Lender: New law hurts consumers - WALB.com, Albany News, Weather, Sports

Lender: New law hurts consumers

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January 30, 2003

Albany-- Lenders say new laws designed to protect people from loan sharks is doing more harm than good.

The Georgia Fair Lending Act is aimed at curbing high-interest loans aimed mainly at the poor and elderly. The law puts a percentage cap on how much profit can be made on a loan.

But some lenders, like Stacey Hayes of Northside Mortgage, says she can't make small loans anymore, and is turning away people weekly. "Those are the consumers getting caught up in the bill. These people should not be effected but they are they have very few options, very few options."

Stacey Hayes says credible lenders support laws protecting the consumer from bad loans, but this law is too restrictive.

Legislators are taking a second look at Fair Lending Act that took effect last October.

posted at 2:55PM by dave.miller@walb.com