KBTX.com: CS Council Passes Payday Loan Regulations to Protect Residents
February 27, 2014
The City of College Station unanimously approved Thursday adding more regulations for quick cash loan companies that charge huge interest rates.
These companies offer short term loans, but can charge as much as 500-percent interest.
The new ordinance sets the maximum loan amount and restricts the number of times a loan can be refinanced.
The ordinance won’t go into effect until late August.
The City of Bryan recently passed a similar resolution. Read more here.