2020 Georgia Code
Title 7 - Banking and Finance
Chapter 1 - Financial Institutions
Article 2 - Banks and Trust Companies
Part 3 - Powers of Banks
§ 7-1-292. Interest and Fees
Any bank may take, receive, reserve, and charge interest and fees on any loan, advance of money, or forbearance to enforce the collection of money at rates not exceeding the limits set by the laws of this state. Whenever such laws authorize a special interest or fee rate with respect to a designated type of loan, then a bank may charge that special interest or fee on loans of that type made by it. Whenever such laws authorize a person or a corporation other than a bank to charge a special interest or fee rate with respect to a designated type of loan, then a bank may charge such rate or fee on loans made by it which would qualify as the designated type of loan if made by the person or corporation so authorized without any requirement for the bank to obtain any license, qualification, or permit.
(Ga. L. 1919, p. 135, art. 19, § 19; Code 1933, § 13-2019; Code 1933, § 41A-1313, enacted by Ga. L. 1974, p. 705, § 1.)
Cross references.- Regulation of rates of interest generally, T. 7, C. 4.
Law reviews.- For article surveying Georgia cases dealing with commercial law from June 1977 through May 1978, see 30 Mercer L. Rev. 15 (1978). For article discussing methods of computation of finance charges in Georgia consumer credit contracts, see 30 Mercer L. Rev. 281 (1978). For survey article on commercial law, see 34 Mercer L. Rev. 31 (1982).
JUDICIAL DECISIONS
Cited in Sumner v. Adel Banking Co., 244 Ga. 73, 259 S.E.2d 32 (1979); FDIC v. Lattimore Land Corp., 656 F.2d 139 (5th Cir. 1981).
OPINIONS OF THE ATTORNEY GENERAL
Bank will not be authorized to charge rates permitted by former Code 1933, § 41A-3109 (see now O.C.G.A. § 7-1-658). 1975 Op. Att'y Gen. No. 75-2.
RESEARCH REFERENCES
Am. Jur. 2d.
- 11 Am. Jur. 2d, Banks and Financial Institutions, § 993.
C.J.S.- 9 C.J.S., Banks and Banking, § 502 et seq.
ALR.- Enforceability of provision in loan commitment agreement authorizing lender to charge standby fee, commitment fee, or similar deposit, 93 A.L.R.3d 1156.
