Frazier v. City Investment Co.

(After stating the foregoing facts.)

1. Since the act approved August 17, 1920 (Ga. L. 1920, p. 215), known as the small-loan act, permits, under prescribed rules and regulations, a loan of money not exceeding $300 at a rate of interest of 3-1/2 per cent, per month, and the petition alleged a compliance by the plaintiff with the provisions of the small-loan act, the defendant’s plea, in so far as it alleges that the note sued on was infected with usury in charging interest at a rate in excess of 8 per cent, per annum, failed to allege an illegal and usurious charge of interest. The court…