Legal Status: Prohibited
Citation:
Industrial loan act applies. Ga. Code Ann.§ 7-3-14. Ga. Comp. R. & Regs. r. 80 § 3-1.02(7)
Small Loan Rate Cap
16% per year (10% per year discounted plus fees); 60% per year criminal usury cap
Where to Complain, Get Information:
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
Enhanced protections against payday lending and additional penalties enacted in 2004. Ga. Code Ann. §§ 16-17-1 to 16-17-10. Also, the Industrial loan Act applies (Ga. Code Ann.§ 7-3-14)(10% per year; interest may be discounted in advance on loan contracts repayable in 18 months or less and, on contracts repayable over a greater period; interest shall be added to the principal amount of the loan. A licensee may also charge a fee of 8% of the first $600 plus 4% of the excess). Check cashers are required to send checks for deposit to their accounts at the depository institutions not later than the close of business on the next business day after the date on which the check was cashed. Ga. Comp. R. & Regs. r. 80 § 3-1.02(7).
