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Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 4. INTEREST AND USURY · Article 1. IN GENERAL

7-4-16. When interest runs on commercial accounts; maximum interest rate on commercial accounts.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. Unless otherwise provided in writing signed by the obligor, a commercial account becomes due and payable upon the date a statement of the account is rendered to the obligor. The owner of a commercial account may charge interest on that portion of a commercial account which has been due and payable for 30 days or more at a rate not in excess of 1 1/2 percent per month calculated on the amount owed from the date upon which it became due and payable until paid. As used in this Code section, the term “commercial account” means an obligation for the payment of money arising out of a transaction to sell or furnish, or the sale of, or furnishing of, goods or services other than a “retail installment transaction” as defined in paragraph (10) of subsection (a) of Code Section 10-1-2.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Ga. L. 1858, p. 90, § 1; Code 1863, § 2030; Code 1868, § 2031; Ga. L. 1873, p. 22, § 1; Code 1873, § 2057; Code 1882, § 2057; Civil Code 1895, § 2885; Civil Code 1910, § 3435; Code 1933, § 57-111; Ga. L. 1980, p. 514, § 1; Ga. L. 2024, p. 1052, § 1(a)(39)/SB 448, effective July 1, 2024.

Amendments

The 2024 amendment, effective July 1, 2024, part of an Act to revise, modernize, and correct the Code, substituted “As used in this Code section, the term ‘commercial account’” for “‘Commercial account’” at the beginning of the third sentence.

Law reviews

For survey article on recent developments in Georgia law of remedies, see 34 Mercer L. Rev. 397 (1982). For annual survey on construction law, see 65 Mercer L. Rev. 67 (2013).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t7-t8-(v5)-2024-pdf.pdf, Volume V5, 2024 edition, page 763; merge action: carried; file SHA-256 5c69f28428d8.