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2018 Georgia Code 7-3-8 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-3-8 Case Law from Google Scholar Amendments to OCGA 7-3-8

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

7-3-8. License required; application; fees.

All persons engaged in the business of making loans of $3,000.00 or less in the State of Georgia, unless expressly exempted therefrom, shall be required to obtain a license under this chapter.Application for license shall be made to the Commissioner in writing, under oath, on forms prescribed by the Commissioner and shall give the location from which the business is to be conducted and shall give the names of the persons connected with the business together with any other information required by the Commissioner.The application shall be accompanied by a fee of $250.00 to cover the cost of investigation of the applicant and by a license fee of $500.00. Said license shall expire on the last day of the calendar year in which granted, subject to renewal pursuant to Code Section 7-3-10.The Commissioner shall collect fees and costs as provided in this chapter and shall issue his receipt for all sums collected by him and periodically, not less than once in each quarter of each year, at such times as may be convenient, shall pay into the state treasury all sums collected by him.

(Ga. L. 1904, p. 79, §§ 1, 2, 14; Ga. L. 1920, p. 215, § 2; Code 1933, §§ 25-201, 25-202, 25-203, 25-301, 25-302; Ga. L. 1955, p. 431, § 7; Ga. L. 1964, p. 288, § 2; Ga. L. 1975, p. 393, § 1; Ga. L. 1989, p. 14, § 7; Ga. L. 1992, p. 2725, § 1.)

JUDICIAL DECISIONS

License to operate when loan was made is prerequisite to recovery on loan.

- If a contract be one purportedly executed under the provisions of the Industrial Loan Act, O.C.G.A. § 7-3-1 et seq., thus allowing interest charges otherwise usurious, it must appear affirmatively from the plaintiff's pleading as a condition precedent to recovery that the payee was duly licensed to operate thereunder when the obligation was incurred, and that the action is based on a lawful transaction under the Act. Colter v. Consolidated Credit Corp., 115 Ga. App. 408, 154 S.E.2d 713 (1967).

Cited in Bentley v. C. & S. Loans, Inc., 109 Ga. App. 218, 135 S.E.2d 900 (1964); Commercial Credit Plan, Inc. v. Parker, 152 Ga. App. 409, 263 S.E.2d 220 (1979); Cmty. State Bank v. Strong, 651 F.3d 1241 (11th Cir. 2011).

RESEARCH REFERENCES

Am. Jur. 2d.

- 53A Am. Jur. 2d, Moneylenders and Pawnbrokers, §§ 6 et seq., 34 et seq.

C.J.S.

- 47 C.J.S., Interest and Usury; Consumer Credit, §§ 254 et seq., 423 et seq., 446.

Cases Citing O.C.G.A. § 7-3-8

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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

...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 amount of the contract," OCGA § 7-3-14 (1), **578and it specifies the other fees that permissibly may be charged to a borrower in connection with a loan of $3,000 or less....
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Varner v. Century Fin. Corp., 253 Ga. 27 (Ga. 1984).

Cited 3 times | Published | Supreme Court of Georgia | Apr 4, 1984 | 315 S.E.2d 178

...ndustrial Loan Act (the Act). The purpose of the Act is to regulate the business of making loans of $3,000 or less where the lender is otherwise not subject to regulation. Persons subject to the Act’s control are required to obtain a license, OCGA § 7-3-8, and Century Finance Company is such a licensee. In 1977, Century made a loan to Garrett Varner....
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Ruth v. Cherokee Funding, LLC, 304 Ga. 574 (Ga. 2018).

Published | Supreme Court of Georgia | Oct 22, 2018

...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 face amount of the contract,” OCGA § 7-3-14 (1), and it specifies the other fees that permissibly may be charged to a borrower in connection with a loan of $3,000 or less....