ATLANTA - Republican senators have introduced a new predatory lending bill that they said reforms the current law and will help stabilize the state's mortgage industry.
Others said the Republican proposal guts the nation's toughest predatory lending law.
The bill, introduced Monday by Senator Casey Cagle of Gainesville, would no longer allow borrowers to sue people who bought investments that included an illegal loan, so only the original lender would be liable.
Democratic Senator Vincent Fort of Atlanta opposed the change. He said allowing mortgage holders liable if their loans are found to be illegal is necessary.
Removing that liability would make it easier for lenders to launder an abusive loan by giving it to another lender.
Cagle maintains his changes to the bill will still leave Georgia with the strongest predatory lending law in the nation and will protect home buyers from predatory lenders.
Wednesday
January 29th, 2025
1:05AM
