Texas Tribune: Payday Lending Bill in Trouble
March 28, 2013
Efforts to increase the regulation of payday lenders in Texas could be in trouble, as consumer groups fight for stricter lending rules than those being proposed in legislation. Senate Bill 1247, by state Sen. John Carona, R-Dallas, would establish new regulatory guidelines for lenders that offer payday and auto title loans. Short term lenders, which offer small loans with high interest rates and expensive fees, have long been the subject of ire from critics who say the services target low-income borrowers and charge exorbitant prices. But the industry’s defenders say that the loans allows low-income borrowers financial flexibility. Read more here.