Regulation & The Market

In 2020, the Georgia General Assembly transferred regulatory oversight of consumer installment lenders to the Department of Banking and Finance.  Oversight of insurance sold in conjunction with installment loans continues to be regulated by the Department of Insurance.  Our members must also abide by other federal, state, and local laws.

The Association believes:

• Regulation should allow for competition and innovation in the marketplace.  This tends to reduce price, increase consumer choice, and in return, benefit consumers.

• Regulation should be a collaborative process between regulators and the parties directly impacted by the proposed regulations.

• Government, consumers, and the credit industry should work together to promote lending that helps consumers meet their financial needs through affordable credit.

• The extension of credit must be affordable to both the lender and the borrower.

• Risk-based pricing increases access to credit for the less creditworthy and reduces relative pricing for the more creditworthy.

• The secondary market is critical to the continued availability of certain kinds of credit.

• Market funding gives consumer lenders the ability to make affordable loans to millions of qualified consumers.