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Consumer Law Keyed to Pridgen, 5th Ed.
BankWest, Inc. v. Baker
Citation:
324 F. Supp. 2d 1333 (2004)Facts
Out-of-state FDIC-insured banks including BankWest and Community State Bank entered into agreements with non-bank agents to market and service payday loans to Georgia borrowers. The agents operated retail stores in Georgia where borrowers applied for loans of up to five hundred dollars for terms of four to forty-five days at annual percentage rates between 443% and 520%. The agents received the majority of loan revenues, with Advance America receiving 81% of revenues from loans made through BankWest. The agents paid all operating costs including rent, salaries, equipment, and advertising. Georgia enacted Act No. 440 making payday lending illegal and subjecting violators to criminal penalties including imprisonment and fines, while exempting out-of-state FDIC-insured banks but imposing liability on agents deemed to be de facto lenders based on receiving a predominant economic interest in loan revenues.
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