O.C.G.A. 16-17-1 (2010) 16-17-1. "Payday financing" defined; legislative findings; prohibited task; no disability of agencies with concurrent jurisdiction
(a) Without restricting in any way the range for this chapter, "payday financing" as found in this chapter encompasses all transactions for which funds are advanced become paid back at a later time, notwithstanding the fact the deal contains more than one other elements and a "payday lender" will probably be person who partcipates in such deals. This concept of "payday lending" 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 certified Opinion 2002-3 joined on June 27, 2002, that payday financing is in breach of Georgia legislation and even though the Industrial Loan Commissioner has given cease and desist requests against various payday loan providers into the State of Georgia, the typical Assembly has determined that payday lending continues within the State of Georgia and therefore there are maybe not adequate deterrents into the State of Georgia resulting in this unlawful task to stop.
(c) the typical Assembly has determined that various payday loan providers have actually developed certain schemes and practices so that you can make an effort to disguise these transactions or even cause these deals to seem to be "loans" made by a nationwide or state bank chartered an additional state for which this kind of financing is unregulated, and even though a lot of the profits in this financing technique are compensated to your payday lender.