Aug 30, 2019

Public Policy and Enforcing Contracts in Georgia

GA Loan Repayment

Several Georgians borrowed modest sums and secured those loans using the proceeds they might recover on personal injury claims.  Repayment of the loans was contingent on the borrowers’ recovering on their personal injury claims.  The borrowers filed a lawsuit against the lenders in Georgia state court alleging that the interest rates on the loans were usurious and violated the Georgia Payday Lending Act and Industrial Loan Act. The lenders removed the case to federal court and argued that the loan agreements required such a lawsuit to be filed in Illinois and also forbid class actions.  But, could those requirements be… Read more