Section 7-4-20. Election to forgo application of federal usury laws

   In enacting Code Sections 7-4-2 through 7-4-5, the General Assembly exercises its prerogative:

   (1) Under subsection (b)(2) of Section 501 of the Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221 (12 U.S.C. Section 1735f-7, notes), and declares that the provisions of subsection (a)(1) of Section 501 do not apply to loans, mortgages, credit sales, and advances made in the State of Georgia on and after March 31, 1983; and

   (2) Under Section 512 of that act, Public Law 96-221 (12 U.S.C. Section 86a, notes), and declares that the provisions which preempt the law of this state in Section 511 of that act do not apply to business and agricultural loans in amounts of $1,000.00 or more made in the State of Georgia on and after March 31, 1983.

Code 1981, § 7-4-20, enacted by Ga. L. 1983, p. 1146, § 7; Ga. L. 2004, p. 631, § 7.