Denton Record Chronicle: Some firms redo loans
April 27, 2013
Since the city’s new ordinance regulating payday and title lenders went into effect, area residents are reporting problems with their loans. Chris Fralia went Friday, April 19, to make a payment on his payday loan at Ace Cash Express on University Drive. There were five or six other customers in the lobby, and they were upset. One woman was crying, Fralia said. It appeared they were being asked to redo their loans because of Denton’s new ordinance. The clerk told Fralia that he also had to sign a new agreement for his loan. On March 19, the Denton City Council approved new rules that restricted short-term lenders in ways similar to ordinances passed recently in Austin, El Paso, Dallas and San Antonio. Denton modeled its ordinance after the one adopted in Dallas, which withstood a legal challenge earlier this year. Read more here.