2021 Georgia Code
Title 7 - Banking and Finance
Chapter 4 - Interest and Usury
Article 1 - In General
- § 7-4-1. "Usury" Defined
- § 7-4-2. Legal Rate of Interest; Maximum Rate of Interest Generally; Certain Items Not Considered Interest
- § 7-4-3. Finance Charge on Retail Installment Contracts for Manufactured Homes and Motor Vehicles Subject to Federal Law; Stating of Federal Provisions in Contract
- § 7-4-3.1. Maximum Interest Rate on Loans by Insured Financial Institutions
- § 7-4-4. Advertisement of Rates of Interest or Finance Charge
- § 7-4-5. Failure to Include Federal Loan Act Provisions in Retail Installment Loan; Violating Advertising Restrictions
- § 7-4-6. No Limit on Interest Rate Payable by Profit Corporations or Persons on Nonconsumer Loans in Excess of $3,000.00
- § 7-4-7. No Limit on Interest Rate on Loans of $100,000.00 or More
- § 7-4-8. Commission to Third Person Does Not Make Lawful Interest Usurious
- § 7-4-9. Back Interest May Be Stipulated in Contract and Recovered
- § 7-4-10. Usury Forfeits Entire Interest; Right of Setoff; How Forfeiture Discharged; When Time Bars Action or Defense
- § 7-4-11. Usury Is Personal Defense; No Collection From Insolvent to Prejudice of Others
- § 7-4-12. Interest on Judgments
- § 7-4-12.1. Interest on Arrearage on Child Support; Settlement of Unreimbursed Public Assistance
- § 7-4-13. Law of Place of Contract Governs Interest Unless Otherwise Provided
- § 7-4-14. Interest Runs From Default Unless Otherwise Agreed; When Demand Necessary
- § 7-4-15. When Interest Runs on Liquidated Demands; Promissory Notes Payable on Demand
- § 7-4-16. When Interest Runs on Commercial Accounts; Maximum Interest Rate on Commercial Accounts
- § 7-4-17. Payment Applied First to Interest; No Interest on Unpaid Interest; Exceptions
- § 7-4-17.1. Refunds From Loans on Which Interest Is Calculated Under the Add-on Interest Method and Which Are Paid Off Prior to Maturity
- § 7-4-18. Criminal Penalty for Excessive Interest
- § 7-4-19. Civil Action to Enforce Chapter
- § 7-4-20. Election to Forgo Application of Federal Usury Laws
- § 7-4-21. Class Action Barred on Claims for Violation of Interest Laws on Loans Secured by Real Estate
- For article, "Small Loans Under Georgia Laws," see 3 Mercer L. Rev. 227 (1952). For note, "Price-Fixing in Georgia," see 3 Mercer L. Rev. 314 (1952). For comment discussing the acceleration of a loan repayment to collect unearned interest as violative of the Georgia Industrial Loan Act (Ch. 3, T. 7), in light of Lewis v. Termplan, Inc., 124 Ga. App. 507, 184 S.E.2d 473 (1971), see 9 Ga. St. B.J. 380 (1973).
JUDICIAL DECISIONS
Doctrine of estoppel applies when usurious note was prepared by borrower and presented to unwary lender. Eiberger v. West, 247 Ga. 767, 281 S.E.2d 148 (1981).
Cited in Spartan Grain & Mill Co. v. Ayers, 517 F.2d 214 (5th Cir. 1975); Scheil v. Georgia Fed. Sav. & Loan Ass'n, 154 Ga. App. 714, 269 S.E.2d 881 (1980).
RESEARCH REFERENCES
ALR.
- Effect on indebtedness originally valid of usurious forbearance, renewal, or extension, 3 A.L.R. 877.
Annual rests on book accounts, 5 A.L.R. 551.
Negotiable instruments law as affecting defense of usury, 5 A.L.R. 1447; 95 A.L.R. 735.
Waiver of usury by renewal or other executory agreement, 13 A.L.R. 1213; 74 A.L.R. 1184.
Payment of or offer to pay principal and legal interest as condition of relief in equity against usurious contract, 17 A.L.R. 123; 70 A.L.R. 693; 135 A.L.R. 808; 166 A.L.R. 458.
Right to interest for period before advances under a loan to be advanced to the borrower in installments, 40 A.L.R. 825.
Rate of interest chargeable against guardians, executors or administrators, and trustees, 55 A.L.R. 950; 112 A.L.R. 833; 156 A.L.R. 936.
Usury: expenses or charges (including taxes) incident to loan of money, 63 A.L.R. 823; 105 A.L.R. 795; 52 A.L.R.2d 703.
Right of holder of preferred claim to interest after appointment of receiver or declared bankruptcy or insolvency, where assets are insufficient to pay principal of all claims, 69 A.L.R. 1210.
Usurious loan agreement as affecting collateral transaction or instrument not otherwise usurious, 75 A.L.R. 1344.
Statutes in relation to interest as obnoxious to constitutional provision against impairing obligation of contracts, 87 A.L.R. 462.
Obligations covering deferred payments of purchase money, or extension thereof, as loan or forbearance within usury laws, 91 A.L.R. 1105.
Judgment as res judicata of usury notwithstanding question as to usury was not raised, 98 A.L.R. 1027.
Validity, construction, and effect of express agreement releasing cause of action or defense based on exaction of usury, 99 A.L.R. 600.
What amounts to sale of credit as distinguished from a loan as regards usury law, 104 A.L.R. 245.
Parol evidence rule as affecting extrinsic evidence to show or to negative usury, 104 A.L.R. 1261.
Validity and effect of provision in contract disclaiming usurious intention, or otherwise attempting in anticipation to have the contract interpreted or modified so as to avoid imputation of usury, 109 A.L.R. 1471.
Right to equitable relief from usury as affected by laches, 111 A.L.R. 126.
Usury as affected by provision for sinking fund, 119 A.L.R. 1490.
Right of junior mortgagee to attack senior mortgage for usury, 121 A.L.R. 879.
Usury as affected by repayment, or borrower's option to repay, loan before maturity, 130 A.L.R. 73; 75 A.L.R.2d 1265.
Campaign or concerted action in interest of public by bar association or other group against usurious or illegal practices, or for the investigation of business or other activities with which such practices may be associated, 132 A.L.R. 1177.
Who other than borrower may avail himself of latter's right to recover back usurious payments or penalties therefor, 134 A.L.R. 1335.
Payment of or offer to pay principal and legal interest as condition of relief in equity against usurious contract, 135 A.L.R. 808; 166 A.L.R. 458.
Constitutionality, construction, and application of statutes regarding rate of interest during "emergency", 147 A.L.R. 1023.
Usury as predicable upon transaction in form a sale or exchange of commercial paper or other choses in action, 165 A.L.R. 626.
Construction and application of provision of "small loan" statute against payment of interest in advance, 166 A.L.R. 433.
Rate of interest after maturity on obligation which fixes rate of interest expressly until maturity, 16 A.L.R.2d 902.
What statute of limitations governs action or claim for affirmative relief against usurious obligation or to recover usurious payment, 48 A.L.R.2d 401.
Quantum, degree, or weight of evidence to sustain usury charge, 51 A.L.R.2d 1087.
Usury: expenses or charges (including taxes) incident to loan of money, 52 A.L.R.2d 703.
Usury as affected by repayment of, or borrower's option to repay, loan before maturity, 75 A.L.R.2d 1265.
Usury: requiring borrower to pay for insurance as condition of loan, 91 A.L.R.2d 1344.
Usury: charging borrower for or with expense or trouble of procuring money loaned, 91 A.L.R.2d 1389.
Advance in price for credit sale as compared with cash sale as usury, 14 A.L.R.3d 1065.
Agreement for share in earnings of or income from property in lieu of, or in addition to, interest as usurious, 16 A.L.R.3d 475.
Borrower's initiation of, or fraud contributing to, usurious transaction as affecting rights or remedies of the parties, 16 A.L.R.3d 510.
Usury as affected by acceleration clause, 66 A.L.R.3d 650.
Contingency as to borrower's receipt of money or other property from which loan is to be repaid as rendering loan usurious, 92 A.L.R.3d 623.
Leaving part of loan on deposit with lender as usury, 92 A.L.R.3d 769.
Prejudgment interest awards in divorce cases, 62 A.L.R.4th 156.
