O.C.G.A.

O.C.G.A. § 7-4-20 (2019)

Election to forgo application of federal usury laws

✓ 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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In enacting Code Sections 7-4-2 through 7-4-5, the General Assembly exercises its prerogative: (1) Under subsection (b)(2) of Section 501 of the Depository

Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221 (12 U.S.C. Section 1735f-7, notes), and declares that the provisions of subsection (a)(1) of Section 501 do not apply to loans, mortgages, credit sales, and advances made in the State of Georgia on and after March 31, 1983; and (2) Under Section 512 of that act, Public Law 96-221 (12 U.S.C. Section 86a, notes), and declares that the provisions which preempt the law of this state in Section 511 of that act do not apply to business and agricultural loans in amounts of $1,000.00 or more made in the State of Georgia on and after March 31, 1983.

History

Code 1981, § 7-4-20, enacted by Ga. L.

1983, p. 1146, § 7; Ga. L. 2004, p. 631, § 7.

Notes of Decisions

Cited in 1 case, 1986–1986 · leading case: Richard Doyle v. S. Guar. Corp., Jimmy E. Wood v. Fort Wayne Mortg. Co., 795 F.2d 907 (11th Cir. 1986).

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Richard Doyle v. S. Guar. Corp., Jimmy E. Wood v. Fort Wayne Mortg. Co., 795 F.2d 907 (11th Cir. 1986). “In section 7 (codified at O.C.G.A. § 7-4-20), the legislature exercised its prerogative to override section 501 of DIDMCA for loans, mortgages, credit sales, and advances made in Georgia on or after March 31, 1983.”

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