Appeals court upholds Georgia's payday lending law

<p>A federal appeals court on Friday upheld Georgia's payday lending law, a measure passed by lawmakers last year in a bid to outlaw short-term, high-interest loans often marketed to military personnel.</p><p>In a 2-1 ruling, a panel of the court held that the state did not overstep its power in outlawing such loans.</p><p>Eleven companies had sued the state to prevent enforcement of the law, claiming the statute denied a financial backstop for military personnel and the working poor who need to borrow money against their future paychecks.</p><p>A federal judge upheld the law more than a year ago. The appeal was from that ruling.</p><p>The Legislature decided to outlaw payday loans largely at the urging of military commanders who said their soldiers and sailors were being victimized.</p>