Georgia A.G. Opposes Federal Payday Lending Bill
Georgia Attorney General Sam Olens has joined forty other attorneys general in protesting a federal bill on payday lending.
The Georgia General Assembly essentially outlawed payday lending in 2004. About a dozen other states have done the same.
But a bill pending in Congress would allow it, though regulate it heavily.
Nels Peterson, Georgia’s Solicitor General, says the Attorney General’s office opposes the bill as a matter of principle. “The Georgia General Assembly has made the policy judgment, that payday lending ought not to be permitted in Georgia under the circumstances and conditions that they put in the statute. And this federal law would essentially undo that,” said Peterson. “And the Attorney General believes that it’s the prerogative of states to make those sorts of policy judgments without the federal government coming in and overruling it.”
The protest was sent in the form of a letter to Congressional leaders from the National Association of Attorneys General.
The bill, known as the Consumer Credit Access, Innovation and Modernization Act, has been referred to the House Committee on Financial Services. It was introduced by Rep. Blake Luetkemeyer (R)-Missouri.
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