KRIS News 6: New Corpus Christi ordinance to regulate pay day loan companies

August 11, 2015

The City of Corpus Christi passed a new ordinance Tuesday that will regulate pay day and auto loan companies. It’s a move that would make these types of companies more transparent and at the same time, keep people from getting trapped in more debt. The city reported during the first reading of the ordinance, more than 47,000 people in Corpus Christi received a cash advance on their paycheck in 2014. That resulted in more than $29 million in fees.

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