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(a) Without restricting in every way the range with this chapter, вЂњ payday lending вЂќ as utilized in this chapter encompasses all deals for which funds are advanced become paid back later on, notwithstanding the fact the deal contains a number of other elements and a вЂњ payday lender вЂќ shall be one who partcipates in such deals. This concept of вЂњ payday lending вЂќ expressly includes the exceptions and examples found in subsections (a) and (b) of Code Section 16-17-2 .
(b) even though the Attorney General for the State of Georgia has opined in formal Opinion 2002-3 joined on June 27, 2002, that payday financing is in breach of Georgia law and even though the Industrial Loan Commissioner has granted stop and desist purchases against various payday loan providers within the State of Georgia, the typical Assembly has determined that payday financing continues within the State of Georgia and therefore you can find perhaps not adequate deterrents into the State of Georgia resulting in this unlawful task to stop. Read More