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2018 Georgia Code 7-4-8 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-4-8 Case Law from Google Scholar Amendments to OCGA 7-4-8

TITLE 7 BANKING AND FINANCE

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

ARTICLE 1 IN GENERAL

7-4-8. Commission to third person does not make lawful interest usurious.

Except as the application of this Code section is modified by Code Section 7-3-5, where the lender neither takes nor contracts to take more than lawful interest, the loan is not rendered usurious by money paid or agreed to be paid others by the borrower in order to obtain the loan.

(Civil Code 1895, § 2887; Civil Code 1910, § 3437; Code 1933, § 57-104; Ga. L. 1957, p. 331, § 3.)

History of section.

- This Code section is derived from the decisions in Merck v. American Freehold Land Mfg. Co., 79 Ga. 213, 7 S.E. 265 (1887), and Hughes v. Griswold, 82 Ga. 299, 9 S.E. 1092 (1889).

Law reviews.

- For article discussing methods of computation of finance charges in Georgia consumer credit contracts, see 30 Mercer L. Rev. 281 (1978). For note discussing the applicability of the usury laws to legitimate brokers' commissions, see 12 Ga. L. Rev. 814 (1978).

JUDICIAL DECISIONS

Commission to surety is not usurious.

- Premium or commission paid by principal maker of promissory note to endorser or surety to protect latter in risk assumed and to compensate the endorser for the endorser's services in procuring loan for which note is given, in which premium or commission lender has no interest, is in no sense usury. Jones v. Norton, 9 Ga. App. 333, 71 S.E. 687 (1910); Morgan v. Shepherd, 171 Ga. 33, 154 S.E. 780 (1930).

Whether one is agent of borrower or of lender is question for jury.

- Question whether agent was agent of borrower or of lender is question of fact which should be decided by jury. Williams v. Forman, 18 Ga. App. 242, 89 S.E. 459 (1916), later appeal, 147 Ga. 441, 94 S.E. 552 (1917).

Cited in Eubanks v. Shewmake Bros. Co., 30 Ga. App. 315, 117 S.E. 664 (1923); Vezzani v. Tallant, 121 Ga. App. 67, 172 S.E.2d 858 (1970).

RESEARCH REFERENCES

Am. Jur. 2d.

- 45 Am. Jur. 2d, Interest and Usury, § 167 et seq.

C.J.S.

- 47 C.J.S., Interest and Usury; Consumer Credit, § 243.

ALR.

- Usury: expenses or charges (including taxes) incident to loan of money, 53 A.L.R. 743; 63 A.L.R. 823; 105 A.L.R. 795.

Usury: expenses or charges in form of commissions to agents, brokers, or like intermediaries incident to loan of money, 52 A.L.R.2d 703.

Payments under (ostensibly) independent contract as usury, 81 A.L.R.2d 1280.

Usury: charging borrower for or with expense or trouble of procuring money loaned, 91 A.L.R.2d 1389.

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