Georgia Interest Rates Laws
|Legal Maximum Rate of Interest||7% per year when rate not specified; higher than 7% must be in writing; maximum 16% where principal is $3000 or less; no limit on rate if loan is between $3000 and $250,000 and must be in simple interest in written contract (§7-4-2)|
|Penalty for Usury (Unlawful Interest Rate)||Forfeiture of entire interest (§7-4-10); criminal penalty (§7-4-18)|
|Interest Rates on Judgments||Prime rate determined by Federal Reserve System plus 3% (§7-4-12)|
|Exceptions||Small industrial loans (§7-3-14)|
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