KCBD Lubbock: Klein proposes new rules for payday loan businesses

April 22, 2014

Lubbock City Councilman Todd Klein wants to change the rules for payday loan businesses.

Concerned about the high interest rates that some borrowers have to pay, Klein said he wants to form a citizen task force to develop a reform plan and make recommendations to state officials.

Klein says he doesn’t want to completely get rid of payday lender services, he just wants to reduce what he calls predatory practices.  Read more here.