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2018 Georgia Code 7-4-21 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-4-21 Case Law from Google Scholar Amendments to OCGA 7-4-21

TITLE 7 BANKING AND FINANCE

Section 4. Interest and Usury, 7-4-1 through 7-4-36.

ARTICLE 1 IN GENERAL

7-4-21. Class action barred on claims for violation of interest laws on loans secured by real estate.

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.

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

Law reviews.

- For annual survey article on domestic relations, see 50 Mercer L. Rev. 217 (1998).

Cases Citing O.C.G.A. § 7-4-21

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Fleet Fin., Inc. v. Jones, 430 S.E.2d 352 (Ga. 1993).

Cited 27 times | Published | Supreme Court of Georgia | Jun 14, 1993 | 263 Ga. 228, 93 Fulton County D. Rep. 2194

...therefore Fleet should be enjoined from proceeding with threatened foreclosures and should be required to forfeit all interests contracted for under the notes. 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....
...Fleet opposed the appellees' motion for class certification and filed a motion to dismiss the appellees' action, on the ground that the notes were not usurious. The trial court enjoined Fleet from proceeding with any foreclosures; granted the appellees' motion for class certification, ruling that § 7-4-21 was unconstitutional for numerous reasons; and denied Fleet's motion to dismiss....