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34.020 Usury; Intention; Indirect Means
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Description
34.020 Usury; Intention; Indirect Means To constitute usury, it is essential that there be, at the time the contract is executed, an intent on the part of the lender to take or charge for the use of money a higher rate of interest than that allowed by law. If such intent existed at the time the contract was executed, the fact that it was accomplished indirectly, as by way of commission for advances, discount, exchange, or by any contract or scheme or contrivance or device whatever, would not excuse it. In determining whether such intent existed, you would inspect and analyze the transaction critically and carefully and consider all of its facts and circumstances. O.C.G.A. §7-4-2 Bellerby v. Goodwyn, 112 Ga. 306 (1900) Loganville Banking Co. v. Forrester, 143 Ga. 302 (1915) Bank of Lumpkin v. Farmers State Bank, 161 Ga. 801 (1926) Harrison v. Arrendale, 113 Ga. App. 118, 121, 123 (1966); 117 Ga. App. 463 (1968); on retrial
