provided
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Every contract shall bear interest according to the law of the place of the contract at the time of the contract, unless upon its face it shall be apparent that the intention of the parties was to adopt the law of another forum; in this case the law of that forum shall govern. Hi…
O.C.G.A. § 7-4-15 Harkleroad v
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Stringer, 231 Ga. App. 464, 499 S.E.2d 379, 1998 Ga. App. LEXIS 455 (1998). Interest is allowed on liquidated accounts, and should be payable from due date. Walter E. Heller & Co. v. Aetna Bus. Credit, Inc., 158 Ga. App. 249, 280 S.E.2d 144, 1981 Ga. App. LEXIS 2151 (1981). Recov…
O.C.G.A. § 7-4-16 Tench v
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United States Tsubaki, Inc., 191 Ga. App. 248, 381 S.E.2d 319, 1989 Ga. App. LEXIS 534 (1989). Summary judgment precluded. — When evidence in an action against a defendant-farmer on open account indicated that the plaintiff was basing the plaintiff’s estimation of the defendant’s…
O.C.G.A. § 7-4-17 Usurious interest, §7-4-8
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As personal defense, §7-4-11. Civil action to enforce laws, §7-4-19. Class action barred on loans secured by real estate, §7-4-21. Criminal penalty for excessive interest, §7-4-18. Federal usury laws. Election to forego application of laws, §7-4-20. Forfeiture of interest, §7-4-1…
O.C.G.A. § 7-4-18 Criminal penalty for excessive interest
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(a) Any person, company, or corporation who shall reserve, charge, or take for any loan or advance of money, or forbearance to enforce the collection of any sum of money, any rate of interest greater than 5 percent per month, either directly or indirectly, by way of commission fo…
O.C.G.A. § 7-4-19 Civil action to enforce chapter
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The Department of Banking and Finance may bring an appropriate civil action to enforce any provision of this chapter whether by injunction or otherwise in any superior court of this state having jurisdiction over one or more defendants. History. Code 1981, § 7-4-19, enacted by Ga…
O.C.G.A. § 7-4-2 Gallagher v
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McKinnon, 273 Ga. App. 727, 615 S.E.2d 746, 2005 Ga. App. LEXIS 378 (2005), cert. denied, No. S05C1740, 2005 Ga. LEXIS 745 (Ga. Oct. 24, 2005). Applicability to national banks of state laws regulating interest rate. — See Cooper v. National Bank, 21 Ga. App. 356, 94 S.E. 611 (191…
O.C.G.A. § 7-4-20 Election to forgo application of federal usury laws
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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),…
O.C.G.A. § 7-4-4 Advertisement of rates of interest or finance charge
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(a) No person shall advertise in or through any newspaper, radio, television, letter, circular, billhead, or in any way or through any medium any rate of interest or finance charge pertaining to any consumer credit transactions other than a rate stated in simple interest terms or …
O.C.G.A. § 7-4-5 Back interest
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Recoverable, §7-4-9. Banks and trust companies. Powers generally, §7-1-293. Child support, §7-4-12.1. Commercial accounts, §7-4-16. Conflict of laws. Law of place of contract governs interest, §7-4-13. Construction of chapter, §7-4-2. Contracts. Back interest, §7-4-9. Credit union…
O.C.G.A. § 7-4-8 Commission to third person does not make lawful interest usurious
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Except as the application of this Code section is modified by Code Section 7-3-5, where the lender neither takes nor contracts to take more than lawful interest, the loan is not rendered usurious by money paid or agreed to be paid others by the borrower in order to obtain the loan…
O.C.G.A. § 7-4-9 Back interest may be stipulated in contract and recovered
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Interest from date, if the debt is not punctually paid at maturity, may be recovered when so stipulated in the contract, provided that interest has not already been included in the principal amount. History. Orig. Code 1863, § 2025; Code 1868, § 2026; Code 1873, § 2052; Code 1882…