Amarillo Globe News: Amarillo mulls options for regulations on title loans
June 24, 2014
Amarillo City Council heard an introduction Tuesday to what can be done to regulate auto-title loans and payday loans that can have interest rates of up to 537 percent.
The members decided to plan a workshop to get educated on the lending issue, inviting Amarillo Area Foundation, local banks and Texas Appleseed, an organization that promotes social and economic justice.
There are two main ways in Texas to regulate such businesses — zoning to spread them out or regulations on how they do business.
Texas Municipal League names 26 cities in the state that have approved one or both of the options, but court cases are still underway to establish what is allowed.
“The business regulation model is gaining more traction,” said City Manager Jarrett Atkinson. Read more here.