San Antonio Express-News: Lawmakers advance predatory lending bill
April 22, 2013
Texas lawmakers advanced a proposal Monday night to regulate short-term loans that carry high interest rates. In a 24-6 vote, the state Senate approved a bill aimed at so-called payday lending. It still must pass the House. Some of the lenders charge in excess of 500 percent interest plus numerous fees. Operating outside normal consumer lending laws, they say high default rates make their high interest rates necessary. More than a dozen states ban the practice. Others cap the interest rates. Read more here.