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AG opposes federal payday lending legislation

5:45 AM, Oct 16, 2012   |    comments
Sam Olens (R)
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ATLANTA -- Georgia Attorney General Sam Olens is joining 40 other state attorneys general in opposing a bill before Congress that would create federal payday lending regulations.

Georgia outlawed payday lending in 2004 after the state Legislature declared it felony racketeering.

The attorney general's office tells The Daily Report it isn't taking a position on whether the legislation pending in Congress is good policy. It is objecting to the Consumer Credit Access, Innovation and Modernization Act on principle.

State Law Department Solicitor-General Nels Peterson says there is a serious concern when federal law enters a field currently regulated by states.

The National Association of Attorneys General sent a letter last week to House and Senate leaders blasting the proposal as pre-emption of state licensing laws for nonbank financial services providers.

 

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