On November 3, 2016, the Georgia Attorney General’s Office (Georgia AG) announced that affiliated online payday lenders will suspend collections on approximately $6.5 million in loans following a Georgia Supreme Court ruling that state law applied to the online payday lenders. As a result of that ruling, the Georgia AG’s case currently pending against the online payday lenders will move forward in state court. The Georgia AG alleges that the lenders issued loan products that were illegal in Georgia. Enforcement Watch has previously covered actions involving these online payday lenders, including one action involving the Consumer Financial Protection Bureau here, and other actions by state attorneys general here, here, here, here, and here.
Blog Enforcement Watch November 03, 2016