Committee Chairman Butch Parrish was the target of an abusive press conference this week when supporters of the bill threatened to campaign against him if the bill stalled in committee. I'm not going to be rushed. He went on to inform the reporter that the Senate had considered the bill for two months and it was unreasonable to think the House would not want to fully consider the ramifications of such a significant change in state law. He also mentioned many of the federal initiatives underway and suggested that adopting legislation this session may be premature. Their approach to cover all home loans was resoundingly rejected by both the Senate Banking and Financial Institutions Committee and again by the Senate as a whole.
Predatory lending is a real problem that needs to be addressed in a realistic way.
The original bill and the amendment rejected by the Senate would have impacted every home loan made in Georgia, not just high-cost loans. The entire mortgage lending industry should not be disrupted just to go after a few non-bank predatory lenders. Housekeeping Bill on Governor's Desk Sen. Cheeks S.B. 16 by Senators Cheeks, Stokes, Gingrey and Stephens is the annual housekeeping bill for the banking department. The bill was passed in final form this week by the House thereby clearing it for the Governor's signature. UCC Article 9 on Senate Calendar for Monday Rep. Martin H.B. 191 by Representative Jim Martin is on Monday's Senate calendar and we expect it to pass in final form.