Houston Could Become Fifth Significant Texas City to Crack Down on Pay Day Loans

Houston Could Become Fifth Significant Texas City to Crack Down on Pay Day Loans

In a rebuke into the do-nothing Texas Legislature, Houston took one step toward becoming the 5th major Texas town to pass payday and auto-title loan limitations. Houston Mayor Annise Parker outlined her proposition final week and announced that she wouldn’t dilute the proposed ordinance predicated on industry needs.

“ we experienced at first favored a Houston-specific measure, but decided that joining with other Texas metropolitan areas in a united front side about this problem is the greatest solution to deliver a solid message to your Texas Legislature,” she said.

In a town very often rolls over for big company, Parker took a stand that is surprisingly strong the Texas cash advance industry, which did a lot more than $1 billion in operation within the Houston metro area in 2012 alone. In line with the Houston Chronicle:

She brushed aside issues about welcoming case, saying the town is sued daily, and failed to finesse her message towards the industry.

“They have actually stated they’re going to go beyond your town limitations of Houston, and I also state: Don’t allow the home hit you in route out,” Parker stated. “This just isn’t about creating a reasonable www.personalbadcreditloans.net/reviews/allied-cash-advance-review/ revenue. This might be about preying in vulnerable human being beings and making an obscene revenue.”

The proposed Houston ordinance is much like those passed in Austin, Dallas, El Paso, Houston and San Antonio. Of Texas’ six biggest metropolitan areas, just Fort Worth nevertheless does not have any regulations on payday and lending that is auto-title. Continue reading “Houston Could Become Fifth Significant Texas City to Crack Down on Pay Day Loans”