Crossover Day for the 2024 Georgia Legislative Session is quickly approaching on Thursday, February 29! Generally, a bill must move from one chamber to the other by this date to be passed during the session.

House Bill 342, sponsored by Representative Josh Bonner (R-73), would enact the "Motor Vehicle Title Loan Act" to require statewide regulation of car title lenders who prey on cash-strapped Georgia families, often trapping them in a cycle of debt. Many consumers turn to car title loans in times of crisis, only to find out later that these high-interest loans spell big trouble. Car title lenders are not currently regulated by the Department of Banking and Finance, which regulates all other lenders in the state. According to a statewide poll conducted by the University of Georgia in 2023, 71% of Georgians believe that the Department should regulate car title lenders. Most Georgians also support a 61% rate cap on car title loans, which can currently be as high as 300%.

HB 342 would:

Title Lenders Continue to Operate Unscrupulously and Won't Stop Without Your Help

TitleMax faces a new class action lawsuit in Georgia exposing their alleged illegal practice of issuing high-interest loans to military members, exceeding the Military Lending Act's 36% cap. This predatory behavior, despite a $10 million fine from the Consumer Financial Protection Bureau for similar violations, highlights the urgent need for stricter regulations on title lenders in Georgia.

The time for action is now! Let's raise our voices and demand change!

We need your help to urge the Chair and members of the House Committee on Banks & Banking to pass HB 342 before Crossover Day in less than a week. Please call members of the Committee as well as your own Representative today.

Click here for a website to enter your address to find your Representative.

Throughout the session, we are continuing to advocate for the passage of legislation that ensures equity and justice for all Georgia consumers. To keep up-to-date on other issues we're following, visit our Take Action page.