Georgia Cash Advance Laws & Regulations
Georgia legislation prohibits traditional payday loans. In order to obtain a small loan, all borrowers and lenders must adhere to the regulations put in place by the legislature in 2004, which consolidated all small loans under one set of laws.
Here are some specific Georgia regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
N/A - Maximum Finance Charges and Fees
Interest capped at 16% per year - Maximum Loan Amount
N/A - Number of Rollovers
None - Outstanding Loans Allowed at Once
N/A - Cool-Off Period
N/A
- Payment Plan
N/A - Collection Fees
N/A - Presentment Limit
N/A - Private Right of Action
Civil - Military Protection
N/A - Penalties
Arbitration and attorney fees
As of January 2012, no further legislative mandates governing the cash advance industry in Georgia have been passed.
References:
Industrial Loan Act
Georgia State Code Ann.§ 7-3-14.
Georgia. Comp. R. & Regs. r. 80 § 3-1.02(7)
O.C.G.A. Section 16-17-1 et seq.
Georgia Office of the Commissioner of Insurance
Industrial Loan Division
2 Martin Luther King, Jr. Drive West Tower, Suite 704
Atlanta GA 30334
Phone: (404) 656-2070
Fax: (404) 657-8542
Web: http://www.gainsurance.org/IndustrialLoan/Home.aspx
More Information about Georgia
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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