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

O.C.G.A. § 7-4-21 (2019)

Class action barred on claims for violation of interest laws on loans secured by real estate

✓ 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 claim of violation on any loan secured by an interest in real estate may be asserted in an individual action only and may not be the subject of a class action under Code Section 9-11-23 or any other provisions of law. Nothing contained in this Code section shall be construed to affect any class action which was pending in any court of this state, including any United States courts, on February 15, 1983, as to the parties to and subject matter then before such court.

History

Code 1981, § 7-4-21, enacted by Ga. L. 1983, p. 1316, § 1; Ga. L. 1984, p. 22, § 7.

Annotations

Law reviews. For annual survey article on domestic

relations, see 50 Mercer L. Rev. 217 (1998).

ARTICLE 2 RESIDENTIAL SECOND MORTGAGES 7-4-30 through 7-4-36. [Reserved] History. Ga. L. 1966, p. 574, §§ 2-6; Ga. L. 1967, p. 637, §§ 1, 2; Ga. L. 1968, p. 1086, § 1; Ga. L. 1975, p. 1114, § 1; Ga. L. 1976, p. 726, §§ 1, 2; Ga. L. 1979, p. 1281, §§ 1, 2; Ga. L. 1980, p. 511, § 3; Ga. L. 1982, p. 3,

§ 7; repealed by Ga. L. 1983, p. 1146, § 8, effective March 31, 1983. Editor’s notes. Ga. L. 1983, p. 1146, § 8 repealed and reserved this article, effective March 31, 1983.

CHAPTER 5 CREDIT CARDS AND CREDIT CARD BANKS Sec.

Short title. Definitions. Organization, ownership, and control of credit card banks. Credit card charges and fees; terms and conditions.

Cross references. Criminal penalties for illegal use of credit cards, bank services cards, and other financial resources, § 16-9-30 et seq. Editor’s notes. Ga. L. 1987, p. 268, § 1, effective March 19, 1987, repealed the Code sections formerly codified at this chapter and enacted the current chapter. The former chapter consisted of §§ 7-5-1 through 7-5-7, which dealt with lender credit card charges and was based on Ga. L. 1969, p. 87, §§ 1-6; Ga. L. 1981, p. 732, §§ 1, 2; Ga. L. 1981, Ex. Sess., p. 8.

Sec.

Regulation of credit card banks; enforcement; rules and regulations. Applicability of banking laws.

Law reviews. For article discussing federal truth in lending provisions and their relation to state laws, see 6 Ga. St. B.J. 19 (1969). For note discussing transfer fees in home loan assumptions in reference to the Georgia usury laws, see 9 Ga. L. Rev. 454 (1975). For article, “Ohio v. American Express: Misunderstanding Two-Sided Platforms; The Charge Card ‘Market;’ and the Need for Procompetitive Justifications,” see 70 Mercer L. Rev. 437 (2019).

RESEARCH REFERENCES ALR. Liability of holder of credit card or plate for purchases made thereon by another person, 15 A.L.R.3d 1086. Credit card issuer’s liability, under state laws, for wrongful billing, cancellation, dishonor, or disclosure, 53 A.L.R.4th 231.

Extension of Credit Under Consumer Credit Protection Act Provisions (18 U.S.C.A. §§ 891 to 894) Prohibiting Extortionate Credit Transactions, 35 A.L.R. Fed. 3d 2.

Notes of Decisions
Cited in 2 cases, 1985–1993 · leading case: Fleet Fin., Inc. v. Jones, 430 S.E.2d 352 (Ga. 1993).
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Fleet Fin., Inc. v. Jones, 430 S.E.2d 352 (Ga. 1993). · cites it 4× “The appellees also moved for a class certification, contending, among other things, that § 7-4-21, which prohibits class certification where a loan is secured by real property, was unconstitutional.”
Pardue v. Bankers First Fed. Sav. & Loan Ass'n, 334 S.E.2d 926 (Ga. Ct. App. 1985). · cites it 4× “We agree completely with the trial court, and find no basis whatever to support a fiduciary duty between lender and borrower or bank and customer which would impose a duty upon the bank or savings and loan association to advise appellants concerning their tax status.”
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.