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HCS HB 163 - Payday Loan Legalization and Regulation - Georgia Key Vote

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Title: Payday Loan Legalization and Regulation

Vote Smart's Synopsis:

Vote to pass a bill legalizing and regulating payday loans in Georgia.

Highlights:

-Requires licensing of payday loan companies (Sec. 1). -Limits transactions to $750 or 25% of the customer’s gross monthly income, whichever is less (Sec. 1). -Prohibits interest and authorizes lenders to charge a $15 service fee on each $100 or portion thereof borrowed (Sec. 1).

NOTE: THE CONSTITUTION REQUIRES A MAJORITY OF THE ENTIRE MEMBERSHIP (AS OPPOSED TO A MAJORITY OF THOSE PRESENT) TO VOTE FOR THE PASSAGE OF BILLS AND RESOLUTIONS THAT WILL HAVE THE EFFECT OF LAW.

Full Bill Text

Title: Payday Loan Legalization and Regulation

Committee Sponsors

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

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