FILE photo (AP Photo/Carolyn Kaster)
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.
Post a Comment