House Bill 163

Chair's Name: James Mills

Committee: Banks & Banking

House Sponsor: Steve Tumlin

The Banks & Banking Committee Substitute received a Do Pass recommendation and comes to the House Floor under the Modified Open Rule. 

Chairman Mills� opinion of this legislation:

WHAT PROBLEM/OPPORTUNITY DOES THIS LEGISLATION ADDRESS?

The bill allows the operation of businesses that provide deferred presentment services in Georgia by properly licensed individuals. It provides an alternative for obtaining a small short-term loan. It also provides for strict regulations of the deferred presentment services industry in the state of Georgia.

WHAT IS THE DRIVING FORCE BEHIND THIS LEGISLATION?

In 2004 �Pay Day� Loans were completely prohibited by Georgia Law. But there is evidence that this lending market exists by observing �Internet Lenders� and Georgians crossing over to other states to obtain loans.

THIS LEGISLATION:

• Strengthens the Traditional Family Structure

Allows access to money to solve short term goals.

• Increases Personal Responsibility:

Allows for personal self-help.