ATLANTA (AP) -- The Georgia House quickly approved changes to a predatory lending law, with members of both parties urging speed so loan companies won't abandon Georgia.
In a 175-0 vote Tuesday, the House approved revisions to last year's Fair Lending Act. The law outlaws unscrupulous banking practices used to extract huge fees from the unwary, but banking companies complained the law went too far.
The House revision would delete a part of the law that allowed victims to sue both the original lender as well as anyone down the line who bought the loan or a security that included the loan.
In a 175-0 vote Tuesday, the House approved revisions to last year's Fair Lending Act. The law outlaws unscrupulous banking practices used to extract huge fees from the unwary, but banking companies complained the law went too far.
The House revision would delete a part of the law that allowed victims to sue both the original lender as well as anyone down the line who bought the loan or a security that included the loan.
