Usury Ceiling

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 it…

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.

Thank you for your email. In response to your email. The problem is a technical glitch.



Thanks,

LexisNexis New Sales Group

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.

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.

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.

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.

DBF issued an internal memo dated 7-9-2002 covering Interest and Usury - specifically addressing Overdrafts.