First Reader Summary

A BILL to amend Chapter 9 of Title 16 of the Official Code of Georgia Annotated, relating to crimes involving forgery and fraudulent practices, so as to create the criminal offense of unlicensed commercial loan sharking; to define the elements of such offense as making certain numbers of loans which violate the criminal usury statute; to provide for applicability to all transactions which are in economic reality loans, notwithstanding the use of other nomenclature or terms; to provide for inapplicability to transactions by certain licensed lenders and transactions lawful under certain statutes regulating loans and advances of credit; to provide for investigatory jurisdiction of the administrator of the ""Fair Business Practices Act of 1975"".

Code Sections Amended

7-4-10