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(a) Without restricting in every way the range with this chapter, вЂњ payday lending вЂќ as utilized in this chapter encompasses all deals for which funds are advanced become paid back later on, notwithstanding the fact the deal contains a number of other elements and a вЂњ payday lender вЂќ shall be one who partcipates in such deals. This concept of вЂњ payday lending вЂќ 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 formal Opinion 2002-3 joined on June 27, 2002, that payday financing is in breach of Georgia law and even though the Industrial Loan Commissioner has granted stop and desist purchases against various payday loan providers within the State of Georgia, the typical Assembly has determined that payday financing continues within the State of Georgia and therefore you can find perhaps 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 produced specific schemes and practices so that you can make an effort to disguise these transactions or even to cause these deals appearing to be вЂњloansвЂќ created by a nationwide or state bank chartered an additional state by which this kind of financing is unregulated, despite the fact that the most of the revenues in this financing technique are compensated to your lender that is payday. The General Assembly has further determined that payday financing, inspite of the illegality of these task, keeps growing into their state of Georgia and it is having an effect that is adverse armed forces workers, older people, the economically disadvantaged, as well as other residents associated with the State of Georgia.