By T.A. DeFeo, The Center Square contributor —
(The Center Square) — Rep. Josh Bonner, R-Fayetteville, introduced a measure to require statewide regulation of car title lenders who prey on cash-strapped Georgia families, often trapping them in a cycle of debt.
House Bill 342, the Motor Vehicle Title Loan Act, would allow the Department of Banking and Finance to regulate car title lenders and subject car title loans to the state’s 60% cap on interest rates. Currently, car titles can be “pawned” at as high as 300% interest rates.
“Car title lenders take advantage of Georgians when they are desperate for cash,” Liz Coyle, executive director of Georgia Watch, said in an announcement.
Senate committee gives thumbs up to measure protecting seniors
The Georgia Senate Banking and Financial Institutions Committee favorably reported on Senate Bill 84.
Proponents say the measure, nicknamed the “Georgia Uniform Securities Act of 2008,” will protect elderly and disabled adults who may fall victim to financial exploitation.
“This bill will give financial institutions a tool to be preemptive instead of waiting until after the fact when the money may be gone,” state Sen. Chuck Hufstetler, R-Rome, said in an announcement. “It will ensure that financial advisers have the tools to stop scammers from exploiting our senior citizens.”
Copyright © 2023 The Center Square