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Georgia Cash Lenders
Georgia Payday Loan Laws & Legislation
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 consumers by the tens of thousands continue to get access to payday loans via the Internet and payday loan call centers based in other states and offshore.
Legal Status: Prohibited
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.
Small Loan Rate Cap
16% per year (10% per year discounted plus fees); 60% per year criminal usury cap
Regulator: Georgia Office of the Commissioner of Insurance
Address: Industrial Loan Division, Two Martin Luther King, Jr. Drive West Tower, Suite 704 Atlanta GA 30334
Phone: (404) 656-2070
Fax: (404) 657-8542
Regulatory Contact: Frank Ogletree Director
Regulator’s Website