Midland Reporter Telegram: Council makes first approval of payday loan regulations

May 21, 2014

City Council approved the first of two readings of a proposed ordinance that would add local regulations to payday loan businesses, despite the looming threat of a lawsuit from the industry.

The ordinance would include mandates such a limiting a cash advance to 20 percent of the customer’s monthly income and making loan repayment installments at least 25 percent of the principal and limited to four payments.

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