City of Bryan, Texas Press Release: City of Bryan City Council votes to further regulate lending businesses
February 3, 2014
The City of Bryan, Texas is joining several other cities across the state to further regulate credit access businesses through a city ordinance.
The City of Bryan ordinance had first reading on the January 28, 2014 regular meeting. Second reading took place at the February 3, 2014 special meeting. The ordinance will not go into effect until August 1, 2014 in order to provide adequate time for these types of businesses to come into compliance with the new ordinance.
Credit access businesses, often referred to as payday lenders, offer short-term loans with long-term effects. These types of businesses obtain for a consumer or assist a consumer in obtaining an extension of consumer credit in the form of a deferred presentment transaction, also called a payday loan, or an auto title loan. Loan interest rates and fees charged by these businesses can exceed 500 percent in some cases.
Read more here.