Further Developments on Georgia’s Debt Buyer Bill

As a follow-up to yesterday’s story, “Georgia Bill Would Severely Restrict Collections for Debt Buyers,” we direct you to the Atlanta Journal-Constitution and it’s story: “Banks, tea parties team up to oppose developer bill.”

Georgia’s Senate Bill 448 is a complicated piece of legislation that would severely restrict collections for debt buyers. As Patrick Lunsford explained, “The bill would restrict the possible collections for a guaranteed account purchased by a debt buyer to the amount paid for the account. The legislation also contains language that would force debt buyers to reveal how much they paid for certain accounts.”

Georgia has had a very difficult time over the past few years, taking significant hits during the recent Great Recession. Many banks and businesses have suffered. Legislation like this often has the appearance of holding the banking and financial industry accountable — which is approved by voters — while often causing more harm with a series of unintended consequences.