First Reader Summary

A BILL to be entitled an Act to amend Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, so as to amend the "Georgia Fair Lending Act"; to provide for revisions to certain definitions; to provide for changes in limitations on late payment charges; to specify when a reasonable, tangible net benefit occurs; to provide for reasonable attorney's fees; to provide for certain exceptions and limitations consistent with federal law; to provide the Department of Banking and Finance with express authority to promulgate rules and regulations; to provide for good faith reliance on guidance from the Department of Banking and Finance; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.