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2018 Georgia Code 7-3-4 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-3-4 Case Law from Google Scholar Amendments to OCGA 7-3-4

TITLE 7 BANKING AND FINANCE

Section 3. Industrial Loans, 7-3-1 through 7-3-29.

ARTICLE 13 LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS

7-3-4. Applicability of chapter - Generally; effect on existing lenders.

This chapter shall apply to all persons, as defined in Code Section 7-3-3, unless expressly exempted in this chapter, engaged in the business of making loans in amounts of $3,000.00 or less. On and after May 3, 1955, no person within the operation of this chapter shall charge, contract for, or receive, directly or indirectly, on or in connection with any loan, any interest, charges, fees, compensation, or consideration which is greater than the rates for same provided in this chapter or engage in the business of making such loans of $3,000.00 or less without a license from the Commissioner as provided in this chapter. Persons engaged in the business of making loans of $3,000.00 or less who are not exempted from the operation of this chapter may engage in such business and may make such loans lawfully under this chapter provided they comply with this chapter.

(Ga. L. 1955, p. 431, § 3; Ga. L. 1975, p. 393, § 1; Ga. L. 1989, p. 14, § 7.)

JUDICIAL DECISIONS

Creditors not to receive illegal charges directly or indirectly.

- Creditors are admonished by the Georgia Industrial Loan Act, (see now O.C.G.A. § 7-3-1 et seq.), to draft loan contracts in such a way that illegal charges will not be received either directly or indirectly. General Fin. Corp. v. Sprouse, 577 F.2d 989 (5th Cir. 1978).

Loan violates the Georgia Industrial Loan Act (see now O.C.G.A. § 7-3-1 et seq.) if the loan refinances a loan which itself violates that Act. Williams v. Public Fin. Corp., 598 F.2d 349 (5th Cir. 1979).

Lender cannot recover money lent on refinancing of loan which violates the Georgia Industrial Loan Act (see now O.C.G.A. § 7-3-1 et seq.). Williams v. Public Fin. Corp., 598 F.2d 349 (5th Cir. 1979).

Cited in Robinson v. Colonial Disct. Co., 106 Ga. App. 274, 126 S.E.2d 824 (1962); Securities Inv. Co. v. Pearson, 111 Ga. App. 761, 143 S.E.2d 36 (1965); Marshall v. Fulton Nat'l Bank, 145 Ga. App. 190, 243 S.E.2d 266 (1978); Clay v. Oxendine, 285 Ga. App. 50, 645 S.E.2d 553 (2007).

RESEARCH REFERENCES

ALR.

- Construction and application of provisions of small loan acts as regards maximum amount of loan, 99 A.L.R. 923.

Construction and application of provisions of small loan statutes prohibiting the splitting up or dividing of a loan, or the existence of indebtedness under more than one contract of loan at the same time, 141 A.L.R. 912.

Cases Citing O.C.G.A. § 7-3-4

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Ruth v. Cherokee Funding, LLC, 820 S.E.2d 704 (Ga. 2018).

Cited 7 times | Published | Supreme Court of Georgia | Oct 22, 2018 | 304 Ga. 574

...City of Marietta v. Summerour, 302 Ga. 645, 649 (2), 807 S.E.2d 324 (2017) (citations and punctuation omitted). By its terms, the Industrial Loan Act applies "to all persons ... engaged in the business of making loans in amounts of $3,000 or less," OCGA § 7-3-4,14 it requires such persons to obtain a license from the state Industrial Loan Commissioner, see OCGA § 7-3-8, it limits the interest that can be charged upon loans of $3,000 or less to "a rate not to exceed 10 percent per annum of the face...
...est, charges, fees, compensation, or consideration which is greater than the rates for same provided in [the Act] or engage in the business of making such loans of $3,000 or less without a license from the Commissioner as provided in [the Act]. OCGA § 7-3-4....
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In the Matter of Andrea Jo Anne David-Vega, 899 S.E.2d 126 (Ga. 2024).

Cited 3 times | Published | Supreme Court of Georgia | Mar 5, 2024 | 318 Ga. 600

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Ruth v. Cherokee Funding, LLC, 304 Ga. 574 (Ga. 2018).

Published | Supreme Court of Georgia | Oct 22, 2018

...City of Marietta v. Summerour, 302 Ga. 645, 649 (2) (807 SE2d 324) (2017) (citations and punctuation omitted). By its terms, the Industrial Loan Act applies “to all persons . . . engaged in the business of making loans in amounts of $3,000.00 or less,” OCGA § 7-3-4,14 it requires such persons to obtain a license from the state Industrial Loan Commissioner, see OCGA § 7-3-8, it limits the interest that can be charged upon loans of $3,000 or less to “a rate not to exceed 10 percent per annum of the...
...The Industrial Loan Act exempts certain businesses, such as banks, from its provisions, see OCGA § 7-3-6, but no one contends that Cherokee Funding is exempted from the Industrial Loan Act. 8 OCGA § 7-3-4....