West v. Dorsey

Weltner, Justice.

We granted certiorari to distinguish between Southern Discount Co. v. Ector, 246 Ga. 30 (268 SE2d 621) (1980), and Maynard v. Marshall, 91 Ga. 840 (18 SE 403) (1893), as to whether an amended penalty statute should apply retroactively to a usurious loan. This issue need not be addressed, however, as we hold that the 1976 amendment to the Secondary Security Deed Act did not alter the penalty for excessive interest charges. Ga. L. 1976, pp. 726, 727, amending Ga. L. 1966, pp. 574, 577; Code Ann. § 57-203 (a).

The borrowers executed a promissory note in 1973, secured by a…