Fox News: Take it to Akin: Payday Loans
July 2, 2014
The City of Houston’s new payday and title loan ordinance went into effect this week. It’s supposed to help protect the borrower from a cycle of debt by limiting the amount of money a customer can borrow. It also limits and the number of times that loan can be turned over.
One part of the ordinance requires each business to register with the city.
But according to Toya Ramirez with Houston’s Permitting Center, 51 of the city’s 361 payday and title loan business haven’t registered and now face a $50 fine.
“They can get fined today. If an inspector goes into your business today and you have not registered with the city, you will be accessed a citation,” she said. Read more here.