El Paso Times: El Paso ordinance on payday lenders to take effect Jan. 16

January 7, 2014

In a 6 to 1 vote, the City Council today approved moving forward with the payday loan ordinance it approved last year.

Rep. Larry Romero, who rarely speaks during council meetings, today said he doesn’t like the poor being taken advantage of with high interest rate loans. However, he said he believes the city should not limit how much or how often consumers can borrow from payday lenders.

“Is the city going to step in for all the social ills?” asked Romero, who voted against moving forward with the ordinance. City Rep. Carl Robinson was absent.

Rep. Eddie Holguin, who voted against adopting the ordinance last year, today voted to implement it.

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