Lubbock Avalanche-Journal: Payday loan legislation example of tough bill to pass

April 6, 2013

Veteran state legislators such as Lubbock’s Sen. Robert Duncan and Amarillo’s Rep. John Smithee say sometimes it takes years to pass comprehensive legislation.  Bills aimed at regulating the so-called payday lending industry — the financial institutions that charge exorbitant interest rates to borrowers who cannot repay their loans on time — are the typical example.  This week the Senate Business and Commerce Committee voted 6-1 in favor of a bill that would reform the industry critics accuse of preying on financially struggling Texans.  Read more here.