Consolidated Credit Corp. of Athens, Inc. v. Peppers

Shulman, Judge.

Appellant filed suit against appellees on a note governed by the Industrial Loan Act. Appellees failed to answer the suit and a default judgment issued against them. When appellant caused a levy to be made on certain personalty of appellees, a motion was made to set aside the judgment, claiming that appellant charged an excessive loan fee, making the loan usurious, and therefore void. This appeal is from the granting of that motion. We affirm.

The sole issue for our determination is the meaning of the phrase, "face amount of the contract” (hereinafter, FAC), as used in Code Ann.…