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The bill clarifies ambiguities in the GFLA and repeals provisions that had caused many mortgage lenders to cease lending activities in Georgia since the GFLA became effective in October 2002. For additional information on the GFLA, please see the press release issued March 14, 2003 entitled 'Fitch To Rate RMBS After Amendment To Georgia Predatory Lending Statute, GFLA' at 'www. While GFLA was intended to protect home-equity borrowers against predatory lending practices, its actual effect has been to restrict Georgians' access to credit, according to NHEMA. |
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