Georgia narrowly rejected a bid Tuesday to repeal their ban on payday loans.
The vote failed 82-77 in a Republican-led House. The bill would’ve replaced Georgia’s 3-year old ban on payday loans with a system letting lenders charge $15 for every $100 borrowed.
Georgia is the only state with a payday loan ban.
The payday loan industry is gearing up its lobbying efforts to legalize and legitimize their advantage-taking of impoverished Americans. It will take our elected representatives’ resolve and integrity, and our clamor, to resist these efforts. — BEN POPKEN