Originally created 03/04/03

Predatory lending law vote delayed

ATLANTA -- Lawmakers continued to squabble over a new predatory lending law Monday.

Democrats in the state House decided to delay a vote on the matter until at least Tuesday, giving them time to craft amendments to the complicated lending law.

Lawmakers are revising last year's law concerning high-cost home loans, which can be used by unscrupulous lenders to rip off the elderly or uneducated.

The predatory lending law passed last year. But national credit agencies said the measure goes too far, and they've threatened to stop guaranteeing any home loans in Georgia.

The delay was opposed by Republicans, who want to see their version approved. The parties disagree on which companies a person should be allowed to sue over an illegal high-interest loan.


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