Georgia place a end to payday lending practices in their state in 2004 whenever it place a 10% APR limit on little loans. Presently, there are not any payday loan providers in Georgia. Furthermore, predatory lending that is high-cost considered a felony right right here, and so, may be criminally prosecuted.
Georgia Payday Lending Statutes. Georgia has extremely regulations that are strict regard to payday advances.
Specific organizations and companies have legal directly to offer tiny cash loans nevertheless they need to adhere to the laws written in the Georgia Payday Lending Act of 2004.
Any payday lender can be penalized for an illegal deal by the Attorney General of Georgia or any region lawyer. It really is written in Section 16-17-4(a), additionally the penalty may be 3 times the total amount of any interest charged in this deal.