Georgia Payday Loans Laws, Georgia Payday Loans Rate of Intrest, Payday Loans Rollovers, Georgia Repayment Plan, Collection Limits, Legal Status

Georgia Payday Loan Laws

In May 2004 the Georgia State Legislator passed a statute which imposed stiff penalties for payday loan lending by non-banks and in-state banks. It also capped small consumer loans at Georgia's small loan usury rate of 60%. Payday loan lenders pulled out of the state of Georgia shortly after.

Georgia Payday loan laws. Georgia Payday loan legislation. Georgia state does not have specific payday loan safe-harbor legislation. At this time, the best approach is to offer payday loans via the online, one of the alternative methods (cash rebates, ISP model, etc.) discussed in our training materials, or the newest model, the CSO (Credit Services Organization) approach.

Georgia State Payday Loan Laws and Legislation Information Georgia Payday Loan Legal Status: Prohibited Georgia Payday Loan Citation: Industrial loan act applies. Ga. Code Ann.§ 7-3-14. Ga. Comp. R. & Regs. r. 80 § 3-1.02(7) and O. C.G.A. Section 16-17-1 et seq. Georgia Payday Loan Small Loan Rate Cap Georgia Payday Loan - 16% per year (10% per year discounted plus fees); 60% per year criminal usury cap Georgia Payday Loan Regulator: Georgia Office of the Commissioner of Insurance Georgia Payday Loan Address: Industrial Loan Division, Two Martin Luther King, Jr. Drive West Tower, Suite 704 Atlanta GA 30334 Georgia Payday Loan Phone Number: (404) 656-2070 Georgia Payday Loan Fax: (404) 657-8542 Georgia Payday Loan Regulatory Contact: Frank Ogletree Director