Permian 360: Midland Potential Payday Ordinance

May 21, 2014

MIDLAND, TX (Local Big 2 News) – A local payday loan business owner speaks out after Midland City Councilors move a step closer to implementing an ordinance restricting payday loan businesses. Andy Lasater, owner of the payday loan business “About Cash” says the proposed ordinance would be bad for customers.

“I’m upset with it because I think it’s a rush to judgement,” says Lasater.

Lasater told me Midland City Councilors mostly ignored his requests to look at all the issues surrounding payday lending.

“I’ve freely given that information to all the councilmen and have offered to sit down, have them in my office to study the files, and yet they don’t seem to consider the information,” says Lasater.

Lasater says the proposed 17 page Midland ordinance would hurt citizens. He explains that one provision would force customers to make larger payments on their loan principal.

“They’re bent on running this through the city council as done in other cities assuming that it’s alright because other cities did it,” Lasater says.

Big 2 talked with Mayor Jerry Morales about the proposed ordinance in April, and he believes it would not negatively affect pay day loan customers.

“We have been able to put ordinances that don’t do away with payday lending, but definitely put some requirements in there so that it doesn’t affect their citizens,” Morales says of the proposal.

Read more here.