Court Opinion

ID: 9566888
Source: CourtListenerOpinion
Date Created: 2023-08-21 19:44:25.310137+00
Date Added: 2024-06-11T09:42:57.100962
License: Public Domain

Jordan, Justice,
dissenting. I agree with that part of the majority opinion which adopts as correct the finding of the trial court that the loan contract here involved was null and void. Code Ann. § 25-9903 clearly provides that any loan contract made in violation of the provisions of the Industrial Loan Act shall be null and void. No clearer mandate or statement could have been made by the General Assembly.
It has always been recognized that since the Industrial Loan Act allows charges far in excess of that allowed under general statutes that the Act will be strictly construed and all penalties strictly enforced. Such a desirable legislative policy would be completely eviscerated if a lender, after imposing a null and void contract upon the borrower, were to be allowed to recover the principal amount of the loan under the theory of money had and received or under any other theory.
I therefore respectfully dissent from that part of the majority opinion which would allow any recovery whatsoever by the lender after entering into such a void contract. The holding made here today contravenes clear legislative intent as set forth above.