Learn More - Click Here!

Thread Options
#809047 - 09/05/07 01:51 PM Usury Ceiling
LoisLane Offline
Diamond Poster
LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
We are researching GA usury laws and have been unable to access GA State Code without a LexisNexis sign-in. Do you know of any other way to access GA Code?

We are specifically looking for information on whether Georgia law stipulates a usury ceiling term of weekly, quarterly or annually. We understand some states do not define a ceiling term but have been told Georgia does. Does anyone know?
We think this issue would be addressed in GA Code 7-4-1, but can't access itů
_________________________
And where is Superman when I need him?

Return to Top
#809331 - 09/05/07 04:42 PM Re: Usury Ceiling LoisLane
waldensouth Offline
Power Poster
waldensouth
Joined: Nov 2001
Posts: 7,973
FINALLY ABOVE the gnat line
I can't believe the OCGA can now only be accessed via login! I've e-mailed Lexis Nexis to see if this is a glitch. The maximum you may charge for most loans is found in 7-4-18 and it states: "....any rate of interest greater than 5% per month either directly or indirectly, by way of commission for advances,discount, exchanges, or the purchase of salary or wages,by notarial or other fees; or by any contract, contrivance, or device whatsoever shall be guilty of a misdemeanor" We've always kept the APR less than 60% and been fine.

the 16% cap on loans $3000 and under can be either APR or flat rate. You may charge a flat interest rate of 16% on a note if you can justify your loan fees to exclude them from interest for purposes of the usury calculation.
_________________________
"Once you learn to read, you will be forever free."

- Frederick Douglass




My Opinion Only.

Return to Top
#809402 - 09/05/07 05:46 PM Re: Usury Ceiling waldensouth
waldensouth Offline
Power Poster
waldensouth
Joined: Nov 2001
Posts: 7,973
FINALLY ABOVE the gnat line
Thank you for your email. In response to your email. The problem is a technical glitch.



Thanks,

LexisNexis New Sales Group
_________________________
"Once you learn to read, you will be forever free."

- Frederick Douglass




My Opinion Only.

Return to Top
#809566 - 09/05/07 08:00 PM Re: Usury Ceiling waldensouth
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,643
The Swamp
LOL!

Lois, also keep in mind that the 5%/month can totally trap you if you are considering fees on the deposit side, such as daily overdraft fees or credit line access, etc.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#947035 - 04/22/08 01:39 AM Re: Usury Ceiling RR Joker
Jan94 Offline
Platinum Poster
Joined: Mar 2001
Posts: 828
USA
We had this question come up as to whether GA considers a daily overdraft fee interest. My understanding is that this would be correct however I can't find a specific cite. Would anyone be able to direct me to where this may be stated? Thank you.

Return to Top
#947175 - 04/22/08 02:04 PM Re: Usury Ceiling Jan94
waldensouth Offline
Power Poster
waldensouth
Joined: Nov 2001
Posts: 7,973
FINALLY ABOVE the gnat line
they do - it is based on the time-value of money. it is a legal opinion from the AG's office and I have a copy of it. PM me with your real e-mail address and I'll send it to you.
_________________________
"Once you learn to read, you will be forever free."

- Frederick Douglass




My Opinion Only.

Return to Top
#948357 - 04/23/08 06:30 PM Re: Usury Ceiling waldensouth
Jan94 Offline
Platinum Poster
Joined: Mar 2001
Posts: 828
USA
Thank you for your response. I do have a copy of the 2003 AG opinion if that is the one you are referencing. There was a lot in there to digest so I just wanted to confirm if I understood it correctly. Appreciate your help.

Return to Top
#948369 - 04/23/08 06:36 PM Re: Usury Ceiling Jan94
waldensouth Offline
Power Poster
waldensouth
Joined: Nov 2001
Posts: 7,973
FINALLY ABOVE the gnat line
DBF issued an internal memo dated 7-9-2002 covering Interest and Usury - specifically addressing Overdrafts.
_________________________
"Once you learn to read, you will be forever free."

- Frederick Douglass




My Opinion Only.

Return to Top