Lubbock Avalanche Journal: Payday loan bill would limit interest rates charged

February 28, 2013

State Rep. Tom Craddick, R-Midland, filed a bill on February 28th that would drastically limit the interest rates payday lenders charge when making short-term loans, currently as high as 500 percent annually if the borrower does not repay the money on time.  “Lender charges, and any valuable consideration received by the credit services organization, may not exceed the permissible interest and fee and other charges for a similar type of consumer loan,” part of House Bill 2019 reads.  Read more at Lubbockonline.com.