The Journal (Friendswood): Committee Hears Bills to Regulate Payday Lenders
April 30, 2015
AUSTIN — Three bills aimed at reining in what supporters believe are unfair lending practices by so-called payday lenders were in front of the Senate Business and Commerce Committee on Tuesday. Critics of these lenders say that they offer unreasonable terms that trap borrowers in an inescapable cycle of debt paying exorbitant fees and interest payments. “Currently there are payday lenders charging rates of over 500 percent and borrowers are expected to pay the full sums of those loans within two weeks,” said San Antonio Senator José Menéndez.
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