O.C.G.A.
O.C.G.A.

O.C.G.A. § 7-1-99 (2019)

Duties and responsibilities of department regarding interest and usury complaints; advisory opinions; effect

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) Except as provided in Chapter 3 of this title, as amended, and Chapter 22 of Title 33, as amended, the department is designated as the appropriate agency of this state to receive and investigate complaints or allegations regarding violations of the interest and usury laws of this state. In processing such matters, the department may refer complaints or allegations to other state or federal officials or agencies which have jurisdiction over the lender involved for investigation or other action. (b)(1) The department, in consultation with the Department of Law, may render and publish advisory opinions for the assistance and guidance of financial institutions as defined in this chapter. (2) Reliance in good faith upon an opinion issued as provided in paragraph (1) of this subsection shall constitute prima-facie evidence of good faith on the part of any person charged with any violation, resulting from the reliance, which subjects him to forfeiture or other sanctions imposed by the interest and usury laws. The provisions of this paragraph shall apply even if, following the reliance, the opinion

is amended, rescinded, or determined by any judicial or other authority to be invalid.

History

Code 1933, § 41A-411, enacted by Ga. L. 1979, p. 951, § 1; Ga. L. 1989, p. 14, § 7.

Annotations

Law reviews. For article surveying 1979 legislative developments in commercial law, see 31 Mercer L. Rev. 13 (1979).

RESEARCH REFERENCES ALR. Constitutionality, construction, and effect of statutes relating to inspection, dissolution and liquidation of building and loan associations, 78 A.L.R. 1090.

Usury in connection with loan calling for variable interest rate, 18 A.L.R.4th 1068.

PART 5 PERMISSIVE CLOSING DAYS, EMERGENCY CLOSINGS, BUSINESS RESTRICTIONS, AND VOLUNTARY LIQUIDATIONS Cross references. Taking of possession of the business and property of financial institutions by department, § 7-1-150 et seq. Dissolution of business corporations generally, § 14-2-1401 et seq.

Forfeiture of charter and dissolution of Secretary of State corporations generally, § 14-4-160 et seq.

Notes of Decisions
Cited in 1 case, 1988–1988 · leading case: Capital Co. v. Bankers First Fed. Sav. & Loan Ass'n, 370 S.E.2d 668 (Ga. Ct. App. 1988).
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Capital Co. v. Bankers First Fed. Sav. & Loan Ass'n, 370 S.E.2d 668 (Ga. Ct. App. 1988). · cites it 2× “” See OCGA § 7-1-99 (b) (1). According to the Department the requirement that the rate of interest be expressed in simple interest terms does not mandate numerical terminology but is met by the expression of the method of computation of interest by reference to “prime” or other…”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.