Peoples Bank v. Mayo

This court, in Gore v. Industrial Loan & Savings Co., 52 Ga. App. 401, 404 (183 S. E. 499), said: “The Code, § 57-101, makes it illegal to reserve, charge, or take for any loan or advance of money any rate of interest greater than 8 per cent, per annum, either directly or indirectly by way of commission for advances, discount, or by any contract or contrivance or device whatever. ‘Any person, company, or corporation violating the provisions of section 57-101 shall forfeit the entire interest so charged or taken, or contracted to be reserved, charged, or taken/ § 57-112.” However, there are…